City of Sycamore City Council met Nov. 22.
Here are the minutes provided by the board:
SYCAMORE PUBLIC HEARING – TAX INCREMENT FINANCING REDEVELOPMENT PLAN AND PROJECT FOR THE TIF 2 REDEVELOPMENT PROJECT AREA.
A. Review of Proposed Tax Increment Redevelopment Project Area No. 2.
At 6:03 pm, Acting City Manager (ACM) Maggie Peck, Senior Project Manager Adam Stroud, PGAV Planners, Community Development Director John Sauter, City Engineer Mark Bushnell, and City Clerk Mary Kalk were present.
Adam Stroud said that the State requires a public hearing for this. He gave a description of the proposed area which includes industrial properties, many of which have vacancies and are deteriorated. He explained and gave a brief background on Tax Increment Financing (TIF) and qualifying factors, some of which include age of structures, deterioration, dilapidation, and vacancy rates. He explained that TIF Districts generally last for 23 years but can be extended to 35 years, to 47 years.
ACM Maggie opened the Public Hearing at 6:16 pm.
1. Matt Woodstrup, 313 N. Locust St. said the State garage is part of the district and asked why that would be part of it.
City Engineer Mark Bushnell said the State garage is the unincorporated area in the gray and that there was a lot that was next to the water department that was involved in a land swap previously. The city use to own it but that has been turned over to the State.
ACM Maggie Peck added that the reason they went down that street is more about the infrastructure than it is for above ground. It’s the plans for underground that they need to address at some point.
2. Alan Bauer, 349 Home St. asked if the length of a TIF project is fixed or arbitrary and if there is flexibility.
Adam Stroud said that when the first TIF was created in Illinois, 23 years is what they decided to go with. Year one for the set-up, year two to build the project, year three for it to be reassessed at the new value, and 20 years for the life of the project. Thirty-five years is when the first TIF was extended in Illinois and said there is no magic. He noted that a TIF can be ended at any time within the 23 year timeframe. In order to extend a TIF to 35 years, all the taxing bodies, including the city, sign a letter of support stating their intent to extend the TIF to 35 years. A bill has to be introduced in the General Assembly that states that the particular TIF district will be extended to 35 years and then the Governor has to sign that bill.
Hearing no other comment, ACM Maggie Peck closed the Public Hearing at 6:22 pm.
https://cityofsycamore.com/wp-content/uploads/2021/11/agen20211122PUBLICHEARING-MINS.pdf
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