Contributed photo
Contributed photo
The Wheaton City Council held a special meeting recently regarding the city’s Downtown Redevelopment Project.
Following routine housekeeping tasks, the council focused on the Second Amendment to the TIF No. 1 Redevelopment Project Area (TIF No. 1), which would alter the budget of the TIF No. 1 plan to meet the following goals: more accurately reflect the actual and estimated expenses and revenues, allow for the transfer of surplus funds for anticipated costs incurred in contiguous redevelopment areas and correct the date of completion of the project and retirement of obligations issued to finance redevelopment projects costs from Dec. 31, 2017, to Dec. 31, 2016.
The council opened the floor to public comment, which included a discussion of a provision in the amendment that would allow the transfer of excess funds from TIF #1 to TIF #2, with some saying excess funds should be returned to the school district, rather than used for aesthetic projects within the city.
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