Agenda Item
Meeting Date: 10/7/2019 - 6:30 PM
Category: ROLL CALL ACTION ITEMS
Type: Action
Subject: Approval of a Resolution Regarding Tax Increment Financing Districts
Strategic Plans:
Enclosure:
File Attachment:
Summary:
Funding:
Approved in original budget or revised budget
Funds currently available in specified line item
If not currently available in line item, where are funds available
Resolution: WHEREAS, the City of Springfield may create Tax Increment Financing (TIF) Districts that place future gains in taxes from a specific area of the city into a fund that is used to develop that same area; and

WHEREAS, the City currently has ten TIF districts operating; and

WHEREAS, these TIF districts may continue for up to 23 years, and may be extended past that original 23-year period; and

WHEREAS, during this 23 year, or more, period, no tax increases from the development of the area will be distributed directly to Springfield Public School District 186 to support its operations; and

WHEREAS; a TIF district created today will impact the education of a student who will not be born for another two decades; and

WHEREAS; other communities have worked with their school districts to build in increased support to the school districts as improvements are made to the TIF district;

NOW THEREFORE BE IT RESOLVED that the Board of Education will only support new TIF districts, or the continuation of any existing TIF district, if the City of Springfield includes a process, approved by the Board of Education, that ensures that a portion of funds that would go into the TIF district instead are provided to the School District to support operations of the District throughout the life of the TIF district.
Approvals:
Recommended By:
Signed By:
Jennifer E. Gill - Superintendent
Vote Results:

Original Motion
Member Scott McFarland Moved, Member Micah Miller seconded to approve the Original motion 'WHEREAS, the City of Springfield may create Tax Increment Financing (TIF) Districts that place future gains in taxes from a specific area of the city into a fund that is used to develop that same area; and

WHEREAS, the City currently has ten TIF districts operating; and

WHEREAS, these TIF districts may continue for up to 23 years, and may be extended past that original 23-year period; and

WHEREAS, during this 23 year, or more, period, no tax increases from the development of the area will be distributed directly to Springfield Public School District 186 to support its operations; and

WHEREAS; a TIF district created today will impact the education of a student who will not be born for another two decades; and

WHEREAS; other communities have worked with their school districts to build in increased support to the school districts as improvements are made to the TIF district;

NOW THEREFORE BE IT RESOLVED that the Board of Education will only support new TIF districts, or the continuation of any existing TIF district, if the City of Springfield includes a process, approved by the Board of Education, that ensures that a portion of funds that would go into the TIF district instead are provided to the School District to support operations of the District throughout the life of the TIF district.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 4 Nay: 2 Abstain: 1.
The motion Carried 4 - 2
   
Judith Johnson     No
Scott McFarland     Yes
Michael Zimmers     Yes
Anthony Mares     No
William Ringer     Yes
Micah Miller     Yes
Tiffany Mathis     Abstain