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Village board approves development deal with Kadali America LLC in Tax Increment District No. 3
Summary
The village board on Jan. 12 approved a development agreement with Kadali America LLC that would return 50% of future incremental tax value in Tax Increment District No. 3 to the developer for the remaining life of the district; board members voted unanimously to approve the agreement after a brief presentation by Schultz.
The village board voted Jan. 12 to approve a development agreement with Kadali America LLC that directs the village to return 50% of the property's incremental tax value in Tax Increment District No. 3 to the developer for the remaining life of the district.
Schultz presented the agreement, saying it applies to property east of International Drive and just south of State Trunk Highway 20. He told trustees the incentive applies to incremental value above a benchmark assessed value and will…
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