Updated: February 16, 2014 6:23AM
Village of Montgomery officials have a new carrot to use when luring developers to the Fox Valley.
In a five to one vote, the Village Board approved a Tax Increment Financing District for 570 acres along Orchard and Aucutt roads.
Marketing officials in the village have been working for approval of the TIF district for some 18 months. Numerous public meetings, talks with residents and in the end, a compromise made the deal possible.
Long-serving Trustee Pete Heinz was the lone board member who voted no on the ordinances and the resolution passed in connection with the agreement.
TIF districts are formed in an effort to improve infrastructure and fund other improvements through future tax gains in the district. In the TIF area, tax dollars above what is being received now will be collected for up to 23 years and put in a special fund to help businesses that may need to undertake costly infrastructure improvements.
“This has been a lengthy process, some 18 months, and this is an exciting night,” said Mayor Matt Brolley.
Trustee Doug Marecek said he wanted to point out that the agreement, as it is written, will come up before the Village Board every four years. He said he wanted everyone to know future boards will have an opportunity to look at the plan.
Some concerns about the TIF district came from Montgomery and Countryside Fire Protection District Chief Tom Meyers Jr. He had told trustees his group is having problems keeping up now with decreased tax revenues. He said while an uptick in the economy will help his group, taking money away from new development would hinder the department.
Trustees passed a resolution that will rebate monies back to the fire department and other taxing bodies from already developed property within the TIF.
“This has been a long process, It’s been over a year and I have worked with Mayor Brolley. Thank you for your lead. I appreciate everyone’s efforts on listening to our concerns and coming to a compromise,” Meyers said.
“We have had the opportunity to have discussions on the TIF. We are excited to be part of the process,” said Neil Schlupp on behalf of the Montgomery Economic and Development Corporation.
In other business, Cub Scout Troop 331 members led those who attended the meeting in the Pledge of Allegiance. They were on hand to hear the results of the Festival of Trees competition. Gingerbread picture frames with each Scout’s picture adorned their tree in the competition, which took first place.
Community Christian Church took second place with their tree adorned with small ladders, tape and other home tools to point out their renovations and expansion.
St. Luke’s Lutheran took third place with their “Better Together” theme.