Local community moves to develop route 30
Madhu Mayer – email@example.com | 12/18/2018, 10:06 p.m.
The Village of Plainfield is in a giving mood this holiday season.
The Plainfield Village Board approved intergovernmental agreements with taxing bodies to implement the tax increment financing (TIF) district on Route 30 from Renwick Road to I-55.
The Plainfield Village Board back in 2015 authorized the firm S.B. Friedman to conduct a preliminary eligibility study to determine whether the Route 30 corridor from Renwick to I-55 would qualify as a TIF district project area. From this study, there were several things the village and some property owners were required to do before the study could further proceed.
TIF is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects. The maximum life of a TIF district is 23 years.
When the TIF ends and the town's investments in both public and private redevelopment projects within the TIF redevelopment area are fully repaid, property tax revenues are again shared by all the taxing bodies. All taxing bodies then share the expanded tax base – the growth, which would not have been possible without the utilization of tax increment financing.
Jake Melrose, economic development manager for Plainfield, said the village would provide a 50 percent share of the TIF produced from the districts to the associated taxing bodies of the district. The intergovernmental agreements are with the Plainfield Fire Protection District; Plainfield Township; Plainfield Township Road District; Plainfield Park District; Joliet Junior College; Plainfield Community Consolidated School District 202; Plainfield Public Library District; and Will County Forest Preserve.
"The proposed intergovernmental agreement establishes this share agreement and the process by which the 50 percent share of the TIF increment would occur," said Melrose. "The shared TIF increment, which is referenced as surplus funds in the agreement, will be distributed by the village annually and the distribution amount is based off the fraction of property taxes collected by the subject taxing body."
Melrose said the 50 percent share would supply the village with the ability to attract new construction and redevelopment in the U.S. 30 corridor, while providing the local districts with a share of the new dollars created.