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New Lakeview East TID shows small 2024 transactions and negative starting balance
Summary
TID 12 (Lakeview East) had minimal 2024 activity: village sold a small parcel (just under $20,000) and reported $65,008.45 in administration and professional charges, leaving a negative fund balance of about $47,209; staff estimated 2026 increment collections near $67,000.
The board received the financial review for Tax Increment District 12 (Lakeview East), a mixed‑use district created April 22, 2024, spanning both sides of State Trunk Highway 31. Chair described the district’s boundaries from Dabbs Farm Road in the north down to the state line.
Finance Director Kathy Gessel said no formal 2024 annual report was required for the new district but noted modest 2024 activity: the village sold a small parcel within TID boundaries for just under $20,000 and recorded administrative and professional charges totaling about $65,008.45, resulting in a net negative fund balance of approximately $47,209. She estimated increment collection in 2026 to be around $67,000. The board voted to receive and file the financial review by voice vote.
