Park district seeks TIF funds
TOLONO — Saying the village's special taxing district has diverted over $200,000 from their budget over the last 10 years, Tolono Park District commissioners are asking the village for financial help with projects to be done in the coming year.
Tolono created a tax increment financing district in 2002; it will expire in 2026. Since that time, taxes generated from an increase in property values in the district have been put in a fund that is used to subsidize development projects in the district.
"We are asking to be considered this year with (tax-increment) money," Tolono Park District President Randy Grace said.
The park district will be developing the new East Side Park, at the corner of East Walnut Street and North Central Street, with playground equipment, a basketball court, two ball fields, two backstops and fencing, a walking path and sidewalks this year. The work is expected to cost a total of $215,000.
In addition, the park district will be installing two new scoreboards and fencing at West Side Park, which will cost another $8,000.
Future plans for East Side Park include soccer fields and a pavilion with a concession stand.
The park district will be reimbursed almost $400,000 from a grant through the Illinois Department of Natural Resources for the East Side Park project — half of the total cost.