The Woodstock School District 200 Board plans to meet Tuesday and is expected to discuss the proposed tax increment financing district with city leaders.
The city of Woodstock is in the process of creating another TIF district, but school leaders have expressed concerns about the plan because of potential financial effects to the school district.
Municipalities can establish TIF districts in blighted or underdeveloped areas to attract economic development using financial incentives generated by the district. When a city establishes a TIF district, the property tax base in that area is frozen for a specified time, typically 23 years.
Property taxes collected on any added property value then are funneled into an account set aside for redevelopment projects in the area. If no TIF were in place, those added dollars would be distributed among taxing bodies in the area.
Woodstock has had a 23-year, 100-acre TIF district in place since 1997. The district will expire in 2020, and officials want to set up “downtown TIF No. 2” that will encompass about 60 percent of the existing TIF and include an additional 500 acres of property, Woodstock economic development director Garrett Anderson said.
If additional housing is brought in because of TIF incentives, the city could reimburse District 200 for a portion of the costs associated with increased students, but there is a limit to how much of the TIF money can go to schools through the housing reimbursement by statute.
The board will meet 7 p.m. Tuesday at Woodstock High School, 501 W. South St., in the Learning Resource Center. The meeting will also be livestreamed at www.youtube.com/c/WCUSD200.