LaSalle County Board members want the state legislature to know they support a proposed change in the way tax increment financing is done. Libraries, fire departments, and school districts don’t like TIF districts because they’re locked out of increasing tax revenue for 23 or more years. On the other side are developers and city governments that start TIF’s because of jobs now and tax revenue later when the TIF expires.
County Board member Al Erbrederis of Somonauk says it’s too easy to justify a new TIF and to renew an old one.
The proposal would eliminate dilapidated and deteriorating buildings, too many vacancies, lack of ventilation and light, poor land use mix, and some other factors from justification for a new TIF. The bill was introduced on February 25th and sent to the Senate Assignments Committee. The bill number is SB2298.