No decision on tax increment money for Tolono fire station
TOLONO — Tolono Fire Protection District trustees will have to wait at least two more weeks to find out if they get any tax-increment-financing revenue for a new fire station.
The fire department has requested $250,000 up-front and $125,000 per year to build a new fire station on the town's east side. The village board this week postponed a vote on the matter because of the absence of two members, Kent Plackett and Beth Hewing.
According to figures from the Economic Development Group, the village's TIF consultant, the fire department will have an estimated $847,420.23 in tax revenue deferred by the end of the 23-year TIF district in 2025.
"I would like to see you guys get the money," Village Trustee Beth Erwin told Denny Davis and Roger Hayden, who were representing the fire protection district at the meeting.
"I'm not for the village borrowing money (on the fire department's behalf)," Trustee Greg Kingston said. "I wouldn't co-sign a loan for a neighbor. I think that's bad policy. But I'm ready to move these guys forward."
But another trustee says the village may have future needs that TIF money should pay for.
"I'm against it because basically it's the issue of other commitments I think we're going to face in the future," Trustee Mike Golish said. "I have trouble bonding someone else's project that prevents me from bonding my own project. There's a laundry list of things we need to do."