Committee votes to declare $717,647.13 TIF surplus, forwards resolution to board

The Machesney Park Administration Finance Committee voted Jan. 5 to approve Resolution 5R-26, declaring a tax-increment financing (TIF) surplus of $717,647.13 and forwarding the item to the full board with a positive recommendation.

Shannon Hansen presented the item and said the village extended the TIF in 2024 for 12 additional years — expiring in 2026 — to continue redevelopment of certain blighted areas. Hansen said the TIF will retain the increment from three parcels, including the former Menards building now occupied by "Spider" and the two outlets furthest to the west in front of Machesney Crossing, while the remaining increment in the project area is declared surplus and paid out to taxing districts based on applicable tax rates. "The attached resolution declares the surplus amount of $717,647.13," Hansen said.

Trustee Stromberg moved to approve Resolution 5R-26; Mister Simons seconded. The committee approved the motion by voice vote. The chair said the committee will forward the resolution to the January board meeting with a positive recommendation.

The resolution formalizes the distribution of incremental tax revenue that staff identified as surplus after the TIF area’s current increment retention rules. Hansen characterized the redevelopment effort as successful and recommended approval. No public testimony or requests for amendment were recorded during the committee discussion.

The committee’s action is advisory to the full board; the resolution will next appear on the board agenda for final action.