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Palatine committees approve TIF transfers and surplus payments, $628,870 to local taxing bodies
Summary
Staff explained post-audit TIF adjustments and proposed transfer of Dundee Road TIF funds to the Rand Road corridor TIF district; staff said $628,870 in surplus will be returned to Palatine-based taxing bodies. Committee members voted to forward the measures to the council consent agenda.
During the Business Finance and Budget Committee, staff reviewed performance of the village's Tax Increment Financing (TIF) districts and recommended reallocations and surplus declarations.
Staff described transferring funds out of the Dundee Road TIF District to projects in the Rand Road corridor district and noted the periodic declaration of surplus. The finance staff member said, "out of that declaration, dollars 628,870 will be going back to Palatine based taxing bodies." Committee members approved the transfers and surplus declarations and placed the items on the consent agenda for council action.
