Public hearing outlines proposed Nokomis TIF district and next steps

Mayor Goldsmith opened a public hearing Jan. 27 to explain the proposed Nokomis TIF district and invited Moran Economic Development consultant Jake Zambaldi to describe how it would operate. Zambaldi said the mechanism "is Tax Increment Financing and is an economic development tool that has been authorized by the state of Illinois for municipalities to implement to help incentivize and encourage investment development on certain properties within the TIF district." He added the TIF "will not change the tax rate, and doesn’t impose any additional taxes" but instead redirects incremental tax revenue from property-value increases into a City-administered TIF fund.

Officials and the consultant said the district would capture revenue from new development inside the boundaries and that the County would still collect property taxes and distribute them according to existing levies; only the incremental portion above the baseline is routed to the special allocation fund. Jake said maps and certified notices were mailed and that the general fund covered the notice costs, to be repaid if the TIF produces revenue. Mayor Goldsmith and Zambaldi said the proposed boundaries cover roughly a third of the city and are intended to support infrastructure, new businesses and housing, and projects such as an early-childhood facility discussed by local school officials.

The consultant explained reporting and oversight requirements, including annual audits and joint-review-board meetings that must invite affected taxing districts. Zambaldi said public records and the annual TIF report will be available through City Hall and the Illinois comptroller. City staff said ordinances to create the TIF will be considered at the Feb. 10, 2025 council meeting; if adopted, the district would be coded with the County for 2024 taxes payable 2025. The hearing adjourned at 7:32 p.m.