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Committee recommends raising TIF No. 3 interfund loan cap to $5 million
Summary
Finance Director Kevin Doul Street told the Committee of the Whole the outstanding interfund loan to Tax Increment Financing (TIF) District No. 3 is projected at about $4.9 million by year-end; the committee voted to recommend a council ordinance to raise the maximum loan amount to $5 million to cover projected balances and allow FY2026 payback.
The Warrenville Community Development Committee of the Whole voted July 14 to recommend that the City Council approve an ordinance revising the interfund loan to Tax Increment Financing (TIF) District No. 3 and raise the maximum loan amount to $5 million.
Finance Director Kevin Doul Street said the city approved the original interfund loan authority in 2019 and that, as 2025 audit work continues, staff now project the balance owed to the general fund will be approximately $4.9 million by year-end. "By the end of the year the amount that will be owed to the general fund would be approximately $4.9 million," Kevin Doul Street said, and staff recommended updating the loan cap to an amount not to exceed $5 million to avoid exceeding the previously authorized limit.
Kevin told the committee that fiscal-year 2026 expenditures for the TIF are expected to be lower than in prior years and that the city projects payback activity beginning in FY2026. He said, on average, the payback schedule through about 2035 would be just under $500,000 per year, though new development in the district could accelerate repayment.
Alderman Widner moved and Alderman Davalo seconded the recommendation; the committee approved the motion by voice vote and will forward the ordinance recommendation to the City Council for final action.
The committee did not record individual roll-call votes on the recommendation in the transcript; the committee confirmed a quorum at the start of the meeting. The next step is the City Council consideration of the ordinance to formally revise the interfund loan terms.
