Cook County Blog

My Suburban Life:

The issue

The village (Bartlett) set up a tax-increment financing district (TIF) in December 1986 to revitalize its downtown by attracting new businesses and upgrading buildings and infrastructure. In May 2009, trustees brought up the idea of a one-year extension. Extending the TIF district for one more year would generate about $1.5 million, however, if the extension is granted, other taxing bodies would have to wait until the TIF expires to see any of the additional revenue.

More of this capital improvement stuff.  Fighting over the scraps...like vultures.

Since the TIF will not end on its own, the board must vote on an ordinance at its Oct. 20 board meeting. Mraz said the money has been locked up by Cook County and Bartlett won’t see the money if they do not make a decision. Taxing bodies must be notified of the decision by Nov. 1. The board will have three options: They can vote to extend the TIF, not extend the TIF, or extend contingent upon the fact that a portion also is refunded back to the taxing bodies.

Read the whole thing at My Suburban Life.