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Princeton council approves contract to help establish Business Development District
Summary
Council approved Resolution R‑25‑30 authorizing a professional services agreement with a firm presented as TIP Illinois (Jake McLean/Jake McLean/McLean variant in packet) to provide legal and administrative support to establish and administer a Business Development District; staff said start‑up costs are reimbursable once district revenues begin.
The Princeton City Council approved Resolution R‑25‑30 authorizing a professional services agreement to assist with establishing and administering a Business Development District (BDD). Staff described the firm (presented in materials as TIP Illinois and referenced in discussion as Jake McLean or related name variants) as a legal/administrative advisor to work with the Illinois Department of Revenue and to structure lawfully eligible expenditures and revenue distribution.
City staff told the council the firm’s start‑up work would be a reimbursable expenditure: once the BDD generates funds the city could reimburse initial costs and continue a partnership at a lower ongoing fee. The services cited included grant and redevelopment agreement assistance and administrative compliance.
Councilmembers had no objection and voted to approve the resolution. Staff said the arrangement is intended to ensure lawful distribution of BDD revenues and to support future economic development agreements.
