Tolono seeks more information before TIF funding decision
TOLONO — The village board will ask its tax increment financing consultant for more definitive figures on how much revenue is available before deciding whether to grant two requests for funding.
The Tolono Fire Protection District is asking for $125,000 per year to build a new fire station on the east side of town, and the Tolono Public Library is asking for $50,000 to replace its roof.
The proposed fire station would be built on the corner of Bourne and Reynolds streets to replace one on Main Street that firefighters built in 1954.
The base cost of the new building is $1.05 million, and the fire department is asking the village for $250,000 up front. Davis said much of the cost of the project is the anticipated interest on a $1 million loan.
The fire department has received $26,000 in donations from community members but has not been actively seeking them because of the project's uncertainty.
TIF consultant Thomas N. Jacobs and Associates gave the village figures showing $96,000 in available TIF funds. Trustee Mike Golish calculated the figure to be about $60,000, however.