DeKALB – As the DeKalb City Council continues to evaluate the most effective use of tax increment financing dollars, city staff will seek community input on the creation of a new TIF district during a meeting Wednesday.
The city’s two TIF districts, which have generated between $6 million to $8 million for economic development projects in recent years, are set to expire this year and in 2022.
The new proposed area will generally be along Lincoln Highway from the Kishwaukee River west of downtown DeKalb to about Tenth Street to the east. It will run as far south as Grove Street and as far north as Oak Street.
Last year, the council approved hiring Chicago-based S.B. Friedman for $43,000 to do a feasibility study on whether a new TIF district would meet necessary state qualifications.
According to a public notice, the designation of the proposed area as a redevelopment area could result in the displacement of residents from 10 or more inhabited residential units.
The meeting will be at 5 p.m. at the DeKalb Municipal Building, 200 S. Fourth St.
For information, call DeKalb Economic Development Planner Jason Michnick at 815-748-2365 or email email@example.com.