April 28, 2024
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Peru council approves distribution of MVP TIF surplus funds

GAF facility expected to be at full production this year

By Maribeth M. Wilson
Peru City Hall in Peru, Illinois

The Peru City Council approved an ordinance declaring a surplus revenue in the MVP Tax Increment Financing District and authorizing the payment of that surplus to the Bureau County treasurer for distribution, during Monday’s meeting. (Shaw Local News Network)

The Peru City Council approved an ordinance Monday declaring a surplus revenue in the MVP Tax Increment Financing District and authorizing the payment of that surplus to the Bureau County treasurer for distribution.

Peru Corporate Counsel Scott Schweickert said this is the first year Peru is declaring surplus revenue for the MVP TIF District, which was established in 2022, but it is a regular practice with other TIFs.

“We do this with all of our TIF Districts,” he said. “And pursuant to the MVP TIF distinct and the agreement we have with the taxing bodies we’ve agreed to declare 10% of the TIF increment a surplus and distribute it to those taxing bodies, including the schools.”

Schweickert said since it is the first year, the TIF increment generated was low and 10% of that would be $181.28.

“It should be much higher next year,” he said.

The GAF facility is expected to be at full production this year and is included in this TIF District, which should increase the TIF generated next year.