Fox River Grove sets schedule for 2nd TIF district
Fox River Grove is moving forward with the creation of a second tax increment financing district within the village after a study determined its downtown area meets the necessary criteria.
According to the study done by Teska Associates, the area on both sides of Route 14 roughly between School Street and Opatrny Drive has enough old and deteriorating buildings, excessive vacancies and inadequate utilities and services, as well as an equalized assessed valuation that has lagged behind that of the rest of the village, Village President Robert Nunamaker said.
The village will have a meeting Dec. 6 with the members of the joint review board, or the other taxing bodies with jurisdiction over the proposed new TIF district. Those include Community High School District 155, Fox River Grove School District 3, Community College District 528 and the Fox River Grove Fire Protection District.
The taxing bodies are required by law to determine whether they agree the property meets the requirements for a TIF district, but the village makes the ultimate decision, Village Attorney John Donahue said.
The village board will have to figure out exactly how to use TIF district revenues in order to spur downtown redevelopment, such as by reimbursing developers for the cost of bonds, Nunamaker said.
Trustee Steve Knar brought up the possibility of rebating some TIF district revenues to the other taxing bodies; Trustee Michael Ireland said property owners within the new TIF district should also be enticed to reinvest in their businesses.
The village board will hold a special meeting to discuss the use of TIF district revenues at 6 p.m. Jan. 19, just before it holds a public hearing on the creation of the TIF district. Board members hope to adopt the TIF district ordinance on March 15.
In July, board members approved putting a referendum question on the ballot for the March primary elections asking for a quarter of one-percent sales tax increase. The increase would bring the village’s sales tax to 7.25 percent from 7 percent, and would amount to an extra 25 cents in taxes for every $100 spent on goods.
If approved by voters, the extra revenues, or $120,000 or so per year, would be used to finance $1 million in bonds for infrastructure developments within the TIF district, village board members said.