The following press release issued jointly by the Village of Westmont and Community Unit School District 201 on May 31, 2013.
It is with great pride that the Village of Westmont and Community Unit School District 201 announce that they have reached an agreement on the Central Business District TIF District. The Intergovernmental Agreement allows both parties to move forward with an arrangement that is mutually beneficial.
“This is a win-win situation for Westmont. The leadership of the Village and the School worked hard and came up with a solution that improves the business district while also helping fund much-needed improvements at the schools. As a resident, a business patron, a parent and a taxpayer, I'm happy to see that this agreement will help us all move forward together in the decades ahead,” says Marie Charlton, CUSD 201 Board President.
The Agreement provides the School District with payments which will offset the loss of property tax revenue as a result of the TIF. District 201 will receive $15 million for capital improvements for Manning Elementary School, which is located in the TIF District. “Manning is one of our oldest buildings and needs many updates, with a specific focus on safety issues for our students,” states Charlton. The Agreement also gives District 201 a share of the sales tax from new businesses that move into Westmont as a result of the TIF District. Charlton states, “We are happy to receive this sales tax money, as it can be used for operational expenses at all the schools which will help us to continue the unique programming that we offer.”
“This process has been a great example of how all facets of community can work together to achieve a great outcome,” says Mayor Ron Gunter. “In the long run, everyone will benefit from this TIF district in the downtown.”
Tax Increment Financing (TIF) is a unique economic development tool that the State has designed to help municipalities address areas of distress. With the reduction in federal and state funding, TIFs provide an economic incentive mechanism where a municipality can provide financial assistance in the effort to revitalize specific areas of the community.
There will be a Public Hearing about the TIF District on Monday, June 3 at 7:00pm at the Village Hall, 31 W. Quincy Street, second floor.
Contact: Larry McIntyreVillage of Westmont Media Relations Coordinator630-417-0280, email@example.com