TIF Joint Review 8-7-2023
August 7, 2023
TIF Annual Joint Review Meeting
The following Boards were represented at the meeting: PC Village Board, PC Public Library, PC Park District, PC Fire District, Loran Township, TIF Administration.
The annual TIF Joint Review meeting was called to order at 5:30pm 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 to cover the TIF Fiscal Year 2022. Pearl City TIF was established in 1996 with an extension given in 2017 to extend to 2031 with last payments in 2032.
The beginning balance of the TIF was $771,320.00. During the year the village had $1,162,008.00 in monies to work with. The ending balance in 2022 was $400,110.00. Our TIF tax increment for 2023 is estimated to be $420,795.00.
The village has 2 inter-governmental agreements that pay their share of TIF amounts back to them. PC School District and Loran Township.
The village has 2 Redevelopment agreements that are ongoing with Glenwood Equities and Bowen Oil Company.
Travis Voss inquired if TIF funds were available to use with a matching fund grant for the Park District. Paul noted that TIF funds could not be used with the matching fund grant. The Park District would need to have an Inter-Governmental Agreement with the Village.
The PC Public Library noted that they are still pursuing the building of a new library.
President Mat asked if a TIF District could be extended a second time for another 12 years. Paul confirmed that it can and noted several cities have done this. President Mat spoke that our TIF District has been very successful and would like to continue.
The Village can use TIF monies in the Greenspace but the projects must be approved before beginning.
Taxing bodies would like to see curb and Gutter in Pearl Side Subdivision.
Motion to Adjourn at 5.55pm
Attest: Cheryl Liebenstein, Village Clerk
*See hard copy for graphs of Revenues and Expenses