by David Maas
MAPLE PARK—A Joint Review Board met on Oct. 28 and voted in favor of the Tax Increment Financing (TIF) District proposed by the village of Maple Park.
A TIF District is a tool that can be used by municipalities to spur economic development by defining a specific area and dedicating any tax revenue increase from inside the district to further development within its boundaries.
The Joint Reveiw Board on Oct. 28 was made up of representatives from various taxing bodies the TIF would affect, including Beth Miller of the Maple Park Public Library, Kevin Peterson of the Maple Park Countryside Fire District, and Superintendent Dr. Jeff Schuler of the Kaneland School District.
“The board participants were not voting on whether they agreed or disagreed with TIF conceptually,” Maple Park President Kathy Curtis said. “They were voting on whether the village followed the legal process for establishing a TIF district.”
Since the vote was dealing with the legality of the proposed TIF, Curtis said she was not concerned.
“The whole time we have been working on this TIF, the village has followed the prescribed process for establishing a district,” Curtis said.
While the Joint Review Bboard made the decision that the proposed TIF followed the correct legal processes, Curtis said she still anticipates that there may be some concerned citizens.
“If the TIF is established, I think residents will want to know that the money is being used appropriately,” Curtis said, “I’d like to assure them that this Board of Trustees has good intentions for the revenue stream we hope to see.”
The final public hearing regarding the proposed TIF District will be held on Tuesday, Nov. 22, with the Village Board vote set for Tuesday, Dec. 6.
• Final public hearing on the proposed TIF District is scheduled for Tuesday, Nov. 22
• Village Board vote is scheduled for Tuesday, Dec. 6