Levey officials have said all three taxing bodies need to approve the plan for the development to go through.
Also under the proposed agreement with the school district, Levey will make up any shortfall in tax proceeds based on the projection in the TIF plan, an “additional contribution” in the terms of the agreement.
Levey believes the school board’s 31 percent cut of the new property tax money will be $90,459, when the Kohl’s store and four outparcels are occupied.
Should the new tax proceeds at “full build out” fall below $90,459, Levey will pay the school district the difference for up to five years.
If Levey defaults on paying the difference, the district could sue it for the money, or place a lien on the property, making the land unable to be sold until the lien is paid off.
If the district cuts property taxes, Levey would not have to make the additional contribution