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Main Street Market TID remains developer-funded; MRO debt keeps district from distributing funds
Summary
Staff told the board TID No. 6 (Main Street Market) recorded a 2025 increment of about $250,000 but carries significant MRO and GEO obligations; the board unanimously received and filed the report.
Cathy, the village finance director, reported that Tax Increment District No. 6 (Main Street Market) is primarily developer-funded and generated roughly $250,000 in increment in 2025.
"This was mainly a developer funded TID except for the initial roadway improvements," Cathy said, adding the village issued $2.2 million in 2019 to fund road work. She listed 2025 revenues of about $250,000 in increment, approximately $13,000 in property tax aid and nearly $2,000 in interest income.
Cathy said expenses included in-house administration, the village’s GO debt (about $145,000 principal and $43,275 interest in 2025), and MRO interest of about $76,000. Remaining MRO debt was reported at about $5.7 million and staff does not expect the TID to close early or have funds available to distribute to taxing districts absent new development.
The board moved to receive and file the TID No. 6 annual report. Mary Moder moved and Patricia Merle seconded; the motion passed unanimously.
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