Minutes from the Woodstock City Council reveal that efforts are in motion to continue the flow of money being used to rnow enovate the Old Courthouse (where I served as McHenry County Treasurer from 1966-1970).
The mechanism will continue to be a Tax Increment Financing District, which takes money from all the other local governments, diverting it to wherever the City Council wishes.
Here are more details from the March 6, 2018, City Council minutes:
Woodstock and Woodstock D200 working together again to raise property tax levieson homeowners through new TIF:
From l3-6-18 woodstock city council meeting minutes
Mr. Christensen gave information on the fund, noting there are four more years of revenue to be
realized by the TIF, unless the TIF is extended.
He discussed the tremendous needs remaining on the Old Courthouse project and noted the expenditures in this fund also include debt service payments.
Mayor Sager noted the Council must have a philosophical discussion of the TIF as it is an important tool to accomplish projects and development with a limited life remaining.
He stated when visiting other communities, he recognized TIF districts have been an important tool for their development.
Mayor Sager stated the City could get a 12-year extension by working with the School District
and other local taxing bodies and then receiving approval from the State Legislature.
He stated another opportunity would be to let it expire and work to establish a new TIF district with
increased parameters, discussing some of the other areas that could be included.
He noted this would not require approval by the Legislature.
Mr. Stelford provided information on the requirements for creating a new TIF district.
Councilman Saladin expressed support of the creation of a new TIF District, noting the area could be expanded and the City would have control.
Councilman Turner expressed support of exploring the creation of a new TIF District as it would apply to investment, noting other communities have used this tool successfully and how it could benefit Woodstock.
He expressed support of developing a plan and taking action sooner rather than later, opining now is the time to turn attention to the Die Cast site.
Mayor Sager stated much has been accomplished through the TIF, but opined now is the time to look forward and consider a larger area.
Councilman Prindiville noted the TIF was originally developed to deal with an industrial site, which had been polluted, stating that has been accomplished.
He opined now the City wishes to choose more sites that should be developed, so it would be appropriate to create a new TIF to use as a tool to accomplish this goal.
It was the consensus of the City Council to ask Staff to explore establishing a new TIF District
rather than extending the current TIF and bring more information to the City Council.