TIF fund shows deficit but backs downtown parking, streetscape and beautification projects

Trustees discussed the village's Tax Increment Financing (TIF) fund and several downtown projects it will support, including a silo parking and lighting project, a Harrison Streetscape reconstruction and a beautification grant tied to the Reserve at Hudson Crossing.

The presenter summarized financials: "revenue is estimated at just over $2,000,000 and expenditures are 4.3" for 2026, creating a planned deficit that will rely on loans from the capital fund. She said the TIF is starting this year with about $11,000,000 in fund balance and projected to end 2026 with about $13,300,000 after planned activity.

Committee members asked for clarity on debt-service sources and project timing. A committee member clarified that debt service payments for the parking garage are supported by increment from the Reserve at Hudson Crossing and other development-generated increment. The committee emphasized the senior living project's completion is important: "that is projected to generate $500,000 per year in TIF increment once it's completed," one trustee said, and officials said delays on that privately led project are outside village control.

Project details: the silo parking and lighting project is budgeted at about $275,000 with an expected $250,000 DCEO grant to add roughly 25 parking spaces and programmable LED fixtures; the South Harrison Streetscape reconstruction was described as a near $2 million project that will include reconstructed sidewalks, consolidated curbs and approximately 104 new parking spaces (current design shows perpendicular layout). Presenter noted roughly 5% of a planned Main Street water-main replacement lies in the TIF boundary and is therefore eligible for TIF funding for that share.

Next steps: trustees asked staff to provide follow-up figures (including a projected end-of-TIF-life surplus) and to continue detailed project design; no formal action or vote occurred at this meeting.