Will proposed TIF district cost Cary its 'small town' feel?
Cary residents and business owners showed up in numbers last week to express concerns about what the latest proposed tax increment financing district for the village could mean for their homes and organizations.
When asked repeatedly, village board members held firm that there are no plans to tear down any homes or businesses. They said Cary's residents and business owners will have the choice if a developer wants to come in and offer a price for their property.
A TIF district is an economic development tool that freezes property taxes within the district's boundaries at their current level for a set period, usually 23 years. As property values rise in the district, the additional revenues go to a special village fund to pay for improvements within the area.
The proposed district would stretch along Route 14 from the Fox River to Cary-Algonquin Road.
Cary Elementary School District 26 Superintendent Brandon White said that the district potentially could lose $8 million in tax revenue if the TIF district is created.
"As an educator for over 20 years, I've been driven by the moral purpose that if you make decisions based on the fundamental goal of doing what's best for kids, you can't go wrong," White said.
He said that the losses could be even more problematic if student enrollment increased due to the TIF district.
"Even if it's half of that, that's still impacting the education that we're able to provide our students," White said.
Jason Janczak, a District 26 board member, said that the schools currently are in a stable financial situation, but the TIF could change that.
"I worry that the loss of an estimated $8 million will push Cary schools back into those dark days," Janczak said, referring to steep cuts the district faced in 2010. "That means large classes, eliminated specials and a revolving door of teachers."
Others at the hearing expressed concern about Cary losing its "small town" feel. They said they don't want Cary to end up like larger Northwest suburban communities that used TIF districts to grow their downtowns.
"We're not going to be Arlington Heights, we're not going to be Mount Prospect," Cary Mayor Mark Kownick replied. "We are going to be Cary and do what's right for Cary."
The village board is set to vote on the TIF by Aug. 15.