NDOMI Capital, a food and beverage distribution business coming to Industrial Drive,,,,,,, has been approved for a reduced rate on property taxes for 13 years in exchange for its substantial investment in the property, and the village allowed itself to get reimbursed for developing the forthcoming TIF district at Franklin St. and Brown Ave.
As the village council unanimously OK’d these two actions at the April 27 meeting, some commissioners voiced concern about reducing the village’s revenue from property taxes in the short-term.
“The challenge for Forest Park specifically, and right now in particular, is that both these mechanisms, TIFs and the 6b classification, work by reducing property tax revenue in the short-term in exchange for hoped for — and not always certain, but kind of certain, we’re not sure — long-term benefits,” Commissioner Maria Maxham said. She added that, for a village that needs to funnel at least $74 million into its police and fire pensions in the next 14 years, and has an overall projected $15 million deficit, she was unsure if this was a worthwhile tradeoff…