Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Financing topic
No spam. Unsubscribe anytime.
Campton Hills authorizes TIF feasibility study, registry and intent-to-reimburse resolution
Summary
Trustees approved an ordinance to authorize a feasibility study for a proposed LaFox TIF district, established an interested‑parties registry, and passed an intent‑to‑reimburse resolution that could permit limited look‑back reimbursements if a future TIF is created.
The Campton Hills board voted on three related measures on Jan. 17 to begin the statutory process for a possible LaFox tax increment financing (TIF) district.
Carmen said the village previously engaged SB Friedman as the TIF consultant and the board approved the engagement; the ordinance approved on Jan. 17 (Ordinance 26-10) authorizes the formal feasibility study that SB Friedman will complete to determine whether the proposed area is eligible under the TIF Act. "That resolution was just to approve the engagement. It didn't formally approve the creation of a feasibility study, which is the initial step that is required in the creation of a TIF district," Carmen said.
The board also approved a resolution declaring the village's official intent to reimburse certain pre-creation expenditures from a future TIF fund and an ordinance to establish an "interested parties" registry required by statute so residents, taxing districts and other stakeholders can be notified during the TIF formation process. Staff described the registry as an information repository with specific statutory rules on how to sign up and where to file registrations.
Trustees discussed the potential scope of reimbursable costs. Carmen relayed the developer's estimate that about $1,000,000 in related expenses had been incurred to date and said roughly three-quarters of that amount was already spent. "I believe the number he gave me was 1,000,000 dollars," Carmen said. She and trustees emphasized that any reimbursements would be tested against statutory eligibility rules, certificates of eligibility, and annual increment calculations; the village's escrow agreement with the developer currently covers many early costs.
All three measures passed on roll-call votes. Staff said the feasibility report and further draft materials from SB Friedman are expected in the coming weeks and that the board will be presented with additional documents if the property is found eligible.
