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Committee opens discussion on TIF procedures as district nears expiration
Summary
Alderman Christy Hanlin asked for clearer, predictable TIF (tax increment financing) procedures; Administrator Patricia Diduch explained the annual Joint Review Board audit process and noted the current TIF will expire in two years, prompting discussion about whether to extend or create a new district.
Alderman Christy Hanlin raised concerns May 20 about ensuring Tax Increment Financing (TIF) procedures remain consistent and predictable. City Administrator Patricia Diduch outlined how TIF funding typically operates, described the mandatory annual Joint Review Board (JRB) review after the TIF audit, and said the committee could amend the City's TIF if desired.
Members discussed whether to extend the current TIF, which expires in two years, or to pursue a new TIF district. No motion was taken; the committee agreed to continue the discussion at next month's meeting.
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