Sugar Grove considers 2nd TIF district for industry
Sugar Grove took another step Tuesday toward creating a second tax-incentive financing district to attract industrial businesses near the Aurora Municipal Airport.
The village board voted to study the land in question to see if it qualifies for TIF designation, and started a registry for landowners and other parties who are interested in being kept apprised about the status of the work.
The land in question is generally on the north and east sides of the airport, in the Municipal Drive corridor between U.S. Route 30 and Wheeler Road. A map of the area is available at village hall, and in the village board packet for Tuesday's meeting, at sugar-grove.il.us.
The village will have a consultant study whether properties meet the criteria required under state law to be designated a TIF district. Sugar Grove's community development director, Walter Magdziarz, told the board he suspects it will be found eligible.
"We wouldn't have gotten this far with the process if the TIF consultant didn't feel that the area we are looking at didn't merit consideration," Magdziarz said.
In TIF districts, the property taxes for government districts are frozen. Higher taxes that result from increases in the land's value are devoted to paying for the improvements that attracted development.
TIFs typically last for 23 years, but can be extended to 35 years.
Illinois law allows such financing for areas that are deemed blighted, declining or underperforming areas, or to conserve the value of an area at risk of declining.
The village must prove that but for the public investment of money from the TIF district, the development wouldn't occur.