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Belmont-Central Gets Revised Budget & TIF Plan Update

You can view the Belmont Central Amended TIF Plan and the Belmont Central TIF Presentation for yourself. Changes in the estimated property tax led to the revisions (see below.) Use Chicagotalks’ interactive TIF map to see how Belmont-Central taxes have been spent, and to evaluate the amended plan. The interactive map and other stories about TIF in Chicago are also online.

At the May 10th public hearing, a representative of the City’s Department of Housing and Economic Development (DHED)¬†announced that the Belmont-Central TIF District is estimated to raise a significantly greater amount of incremental property tax than what was determined in 2001

Due to these new projections, the City needed to revise its budget plan to include the property tax growth. In order to revise the budget plan, a public hearing needed to be conducted, and the Community Development Commission (CDC) needed to approve the revised budget. On Tuesday, May 10, 2011 the public hearing was conducted, and, subsequently, the CDC approved the revised budget.

via TIF Public Hearing Update.

 

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