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Urbana committee approves transfer of $7.3 million from TIF 4 to central TIF; potential land purchase flagged
Summary
Council forwarded a budget amendment to transfer $7.3 million from expiring TIF 4 to central TIF and created a line-item to allow a possible future purchase of Pickerel properties (the packet references an amount of $965,000); staff said any property acquisition would require a separate council vote.
The Committee of the Whole voted to forward ordinance 2025-11-033, a budget amendment to close TIF 4 and port $7,300,000 to central TIF.
Staff explained that TIF 4 (created 12/17/2001) naturally expires on 12/31/2025. When TIFs expire, the city may encumber funds for existing contracts for up to one year and may port unencumbered funds to an adjacent TIF that shares a boundary. Planning staff said the transfer of $7.3 million is intended to preserve funding for ongoing redevelopment and public-works projects while the city completes administrative steps — staff also said they plan to bring subsequent items to make TIF 4’s balance zero and introduce an ordinance formally extinguishing TIF 4.
Committee members asked whether the amendment authorizes purchase of Pickerel farmland; staff said the packet includes a signed conditional offer letter from property owners but that tonight’s budget action only creates an internal line item and that any purchase would require a separate council authorization. The packet referenced a potential $965,000 amount for the parcel, but no purchase ordinance was approved tonight.
Council member Jaya moved the budget amendment; Mary Alice seconded, and a roll-call vote recorded unanimous support to forward the amendment to council.
