Sycamore residents invited to weigh in on new TIF district proposal

SYCAMORE – Sycamore residents will have a chance next month to weigh on a proposed tax increment financing district in the city.

The Sycamore City Council voted, 8-0, this week to present the plan for the proposed district, known as ‘TIF 2′ in November to the DeKalb County Joint Review Board, before the City holds a public hearing later that month. There was no additional discussion amongst elected officials prior to the vote.

Sycamore Acting City Manager Maggie Peck said before the vote the proposed TIF 2 district would be located on the north side of town.

“We’re looking at areas including North Cross Street, Lucas Street to North Avenue, and it crosses one block over on Main Street to Page Street,” Peck said.

Peck said the plan is for members of the Joint Review Board to discuss the plan on Nov. 8, with the City’s public hearing on the matter tentatively scheduled for 6 p.m. Nov. 22 within the Sycamore Center on West State Street in the city’s downtown.

The update comes after city officials approved to close the first TIF district on Dec. 31, 2021 instead of the originally slated date of Dec. 31, 2024. The City Council gave its go-ahead back in July to conduct a feasibility study for the proposed TIF district.

Per the Illinois TIF Act, municipalities and taxing bodies can create a TIF district over a specified geographic area. At the time the TIF is created, the value of property in the area is established as the “base” amount, and taxes paid on that amount continue to go to taxing bodies as normal.

Over time, as development occurs and property values rise, the city collects the additional property tax revenue created from new development and increased property values, known as increment, which must then be invested back into the area for redevelopment. The money can go toward fixing blighted areas and paying for infrastructure, the costs of jobs related to the TIF district, surveys, environmental reviews needed for development and more.

Peck said after the Monday meeting the area would more specifically include the Sycamore industrial park on North Cross Street and areas near Italian Dreams Pizza and Pasta and Mark’s Machine Shop on North Main Street. She said the boundaries would also extend past Nina’s Taco’s on East Page Street.

“When you look at your gateways coming into any community, you want to look at what people see when they first come into town,” Peck said. “And when you’re looking at areas like that, there’s a lot of need over there to either fix those buildings and give them some support there to do that because eventually, then, those will be revenue generators.”