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Tax Incremental District Debt
Just as the Tax Incremental District (TID) portion of the Village budget operates independently of the other areas (General Government and Enterprise Funds), the responsibility for its debt is independent of the other areas as well. Debt within the TID is issued to pay for improvements to the land inside the districtís boundaries and related project improvements outside the district. Debt incurred for development is then repaid with the property taxes from businesses within the district. Once all of the debt is repaid, these tax payments are then directed back to the taxing entities. Your property taxes are not responsible for paying back any debt incurred in a TID. Property taxes collected from the general population (properties outside of the TID boundaries) are not used to pay for any TID improvements, programs or debt.
WILL FUNDS BE BORROWED DURING 2008?
In 2008, approximately $10,000,000 will be borrowed to complete multiple projects within TID #2. Because plans are based on anticipated and actual development in the district, plans and dollar amounts are constantly being evaluated, and are sometimes revised, to reflect new opportunities that arise. The PDF below highlights the projects that are expected, their cost, and why they were selected for 2008.
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