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Consultants say Dollar General is the lone private project in Davis Junction TIF; reimbursement capped at $200,000
Summary
Consultants told the board that the only private development in the district is a Dollar General (opened April 2016) and that the village has a reimbursement agreement with the developer capped at $200,000 paid from 70% of the tax increment; roughly $135,577 has been reimbursed so far.
The presenter said the only private project inside the TIF district to date is a Dollar General store that opened in April 2016 and that private investment in the property totals about $950,000. The presenter repeated the reimbursement agreement terms: the village agreed to reimburse the developer up to $200,000, funded by 70% of the annual tax increment.
The consultant reported cumulative reimbursements of about $135,577 to date and said the village reviews reimbursement requests and performs due diligence before paying. Board members asked to receive the slides and supporting documentation so the figures can be verified against the audit and property records.
