Jacob & Klein, Ltd. (J&K) and The Economic Development Group, Ltd. (EDG) focus on the difficult tasks and responsibilities that cities must undertake to comply with a multitude of statutory requirements. We offer easy-to-understand analyses and take care of the administrative details of an economic development effort for which many elected officials have neither the time or experience to handle themselves. We also provide local officials with the opportunity to focus on making better choices and more informed decisions by taking away the concerns associated with the administrative details relating to the use of Tax Increment Financing (TIF), Business Development Districts (BDD), and other economic development tools.
As legal counselors (J&K), economic development consultants (EDG), and a Registered Municipal Advisor (EDG), our group operates within the highest core rules of professional conduct, supervision and qualification while exercising a duty of care and loyalty to each of our clients.
As legal counselors (J&K), economic development consultants (EDG), and a Registered Municipal Advisor (EDG), our group operates within the highest core rules of professional conduct, supervision and qualification while exercising a duty of care and loyalty to each of our clients.
TAX INCREMENT FINANCING |
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J&K-EDG Services for Establishing a TIF District Include:
- Evaluating the feasibility for a Tax Increment Financing (TIF) District.
- Designing and qualifying effective Redevelopment Project Areas, including annexations when necessary.
- Preparing an appropriate TIF Redevelopment Plan.
- Consulting with affected taxing bodies, analyzing potential impacts and recommending methods for preparing Intergovernmental Agreements when appropriate.
- Negotiating and preparing Redevelopment Agreements with Private Developers.
- Moderating all required meetings and public hearings.
- Coordinating all statutory procedures and assisting the city with properly executing the necessary ordinances and resolutions.
- Certifying the Redevelopment Project Area with county officials in advance of annually tracking the performance of the TIF District on a parcel-by-parcel basis.
J&K-EDG Services for Annual Administration of a TIF District Include:
- Providing on-call legal and consulting services.
- Coordinating all ongoing administrative procedures with the municipality's clerk, CPA's, and administrators.
- Tracking the growth of annual real estate tax increment and municipal sales tax increment generated by each parcel and individual private redevelopment project.
- Preparing customized, pro-forma TIF District projections as applications and proposals for new redevelopment projects arise.
- Negotiating terms of potential TIF reimbursements with Private Developers.
- Preparing certifying, and electronically filing annual TIF District Annual Reports with the State of Illinois Comptroller's Office.
- Providing special legal counsel opinions on matters relating to the TIF District.
J&K-EDG Services for Establishing and Administering
Business Development Districts Include:
- Providing on-call legal and consulting services.
- Determining statutory qualifications for Business Development District (BDD) Areas.
- Configuring appropriate BDD Redevelopment Project Areas to achieve local goals and objectives.
- Designing an effective BDD Redevelopment Plan.
- Preparing and assisting municipality with administering required public notices, ordinances and other legal documentation.
- Moderating all required meetings and public hearings.
- Assembling and advising municipal filings and data with the Illinois Department of Revenue.
- Negotiating terms of potential BDD reimbursements with Private Developers.
- Preparing and administering private redevelopment agreements.
- Assisting municipalities comply with the statutory uses of BDD Funds. For more information about Business Development Districts, click here.
EDG's Services as a Registered Municipal Advisor Include:
- The Economic Development Group, Ltd. is a Municipal Advisor and is registered as such with the Securities Exchange Commission (S.E.C.) and the Municipal Securities Rulemaking Board (M.S.R.B.).* For details, click here.
- A Registered Municipal Advisor is allowed to give advice to a municipal entity regarding financial products or the issuance of municipal debt and securities. Such advice may include:
- Acting in a fiduciary capacity for the municipality
- Assisting with developing a plan of finance and related transaction timetable
- Identifying and analyzing financing solutions and alternatives for funding capital improvements
- Advising on the methods of sale relating to municipal securities, taking into account market conditions and near-term activity in the municipal market
- Assisting with presentations to rating agencies
- Helping municipalities identify and select underwriters, bond counsel and other market participants
- Coordinating other market participants (e.g., accountants, feasibility consultants, escrow agents)
- Preparing and verifying cash flow calculations and projections
- Planning and coordinating loan and bond closings
* Note: Registration with the S.E.C. or the M.S.R.B. does not imply a level of skill or training as may relate to municipal advisory services.