Politics & Government
Lake Zurich Board Holds Budget Meeting, Saturday
TIF debt among budget challenges.
Lake Zurich trustees will hold a special meeting on Saturday, April 6, from 9 a.m. to noon, to discuss the village's tentative annual budget or fiscal year May 1, 2013, to April 30, 2014. The meeting will be held at the Lake Zurich Police Department, 200 Mohawk Trail, Lake Zurich.
A copy of the tentative budget is available online as well as an explanation by village staff.
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The document outlines concerns, which include TIF debt.
From the budget document:
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"The Village currently has $39.6 million in outstanding debt obligations. Much of this is related to the downtown TIF district redevelopment. Unfortunately, the property tax increment generated in the TIF district is not sufficient to meet current debt obligations. As a result, the general fund will be required to fund those debt payments which will negatively impact funds available for our operations. Additional downtown development and the identification of new revenue sources would help ease this burden."
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