NEWS

Aledo Joint Review Board looks at Tax Increment Financing district

Staff Writer
Aledo Times Record

Questions about how money in the Aledo Tax Increment Financing (TIF) district is distributed were raised by a couple of members of the Joint Review Board (JRB) Thursday (Aug. 6). Most of the meeting was informational in nature.

Jeff McWhorter, representing Mercer County, asked why money in the TIF fund balance can't be returned to other taxing bodies.

"I just don't understand why the money can't be given back to the schools," McWhorter said, especially in light of the state's budget situation. "The city should undertake to make their own improvements" with its own money.

"If there was an undesignated surplus it would be distributed back to the taxing bodies," Mahrt said.

Asked after the meeting for his thoughts on the TIF, Mercer County District 404 Superintendent Alan Boucher, a member of the JRB, said despite about 60 percent of the school district's revenue coming from property taxes, he has no problem with the TIF.

Boucher said school officials here understand the need to keep a community healthy through infrastructure improvements.

"The Illinois State Board of Education has made a provision in its formula for general state aid" that the district recoups about two-thirds of its portion of property taxes that go into the TIF, making the loss of funds less than it appears at first glance, he explained.

The TIF district will expire in 61/2 years.