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Board declares $32,713.38 surplus in Jefferson Street/Route 59 TIF; funds to go to county treasurer
Summary
Finance staff presented and trustees approved a resolution declaring a $32,713.38 surplus in the Jefferson Street/Route 59 TIF district to be distributed by the Will County Treasurer among taxing districts.
Finance staff presented a resolution declaring a surplus for the Jefferson Street/Route 59 tax increment financing (TIF) allocation district and requesting remittance of $32,713.38 to the Will County Treasurer for distribution.
Staff explained the surplus equals 5% of receipts in the TIF's eighth year under the district's rules and that the county treasurer will allocate the amount to taxing districts per the established schedule. "At the close of this fiscal year at 03/31/2026, we're projecting just over $2,000,000 available in that TIF for allowable expenses," the finance presenter said. Trustees approved the resolution on roll call.
Staff noted seven through twelve taxing districts (including the village) will receive portions of the surplus per the treasurer's allocation schedule.
