Something that looks as if it ought to be in a cemetery showed up on Route 14 in Crystal Lake this week.
Yesterday, I pointed out what can happen when a local government has money for which no one can be held accountable.
Tax Increment Financing District money.
TIF money.
Everyone in McHenry County will pay to make Route 14 look better.
That’s because TIF Districts allow city officials to take money that otherwise would go to schools, park districts, county government, etc.
You’ve been reading how beneficiaries of Chicago TIF money miraculously concluded that they should give large donations to Mayor Richard Daley’s wife’s after school charity.
Locally, I have no reason something like that is happening, but there is definitely a tax shift to homeowners and businesses outside the TIF districts.
So, enjoy the new, “improved” streetscape as you drive through town.
Yesterday, I pointed out that perfectly serviceable street lights on Route 14 were about to be replaced with ones that I guess someone (maybe all) on the Crystal Lake City Council thought looked prettier.
Road construction near Dole Avenue was in progress Thrusday night.
They match the expensive ones that the City Council is forcing private property owners to put on properties they improve within sight of Route 14. But, not to worry. The City Council subsidized the purchase of those lights on private parking lots.
Today we look at another wasteful expenditure by the City Council.
It’s a monument near Pizza Hut.
It’s not exactly a pyramid.
More like a cemetery monument.
You see it above.
And it’s for Crystal Lake.
Maybe there’s more than one.
I, as everyone else who can do so, avoid Route 14 as much as possible.
The Virginia Street Corridor TIF district is basically between Pizza Hut, 282 Virginia Street (Route 14) and Petco, 230 Virginia Street, in Crystal Lake.
It thus extends northwest from about Coventry (Pizza Hut), past Linn, McHenry, VanBuren, Washington, Pomeroy, King, Florence, Dole, Lakeshore Drive, to Carpenter (Petco).
VIRGINIA STREET CORRIDOR TAX INCREMENT FINANCING REDEVELOPMENT PLAN AND PROGRAM City of Crystal Lake, Illinois, February 2005
http://www.crystallake.org/Modules/ShowDocument.aspx?documentid=519
A 50 page document stating:
Total Estimated Project Costs: $9,291,000
2003 Equalized Assessed Valuations: $9,845,120
It is estimated that the incremental increase in property taxes over the term of the TIF District in 2003 dollars will be $12,085,875.
Upon the completion of anticipated redevelopment projects it is estimated that the equalized assessed valuation of real property within the Project Area will be in excess of $26,080,000.
This represents an approximate 165% increase in the total equalized assessed valuation.
The following taxing districts cover the proposed Project Area:
Algonquin Township, Algonquin Township Road and Bridge, City of Crystal Lake Fire, Crystal Lake Park District, City of Crystal Lake, College District #528, Crystal Lake Library, McHenry County, McHenry County Conservation District, School District #47, and School District #155.
Crystal Lake has two other TIF Districts:
Vulcan Lakes TIF
Crystal Lake Avenue and Main Street TIF
http://www.crystallake.org/index.aspx?page=133#TIF Districts
CRYSTAL LAKE AVENUE AND MAIN STREET
TAX INCREMENT FINANCING REDEVELOPMENT PLAN AND PROGRAM, August 2005
http://www.crystallake.org/Modules/ShowDocument.aspx?documentid=518
Total Estimated Project Costs $35,000,000
The total 2004 equalized assessed valuation of the Project Area is $3,284,169.
The following 14 taxing districts cover the proposed redevelopment project area:
Algonquin Township, Algonquin Township Road and Bridge, Nunda Township, Nunda Township Road and Bridge, Nunda Township Cemetery, City of Crystal Lake Fire District, Crystal Lake Library District, Crystal Lake Park District, College District #528, McHenry County, McHenry County Conservation District, School District #47, School District #155, and City of Crystal Lake.
The principal source of funds will be the incremental increase in real property taxes attributable to the increase in the equalized assessed value of each taxable lot, block, tract or parcel of real property in the project area over the initial equalized assessed value of each such lot, block, tract or parcel.
VULCAN LAKES TAX INCREMENT FINANCING
REDEVELOPMENT PLAN AND PROGRAM, August 2005
http://www.crystallake.org/Modules/ShowDocument.aspx?documentid=516
Total Estimated Project Costs $30,000,000
The total 2004 equalized assessed valuation of the Project Area is $4,786,053.
The following 11 taxing districts cover the proposed redevelopment project area:
Algonquin Township, Algonquin Township Road and Bridge, City of Crystal Lake Fire District, Crystal Lake Library District, Crystal Lake Park District, College District #528, McHenry County, McHenry County Conservation District, School District #47, School District #155, City of Crystal Lake.
Does that projected EAV upon completion reflect current property value trends? If not, what are the latest best case/worst case estimates? And how much of that projected increase reflects the so-called “natural” increase of real property over time?