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home : news : local   May 25, 2016

8/15/2014 8:07:00 PM
State extends life of Ottawa TIF 12 more years

NT Staff

OTTAWA — Ottawa’s North I-80 TIF district is getting a 12-year extension, effective immediately.

That was the word Friday from state Sen. Sue Rezin (R-Morris), whose office noted that the legislation was sponsored by Rezin and introduced by state Rep. Frank Mautino (D-Spring Valley) and signed by Gov. Pat Quinn on Friday.

“I’m very pleased to help the community of Ottawa continue this proven economic development tool,” Rezin said. “This will help local officials to bring even more new businesses and jobs to the area.”
The City of Ottawa established the I-80 North TIF District on Dec. 29, 1993. According to the 2013 Annual Financial Report on the TIF, the increment (the taxes captured by the city) was more than $2.5 million and the TIF has received $20.4 million in property taxes over its life. There was $2.2 million in the fund at the end of the reporting period.

“I was pleased that we were able to work together on this legislation in true bipartisan fashion,” Rezin said, referring to the bill pushed by her and Mautino.

According to an earlier News-Tribune report, the extension would mean $275,000 in revenue for the city’s general fund. The report also said the TIF district includes all of the properties within Ottawa’s business district north of Interstate 80.

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