Tuesday, December 06, 2005
View from a $500,000 Crystal Lake Condo Overlooking Vulcan Lake
The Crystal Lake City Council is scheduled to vote tonight at 7:30 on the creating of the Tax Increment Financing (TIF) diistrict which will provide up to $115 million in financial assistance to developers of the property.
Because both school districts officially opposed the TIF's creation, it will take a 3/5 majority vote of the council to pass the ordinance. That means 5 out of 7 votes, instead of a bare majority.
The Main Street TIF--which has even a greater financial impact--passed without dissent on Nov. 15th.
With the creation of each TIF, more assessed valuation disappears from the local tax base for up to 23 years. The park and two school districts have made it clear they intend to get as much money as the real estate tax cap will allow. They have stated numerous times that they will raise tax rates on everyone else to make up for the loss of increased assessed valuation in the TIF areas.
Mayor Aaron Shepley still clings to the public position that the creation of TIFs will not raise anyone's taxes.
To return to McHenry County Blog, click here.
Because both school districts officially opposed the TIF's creation, it will take a 3/5 majority vote of the council to pass the ordinance. That means 5 out of 7 votes, instead of a bare majority.
The Main Street TIF--which has even a greater financial impact--passed without dissent on Nov. 15th.
With the creation of each TIF, more assessed valuation disappears from the local tax base for up to 23 years. The park and two school districts have made it clear they intend to get as much money as the real estate tax cap will allow. They have stated numerous times that they will raise tax rates on everyone else to make up for the loss of increased assessed valuation in the TIF areas.
Mayor Aaron Shepley still clings to the public position that the creation of TIFs will not raise anyone's taxes.
To return to McHenry County Blog, click here.
# posted by Cal Skinner : 7:26 PM
