![]() Several community members at Tuesday's meeting spoke against the plan during public comment, saying the decision could cost the district $74 million. What we have here is very much a replica of an IGA we already have in place." And, for the same kind of agreements that they won't contest or not support the TIF itself. "(The TIFs) disperse a surplus of 10% of whatever the increment is to the taxing bodies. "We have an existing IGA on Aurora TIF's 7 and 8 that work very much the same way," Inglese said. Documents estimated the arrangement could net the district $300,000 a year. The school district instead will receive 10% of the new TIF district's incremental property tax as surplus. Inglese said the city of Aurora owns the TIF parcel included in the new TIF and it is not generating revenue for the school district.ĭistrict 101 also will not receive property tax revenue from the property for a minimum of 23 years - the TIF's life span - with the potential for a longer time frame if the TIF is extended, documents said. ![]() "You wouldn't do an NDA in a public school district. We're not approving an NDA (nondisclosure agreement)," Inglese said. "We're approving an intergovernmental agreement. ![]() "This casino TIF will pull a series of parcels out of TIF 7 as it exists and turn it into this new Farnsworth, Bilter TIF," Batavia Chief Financial Officer Anton Inglese said.ĭocuments said the agreement required that the board "refrain from actions or statements that could jeopardize the new TIF initiative." ![]()
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