The city of Woodstock has set dates for public hearings on a proposed tax increment financing district.
The City Council met to set the dates this week. The city has been in the process of creating downtown TIF No. 2 to try to attract development to the area.
The proposed new district is in the downtown and Route 47 area. 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.
The Joint Review Board is expected to meet at 3 p.m. Oct. 29 at City Hall, 121 W. Calhoun St., to discuss the plan. Representatives from affected taxing bodies – such as Woodstock School District 200, the community college district, the township, the fire protection district, the city and the county – make up the Joint Review Board.
District 200 officials have said they are concerned that the plan will have negative ramifications on the schools. Board members have said they want to work with the city but are worried that housing created in the TIF district will bring in more students but not more property tax revenue.
Two housing developers already have asked the city for incentives to build in the area near the Square. The City Council tentatively has approved those requests.
Two public outreach meetings on the matter will take place before an official public hearing. The first outreach meeting is scheduled for 6 p.m. Oct. 30 at City Hall, and the second is expected to occur Nov. 3, but a time and place has not yet been announced, according to city documents.
The official public hearing, a legal requirement, is scheduled for 7 p.m. Dec. 4 at City Hall. The City Council is expected to adopt the TIF ordinance Jan. 15, according to city documents.
The TIF plan in its entirety can be viewed in person at the city clerk’s office at City Hall during normal business hours, which are from
8:30 a.m. to 5 p.m. Monday, Wednesday, Thursday and Friday and from 8:30 a.m. to 7 p.m. Tuesday, according to the city’s website.