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Weston to close TIF District One; village to reclaim increment and absorb levy impacts
Summary
Jessica reported that TIF District One, formed in 1998, has reached its expenditure period: the district spent roughly $86 million on projects and issued about $81.3 million in debt. Closure will return increment to the general levy, lowering the tax rate but increasing levy capacity and shifting costs back to the general fund.
Jessica, presenting the TIF (tax increment financing) update for District One, told the Finance & Human Resource Committee that the district—created in 1998—has generated major development and is now closing. "The TIF spent over $86 million in project costs. Of that, $71 million was infrastructure, $5.7 million for property acquisition and $4.7 million for incentives," Jessica said. She added that total debt issued was about $81.3 million and that special legislation and refinancing were used when…
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