GCMS approves tax-increment extension
GIBSON CITY — The school district has become the sixth taxing district to unanimously approve an extension to one of the city's tax increment financing districts.
City officials are seeking a 12-year extension to the TIF 2 district to secure an assisted-living facility at the city's northern edge. The support of all affected taxing districts is necessary before the extension can be put to a final vote of state legislators this fall.
Stephanie Sandre, an attorney with Jacob & Klein Ltd. of Bloomington who handles the city's TIF business, said the city council will increase payments to the school from 25 percent to 30 percent of future tax increment increases.
She said that increase will result in "no negative impact to the district" from the extension.
She also said Mayor Daniel Dickey has made it clear that if the development does not happen, the council will not pursue final steps for the extension.
Sandre said without the extension, developers could expect only 48 percent of eligible expenses to be reimbursed. With the extension, they should receive 100 percent reimbursement.
She said the reimbursable expenses do not include the developer's construction, interest or salary costs.
With the extension, TIF 2 will expire in 2039 rather than 2027.