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Mount Vernon SD 80 board approves TIF agreement, extends Route 15/157 district
Summary
The Mount Vernon SD 80 Board unanimously approved three motions to support and formalize a Tax Increment Financing (TIF) agreement with the city, including authorizing a letter to seek state approval to extend the Route 15/157 TIF for 12 years and agreeing revenue-sharing terms for two new TIFs on North 44th and North 42nd streets.
The Mount Vernon City Schools District 80 Board of Education approved three separate motions Feb. 12 to advance a finalized TIF intergovernmental agreement with the City of Mount Vernon. On unanimous roll calls the board authorized a letter to seek state legislative approval to extend the Route 15 TIF, adopted a resolution in support of extending the Route 15/157 TIF, and approved the intergovernmental agreement itself.
The minutes record key terms of the agreement: the Downtown and IPC TIFs will expire in 2032 and 2034; the Route 15/157 TIF will be extended for 12 years; the district will receive a portion of a 10% surplus declared each year on certain parcels; and two new TIF districts on North 44th and North 42nd Street will be established, with the district receiving part of the 10% surplus on North 44th and sharing 20% of tax revenue on North 42nd Street with Mount Vernon Township High School. Motions were moved and seconded by board members Matt Flanigan and Brian Blok (different motions) and passed with votes recorded as Flanigan, Daniels, Burge, Blok, and Jackson voting aye and Jaymie Nunnery and Matt Reynolds absent.
The board did not record additional fiscal estimates or a timetable for when extended TIF revenues would flow to the district; the motion package authorizes the district to pursue the state approvals and to enter the intergovernmental agreement as presented.
