Teutopolis Board Discusses TIF w/Wooden Shoe Development

Teutopolis village board members Wednesday talked over a request from the developers of a commercial project on the west edge of the village to recoup some of their costs.

Lee Beckman of Milano and Grunloh Engineers said Wooden Shoe Development would like to recover costs from Tax Increment Financing revenues that will be generated once the development is completed and occupied. Board members agreed that one of the Board and Beckman will meet with Wooden Shoe Development representatives. The likely scenario is that the Village will recoup its costs from the project and then Wooden Shoe Development could start to recover its investment.

Under a TIF District, any increase in tax revenue spawned by development in the District goes to the Village for further development in the District. Agreements can be reached for allocation of TIF dollars as incentives to businesses to develop in the District.

The Village Board also heard from Susan Jaynes of Illinois Municipal League Risk Management on property and liability insurance coverage for 2015, and discussed problems experienced by Robert Coventry with drainage away from his property on South Oak Street. Beckman will review the situation to decide on a remedy.

Board members finalized figures for the tax levy for the coming fiscal year. A vote on the levy should come at the December meeting. The total levy will be less than 105% of what was actually extended in taxes last year.