Sugar Grove Declares $250,000 in TIF Surplus!

Sugar Grove Declares $250,000 in TIF Surplus, Boost to Local Services

Fiscal Responsibility and Economic Development Leads to 4th Consecutive Year of TIF Surplus

Sugar Grove, IL – The Village of Sugar Grove today announced its approval to declare a surplus of $250,000 in Tax Increment Financing (TIF) funds. These surplus funds will be reinvested within the community by allocating them to the taxing districts within the Village's two existing TIF Districts.

“Marking the fourth consecutive year of returning surplus TIF funds, this decision reaffirms Sugar Grove’s commitment to responsible fiscal management and economic development. Tax Increment Financing, or TIF, is a powerful tool that municipalities employ to drive economic growth. In Sugar Grove, our TIF districts are performing well, consistently running surpluses. As a result, we are directing the surplus towards other services that could immediately benefit, such as our schools and public safety services,” explained Village Board President Jennifer Konen.

The surplus declaration follows a comprehensive assessment by the Village Board, which includes a detailed examination of fund balances, plans for each TIF district, alignment with economic development objectives, and community needs. Notably, over the past four years, approximately $1.5 million has been designated as surplus and returned to taxing bodies, further emphasizing the Village's dedication to responsible fiscal practices and collaborative community support.

As of FY22-23, current fund balances stand at $439,698 for TIF #1 and $277,219 for TIF #2. Projections for property taxes in FY23-24 indicate substantial growth, with anticipated balances of approximately $880,295 for TIF #1 and $529,271 for TIF #2.

TIF #1, with a focus on stimulating economic growth in the commercial and industrial area near the intersection of Dugan Road and US 30 on the west side of the Aurora Municipal Airport, currently has no immediate infrastructure projects planned. The Village Board has approved a surplus allocation of $200,000 from TIF #1 to make these funds accessible to other taxing bodies with pressing needs.

TIF #2 was established to bring sanitary sewer and water services and various public infrastructure improvements to the commercial and industrial area on the east side of the Aurora Municipal Airport along Municipal Drive, between Wheeler Road and US 30. While no immediate projects or development opportunities are planned, the Village Board has approved a surplus allocation of $50,000 from TIF #2 to ensure these funds are accessible to other taxing bodies with immediate needs.

To stay updated on the latest developments from the Village, please subscribe to our newsletter: https://www.sugargroveil.gov/sign-up-to-receive-notification.

How TIFs Work

Tax Increment Financing (TIF) is a financial tool that local governments like the Village of Sugar Grove use to encourage economic development in specific areas. TIFs help businesses invest in communities by covering the costs of upgrades, such as remediation and enhancements that may otherwise prevent development.

TIFs do not increase property tax rates for residents. They function by designating a particular geographic area as a TIF district. As property values within these districts rise, the additional property tax revenue generated, referred to as the "increment," is harnessed. Subsequently, this increment is reinvested within the same area to fund various improvements and development projects.

It is worth noting that taxes collected from properties outside the TIF district remain dedicated to supporting regular community services. This ensures that property taxes for all other residents remain unaffected, with local schools and other taxing bodies continuing to receive their designated share of property taxes, or even potentially more, based on property values before the establishment of TIF districts.

TIFs benefit communities like Sugar Grove in the following ways:

• Financing vital development projects, including infrastructure improvements and environmental remediation.

• Stimulating economic growth and job opportunities.

• Fostering a dynamic business environment.

• Enhancing property values and broadening the tax base.

• Generating more revenue for funding essential services and community improvements.

For more information, please visit sugargroveil.gov.

For Immediate Release: Media Contact:

November 7, 2023 Meredith Krantz

(630) 947-2385

meredith@krantzstrategies.com

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