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Plainfield panel approves 2027 TIF pass-throughs, raises minimum coverage to 150%
Summary
The Plainfield Redevelopment Commission voted to adopt 2027 tax-increment-financing pass-through amounts and a policy raising minimum coverage to 150% to preserve borrowing capacity for upcoming projects; commissioners praised staff work and Baker Tilly's analysis.
Emma Adlam, a consultant with Baker Tilly, told the Plainfield Redevelopment Commission on June 1 that staff and consultants recommend increasing the TIF minimum coverage target to 150% to ensure adequate capacity for future projects and potential bond issuances. "Leaving more of a buffer, if you will," Adlam said, noting that the change responds to uncertain project timing and the need to smooth tax-rate impacts across overlapping taxing units.
The commission discussed the change and asked staff to run additional tax-rate modeling before future decisions. Lance Angle, Secretary, confirmed the commission's decision for 2027 can be revisited each year. After brief remarks commending staff, Mr. Angle moved to approve the proposed 2027 pass-through amounts; Mr. Kingseed seconded and roll call recorded all votes in favor. The commission adopted the 2027 pass-through schedule and staff will notify overlapping units and the Department of Local Government Finance as required before the June 15 determination deadline.
