SOUTH BELOIT - Public hearing dates have been scheduled for South Beloit's second Tax Increment Financing (TIF) district.
During the South Beloit City Council meeting Monday, a Joint Review Board meeting for the Gardner Street/Park Avenue TIF was set for 2 p.m. March 12 at City Hall.
A public hearing date on the TIF district proposal was set for 4:45 p.m. April 15.
The new TIF district is being established as part of an incentive agreement with Mid-States Concrete to have the company annex into the city. The city also agreed to a retailer's Occupation Tax abatement for Mid-States which allows the company to keep 50 percent of the city's portion of sales tax on items the company sells. The agreement term is to last for 10 years. Mid-States Concrete at 500 S. Park Ave., agreed to annex into the city in July of 2017, bringing about 60 acres of property the company owns into the city. The company had operated for years in an unincorporated area which was surrounded by property that already had become part of the city.
A TIF District normally is a method to use future gains in taxes to subsidize current improvements to an area. This improves borrowing capacity for improvement projects within the TIF district.
The city's first TIF District was established in 2015 and it included the areas along Gardner Street from Highway 251 west to Blackhawk Boulevard, and along Blackhawk Boulevard from Gardner Street to Charles Street.