Crystal Lake TIF Monuments Cost $16,000 Each – Cost Updated/Corrected Downward

Looking west on Route 14, you can see the brand new TIF-financed monument in front of Fifth Third Bank and the one near Pizza Hut across the street. They cost $16,000 each and mark the edge of the Virginia Street Tax Increment Financing District. Note the decorative "brick work" around the monument. It can be seen at intersections as well.
The first one I saw was near Pizza Hut.

Get close enough to the new $16,000 monuments and you can see this symbol of the City of Crystal Lake.
What was it?
It looked like it belonged in a cemetery.
Friday, I learned city officials actually call them “monuments.”
On the monuments is the Crystal Lake City emblem or symbol: a “CL” with sailboat like sails filling in the “C” and the “L.”
So where does the money come from?
Let me quote the Chicago Sun-Times from August 16, 2009:
“TIFs re-direct taxes away from schools, parks and other local government agencies bankrolled by property taxes. Property taxes within a TIF district are frozen at existing levels for 23 years.”
And how much will it cost residents of McHenry County (because TIF districts export what’s spend to taxpayer in all overlapping tax districts and Crystal Lake, of course, is in McHenry County, the Conservation District, the Crystal Lake Park District, School Districts 155 and 47, etc.).
So, what’s the cost?
Mayor Aaron Shepley didn’t know when I asked Friday, but pointed me to someone in the City Engineering Department who would.
= = = = = =
What I heard over the phone was $60,000. The real cost was $16,091, City Finance Director Mark Nannini called something after 10 AM to tell me. Guess I misunderstood an answer to my question of “$16,000.”
I have revised the article and headline to reflect that cost.
= = = = =
The answer (drum roll) is
$16,000 for each one.
There are four.
So, when a local tax districts tells you it can’t afford something that costs $64,000, remember the found monuments on Route 14.
That’s where the money went.
At least the city council members did not insist that their names be placed on the monuments.
Most public officials with an edifice complex do.
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