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McHenry council advances draft TIF plans, asks for EAV, housing-study and tax-impact details
Summary
City council members reviewed drafts for three proposed tax increment financing (TIF) districts, requested detailed EAV and tax-impact figures, and were told a Route 120 housing-impact study will be required before final approval.
McHenry — City council members on Thursday reviewed draft redevelopment plans for three proposed tax increment financing districts — West Route 120, Downtown/Main Street and Richmond Road — and asked staff and consultants for more data before moving to final hearings and votes.
Consultant Pete Iozu of Teska Associates told the council that eligibility studies show the proposed areas qualify as conservation areas and that redevelopment plans are nearly finished. "The Route 120 plan is about 90% done," Pete said, adding that he is finalizing budgets and map adjustments and will supply draft reports to staff "within a matter of days." He also warned that the TIF act is specific about allowable expenditures and that the tool is primarily designed for infrastructure, demolition or rehabilitation rather than routine incentives for new construction.
Why it matters: TIFs divert future…
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