Thursday, February 28, 2013
All that's left is a little lawyering, a public viewing and a vote.
It appears the city of Elmhurst and School District 205 are very close to signing off on an agreement that spells out how the city is going to share property tax revenue from its tax increment financing districts. TIF districts freeze property values for up to 23 years to encourage redevelopment in areas considered blighted. TIFs generate revenue through new construction in the district. The difference between the frozen property value and any new growth goes into a fund to pay for improvements or redevelopment in the district. Two of the three elements of the revenue sharing plan have not been disputed by either side. First, the city will pay a $1.5 million surplus from the Lake Street TIF to the School District and Elmhurst Park Board. …
Thursday, November 15, 2012
TIF, student recognition, high school course changes and more were discussed at the Nov. 13 meeting.
Among other business, School Board members at the Elmhurst District 205 Board meeting Tuesday:
Tuesday, October 23, 2012
Two consultants' work with former Elmhurst city manager and DuPage County is causing angst for aldermen.
Two independent consultants contracting with the city of Elmhurst will be able to continue their work while city staff investigates whether other positions they hold present a conflict of interest. What was set to be a routine contract renewal for Charles Van Slyke and Ken Bartels earlier this month was pulled off the City Council's consent agenda Oct. 15 and sent back to the Finance Committee for further review. As a city consultant, Van Slyke specializes in real estate matters. But he also serves on the DuPage County Board of Review, which handles property tax appeals from businesses and individual homeowners. And, he is listed as an associate with former Elmhurst City Manager Tom Borchert's consulting firm, "a regional practice in the …
Saturday, August 18, 2012
Tax increment financing has many facets, as this comment thread shows. The conversation continues. Care to weigh in?
Wednesday, August 15, 2012
City approval of TIF 4 could come on Sept. 4; Elmhurst District 205 Board members want this agreement carefully spelled out.
Elmhurst officials have been working on a plan for sharing the hoped-for rewards of a new tax increment financing district, known as TIF 4, with Elmhurst Unit District 205 and other local taxing bodies. Aldermen saw a draft proposal for that plan Monday night. The proposed North York Street TIF would extend from Grand Avenue to North Avenue but would also include an area around Hahn Street and Addison Avenue that is currently part of TIF 1, which covers the central business district. TIF districts freeze assessed property values for local taxing bodies for up to 23 years to encourage redevelopment in areas considered blighted. TIFs generate revenue through new construction in the district. The difference between the frozen property value …
Monday, August 13, 2012
Park Board is considering the terms, and the School District has tentatively agreed to them, according to Park District documents.
Among other business on their Aug. 13 agenda, Elmhurst Park commissioners will discuss the City of Elmhurst's proposed North York Street tax increment financing district (TIF 4). Included in the Park District agenda packet released last week are some details of the negotiation process the city has begun with Elmhurst School District 205 and the Park District to lessen the impact of the TIF on their budgets. TIF districts freeze assessed property values for local taxing bodies for up to 23 years to encourage redevelopment in areas considered blighted. TIFs generate new revenue through new construction in the TIF district, or if the township assessor increases the assessed value of the properties in the TIF district. The difference between …
Monday, August 6, 2012
Public hearing will lead off the City Council meeting Monday; meeting will conclude with vote on dual elected duty referendum.
Elmhurst residents will have a chance to be heard Monday, Aug. 6, at a public hearing on the proposed North York Road tax increment financing district. Elmhurst City Council will hear the public's opinion on this potential fourth TIF district in town at its regularly scheduled meeting at 7:30 p.m. at City Hall, 209 N. York St. The city says the TIF is needed to spur development on the north end of town, but representatives of School District 205 and the Elmhurst Park District have expressed concerns with regard to how it will affect their tax revenue. The proposed TIF would begin at the Hahn Street property on the south and continue to Grand Avenue on the north, and include the new Mariano's property at York and Industrial Drive, as well …
Tuesday, July 10, 2012
North York TIF could be approved as early as Aug. 20; revenue sharing plan with District 205 still hasn't been worked out.
City officials on Monday continued their efforts to double the number of tax increment financing districts in Elmhurst from three to six. For several months, of the three proposed new TIFs, the focus has been squarely on the North York Street TIF. But on Monday, the Development, Planning and Zoning Committee turned its gaze back to the other two, taking the next steps toward establishing TIF districts at York and Vallette, and along Riverside Drive. TIF districts freeze assessed property values for local taxing bodies for up to 23 years to encourage redevelopment in areas considered blighted. TIFs generate new revenue through new construction in the TIF district, or if the township assessor increases the assessed value of the properties in…
Elmhurst committees pick up where they left off June 26.
UPDATE July 9, 11:30 a.m.: The city of Elmhurst at 11:24 a.m. Monday announced the Finance, Council Affairs and Administrative Services Committee meeting scheduled for 7 p.m. tonight has been canceled. The meeting was canceled for lack of a quorum. It has been rescheduled for 4 p.m. Wednesday, July 11. -------------------------------------- Elmhurst's Finance, Council Affairs and Administrative Services Committee members will continue their discussion on whether a member of the City Council can hold more than one elected position. After hearing an opinion from an attorney, the committee on June 26 decided to recommend that the question be brought to the voters via referendum, but they did not decide whether it should appear on the November…
Tuesday, March 13, 2012
But TIF funds will be sought for store's opening.
Most of the numbers have yet to be put on paper, but Mariano's Fresh Market will likely seek $1.5 million from a proposed new tax increment financing district to help offset opening costs, the city's Finance, Council Affairs and Administrative Services Committee learned Monday. City and Mariano's representatives unveiled the plan for the store on Friday. Located at the old Ford dealership at North York and Industrial Drive, the Elmhurst store is one of 20 locations planned for Mariano's, part of the Roundy's chain of supermarkets. Other stores are open in Chicago, Palatine, Vernon Hills and Arlington Heights. Dean Kelley of Abbott Land and Investment, the group that will build and lease the store, told the committee that his company …