Il 83/ Downtown TIF District Projections

**All posted video clips are from public meetings, which are required by law to be recorded.

At the September 8, 2020 Village Board meeting (see video) updated projections for the Downtown Tax Increment Financing (TIF) district were presented and discussed. The TIF district was established in 2008 and is generating substantially greater net revenues and will make payments to the Open Space Fund for the first time in eight years. In the past, the Open Space Fund had advanced monies to the TIF district to help fund TIF district capital projects such as Village water infrastructure for Sunset Grove, Harbor Chase and the downtown, improvements to the Archer parking lots to enable future restaurants there, and downtown street and sidewalk enhancements.

The increased net revenues are due to:

• Increased property values for the Sunset Grove business district, Harbor Chase, the Executive House and other properties.
• Refinancing in January 2020 of bonds that the TIF district issued in 2010, reducing the interest rate paid from 7.50% to 3.30%.
• Finishing rebate payments to Sunset Grocery, which had also paid for some improvements that helped increase property values.
•  Strong sales tax receipts in the Sunset Grove business district, some of which are pledged to the TIF   district.
•  The conclusion of TIF district capital project expenses for the foreseeable future.

While the current projections take a conservative view and do not forecast additional improvements in the District that could boost property values, the Village Board, Staff, and the Economic Development Commission continue to vigorously promote and pursue opportunities for more TIF district development within the Village comprehensive plan’s vision. These include the farmland on Route 83 known as the South 15, the Archer lot pads, and additional opportunities in the downtown and “triangle” area just south of downtown.