The annual Joint Review Board meeting will be held at 9:30 a.m. on Dec. 13 in Room 2403 of the Morton Civic Center, 2100 Ridge Ave.
At that meeting, there will be an update on each of the City’s five active tax-increment financing, or TIF, districts: Howard and Ridge, West Evanston, Dempster-Dodge, Chicago-Main and Washington National. The Washington National TIF is set to retire this year.
The Joint Review Board is composed of representatives of all taxing districts with a stake in the City’s TIFs. Among these taxing bodies are School District 65, School District 202, Oakton Community College, the North Shore Mosquito Abatement District and the City of Evanston.
In a TIF district, the base amount of property tax revenue – that is, the amount of tax revenue generated by the property when the TIF was created – is distributed to the taxing bodies as always. The tax increment – the difference between the base revenue and the amount generated on the property as improved – remains in the TIF during its 23-year lifespan, to be used on public improvements there. As examples, the City used funds from the Washington National TIF to rehab Fountain Square.
When a TIF is retired – as the Washington National TIF will be at the end of this year – the surplus funds are divided proportionally among the taxing bodies on the property tax bill. All property tax revenues generated after the TIF retires are also allocated according to each taxing body’s share of the property tax bill.
The updates will include for each TIF the base valuation, the current valuation, economic activities undertaken and the surplus or deficit.