Wenona TIF Willing to Sign Intergovernmental Agreement with Fieldcrest
Saturday, March 22, 2003 Posted 4:30 p.m.
Fieldcrest school officials received a letter from the attorney representing the Wenona TIF District, expressing the City Council's intent to sign an intergovernmental agreement with the Fieldcrest district. The agreement outlines provisions for all increased tax revenue generated by the approval of the April 1 education fund referendum to be passed through to the school district. The city of Wenona has signed similar agreements with past school bond issues.
The Minonk City Council is also considering approval of an intergovernmental agreement with the Fieldcrest district for the current referendum. Board President Joe Knapp said, "The Minonk City Council is seeking further consultation from their TIF legal counsel before making a final decision. We are happy that they are open to considering our request and have no reason to believe that they will not sign the agreement."
Fieldcrest will be asking voters to approve an increase of $.90 in their education fund tax rate on the April 1st ballot. The
intergovernmental agreements will allow that increase to flow through to the school, even where the
property is contained within a TIF district.
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