Monday, November 21, 2005
Chaucer on Crystal Lake's TIF Districts - "The Ongoing Saga of the King Shepley of Crystal Lake
After the aggregate company took out all the sand and gravel in the road it left a 500 plus acre lake when combined with the gravel pits on both sides of the road. The gravel company had been mining right to the very blacktop edge of Three Oaks Road for some years until the blacktop in some areas was falling into the pit.
The deal made by the prior king deeded the property to the kingdom. Of course there were certain things the company was to provide. Some of these they managed to evade, although a lot of preparatory work for a recreational site was accomplished. But there was more mining done than had been agreed upon.
For a number of years meetings were held with members of the kingdom in an attempt to see what was desired for this “hole in the ground." A specially hired firm presented an engineering plan. It provided for fishing, human powered boating, a marina, and picnic area. But it was to be for the use of those Crystal Lake kingdom subjects only.
It didn’t make any difference that people residing outside of this kingdom were inconvenienced by the removal of Three Oaks Road. Now these people and others in a wide surrounding area are being asked to contribute to the kingdom for relocating upscale businesses on a major road. All because the king and his council want to see older businesses located. They found a way to accomplish this. It is a low that provide for a Tax Increment Financing.
The contribution is not really on a voluntary basis. It is hidden in the tax bills. But be assured it is there. It comes from the assessed valuation of the “dilapidated” properties being frozen at assessed figure it is now. It is a known fact that assessed valuations do increase each year to some extent. The owners of these properties will still being paying taxes on the frozen amount as well as on the increased assessed amount. However, tax revenue from the increased valuation will not be distributed to other taxing bodies as it is normally done. Instead it will go to pay bonds for development of this “blighted” area.
This law has some very tricky language that allows for the necessity to replace buildings that are not “up to code”, or are “dilapidated”, even though the property of some of them has a price of $7.2 million being paid in a recent sale.
Everybody has the “wonderful” opportunity to assist in financing this through their tax bills, while the King can thump his chest a proclaim what a wonderful thing he has accomplished, getting others to pay for a part of the Crystal Lake kingdom without providing much in return. Oh, but I forgot, the subjects have the pleasure of visiting the kingdom and leaving some of their hard earned money behind at the “upscale” businesses.
To return to McHenry County Blog, click here.
The deal made by the prior king deeded the property to the kingdom. Of course there were certain things the company was to provide. Some of these they managed to evade, although a lot of preparatory work for a recreational site was accomplished. But there was more mining done than had been agreed upon.
For a number of years meetings were held with members of the kingdom in an attempt to see what was desired for this “hole in the ground." A specially hired firm presented an engineering plan. It provided for fishing, human powered boating, a marina, and picnic area. But it was to be for the use of those Crystal Lake kingdom subjects only.
It didn’t make any difference that people residing outside of this kingdom were inconvenienced by the removal of Three Oaks Road. Now these people and others in a wide surrounding area are being asked to contribute to the kingdom for relocating upscale businesses on a major road. All because the king and his council want to see older businesses located. They found a way to accomplish this. It is a low that provide for a Tax Increment Financing.
The contribution is not really on a voluntary basis. It is hidden in the tax bills. But be assured it is there. It comes from the assessed valuation of the “dilapidated” properties being frozen at assessed figure it is now. It is a known fact that assessed valuations do increase each year to some extent. The owners of these properties will still being paying taxes on the frozen amount as well as on the increased assessed amount. However, tax revenue from the increased valuation will not be distributed to other taxing bodies as it is normally done. Instead it will go to pay bonds for development of this “blighted” area.
This law has some very tricky language that allows for the necessity to replace buildings that are not “up to code”, or are “dilapidated”, even though the property of some of them has a price of $7.2 million being paid in a recent sale.
Everybody has the “wonderful” opportunity to assist in financing this through their tax bills, while the King can thump his chest a proclaim what a wonderful thing he has accomplished, getting others to pay for a part of the Crystal Lake kingdom without providing much in return. Oh, but I forgot, the subjects have the pleasure of visiting the kingdom and leaving some of their hard earned money behind at the “upscale” businesses.
To return to McHenry County Blog, click here.
# posted by Cal Skinner : 10:58 AM
