by Keith Beebe
SUGAR GROVE—The Sugar Grove Planning Commission at its meeting on May 18 held an informal discussion regarding a petition for a Sugar Grove West Side Industrial TIF District, and also reviewed zoning text amendment updates continued from the Planning Commission’s meeting on April 20.
A presentation by Mike Hoffman of Teska Associates accompanied the TIF discussion.
“He basically provided a TIF District 101 class,” Village Planner Mike Ferencak said. “He explained the various types (of TIF Districts), how they are set up and how they are used. He discussed what is being contemplated for Sugar Grove’s (TIF), as far as the area involved and what type it would be.”
Ferencak said that, financially, there are two ways to run a TIF: take out a bond to pay for improvements up front and pay the bond back with the growth in the increment you expect to happen, or build up the increment over time and then begin the improvements later in the life of the TIF.
The Planning Commission recommended accessory use and temporary use zoning ordinance text amendments with a vote of 5-0. The amendments will be discussed by the Village Board at its Committee of the Whole meeting on June 7, and could possibly be considered for final approval at the village’s regular board meeting on June 21.