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Council committees approve TIF surplus returns and reserve $6.9M bond volume cap
Summary
Committees recommended declaring approximately 30% of surplus in two Dundee Road TIF allocation funds to return to taxing bodies (village share roughly $105,000) and recommended reserving $6.9 million in federal volume cap for potential private-activity bond issues.
The Business Finance & Budget Committee reviewed staff recommendations to declare surplus revenue in the Village of Palatine's Dundee Road and Rand Dundee TIF districts. Staff recommended declaring roughly 30% of the TIF allocations as surplus, returning those dollars to other taxing bodies according to their share of the property tax bill; the village's portion of the surplus was estimated at about $105,000, to be dedicated to one-time capital expenditures.
Separately, staff recommended reserving $6.9 million of federal private-activity bond volume cap for potential village projects or allocations. "Our dollar amount would be $6,900,000," staff said; the committee recommended adopting the reservation so the village could allocate the cap or reserve it for a qualifying local project rather than letting the state reassign it.
The committee also discussed routine budget rollover adjustments (4th 0.25 and 1st 0.25) to carry forward capital projects; those adjustments were recommended for inclusion on the consent calendar and ultimately passed as consent items.
