A tax increment financing district in the Village of Valmeyer will be in place for another 12 years beginning next month.

The Valmeyer Village Board began the renewal process for the Rock City Admiral Parkway Development TIF District in late 2021, but noted at the time the state legislature is required to approve any extension for TIF districts, which it did in November 2022.

The original TIF district was organized in 2000, with the primary goal of bringing businesses to the Rock City Admiral Parkway Development on Boulder Boulevard in old Valmeyer.

The new TIF area will include the original district plus an additional space for potential additional parking near the intersection of Boulder Boulevard and Quarry Road, Valmeyer Village Administrator Dennis Knobloch said.

Another change with the renewed TIF district is how the tax money will be disbursed.

With traditional TIF districts, property taxes for eligible properties are frozen at the equalized assessed valuation at the time the district is implemented. 

The tax money collected is then redistributed for improvement of properties or infrastructure and municipality-incurred maintenance expenses only within the district. 

Once the TIF district expires, property taxes are paid at the new rate of EAV, with a goal of the properties having a higher value, resulting in more revenue for the respective municipality.

With the latest extension of the Rock City TIF District, only 50 percent of the taxes will go to the respective district properties, with the other 50 percent going to all qualified taxing bodies.       

Valmeyer Community Unit School District No. 3 will receive “a good chunk” of the TIF district funds under this renewal agreement, according to Knobloch. 

Other eligible entities such as the Valmeyer police and fire departments, the Village of Valmeyer, the Valmeyer Public Library District and Southwestern Illinois College will also receive a prorated portion of TIF district tax revenue.