(Caption: DeKalb Mayor Jerry Smith speaks on TIF funds on Tuesday September 19, 2017.)
Although state legislators could be asked to vote to extend the life of the TIF districts, city staff members determined that would be impractical and could deprive DeKalb School District 428 of funds it needs to repay $108 million in bonds used to build the new DeKalb High School and Cortland and Malta elementary school buildings, possibly resulting in property tax rate increases.
“I think [District 428 officials understand] that creating small districts with these properties instead of larger districts that have experienced growth would have little or no impact on them in the short term,” Charlton said.
District 428 Superintendent Jamie Craven said that in the talks he’s had with the city staff, the district should come out OK with the new district.
“We’ve been in some preliminary discussions talking about the current TIF districts being retired and the proposal for a new TIF district,” Craven said. “We know we’ll be positively impacted as the old TIFs are retired, and we see new [equalized assessed value] coming on the rolls."