January 30, 2013
As we have continued our research of Elmhurst’s TIF districts, we have compiled some of the financial data for revenue and allocation of resources for the past three fiscal years. All of the financial information for the districts was easily accessible through the City of Elmhurst website under the section Annual TIF Reports.
The Cumulative Total Revenues/Cash Receipts for all three of the districts appears to have rose steadily throughout the three years. However, what does not reflect the increase in Cumulative Total Revenues/Cash Receipts is the amount of money that is deposited into the Special Tax Allocation Fund during the reporting periods. In regards to the Special Tax Allocation Fund, with the exception of TIF district 3, the investment into them from the total tax revenues has decreased over the past three years.
The purpose of the Special Tax Allocation Fund is “…for use by the municipality to make additional investments in the TIF project area” according to the Illinois Tax Increment Association. The reasoning behind why funding to the Special Tax Allocation Fund has decreased in the case of TIF I & II districts is something we will continue to look into as during the course of our research.
Below you can view a graphical representation of the financial information for City of Elmhurst discussed above.
January 20, 2013
Thus far, we have discovered that there are currently three TIF districts in the City of Elmhurst, based on research conducted through the State of Illinois Comptroller database. The three TIF districts that are presently operating are Central Business district, Elmhurst/Lake St., and Route 83/St. Charles Road. However, there is a fourth TIF district that runs along North York street that was recently approved as of September 4, 2012. You may view the city map at the top of this page to see the layout of the TIF districts.
Upon investigating the most recent North York street district on the City of Elmhurst website, we have found that there are two other potential sites that are to be considered by the city sometime in the future. Those sites are known as the Riverside Drive study area and York & Vallette study area. Although they are still in the developing stages as far as obtaining adequate investment, they are only a Resolution away from convening a Joint Review Board & Public Hearing for consideration, before moving to the Elmhurst City Council.
Much of the information that we came across was easily accessible through the city of Elmhurst website, in regards to maps and documents leading up to the acceptance of the newest TIF district, as well as annual reports on the present TIF districts. We look to be utilizing the City of Elmhurst website for our further research on the districts.
- Read op-ed from local paper,”TIF May have Started With Good Intentions – But Is Now A Boondoggle“