TIF, TIF, TIF – That is the Question! Public Hearing at Freeport City Council Meeting Tonight, July 7, 2014 on New Meadows TIF.

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The meeting will begin at 6:00 pm in the City Council Chambers at 524 West Stephenson Street, 3rd Floor. If you have Comcast Cable, go to channel 17 to watch live.

The major item on the agenda is the public hearing on the new Meadows TIF (Tax Increment Financing District) consisting of 173.5 acres. A TIF creates funding for public or private projects by borrowing against the future increase in property tax revenues. Every TIF shifts the tax burden to home owners and small businesses since any increase is property tax revenues will be used to subsidize businesses in the TIF. Freeport has many TIF’s established to help such diverse areas or businesses as downtown Freeport, Walmart and Menards, and Heritage Woods on Pearl City Road. A TIF will only last 23 years, and then they will again start contributing their share of real estate taxes! Freeport has lots of TIF’s.

For the Project Plan and Eligibility Report, go to http://www.ci.freeport.il.us/departments/Freeport%20RPA%20Meadows%20TIF%20Public%20Draft_05-09-14.pdf

Other items on the agenda:

New equipment for the Fire Department:

Approval of bid from Bocker Auto Group for $32,251.31(with trade) for 2015 red Chevrolet Tahoe

Requesting action from the City Council to waive the formal bidding process and approve the purchase of a new PUC fire engine from Pierce Fire Apparatus, Appleton Wisconsin in an amount not to exceed $540,000 financed over a period of 60 months.

Update from Community Development Director on transit phone system. Listing of bid amounts at http://www.cityoffreeport.org/OrdRes/DH%20RPT%20Cell%20Phone%20Quotes%2020140707.pdf

For the complete agenda, go to
http://www.ci.freeport.il.us/citygovernment/Agendas/A20140707.pdf

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