The Rochelle School District 231 Board of Education approved an amended Northern Gateway TIF Agreement with the City of Rochelle during its monthly meeting at the Rochelle Middle School Media Center on Tuesday. The approval came after rescinding the original agreement, which was approved during the May board meeting.
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ROCHELLE — The Rochelle School District 231 Board of Education approved an amended Northern Gateway TIF Agreement with the City of Rochelle during its monthly meeting at the Rochelle Middle School Media Center on Tuesday. The approval came after rescinding the original agreement, which was approved during the May board meeting.
The amended agreement removes language that would’ve allowed local school districts, including 231 and 212, to contest the TIF as a whole if the city did not issue bonds. Superintendent Jason Harper said he received notice from City Manager Jeff Fiegenschuh that the agreement passed in May was “unsatisfactory” due to the bond language.
Without an agreement in place, Districts 212 and 231 would not receive any new tax revenue generated off increased EAV in the TIF district for the next 23 years.