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District 69 approves Oakton‑Niles TIF amendment setting formulaed payment, capping at $254,842
Summary
The Board unanimously approved a First Amendment to the Oakton‑Niles TIF intergovernmental agreement that replaces a fixed payment with a formula based on equalized assessed valuation; the Village agreed to pay $254,842 for FY26 (received) and FY27.
The Board of Education of School District 69 unanimously approved a First Amendment to the Oakton‑Niles tax increment financing (TIF) intergovernmental agreement on June 16, 2026, following a presentation by attorney Ares Dalianis of Franczek.
Under the amendment, the district’s annual TIF payment will be recalculated each year using the difference between the 2018 base equalized assessed valuation (EAV) and the most recent EAV for the project area, multiplied by the district tax rate. The amendment establishes a minimum annual payment of $50,000 and a maximum annual payment of $254,842 through the life of the TIF. District officials noted the Village agreed to make the full payment of $254,842 for both FY26 (already received) and FY27 (anticipated winter 2026) to preserve the district’s budget planning assumptions.
Counsel recommended approval after reviewing the amendment’s formula and term provisions. The motion to approve the Oakton‑Niles TIF IGA First Amendment was moved by Dr. Mark Chao, seconded by Devin Savage and carried by unanimous roll call (Ayes: Freeman, Marsden, Bair, Khabeer, Chao, England, Savage).
