ࡱ> <?;a  bjbj:K:K 8X!H\X!H\||,.00000   $Z!  00"00?0@у"/0,7!!??\! >I,u$   :   ,!         |> : Sauk Valley Community College June 20, 2016 Action Item 4.5 Topic: Extension of Milledgeville TIF Strategic Direction: Goal 1, Objective 6 Maintain and improve facilities, technology, and Equipment Presented By: Dr. David Hellmich and Melissa Dye Presentation: The Village of Milledgeville would like to extend their TIF (Tax Incremental Financing) for an additional 12 years past the original 23 years. To establish a TIF, a municipality identifies a blighted area that without intervention will not see growth in its EAV (equalized assessed value). ̽ѡ and other taxing bodies continue to receive property taxes based on the initial or frozen EAV. The property taxes collected on the growth of the EAV are put into a fund which is used for improvements to the blighted area. ̽ѡ currently has 14 TIFs within the district. Over their lifespan, an estimated $940,000 in property taxes has been redirected from ̽ѡ to the TIFs.  While approval of ̽ѡ in the establishment of a TIF is not required, the Village of Milledgeville would like our blessing before asking that a resolutions be passed. Recommendation: The administration recommends the Board approve to support the extension of the Village of Milledgeville TIF as requested. %+,-489<=>?Hfghi    6 9 w  A l n p  ¾檥z h.+5jhhhhUhhh.+h3 h{ua5 h$5 hC5 h@5 hw5 hH5 hY5 h-uG5h?huhqp hVM5>* hD{5>* hg5>* h5>* h?5 h35 hVM5 h |5 hqp50,-=>?ghi   ! 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