Printer Friendly Version

Village Vision News

Big turnout for TIF district public hearing

Thursday, November 16, 2017

Prior to the regular meeting on November 6, there was a special meeting of the Board of Trustees for a public hearing on the establishment of a proposed tax increment financing, or TIF, district within the Village of Forsyth.

The proposal calls for the TIF district to be established beginning with the start of the new year in January. Village Hall was packed with residents and business people, including those who work in real estate and development, as they listened to a presentation by Steve Kline of the Bloomington-based firm TIF Illinois.

“It’s a tool that municipalities have available to them in the state of Illinois to use to try to attract new private investment to their community,” Kline said in describing the purpose of a TIF district.

TIF districts, which have a maximum lifetime of 23 years, are not new, having been around since 1977 when the Tax Increment Allocation Redevelopment Act was adopted by the Illinois General Assembly. There are more than 1,300 TIF districts within the state of Illinois, according to Kline’s firm, and a number of those are right here in Central Illinois, including in Mount Zion and Springfield.

TIF Illinois describes tax increment financing as “a means by which cities, towns, and villages may achieve a level of community and economic development far beyond current expectations.”

It is important to note that there are no new taxes imposed on residents because of establishing a TIF district. According to TIF Illinois, a TIF district’s revenues — or tax increment — “come from the increased assessed value of property and improvements within the district.”

Back in April, trustees voted to enter into a professional services agreement with TIF Illinois to begin the process of establishing and administering a TIF district. Monday night’s public hearing was a step in that process. This will be the Village’s first TIF district, and the goal is to spur residential and commercial development.

Village Administrator David Strohl had told trustees at that April meeting that simply hoping for economic development was not good enough. Strohl said that using TIF would help make Forsyth “competitive and an attractive place for businesses and residents to locate for decades to come.”

^ Back to Top ^

Site by HomeSight, LLC