$692K TIF Surplus to be Returned to D97, D200
Village declares surplus in downtown tax increment financing district, plans to return funds to school districts, Oak Leaves reports.
Village officials on Jan. 13 declared surplus revenue from the TIF district for the 2012 tax levy year.
Funds generated in the TIF are used for redevelopment costs that typically fall under the public improvements category. Surplus funds in the TIF are returned to the taxing bodies each year, Village spokesman David Powers told the paper in the fall.
The village in December 2011 entered into an agreement with District 97 and District 200 to distribute monies generated through a Special Service Area (SSA). The amount to be redistributed is reviewed quarterly before a check goes through the county treasurer's office and back to the districts.
According to the paper, District 200 in 2011 filed a lawsuit accusing the village of failing to abide by a 2003 agreement that extended the TIF from 2006 to 2018.
Read the full Oak Leaves story here.