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St. Charles officials are seeking to extend the life of the First Street tax increment financing (TIF) district beyond its scheduled 2025 expiration.
This extension will allow the city to manage its $24M debt (and keep repaying funds) related to downtown redevelopment projects.
Key things to know:
The city borrowed $28.9 million for redeveloping the First Street area, expecting increased property values to cover repayments.
Economic challenges (including the 2008 recession) hindered development and property value growth in the district.
Most affected taxing bodies support the proposed 12-year extension, though Kane County's vote is pending.
If approved, this extension is expected to play a critical role in St. Charles' strategy for ongoing downtown development projects.
Read more in this Daily Herald article.
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