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Board approves SB Friedman TIF engagement and declares small Jefferson Street TIF surplus
Summary
Shorewood contracted SB Friedman for TIF filings and joint review-board work and declared a $27,897.25 surplus for the Jefferson Street/Route 59 TIF to be paid to the county treasurer; both items were framed as housekeeping to get the TIF's paperwork current.
Finance staff presented two tax-increment-financing (TIF) items on Feb. 11: a proposed professional-services agreement with SB Friedman Development Advisors to catch up required comptroller filings and host joint review-board meetings, and a resolution declaring a $27,897.25 surplus in the Jefferson Street/Route 59 TIF to be remitted to the Will County treasurer.
Ms. Burkholder said SB Friedman is an experienced firm that can complete the outstanding filings and annual work; fees would be borne by the TIF. On the surplus declaration, staff said the TIF's formation documents predetermine annual surplus allocations and the resolution authorizes turning that surplus over to the county for distribution to taxing bodies. Both measures passed by roll call.
