Wheeling sharing TIF surplus with school districts
Wheeling has declared a surplus in its South Milwaukee Tax Increment Financing district, which means one-time payments totaling $2.5 million will go to local governments.
Wheeling Township Elementary District 21 will receive $1.1 million; Northwest Suburban High School District 214 will get $562,369; and the village of Wheeling will get $275,375. Other local governments will receive smaller amounts.
This is not a response to objections from the school districts and other governments to the village's plan to re-establish two of its TIF districts, extending their lives, said Village President Dean Argiris.
Village Manager Jon Sfondilis said the village board took this step because "it's the right thing to do. We recognize the burden on other taxing bodies."
He said the funds will not be needed for any foreseeable projects in that small TIF district, which encompasses an area along Milwaukee Avenue north of Chicago Executive Airport.
The village has spent funds from the TIF on engineering for vacant land, Sfondilis said, and has transferred funds from it to the Crossroads TIF, which is north of the South TIF, stretching past Dundee Road.
Sfondilis also said the village also is discussing plans with a developer for land it owns on the east side of Milwaukee in the South TIF.