DeKalb TIF District Extension Signed Into Law

DeKalb , IL …Legislation sponsored by State Representative Bob Pritchard (R-Hinckley) and State Senator Brad Burzynski (R-Clare) which extends the life of the City of DeKalb 's Tax Increment Finance (TIF) district was approved by Governor Blagojevich late Tuesday afternoon. The TIF district, which provides incentives for new business development and boosts economic growth in a blighted area, was established in 1986 for a period of 23 years. House Bill 4141 extends the life of the district for another 12 years.

Pritchard said by extending the life of a TIF, the City of DeKalb is able to increase bond authorization for new and continuing economic development projects within the TIF district.

“I am pleased the community has come together in support of this important extension to the DeKalb TIF district, and I especially want to thank the Mayor Van Buer, City Manager Biernacki, and the folks at Renew DeKalb's Jennifer Groece who have done tremendous work to help pass this legislation,” said Pritchard. “The City of DeKalb is currently seeing new businesses being established downtown as well as improvements to buildings and infrastructure. The signing of this legislation will help us to continue revitalizing our beautiful community and providing more businesses and employment opportunities to help stimulate the local economy.”

Bob