Tolono OKs tax-increment funds for library project
TOLONO — Village officials have approved tax increment financing for a Tolono Public Library building project.
The village board this week agreed to enter into an intergovernmental agreement with the library to give it $50,000 in TIF funds for replacing the building's leaking roof. Work has already started on the project.
"Clearly, their situation is a crisis," village Trustee Mike Golish said.
The library, which serves Tolono, Savoy and Sadorus, has raised about $10,000 over the last six months through its "Raise the Roof" fundraising campaign.
The village board postponed a decision on the matter at its last three meetings, trying to get more definitive figures on how much TIF revenue was available. Representatives from The Economic Development Group and from Jacob & Klein, the sister companies in Bloomington that serve as Tolono's TIF consultants, were invited to the meeting Tuesday to answer questions.
Gwen Crawford, vice president of financial analysis for The Economic Development Group, said Tolono has about $332,000 remaining from the proceeds of a 2012 alternate revenue bond that paid for a drainage project. Those funds can be used for any eligible TIF project.
The village board made no decision on a request from the Tolono Fire Protection District for $250,000 up front and $125,000 per year to build a new fire station on the east side of town.