If you want to see the future of Crystal Lake Tax Increment Financing Districts, you need look no farther than McHenry.
In a new blog run by the Northwest Herald, McHenry Blog, Jillian Duchnowski reports condo developer Curtis Commercial wants
“$200,000 more in incentives to build a complex with 27 condo and 12 retail spaces downtown.”
The developer of property, right across the creek from the movie theater, has “discovered” that the cost of building a parking deck is a couple of hundred thousand dollars more than the firm expected.
So, where does the developer think the extra money should come from?
That honey pot called the Tax Increment Financing fund.
The City of McHenry has already committed itself to shelling out $2 million in incentives “to boost a project that otherwise wouldn’t be profitable.”
The article continues:
”The value of those incentives is similar to what the city offered Cunat Inc. for a similar project proposed across the street.”
Am I the only one who has a problem with this concept?
The same thing has happened in Elgin, by the way.
How long before the Crystal Lake City Council follows suit?
Oh, I forgot.
Crystal Lake is going to use its 75% hike in sales tax, plus TIF money to bail out developers of choice.