Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tif Funds topic
No spam. Unsubscribe anytime.
Wheaton staff forecast TIF District surplus distributions, including $47,000 to city from District #2 closeout
Summary
Finance reported TIF District #2 will close out with an estimated surplus distribution of about $400,000 total (approximately $47,000 to the City) and TIF District #3 projects $2.5 million in 2026 revenue with prior approval to distribute $3 million in surplus (with $300,000 returning to the City).
Director of Finance Robert Lehnhardt reviewed Tax Increment Financing (TIF) district activity and projected surplus distributions. He said TIF District #2 expired in 2022 and will be closed out in 2025 after final Phase Four streetscape costs are received; staff anticipates a surplus distribution of about $400,000, of which roughly $47,000 would return to the City.
Lehnhardt said TIF District #3 remains active through 2028 with projected 2026 revenues of $2.5 million and expenditures of $100,000; at an earlier meeting staff and Council approved distributing $3 million in surplus revenue from the district, $300,000 of which would return to the City. Council did not take a formal vote on these distributions at the workshop but received the update as part of TIF administration and fund forecasts.
