Board of Education Meeting. The association President shall receive prior to each Board of Education meeting the agenda and financial documents.
Board of Education Meeting. Agenda The District will make available for the Association at the District Office two (2) copies of the complete Board of Education meeting agendas minus executive session material at the same time it is available for the Board of Education members.
Board of Education Meeting. Tax Increment Financing (TIF) is a financial mechanism widely used by municipalities and counties to promote economic development and redevelopment. The use of TIF is intended to generate economic development activity that would not have occurred “but for” the incentives offered. In Illinois, both counties and municipalities may utilize TIF financing, and TIFs can receive property tax revenue. In property tax TIF districts, the equalized assessed value (EAV) of the district at the time of creation is measured and established as a baseline, which is often called the “frozen” EAV. Tax revenues from the incremental growth in EAV over the frozen amount are used to pay for redevelopment costs. Once the redevelopment project is completed and has been paid, the TIF district is dissolved and the increment EAV is added to the tax base accessible to all eligible taxing districts. In Illinois, TIF Districts are authorized for a period of up to 23 years, with the possibility of renewal for an additional 12 years. Renewal of a TIF is approved by the General Assembly for an automatic 12-year period. The General Assembly requires letters of support from the various taxing bodies be submitted with the proposed amendment to grant the TIF extension. Throughout the state of Illinois, more than 200 TIF extensions have been granted. The Downtown Palatine TIF District in Palatine was created in 1999 with a baseline EAV of $23.5 million from the initial properties located within the TIF boundaries. Since its inception, the TIF has provided for the redevelopment of the area – including the addition of 975 residential units, 93,000 square feet of commercial/restaurant space and 120,000 square feet of professional office space. The TIF is scheduled to expire in 2022. When a TIF expires, the Property Tax Extension Limitation Law (PTELL) law will recognize the TIF’s increment as available new property that can be added to the tax levy without consideration of the Consumer Price Index for All Urban Consumers (CPI-U) limitation. Based on the most recent tax assessment information for 2021, the Downtown Palatine TIF had a tax increment EAV of $99.8 million. Based on the current tax rate, the accessible new property from this TIF would generate approximately $2 million of additional revenue to District 211 in the form of new property growth. The additional TIF revenue of $2 million would be added to the District’s baseline levy amount under the PTELL each year thereafter. The financial e...
