Fire department request for TIF funds advancing
TOLONO — Village officials have decided to move forward with the Tolono Fire Protection District's request for funds from Tolono's tax-increment-financing revenue.
The fire department has asked for $250,000 upfront and $125,000 per year to build a new fire station on Tolono's east side.
At the village board's last meeting, The Economic Development Group in Bloomington projected that the village will have $5.54 million available when its TIF district expires in 2026.
Using a 3.4 percent interest rate, the consultant projected net real-estate tax increment for a $900,000 general obligation bond, a $1.1 million general obligation bond and a $1.06 million loan. Total payments would be $1.2 million, $1.47 million and $1.21 million, respectively.
"We were very pleased with the charts," Fire Protection District Trustee Denny Davis said. "We thought it looked good and promising."
Village Trustee Greg Kingston asked whether the fire department could be the agency that owns and maintains the building and the one issuing any bonds.
"There would be no way we would be able to make those payments," Davis said.
Kingston was the only trustee who voted against moving forward with the plan to give the fire department TIF funding.
Village President Jeff Holt and Trustee Beth Erwin will attend the fire protection district's next meeting, scheduled for 6:30 p.m. Tuesday.