By Tracey Conti
•
08 May, 2024
Members of the Sugar Grove Community: The Village of Sugar Grove values your input and invites you to actively participate in shaping our community's future. Mark your calendars for a public hearing on June 18, 2024, at 6:00 p.m., at Waubonsee Community College Academic and Professional Center, 4S783 Illinois 47, Sugar Grove, IL 60554. All residents, business owners, and stakeholders are encouraged to participate and share their input on the proposed I-88 and IL-47 TIF Redevelopment Project Area. The public hearing is part of the Village’s normally scheduled Board meeting. This meeting is intended for discussion only. No decisions, approvals, or votes will be made at this time. Public Hearing Discussion Topics: - Approval of the Proposed Plan and Program - Designation of the Project Area - Adoption of the tax increment allocation financing Tax increment financing is a public financing tool that does not raise property taxes but is used to assist economic development projects. When a TIF area is designated, the amount of property taxes it currently generates stays the same. Any additional tax revenue from increases in property value will go to a special fund to improve the area. Meanwhile, schools and other services still get their usual tax amounts, so they don’t lose money because of the TIF. Additionally, a Joint Review Board, including representatives from taxing bodies, will meet on May 22, 2024, to review all relevant documents, discuss the creation of the TIF, and provide an advisory recommendation to the Village. Please note that the public hearing and Joint Review Board meetings will solely focus on the proposed TIF redevelopment project and will not include discussions about plans the developer may submit. Although a proposal has not been submitted by the developer yet, any eventual proposal will be reviewed by the board of trustees under a separate process. Public notices regarding the project and schedule are actively being distributed to several key groups. These groups include Taxing districts, those registered on the Village's TIF Interested Parties Registry, residential addresses within the Redevelopment Project Area, and taxpayers of record in the area. Relevant documents, including the Eligibility Report and TIF Plan, have been available for public review since November 2023 and continue to be accessible online and in person. We encourage community members to attend the public hearing to gain insights and ask questions. Residents are also encouraged to stay updated with Village communications regarding the project. Learn more at: https://www.sugargroveil.gov/sugar-grove-llc-development-information