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Board hears TIF update; preliminary estimate projects village valuation nearly doubles
Summary
Trustees heard an update on the proposed T.I.F. and Teska’s redevelopment plan; preliminary projections in the agenda estimate village value rising from about $30,000,000 to approximately $54,000,000 once completed.
Trustees received an update on the status of the proposed Tax Increment Financing (T.I.F.) and where Teska stands with the Redevelopment Project Area #1 Plan and Program #1. The agenda noted that an updated timeline should be available by the end of the week or the beginning of the next week and included a preliminary valuation projection: "Preliminary projections estimate the village's value to climb from 30,000,000. To approx. 54,000,000.00 once completed."
The update in the minutes is presented as a projection rather than a formal approval. The board did not vote on the T.I.F. at this meeting; staff or Teska are expected to provide a revised timeline and further details in a subsequent meeting before any ordinance or formal action would be considered.
