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Trustees discuss Cernovich TIF redevelopment application; ordinance to appear on February agenda
Summary
Board members discussed a proposed Cernovich redevelopment agreement that would reimburse eligible redevelopment costs on a pay-as-you-go basis tied to increased assessment; trustees agreed to place a draft agreement and ordinance number on the February agenda.
Trustees discussed a Cernovich application for TIF-eligible redevelopment costs and noted that a proposed redevelopment agreement would mirror prior agreements the village entered into with AICP, Royal and Premier Construction. President Mary Lanham explained the arrangement would be a reimbursement on paid property tax, a pay-as-you-go tied to any increased assessment.
Board members agreed the option follows established precedent and directed that a redevelopment agreement, with the appropriate ordinance number, be placed on the February agenda for formal consideration. No formal vote on the redevelopment agreement was taken at the Jan. 14 meeting.
