D-201, village of Westmont strike TIF agreement
WESTMONT – The village of Westmont and Community Unit School District 201 have struck an agreement that will lighten the impact of the Central Business Tax Increment Financing district on Westmont schools.
According to District 201, the agreement will provide the district with payments to offset the loss of property tax revenue as a result of the TIF. The payments will fund $15 million in capital improvements at Manning Elementary School, which sits in the proposed TIF district.
"This is a win-win situation for Westmont," District 201 School Board President Marie Charlton wrote in a press release. "Manning is one of our oldest buildings and needs many updates, with a specific focus on safety issues for our students."
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