St. Charles delays discussing TIF request
The St. Charles Planning and Development Committee on Monday agreed to delay its discussion on creating a new Tax Increment Financing District.
The developers of the Lexington Club redevelopment firm are requesting St. Charles officials create the TIF district to help support a new residential development.
The proposed development would be located between Sixth and 12th Avenues between State Street and the Union Pacific railroad in St. Charles.
If the TIF is approved, the city would reimburse the developer up to $6 million to develop the site.
The issue is being sent back to the Joint Review Board, which is made up of a representative from each taxing authority affected by the TIF district.
The Joint Review Board originally approved a $5 million TIF, but city officials said that board should review it again because of the $1 million increase.
The Joint Review Board is next scheduled to meet Dec. 5.
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