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Urbana TIF board reviews FY24–25 report, highlights $5.2 million Hotel Royer reimbursement and central‑TIF projects
Summary
City staff told the Tax Increment Finance Joint Review Board that TIF 4 and Central TIF generated revenues and reimbursed developers in fiscal 2024–25, including a $5.2 million payout for Hotel Royer; the presentation also outlined reimbursements to local small businesses and remediation work at the former Adult Education building.
Olivia Jovi, director of community development services for the City of Urbana, presented the Tax Increment Finance (TIF) annual report for fiscal year 2024–25 and summarized activity across the city’s TIF districts.
Jovi said TIFs capture incremental property-tax revenue above a baseline to reinvest in the district and that the board had before it the formal reports submitted to the State of Illinois. “So within the TIF district, the current property values are frozen at a baseline, and the property taxes on that base value continue to flow to the existing taxing bodies. Anything above that baseline then gets captured within the TIF special fund and is used to reinvest back into that geographic area,” she said.
On TIF 4, which the presentation noted was established in 2001 and listed an expiration of…
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