FYI
discussion, including links, of eligibility criteria
http://www.riversideinfo.org/forum/topic.php?id=96&page#post-1272
link to SOME eligibility criteria
http://www.illinois-tif.com/faqs.htm#Q15
Can TIFs be changed?
Yes, TIFs can be changed.
In the case of minor changes to the Redevelopment Plan notice must be given to all taxing bodies and to the public through publication in a newspaper of general circulation within the area prior to the TIF being established.
However, major changes to the Redevelopment Plan adding parcels of property to the TIF district, changing land use, changing the nature of or extending the life of a TIF, increasing the number of low income households to be displaced, add new redevelopment costs to the budget, or increasing the budget by more than 5% after adjustments for inflation, require another public hearing, and all the opportunities for public input that were available during the initial establishment of the TIF district. An example of a major change is the following:
Chicago Ridge —” The Village of Chicago Ridge amended the boundaries of its commercial TIF district, adding an additional 44,000 square feet of retail shopping to the area.
http://www.illinois-tif.com/faqs.htm#Q18
terminating a TIF
http://www.illinois-tif.com/faqs.htm#Q22
When does a TIF district terminate?
Illinois TIF law allows a TIF district to exist for a maximum of 23 years. Any TIF district may be terminated earlier if all financial obligations are paid-off and the municipal board votes to terminate the district.
If no redevelopment project has been initiated within a TIF district within seven years following district designation, the municipality must repeal the TIF.
Upon termination of the TIF district, the full tax base, including the increment which had been used to pay for improvements, becomes available to all taxing bodies for their use throughout the future.
....
Note pg 43 in the TIF act details Obligations (following link)
tif law
http://www.riversideinfo.org/wp-content/uploads/IL-TIF-ACT.pdf
of note:
*pgs 14,15 specify conditions for a TIF; look at the condition for a comprehensive plan to be present; I believe I heard Mckenna say that the TOD would count as a comp plan, especially considering it seems to be an array of options that we may or may not do vs something we plan on doing ; so this does not sound quite right. But he is the highly paid consultant and I am not.
*pgs 17,18 specify some detail on the Housing Impact Study; one thing that I observe is that now that we have less than 10 units on the demo list (after the change from Oct to Nov 22 2006), I wonder if a housing impact study even needs to be included. Not sure of this, nor the certification item also noted in this area of the Act.