As economic pressures continue to force school districts to seek other sources for funds, we have found that cooperation with other taxing bodies can sometimes fund projects which an individual taxing body could not undertake on its own.
I.
STATUTORY AUTHORITY
A.
Intergovernmental Cooperation Act (5 ILCS 220/1 et. seq.)
B.
Tax Increment Financing Funds
II.
REASONS
A.
Time Savings
B.
Shared Costs
C.
Benefit greatest number of individuals
III.
SPECIFIC EXAMPLE - LIBRARY PROJECT
A.
City of Lemont/Lemont Township High School
1.
Public library for community
2.
Located at school district
3.
Finance Issues
a.
Capital improvements
b.
Utility costs
c.
Rent
4.
Administration Issues
a.
Operating Policies
b.
Maintenance Responsibilities
c.
Materials purchase
5.
Legal Issues
a.
Liability
b.
Duration/Termination of Agreement
c.
Amendment of Agreement
B.
TIF Funding
1.
Eligible Redevelopment Project Cost
a.
Contemplated by TIF Plan
2.
Capital Costs of Taxing Body