File #: 190326    Version: Name:
Type: Request Status: Passed
File created: 7/31/2019 In control: Village Board of Trustees
On agenda: Final action: 9/5/2019
Title: Proceeds From Sale of 101 S. Main St. - Policy Options The Finance and Administration Committee recommended a blend of Option 1- Mirror Policy on Year-End Revenues over Expenditures (Waterfall) and Option 7- TIF Replacement/Economic Incentive, which would help pay down pension liabilities and provide some flexibility for the future if needed. The F&A Committee recommended that $1 million of the proceeds go through the Waterfall (Option 1) and the remaining balance will be set aside for potential replacement of current TIF funding and/or to be used for an economic incentive as needed throughout the Village and (Option 7). The Finance and Administration Committee voted unanimously to recommend approval to the Village Board of Trustees.
Attachments: 1. Legistar #190326 101 S Main, 2. BOT 9-5-2019 Leg#190326, 3. Cover Page 190326.pdf

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Proceeds From Sale of 101 S. Main St. - Policy Options

The Finance and Administration Committee recommended a blend of Option 1- Mirror Policy on Year-End Revenues over Expenditures (Waterfall) and Option 7- TIF Replacement/Economic Incentive, which would help pay down pension liabilities and provide some flexibility for the future if needed. The F&A Committee recommended that

$1 million of the proceeds go through the Waterfall (Option 1) and the remaining balance will be set aside for potential replacement of current TIF funding and/or to be used for an economic incentive as needed throughout the Village and (Option 7). The Finance and Administration Committee voted unanimously to recommend approval to the Village Board of Trustees.

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