HUNTLEY – The four taxing bodies that don’t stand to benefit directly from the proposed taxing district in downtown Huntley meet today to give the village their formal approval of the plan.
Village administrators have been meeting individually with Huntley’s other taxing bodies, including School District 158 and the library, park and fire protection districts, about the village’s plan to generate $40 million over two decades that would go toward downtown redevelopment.
Based on those discussions, Village Manager Dave Johnson said he expects the taxing bodies to recommend the village’s plan when the taxing bodies meet at 2 p.m. today in Village Hall.
“It’s important to point out that the village has been proactive in communicating the village’s intentions throughout the year and well ahead of the formal process,” Johnson said.
In December, the village hired a consultant and initiated the process to create Huntley’s second-ever tax increment financing district.
The TIF district would freeze property tax dollars at a certain amount for Huntley’s five taxing bodies over the next 23 years and any increases over the base amount would go into a special fund to go toward redeveloping the downtown.
Village officials said they expect the TIF district will generate $40 million for infrastructure, facade and exterior improvements between Main Street and Algonquin Road.
Although purely advisory, the taxing bodies’ approval of the plan is the next step in creating a downtown TIF.
Residents will get to discuss the plan during a public hearing scheduled for Dec. 6.