Crystal Lake School Districts File Report in Opposition to Vulcan Lakes/Route 14 Tax Increment Financing Project

When the Crystal Lake High and Grade School districts voted to reject the Vulcan Lakes/Route 14 Tax Increment Financing District proposed by the Crystal Lake City Council, they decided to file a report explaining why.

Attacked in the city council’s rationale were

· The lack of diversified housing, as specified in the city plan, specifically, that the lowest cost housing facing Vulcan Lakes would be two-bedroom condominiums costing a minimum of $500,000.

· The “flawed” conclusion that the Route 14 area is not growing in value as quickly as the rest of Crystal Lake. Emplasized is the recently reported sale of the Conlon-Collins Ford property for over $7 million, while the assessment is far less than such a sale price would indicate.

· The city’s assertion that creation of the TIF districts will have virtually no effect on the school districts. Both school districts say that exclusion of the each TIF area from their tax bases will result in their having to raise their tax rates for everyone else’s property.

Based on these reasons, the majority of the Joint Review Board for the Vulcan Lakes TIF (comprised of the two school districts) recommended rejection of the proposed Redevelopment Plan.

For the rest of the story, click here.


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