Tax Increment Financing has been the central focus of our firms' expertise for more than 30 years. The team of Jacob & Klein, Ltd. (J&K, law firm) and The Economic Development Group, Ltd. (EDG, consulting firm) is a powerful source of experience and knowledge that can help your community establish and administer Tax Increment Financing (TIF) Districts. Our experienced staff provides technical assistance and the necessary legal expertise to ensure your community's TIF District is established accurately and in compliance with all statutory requirements of the Illinois Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4 et. seq.).
A key to the success of establishing and administering a TIF District is hiring the right people the first time. You’ll work with Herb, Steve, Nic, Gwen and Paul, as legal and economic development professionals who have many years of experience with assisting local officials and other community leaders. Steve Kline and Gwen Crawford are also Registered Municipal Advisor Representatives who are registered as such with the Securities Exchange Commission (S.E.C.) and the Municipal Securities Rulemaking Board (M.S.R.B.).
J&K and EDG are further supported by a highly skilled team of staff professionals, all of whom contribute to successful economic development strategies that have made a difference to the communities we serve. We not only help establish TIF Districts, but we provide ongoing services to administer and advise you on how to maximize TIF benefits for each public or private redevelopment project.
A key to the success of establishing and administering a TIF District is hiring the right people the first time. You’ll work with Herb, Steve, Nic, Gwen and Paul, as legal and economic development professionals who have many years of experience with assisting local officials and other community leaders. Steve Kline and Gwen Crawford are also Registered Municipal Advisor Representatives who are registered as such with the Securities Exchange Commission (S.E.C.) and the Municipal Securities Rulemaking Board (M.S.R.B.).
J&K and EDG are further supported by a highly skilled team of staff professionals, all of whom contribute to successful economic development strategies that have made a difference to the communities we serve. We not only help establish TIF Districts, but we provide ongoing services to administer and advise you on how to maximize TIF benefits for each public or private redevelopment project.
HERB KLEIN
Attorney at Law
President, Jacob & Klein, Ltd. Peru Ph: (815) 223-7550 / Bloomington Ph: (309) 664-7777 Email: [email protected] Herbert J. Klein is the President of Jacob & Klein, Ltd., focusing in areas relating to Government Law – representing both municipalities and other taxing districts; Economic Development Law; and Real Estate Law. Mr. Klein has extensive experience in all aspects of Tax Increment Financing and Business Development Districts.
Mr. Klein received his undergraduate degree from Eastern Illinois University and his Juris Doctor from Northern Illinois University College of Law. Mr. Klein is a member of the Local Government Law Section Council of the Illinois State Bar Association, a member and past Chair of the Illinois State Bar Association’s Business Advice and Financial Planning Section Council, past member of the ISBA Assembly, and an Illinois Bar Foundation Fellow. Herb is a contributing author to attorney education publications and a frequent speaker at legal education conferences as well as at State and regional economic development conferences. NIC NELSON
Nicolas P. Nelson is an Associate Attorney of Jacob & Klein, Ltd. Mr. Nelson joined Jacob & Klein in December 2013 after working as an attorney at another private law firm. He focuses primarily on Tax Increment Financing and Real Estate Law. His primary focus is the preparation and analysis of TIF-related intergovernmental agreements and private redevelopment agreements. Mr. Nelson has extensive knowledge of a variety of complex activities relating to real estate, including sales and acquisitions, title, land use, development, leasing, finance, joint ventures, restructuring and workouts.
Mr. Nelson received his undergraduate degree from Millikin University and his Juris Doctor with honors from Northern Illinois University College of Law. Nic is admitted in the Northern and Central Federal District Courts and is a member of the Illinois State Bar Association as well as the McLean County Bar Association. STEVE KLINE
President/CEO
The Economic Development Group, Ltd. Registered Municipal Advisor Principal (S.E.C., M.S.R.B.) Bloomington Ph: (309) 664-7777 Email: [email protected] Steven E. Kline is President/CEO and Registered Municipal Advisor Representative of The Economic Development Group, Ltd. In tandem with Jacob & Klein, Ltd., EDG services relate primarily to the creation and administration of Tax Increment Financing Districts, Business Development Districts and other economic development tools available to municipalities located throughout the State of Illinois.
Mr. Kline received an undergraduate degree in Agricultural Science and a Master of Business Administration from Western Illinois University. Prior to joining EDG, Steve was a research associate at the Illinois Institute for Rural Affairs at Western Illinois University where he helped create and administer the MAPPING the Future of Your Community program. As an advocate for rural development and the creation of broad-based public-private partnerships, he is a past Chair and member of Illinois Rural Partners, the State Rural Development Council representing the State of Illinois in the National Rural Development Partnership of the U.S. Department of Agriculture. Steve is a contributing author to economic development publications and a frequent speaker at state and regional economic development conferences. KELLY JACOB
Comptroller
The Economic Development Group, Ltd. Bloomington Ph: (309) 664-7777 Email: [email protected] Kelly Jacob is Comptroller of TIF Annual Reporting as administered by The Economic Development Group, Ltd. and the Jacob & Klein, Ltd. law firm. Kelly is responsible for reviewing fiscal activities of the firms’ municipal clients for the preparation and filing of TIF District Annual Reports with the State of Illinois Comptroller’s Office. Her financial expertise is essential to the ongoing administrative services provided by EDG and J&K for hundreds of TIF Districts throughout Illinois. Since 1998, Kelly has provided detailed data relating to the economic development activities, annual revenues and expenditures undertaken in each TIF District administered through the TIF Illinois process. Ms. Jacob received her Bachelor of Science degree in Finance from the University of Nebraska.
CASSANDRA GREENWALD
Administrative Assistant
Jacob & Klein, Ltd., and The Economic Development Group, Ltd. Bloomington Ph: (309) 664-7777 Email: [email protected] Cassandra Greenwald is an Administrative Assistant to Jacob & Klein, Ltd., and The Economic Development Group, Ltd. Ms. Greenwald received a Bachelor of Science degree in Criminal Justice from Illinois State University and is a certified paralegal with special emphasis in legal research, litigation, and contract law. Cassandra assists with the preparation of agreements, required ordinances and notices, as well as the review and verification of materials relating to the hundreds of redevelopment agreements and intergovernmental agreements that J&K/EDG administers for municipal clients each year.
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TOM JACOB
Attorney at Law - Retired
Founder of Jacob & Klein, Ltd. Bloomington Ph: (309) 664-7777 Email: [email protected] Thomas N. Jacob founded Jacob & Klein, Ltd. and in 1999 he founded The Economic Development Group, Ltd. (EDG) to include professionals in finance, business, local government and economics. The firms administer hundreds of TIF Districts throughout Illinois. Together the firms comprise one of the largest economic development groups in Illinois.
Mr. Jacob received his degree from the University of Nebraska and his Juris Doctor from Northwestern University School of Law, Chicago. Mr. Jacob previously served as an Adjunct Professor in the Department of Finance and Law at Illinois State University. Tom served as President and now as Emeritus Member of the Board of Directors for the Illinois State University Foundation. Mr. Jacob also served as a Councilman on the Bloomington City Council. LORI MEAGHER
Lori Meagher is an Administrative Assistant to Jacob & Klein, Ltd., and The Economic Development Group, Ltd. Ms. Meagher has over 15 years of experience working with law firms and the business community. In particular, Ms. Meagher has extensive experience in municipal and real estate matters, including transaction issues, title issues, parcel identification, and tax assessment issues. Drawing upon her experience and skills, Lori assists in the preparation of agreements, required ordinances, notices and mailings.
GWEN CRAWFORD
Vice President
The Economic Development Group, Ltd. Registered Municipal Advisor Principal (S.E.C., M.S.R.B.) Bloomington Ph: (309) 664-7777 Email: [email protected] Gwen Crawford has been with The Economic Development Group, Ltd. (EDG) for 21 years. Her responsibilities include preparing various long-range financial analyses, including bond analyses and other projections, and economic impact studies relating to existing and proposed redevelopment projects undertaken within Tax Increment Financing (TIF) Districts and Business Development Districts (BDDs) created and administered through the TIF Illinois process. Gwen prepares TIF District and BDD Redevelopment Plans and subsequent amendment procedures as well as tracks annual reimbursements pursuant to Redevelopment Agreements and Intergovernmental Agreements in existing TIF Districts and BDDs. Together with legal review by Jacob & Klein, Ltd., The Economic Development Group is responsible for directing more than $79 million in TIF District real estate tax increment and Business Development District sales tax funds each year.
Ms. Crawford received her Bachelor and Master of Science degrees in mathematics from Illinois State University. Gwen is also a registered Principal Municipal Advisor. PAUL OSTROSKY
Economic Development Analyst
The Economic Development Group, Ltd. Bloomington Ph: (309) 664-7777 Email: [email protected] Paul Ostrosky is an Economic Development Analyst for The Economic Development Group, Ltd. Mr. Ostrosky is responsible for the preparation of documentation for TIF annual reports, conducting annual TIF Joint Review Board meetings, and assisting municipal clients with data collection, analysis, and preparation of required filings with the State of Illinois Comptroller's Office. Paul prepares pro-forma projections for new proposed TIF redevelopment projects, conducts field surveys of qualifying characteristics, and assists with the preparation of TIF redevelopment plans. Mr. Ostrosky received his Bachelor of Science in Business degree in Economic Consulting from Indiana University in May 2011. He later received his second and third Bachelor of Science degrees in Finance and Insurance from Illinois State University in December 2012.
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We Help Communities Build a Brighter Future!
Our involvement doesn’t stop after the ordinances and legal documents are approved. Throughout the life of your TIF District, we provide innovative solutions, negotiate with private developers, work with other taxing bodies, provide legal advice and other annual administrative services – all to assist with your town's legal compliance and to maximize your TIF District’s effectiveness. We work with private developers and entrepreneurs who need TIF assistance to help jump-start their Project. We understand that TIF affects the community, so we use a patient, holistic approach and work with schools, counties and other taxing districts to ensure that the TIF Redevelopment Plan brings positive change to the community. If you are just learning about TIF or have an existing TIF District that could use some fresh guidance, we can show you how to maximize the use of your economic incentives and give you the tools you need to revitalize your community.