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JRB hears Route 2072 TIF update; fund balance roughly $1.3 million negative
Summary
At an Oct. 17 Joint Review Board meeting, consultant Jeff Dickinson reported the Route 2072 corridor TIF—created in 2016—has a roughly $1.3 million negative fund balance, noted ongoing reimbursements to a Dollar General developer and said the district’s last year of collections is expected in 2040.
Jeff Dickinson, a TIF consultant with SB Friedman Development Advisors, presented the Joint Review Board (JRB) update for the Route 2072 corridor TIF at the board’s Oct. 17 meeting in Davis Junction.
Dickinson said the district was designated in 2016 and that parcel values within the district rose from about $3,000 at creation to roughly $322,000 last year, driven largely by a Dollar General store that opened in 2016. "This is the boundary of the TIF District that was designated in 2016," Dickinson said. He told the board the redevelopment agreement for the Dollar General set a maximum developer reimbursement of $200,000, and the village has paid a little over $117,000 toward that cap so far.
The consultant described the TIF fund balance as approximately $1,300,000 in the negative, attributing the deficit to village-funded public improvements such as roads, water and sewer that made the land buildable. "$1,300,000 to the negative," Dickinson said when summarizing the fund balance. He characterized that shortfall as effectively a loan from the village’s general fund to the TIF fund and said the village hopes to recover some costs as future projects generate increment.
Dickinson also said the district is expected to expire after 23 years of collections, with the last year of collections occurring in 2040, and that the TIF audit draft was received in August. He said the annual joint-review-board report to the state comptroller is required by law and is expected to be filed before the end of the month, after which it will be posted on the comptroller’s website. The board did not take a formal vote tied to the TIF report during the meeting.
