Digital Access

Digital Access
Access kendallcountynow.com from all your digital devices and receive breaking news and updates from around the area.

Home Delivery

Home Delivery
Subscribe to your local paper.

Text Alerts

Text Alerts
Get text messages on your mobile device with news, weather and more from Kendall County Now.

Email Newsletters

Email Newsletters
In our Morning Update newsletter, we'll send you a mix of our best stories and the most recent obituaries emailed directly to you Monday through Friday so you can keep up with what's happening in Kendall County.
The Holiday Gift Auction is Live! Click here and bid now on great local gifts!
Local Editorials

Our view: City on the right track wih second TIF district effort

As our news editor, Tony Scott, reported this past week, the city of Yorkville is considering establishing a second tax increment financing (TIF) district in the city’s downtown and will host an informational session on the TIF at 6 p.m. Tuesday, Oct. 24.

Up for consideration is a city staff proposal to create a new TIF district and redevelopment area in the downtown, taking some properties out of the original TIF district approved in 2006 and adding them to the new TIF. In addition, the 23-year time limit on the original TIF would be extended. Under a TIF district, property taxes generated by new growth in the designated area are placed in a separate fund controlled by the city. The city then can use the funds or increment to pay for capital improvements within the TIF district.

A TIF eligibility report drafted in August by Jason Engberg, the city’s senior planner, noted that the original downtown TIF has failed to generate enough revenue in the city’s TIF district fund. Engberg correctly attributed this failure to the timing of the original TIF. Within two years of the TIF’s creation, the 2008 recession hit and property values downtown and elsewhere promptly sank, effectively preventing the city’s TIF fund to grow. Now with property values slowly on the rise in the downtown, city officials are looking to jump start a long-desired new wave of downtown development by creating the second TIF district.

We support this initiative to improve the city’s struggling business center, based in part on the city’s success with a prior TIF in the Fox Industrial Park. Sitting idly by and waiting and hoping for something positive to happen in the downtown is not a strategy for economic development. By proposing a second TIF district the city is rightly attempting to use a proven, effective economic development tool to improve what is arguably its most important asset: its historic downtown.

As with any TIF proposal, city taxpayers are likely to have many questions. We encourage them to bring their questions to the Oct. 24 meeting which will start at 6 p.m. at City Hall, 800 Game Farm Road.

Loading more