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Board hears TID updates; staff flags possible near closure for Prairie Highlands
Summary
Finance staff reviewed active Tax Increment Districts, noting Prairie Highlands (TID 5) as the largest and that it may close soon given collected increments and remaining projects; several other TIDs show carryovers and variable cash flows.
As part of the budget presentation, finance staff reviewed the village's active tax incremental districts (TIDs) and highlighted TID balances, recent increments and project carryovers.
Kathy told trustees Prairie Highlands (TID 5) has the largest equalized value at about $359 million and that its increment decreased this year. She said the fund balance could cover most of the remaining projects in the five‑year plan and that the district "could close very soon" if project costs do not expand. "This could be the last year of our regular collections because if we have 11,000,000 here and we only have 8,500,000 of projects," Kathy said when describing potential closure scenarios.
Staff also reviewed other TIDs: Main Street Market (TID 6) and Stateline (TID7), TID 8 (Fiduciary) which began construction in 2021 and may run a negative balance for several years until commercial development materializes, and TID 10 (the Germany project) which saw a substantial increment increase tied to the WestRock facility.
Trustees were given details on projected capital use, MROs (municipal revenue obligations) and potential contributions from partner jurisdictions (Bristol) for water main projects; staff noted that timing and developer activity remain key to each TID's outlook.
