Politics & Government

Huntley Board OKs $12,500 TIF Study

A research firm will analyze the feasibility of designating Huntley's downtown as a tax increment financing district.

Huntley business leaders, as well as residents, are ready to move forward with improving the village’s downtown area, Trustee Pam Fender said.

“I’ve heard nothing but positive response,” Fender said at Thursday’s Village Board meeting. “People are anxious to get our downtown going.”

Fender’s remarks came moments before trustees unanimously approved spending $12,500 to hire Kane, McKenna and Associates to prepare a tax increment financing district analysis. The company will research several aspects of the downtown district to determine its potential eligibility to become a TIF district.

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The study cost is for Phase I of the project. If the TIF seems feasible, the village would proceed with redevelopment and project plans in Phases 2 and 3, requiring additional money.

The creation of a downtown TIF district would increase available funding to make improvements to the downtown — such as roads, sidewalks and other public infrastructure projects.

Find out what's happening in Huntleywith free, real-time updates from Patch.

During the analysis, Kane, McKenna and Associates will determine whether the downtown area would qualify for TIF consideration as either a “conservation” or “blighted area,” village officials said.

Bob Rychlick, representing Kane, McKenna and Associates at the Village Board meeting, told trustees an area must meet either one or both such standards under Illinois law to receive TIF designation.

“If 50 percent or more of the buildings in the area are 35 years old or greater, then you meet the conservation standard,” Rychlick said.

Rychlick said TIF districts do not receive state or federal money.

The money to make the infrastructure improvements comes from any new property taxes created by new businesses moving into the area, Rychlick said. That new property tax money is held in a special fund earmarked specifically for downtown redevelopment projects.

“It’s all locally funded, and it’s performance-based,” Rychlick said. “You want the existing guys (business owners) to improve, and you want to attract new businesses.”

A priority of Huntley's strategic plan and downtown revitalization plan is to expand local financing tools for improving downtown. To accomplish this goal, the village designated $50,000 in the fiscal 2012 budget for the TIF eligibility analysis, village documents show.

The Huntley downtown area includes East Main, Church, Woodstock and Coral streets and west to Route 47.


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