Tax Increment Board Meets Monday

The Admiral Parkway Redevelopment Area Joint Review Board (JRB) will meet next Monday, December 29th. As provided by Illinois state statute, the JRB is made up of one representative from each taxing authority affected by a Tax Increment Financing (TIF) district along with at least one member of the general public.

The JRB must meet annually to review the progress of the redevelopment plan for the TIF district. The City is also required to maintain a registry of individuals interested in the process and make them aware of the annual JRB meeting, the date for which is different each year pending release of fund accounting to the State of Illinois.

TIF calls for local taxing bodies to make a joint investment in the development or redevelopment of an area with the intent that any short term gains be reinvested and leveraged so that all the taxing bodies will receive larger financial gains in the future. The funds for this investment do not come from current revenues, but from future tax revenues not otherwise expected to occur. These new revenues are generated by increased public and private investment in identified, underperforming, areas.

The Admiral Parkway Redevelopment Area, Columbia's TIF district, has been in existence since 1995. Recent developments include construction of the world headquarters for Maverick Technologies, opening of a branch of Reliance Bank, opening of the new Hampton Inn (Columbia's first hotel) and ongoing construction of a new CVS Pharmacy location.

The meeting begins at 2:00 p.m. in the second-floor Auditorium at Columbia City Hall, 208 South Rapp Ave.