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Council given 10-step checklist for evaluating TIF/TAF proposals
Summary
Consultant Jason Hale presented a recommended municipal workflow — a 10-step process from initial developer information to state certification — for evaluating Tax Increment Financing and Tax Abatement Financing requests.
During the May 27 special meeting, Jason Hale walked Cook city officials through a recommended sequence for assessing TIF or TAF proposals, stressing the value of an objective, documented process.
Hale outlined a 10-step approach: 1) gather initial project information from the developer; 2) if the project addresses public goals, calculate a ballpark TIF/TAF availability; 3) if feasible, engage a third-party consultant (example firms cited include Ehlers and Northland Securities) to confirm availability; 4) require a developer to submit a Financial Assistance/TIF application and consider an application fee to cover city costs; 5) engage the consultant to prepare a TIF plan; 6) commence the TIF plan process; 7) draft a development agreement and other relevant documents; 8) submit the TIF plan and development agreement for local board or council review and approval; 9) if approved, the project may commence; 10) certify the district with the state. Hale recommended that the city adopt a tax abatement policy and a business subsidy policy if it did not already have them.
The presentation was advisory; the council did not vote on adopting any of the recommended steps at the meeting. Any decision to begin step 4 or later would require a formal council action and, where applicable, coordination with other taxing jurisdictions.
