Urbana approves TIF closure cleanup and moves $6.39 million into central TIF
Loading...
Summary
City staff described budget amendment #7 to account for post-TIF-closure commitments and to transfer $6,390,000 to central TIF; council approved the amendment and asked for additional detail on central TIF totals and a $12,615 ED contribution.
The Urbana Committee of the Whole approved an ordinance revising the annual budget (budget amendment #7) to complete accounting for activities tied to a Tax Increment Financing (TIF) district closure.
City staff said the amendment moves prior commitments and underway projects into a post-TIF-closure fund so they can be tracked separately and reported, and that $6,390,000 is budgeted to be ported to central TIF. Staff explained these are commitments made before the TIF closing date and confirmed that the amendment does not move new commitments into the closed TIF.
Councilmembers asked for more detail about the total remaining in central TIF and sought clarification on a $12,615 line described as an "ED contribution." Staff identified that line as an existing commitment (for what the staff called the convention/visitors bureau, currently operating under Experience Champaign or similar names) and said they would provide further documentation. "I didn't realize we had specifically earmarked TIF funds to pay for that contract," one councilmember said.
Mary Alice moved the ordinance to the regular agenda; the council approved the amendment by voice vote.
Staff said the post-TIF-closure fund is a bookkeeping mechanism the city has used previously to manage commitments made prior to a TIF closure; staff will provide follow-up information on central TIF totals and the ED contribution upon request.
