Community Corner
D15 Town Hall Meeting To Focus On Motorola TIF District Development
The meeting is set for October, and it's the 1st of several focusing on different topics.
From Community Consolidated School District 15: The first meeting will be held Monday, Oct. 2 at 7 p.m. at Carl Sandburg Junior High School on the topic of the Motorola Development in Schaumburg Organized by the Board of Education- appointed community engagement group Our D15 Voices, the first of several town hall meetings will take place Monday, Oct. 2 regarding the topic of the proposed Schaumburg Tax Increment Financing (TIF) district development located on the former Motorola property. The proposed development currently includes 2,700 townhouse and apartment units, most of which would be part of District 15. The district has concerns regarding its potential financial impact on the school district.
Tax increment financing is a public financing method used as a subsidy for redevelopment of blighted properties. A TIF district reallocates funds from property taxes to encourage investment within the district. TIFs significantly reduce allocations to taxing bodies like school districts for up to 23 years. Representatives from the District 15 will be present at the forum to discuss what is know about the proposed property and what a TIF district means for a taxing body like ours. The public is invited to attend the meeting and ask questions related to the topic.
Image Courtesy of CCSD 15
