TIF Joint Review 11/1/2021

November 1, 2021

 The annual TIF Joint Review meeting was called to order at 6:30pm by President Mat.

 President Mat then turned the meeting over to Paul Ostrosky from the Economic Development Group. (Jacob Kline TIF Attorney)

 Paul noted that this meeting is cover the TIF Fiscal Year 2020. Pearl City TIF was established in 1996 with an extension given in 2017.  The  

 The beginning balance of the TIF was $471,090.00 on May 1, 2019. During the year the village had $882,728.00 in monies to work with.

 The village has 2 inter-governmental agreements that pay their share of TIF amounts back to them. PC School District and Loran Township.

 It was also noted that the village does have TIF Grant programs for both individual residents and commercial business.

These programs give an incentive back to homeowners in the TIF district for eligible expenses they have incurred through updates to the exterior buildings.

 Commercial business can receive payments for eligible costs up to a specified amount in their contract.

 Paul noted that they wish to have the TIF Joint Review meeting for Fiscal Year 2021 in late spring.

 Motion to adjourn at 6:45pm 

Attest: Cheryl Liebenstein

           Village Clerk