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Council approves intergovernmental amendments to extend TIF district for 12 years
Summary
Economic Director Andrew Ebener presented four first amendments to intergovernmental agreements that would extend the TIF district set to expire in 2029 for another 12 years; the council adopted the ordinances (Nos. 1933–1936) unanimously.
At its April 20 meeting the Spring Valley City Council approved a package of intergovernmental-agreement amendments intended to extend the city's Tax Increment Financing district, which currently expires in 2029.
Economic Director Andrew Ebener explained the four ordinances are the next step in extending the TIF district for another 12 years and said the agreements were negotiated by Herb Klein and Alderman Baltikauski. Ebener told the council the proposed increases were consistent with other municipalities. The council adopted Ordinances Nos. 1933, 1934, 1935 and 1936 by individual motions (#15369–#15372).
The ordinances amend intergovernmental agreements between the City of Spring Valley and Hall Township High School District #502, Spring Valley Consolidated School District #99, Ladd Community Consolidated School District #94 and Illinois Valley Community College No. 513 to align tax-body shares for the extended TIF term.
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