DeKalb Times

The DeKalb County Board has approved an intergovernmental agreement, which focuses on tax increment financing the the City of DeKalb. 

Gray Hanson, DeKalb County administrator, said the tax increment financing with an annual surplus will start in 2022, the Daily Chronicle reported. The tax increment financing will five districts 30% of the funds, which would then increase to 50% in 2026. 

Hanson said the agreement would potentially give $13 million in tax increment financing over 20 years to all taxing bodies in the county, which would then receive 10% of the funds. 

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"Those go to the general fund," said Hanson during the meeting where the tax increment financing was voted in favor of, The Daily Chronicle reported. 

County Board members, Craig Roman and Jeff Whelan, were the only board members that voted against the tax increment financing. 

When asked why he voted against it, Whelan said "there was only a percentage of revenue from the TIF district as" as opposed to another amount, the Daily Chronicle reported. He said the county could receive thousands to millions in the lifespan of the tax increment financing, but that the county wouldn't be getting the right amount of money out of the agreement.

"We don't know what we're actually going to get," Whelan told The Daily Chronicle, "There's no particular amount set up."

Whelan has never been a fan of tax increment financing district funds either, because he believes the funds are meant "for blighted buildings or areas and that he didn't approve" how the city plans to use these funds, The Daily Chronicle reported. 

He also said now wasn't a wise time for these funds seeing as the county is already down approximately $1 million in its budget due to the COVID-19 pandemic.