Crete-Monee School District 201-U officials are asking University Park to dissolve a tax increment financing district before the end of the year so a portion of the tax money can be used to build a stadium.
The school district would like University Park to dissolve its TIF V to allow $4.5 million to $4.8 million annually of tax dollars to go to the school district, said Ken Surma, assistant superintendent of business and operations.
The TIF is set to expire at the end of the year, Surma said, but because property taxes are collected a year behind the transfer of taxes wouldn’t truly happen until the end of 2024.
“We’ve asked them and have talked to them about terminating it this year so we get the benefits next year instead of having to wait another year,” Surma said.
In a TIF district, property taxes for all government bodies are frozen at levels at the time the TIF is created and any increase due to higher property values, the increment, is used to pay for improvements or incentives. That money can be used to pay for public improvements.
If the TIF district is dissolved, Surma said the school district would allocate between $1 million and $2 million to build a multipurpose stadium. The district’s existing stadium is old, with natural grass and an outdated track, he said.
The new stadium would be used by the football, soccer and track and field teams, Surma said. The funds also would also be used to update the district’s baseball and softball field, he said.
The rest of the funds would go into the district’s operating funds and toward a preventive maintenance plan for the district’s buildings, Surma said.
Mayor Joseph Roudez and village manager Elizabeth Scott did not respond to requests for comment.
Roudez told the Village Board Sept. 12 that dissolving the TIF district would benefit the village because it would see an additional $3 million annually.
“That would open up our budget to address some things we need addressing,” Roudez said. “It would be a win win.”
Trustee Theo Brooks said Friday he would support dissolving the TIF district because it would benefit the school district and be a relief for University Park taxpayers.
“The village definitely, we can use the funds, but most of all we’d like to see the school itself continue to improve,” Brooks said.
Surma said village trustees appeared supportive of dissolving the TIF district early. The board will have to vote on a resolution, he said.
“The meeting was very positive,” Surma said. “We’re just waiting for them to put it on an agenda with hopefully getting it passed.”
If the TIF is dissolved by the end of the year, the district would start receiving funds next year, Surma said. With that in mind, Surma said he’d like to start completing the final design of the stadium and seeking bids for the project from January through April.
The goal would be to start construction of the stadium in fall 2024, with the stadium opening in fall 2025, Surma said.
“I’m in a holding pattern right now,” Surma said. “We’re ready to move forward on it.”