MAHOMET — The Village of Mahomet Board of Trustees on Tuesday night agreed to move to its consent agenda for the Feb. 25 regular meeting a resolution and letter in support of extending the east Mahomet tax increment financing (TIF) district for another 12 years.
Trustees met Tuesday in a study session. Moving items to the consent agenda for a regular meeting typically means there will be no discussion but the consent agenda items will be voted on in one fell swoop. Trustees usually approve the consent agenda, having discussed the items previously in study sessions and already voted on them once.
The agenda item is “a resolution concerning an extension of the east Mahomet redevelopment project area tax increment financing district and authorizing the president of the board of trustees to sign a letter of support for the extension,” according to village documents.
The TIF in question covers land including Middletown Prairie Elementary School; property to the west of the school campus and school district-owned land to South Mahomet Road; north to Interstate 74; and east of the school property to Prairieview Road, with tracts to the east and northeast of that also included.
Maps of the TIF and related materials can be found on the village website at mahomet-il.gov.
According to the village, it was a series of ordinances that the board and president of the village adopted the east Mahomet TIF to enhance development. It was put into effect in 2010 and was to last no more than 23 years.
The village seeks to extend the TIF another 12 years. The state legislature must take action to do this, so Mahomet officials are lobbying Illinois lawmakers to do so.
“A twelve-year extension would permit the Village to continue its program for the redevelopment of the East Mahomet Redevelopment Project Area. After a review of the accomplishments to date and the need to enable the Village to continue its approved redevelopment plan for this project area which includes high priority transportation infrastructure projects, an extension to December 31, 2036 of the designation of the Village’s East Mahomet Tax Increment Area Redevelopment Project Plan is warranted,” village officials state in materials presented at Tuesday’s meeting. “Our plans including a new at-grade railroad crossing and extension of South Mahomet Road to Prairie View Road which is estimated at $7 to $8 million.”
In summary, village officials wrote, “The extension of the East Mahomet TIF will incentivize further development and the growth of the tax base. The Village of Mahomet wishes to support the extension of the East Mahomet TIF under the existing terms, conditions and definitions including 100% of any Incremental Taxes attributable to any Residential Property and 50% of any Incremental Taxes attributable to any other lot, block, tract or parcel of real property within the Redevelopment Project Area.”
Other public taxing bodies affected by the extension of the TIF include the Mahomet Public Library District, and its board agreed Feb. 10 also to send a letter of support for the effort.