Hamilton, IL – Hamilton will wait a couple more weeks to move forward with its proposed tax increment finance district.
Hamilton has narrowed the field of prospective TIF consulting firms to two. The city council did not accept a bid from either suburban Chicago company, though, during its Oct. 5 meeting.
Finance Committee Chairman Dale Richardson says the two firms provided proposals that did not paint a clear picture of what the project would cost. He says that is why the city council wants each firm to submit a formal contract offer before making a final decision.
Mayor Steve Woodruff says the company Hamilton hires must do what is best for the city. "I want to make sure the company we hire is willing to not be aggressive or harsh towards one company or favor one place over another."
Woodruff says the city cannot establish a TIF district that hurts the Hamilton School Board or the Hamilton Park Board. He says the district could involve as little as 10% of the city.
Woodruff says Hamilton hopes to sign a contract with one of the firms during the Oct. 19 city council meeting. He says that while several prospective businesses are disappointed in the delay, Hamilton must make sure it takes its time and develops a solid TIF district.