Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Redevelopment topic
No spam. Unsubscribe anytime.
Board approves redevelopment agreement for Project Lilac, offering eight-year 50% TIF rebate
Summary
The county board authorized a redevelopment agreement with Rock 39 LLC for Project Lilac, a proposed 1.2 million-square-foot distribution facility. The TIF-backed package includes an eight-year, 50% rebate of the TIF increment; county officials said the development could generate construction jobs and future tax revenue after TIF expiration.
Winnebago County Board members voted March 26 to authorize a redevelopment agreement with Rock 39 LLC for Project Lilac, a large industrial distribution project in the Baxter Road industrial zone.
Economic-development committee members described the package: Project Lilac would encompass roughly 1.2 million square feet, include about 50 dock doors with room for future expansion, and is expected to generate construction employment (committee estimates ~400 construction jobs). The redevelopment agreement uses a TIF-based incentive that provides a 50% rebate on the increment for eight years; presenters noted the rebate is structured through the TIF and that taxing bodies currently receive their base share but the increment will be rebated to help pay bond costs and infrastructure.
Officials clarified revenue timing and mechanics: the increment is small now (tax bill cited at approximately $3,000 for the parcel) but the fully developed project could produce an assessed value that increases property-tax collections substantially; estimates presented suggested the tax bill could rise to about $1.7 million once complete and, after the TIF term, taxing bodies would see increased revenue. The board approved the redevelopment agreement by voice vote following committee presentation and a technical Q&A.
