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Niles taxing bodies, including schools, set to share $3.4 million surplus of TIF district funds

Tuesday, December 03, 2019
Pioneer Press
by Jennifer Johnson

Niles Village Hall, 1000 Civic Center Drive. 

 

 

Several local taxing bodies, including schools and the Niles Park District, are set to share more than $3 million now that a special district created to finance development in the village is coming to an end.

It was announced during the Nov. 19 Niles Village Board meeting that a surplus of $3.4 million will be distributed to several taxing bodies that are located within the Milwaukee-Touhy Tax Increment Financing District.

The amount represents 25% of the total cost of construction of public buildings within the TIF District, and its distribution is required under a village ordinance established in 2012, according to a village memo.

A total of $13.6 million was spent on public buildings within the Milwaukee-Touhy TIF district, the memo said.

Niles Director of Finance Jeff Martynowicz said the Cook County Treasurer’s Office will determine how much of the $3.4 million each of the taxing bodies receives.

“It’s going to be based on the taxing districts’ last property-tax rate,” he said. “Once those calculations are made by the treasurer’s office, checks will then be disbursed.”

Taxing bodies set to receive funding include Niles School District 71, Niles Township High School District 219, the Niles Park District, the Niles-Maine Library, Niles township, the village of Niles and the Cook County Forest Preserve, among others.

The Milwaukee-Touhy TIF was created in 1996, according to the village. It is scheduled to conclude at the end of December, said Niles Village Manager Steve Vinezeano.

The TIF led to the development of a new Niles Public Works service center on Touhy Avenue, Vinezeano said. Another major development that occurred within the TIF district was the Renaissance condominium complex on the grounds of the former Niles College seminary.

TIF Districts, which can exist for a maximum of 23 years, are created by municipalities to help fund new development within a particular geographic region. When a TIF is created, the property tax rate for the area — and for all taxing bodies within it — is frozen and, as property values increase, new taxes that are collected above the frozen rate can be used to help to fund redevelopment in the district.

The village of Niles has five other TIF districts in addition to the Milwaukee-Touhy TIF, Vinezeano said.


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