School officials are trying to make sure they aren't stung by proposed economic incentives for a $50 million downtown Bloomington hotel project.
The city is studying the feasibility of creating a tax increment financing district, or TIF, where additional property tax revenue in an area is redirected back to the development site instead of going to local taxing bodies.
While District 87 wouldn't be getting any less money than it does now, Superintendent Barry Reilly said the district doesn't want to miss out on that money for the maximum length of a TIF.
"Is it really necessary to have a TIF in effect for 23 years? That's a very long time," said Reilly. "If you put it in perspective of a kid being born today, that kid can go all the way from their Pre-K through 12th grade and never see the benefit of a TIF that might go into effect."
Reilly said the district faces enough financial uncertainty from the state because of delayed funding and various legislative efforts regarding the school funding formula, a pension shift and a property tax freeze.
"Every time a tax incentive goes into effect, that starts to limit dollars that can increase and go to school districts," said Reilly. "At the same time we understand our role to help promote economic development, because that makes it better for everybody."
Reilly also said he's encouraged to see the city is targeting a specific part of downtown, three blocks near U.S. Cellular Coliseum, that could use an economic boost.
