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Urbana TIF board reports FY25 finances, cites Hotel Royer reimbursement and ongoing downtown projects
Summary
City staff told the Tax Increment Financing Joint Review Board that FY25 revenues and reimbursements left TIF 4 with an $8.4 million ending balance while Central TIF briefly showed a negative FY25 balance after a $5.2 million reimbursement to Hotel Royer that has since been covered by bonds; staff also reviewed grants and small-business reimbursements.
The Tax Increment Financing (TIF) Joint Review Board in Urbana reviewed fiscal-year 2025 activity on May 11, including district finances, recent reimbursements and development projects.
Olivia Joy, director of community development services for the City of Urbana, told board members that TIF 4 — established in 2001 and expired Dec. 31, 2025 — began FY25 with about $7.4 million, recorded $1.9 million in revenues, spent about $949,000 and closed the year with roughly $8.4 million. She described those expenditures as reimbursements to partner taxing districts, vocational training payments and infrastructure work including sidewalks and street-lighting improvements.
Central TIF, created in 2016 and scheduled to expire in 2040, showed a more complex picture. "The beginning balance for…
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