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Board hears potential housing development at Zigfield Troy and TIF impacts on district finances
Summary
Superintendent Dr. Wise described a proposed housing development of over 200 dwellings at Zigfield Troy inside a potential 75th Street Corridor TIF, noted TIFs can last up to 23 years and can reduce direct tax growth for school districts unless intergovernmental agreements address capital needs.
Superintendent Dr. Wise briefed the board on a Woodridge meeting about a proposed housing development at the Zigfield Troy golf course that could produce over 200 dwellings inside a potential 75th Street Corridor Tax Increment Financing district.
Dr. Wise explained that a TIF freezes tax extensions for local taxing bodies and diverts annual increases to the municipality for redevelopment, and said, "The TIF can remain in place for up to 23 years." He noted that, while TIFs often reduce tax revenue growth for school districts, local officials indicated willingness to help the district with capital needs tied to enrollment increases. Board members discussed the potential enrollment and capital impacts and agreed a special meeting might be needed before the December regular meeting to examine implications further.
