Special Meeting: Princeville Village Board and the Princeville School District 326 Board concerning the TIF I District funding through the Intergovernmental Agreement.

The Princeville Village Board met on the above date in the Village Hall. President Stahl called the meeting to order, the following members answered roll call: Rickey, Rasmussen, Knapp, and Troutman. Sutherland and Koller are absent.

Laurie Judd, village attorney and Tom Jacobs, TIF attorney are present, along with the District 326 School Board.

President Stahl addressed the audience by giving a brief history of why the TIF was formed and the development of Ostrom Meadows subdivision, with the new homes increasing the enrollment of the school district and possibly to keep the District from having to consolidate with outside school districts.

School Board President, Dennis Whittaker then addressed the group on the impact the TIF has had on the school finances. Several School Board members expressed the same thoughts on the financial concerns the District has and the tax dollars they will not receive due to the TIF I district.

Tom Jacobs, TIF I attorney presented a chart showing the figures presented at an earlier meeting, extending a set amount per year, $80,000 along with the current CPI which is 2.4%. If the Village were to adopt this payment agreement, an extension to the current TIF would need to be made. The extension would add 12 years to the end of the TIF, from 2016 to 2028. This is would have to be approved by General Assembly and the Governor. The extension is needed in order for the village to have the funds for various projects they want completed.

Discussion on changing the agreement from a set amount to a make whole agreement. That is, pay the school what it would normally receive in tax revenues without the TIF being in place. President Whittaker asked the Village to look at the written agreement as an investment in the Village.

This proposed agreement would bring in approximately $3.5 million to the Village, with $1.5 million of that coming to the schools. Tom Jacobs will work up the agreement. If the legislature fails to approve the extension, the agreement would be invalid.

President Stahl then stated he felt both boards have their minds set to work together to continue to have the schools in the Village.

Both boards were informally polled and all agreed on the make whole agreement.

Motion by Rasmussen, second by Rickey to adjourn the special meeting at 8:25pm .

Voice vote, all ayes, motion carried.

8:25pm Respectfully submitted,

Patricia Duthoo, Clerk.