This year will set the stage for Re:New DeKalb’s two- to three-year improvements of downtown.

Re:New DeKalb executive board members are waiting for the approval of a Tax Incremental Financing (TIF) extension, which needs to be signed by Illinois Gov. Rod Blagojevich.

The TIF (which can be seen as a loan) will give DeKalb the money needed to make possible improvements. Mark Biernacki, DeKalb city manager and executive board member, said the TIF should be approved by Jan. 29.

The TIF will be repaid from property taxes increases on the improved areas. The estimated cost for the improvement is about $10 million, Biernacki said. Biernacki anticipates the approval and said there are already design plans.

Frank Roberts, president of the executive board, said improvements will create an environment that supports private companies’ investment.

“The overall objective is to beautify downtown DeKalb,” Roberts said.

Second Street, Third Street and public parking lot No. 4 will receive new lighting, trees, benches and decorative pavements, Biernacki said.

Most work will not begin until this spring, Biernacki said, and DeKalb has helped with 10 to 20 percent of costs to improve some restaurant buildings.

Re:New DeKalb plans to demolish a building at 31 E. Lincoln Highway in April. The land will be made into a public walkway.

The state also plans to demolish the property it owns on the northwest corner of Fourth Street and Lincoln Highway in July. The city has no specific plans for the land but hopes to have it re-developed, Biernacki said.

“We will be very active in reconstruction during the next couple of years,” Biernacki said.

Tax Incremental Financing (TIF) allows financially strapped local governments to make the improvements they need and provide incentives to attract new businesses or help existing businesses stay and expand without tapping into general municipal revenues or raising taxes.

Source: The Illinois Tax Increment Association