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TID 8 shows negative fund balance now but development may reverse trend
Summary
Village staff reported TID No. 8 had a negative fund balance (about $55,000) with projections deepening to $1.3M in 2027; additional apartment and commercial development could trigger MRO payments and improve finances. The board received and filed the report.
Cathy, the village finance director, reported that Tax Increment District No. 8, a fiduciary real estate development district created Nov. 2, 2020, had 2025 tax increment of about $848,000 and total revenues around $881,000.
She told the board the district has an outstanding GO debt of about $9.215 million and a negative fund balance of roughly $55,000, projected to grow to about $1.3 million negative in 2027 before recovering as development produces additional increment. Two municipal revenue obligations (MROs) were issued in 2024 — $1.5 million for infrastructure and $775,000 for private grading — both accruing interest at 5% starting Jan. 1, 2024.
Cathy said that commercially developed projects in the Northwest phase must generate thresholds ($6 million for infrastructure MRO and $12.9 million for grading MRO) before the MRO payments begin; additions of apartment units do not count toward those commercial thresholds. Staff said Cooper’s Hawk and other projects may be approaching the threshold, but final calculations are pending.
The board voted to receive and file the annual report for TID No. 8.
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