Macomb, IL – The Macomb School District says Tax Increment Finance districts are not necessarily bad, but it's not ready to endorse any plan for renewing the TIF district in Macomb.
Superintendent Fran Karanovich says the school system has lost at least $1 million to the TIF district over the years. She says half of that has been reimbursed by the state. She says the city should agree to reimburse the other half from the TIF fund.
Karanovich told aldermen this week that money siphoned from the tax dollars designated to educate the children hurts both the community and the children.
Karanovich was one of several people who addressed the city council on the issue this week. Others expressed support for continuing the TIF district.
The entire discussion lasted more than 40 minutes. You can listen to it by clicking on the audio button above.
Added information:
*The current TIF district includes the courthouse square. The TIF district is set to expire in a couple years.
*The city has not yet established the boundaries for the new TIF district. It could try to renew the current district. It could also choose to establish a new district that includes portions of or is contiguous to the current district.
*Once the new TIF district plan is approved by the city, it will be sent to the state for its approval. The city says a plan is more likely to be approved by the state if all local taxing bodies are on board with it.