Tolono delays tax-increment requests
TOLONO — After trying to get more definitive figures on how much tax increment financing district revenue is available, the village board has again put off two funding requests.
Last month, the village tabled a decision on whether to grant the Tolono Fire Protection District's request for $125,000 per year and the Tolono Public Library's request for $50,000. The fire protection district wants to build a new fire station on the east side of town, and the library is replacing its roof.
Jacob & Klein Ltd. of Bloomington, which handles Tolono's TIF business, sent a projection showing that the village has about $485,000 in net real estate tax increment available. Trustee Mike Golish thinks the number should be a little higher, though.
Fire protection district trustee Denny Davis questioned whether all of the subdivision developers who are receiving TIF dollars met the obligations set forth in the beginning of the agreement.
"They weren't supposed to get paid unless they generate money," Davis said, noting that at least one residential subdivision has vacant lots.
Village Attorney Marc Miller suggested that a representative from Jacob & Klein be invited to a meeting and asked specific questions about the TIF funding available.
The matter will be on the agenda for the next village board meeting, which is scheduled for Oct. 15.