In a meeting of Crystal Lake governmental bodies about the Vulcan Lakes/Route 14 Tax Increment Financing district, which the city council will vote upon next Tuesday at 7:30, its consultant revealed that $115 million is expected to be generated.
And, that is in today’s dollars.
As Teska and Associates President Les Brown put it, “If you borrow, then the $115 million is what you can borrow against.”
Also revealed is that the city may sell or lease over 47 acres of the property it owns to be used for high end residential or commercial development.
In an attempt to salvage something out of the proposal that local schools and the Crystal Lake Park District clearly consider distasteful, park district Director Kirk Reimer asked whether the recent reduction of the share of developer impact fees given the park district might be reversed, if the TIF district were approved.
Crystal Lake’s Director of Development, Michelle Rentzsch, asked Reimer, “Are they going to formalize that question?”
An index of the articles I have written about the Crystal Lake’s TIFs appears here.