The annual meeting of the Joint Review Board, to look at the four city of Greenville TIF districts, was held December 3 at city hall.
In attendance were representatives from local taxing districts, Howard Elmore from the county board, Wes Olson from the Unit 2 school district, Jerry Sauerwein from the Kingsbury Park District, Jeff Benson from the Greenville Fire District, Dave Willey from the City of Greenville, and Jill Franks, an at-large member.
Willey, Greenville city manager, distributed information regarding all four TIF districts. TIF stands for Tax Increment Financing. He reported all of the districts are in good shape with positive balances.
TIF agreements are designed to provide an incentive to attract businesses or help existing businesses stay and expand. Taxing bodies are asked to approve the districts, still receiving taxes when the agreement is started, with the thought that once the TIF agreement ends, the taxing units will receive additional tax revenue because the value of the property has increased.
The city currently has 9 TIF agreements.
There was a brief discussion how long the current districts continue. The downtown and I-70/Rt. 127 TIF districts will expire in 2029. One district in the industrial park ends in 2031 and the second industrial park district expires in 2032.
Illinois law allows a TIF district to exist for up to 23 years.