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Board discusses TID 5 boundary changes and holds off on costly amendment
Summary
Staff described Department of Revenue constraints on TID 5 that left a 'gap parcel' issue; the board agreed to delay a full amendment until developer interest justifies the roughly $11,500 amendment cost and related legal fees.
Village staff briefed the board on Department of Revenue feedback about Tax Incremental District (TID) 5 and the options for fixing a 'gap parcel' in the proposed boundary. Staff said the Department of Revenue provided three options, including preparing a legal description, removing the gap and an adjacent parcel from the project plan, or connecting parcels to the south — the latter requiring additional hearings and…
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