LAKEMOOR – The village of Lakemoor moved another step closer to establishing a tax-increment financing district.
The Lakemoor Village Board voted 5-0 at its meeting Thursday evening to hire Kane, McKenna and Associates, a financial services firm that specializes in public finance and economic development.
The firm has been working on conducting a preliminary feasibility analysis to see what tool – sales tax abatement, special service area, business district or TIF district – would work best for Lakemoor and the improvements it would like to make at the Route 120 and 12 intersection, said the village’s community and economic development director, Matt Dabrowski.
From here, Kane, McKenna and Associates will take that data and apply it to a final draft, he said.
That draft also will evaluate the other options, but the village is leaning toward the TIF district, Dabrowski said.
“That seems to be the best funding mechanism that we can use to potentially pay for the offsite improvements,” he said, pointing to sanitary, sewer, road and stormwater management upgrades.
Because TIF districts work by basically freezing the amount taxing bodies receive at current levels and putting any future growth into a special account, all the taxing bodies affected are involved in the process of establishing one.
Each taxing body – Wauconda School District 118, Wauconda Township, Lake County, Wauconda Area Library District, Wauconda Fire District and College of Lake County – will have a representative on a joint review board, which will issue a recommendation on the district.
If the board rejects the proposal, the Lakemoor Village Board would need a super majority to move ahead with the TIF district, but if the board approves it, the village board needs just a simple majority.
Dabrowski expects to begin the joint review process to begin in about three to four weeks.
The village is already in communication with the different entities, updating them on where the village is at and soliciting feedback, he said.