District Plans Tax Abatement for Bonds; Receives $639k TIF Surplus

Crete-Monee School District 201-U Meeting | January 13, 2026

Article Summary: The Crete-Monee School District anticipates no tax increase for the debt service on its 2024 and 2025 alternative revenue bonds, as the Board discussed resolutions to abate those taxes using revenue from expired TIF districts. Additionally, officials announced the district received a surprise surplus check of over $639,000 following the closure of a TIF district in Monee.

Crete-Monee School District 201-U Key Points:

• Tax Abatement: The District plans to abate taxes levied for the 2025 year to pay debt service on $30 million in bonds issued for facility improvements.

• TIF Revenue: The bond payments will be covered by increased revenue flowing into the Education Fund from the now-dissolved University Park TIF 5 and Monee TIF 3.

• Surplus Funds: The District received a one-time surplus check of approximately $639,000 from the closeout of Monee TIF 3.

• Recurring Revenue: The expiration of the Monee TIF is expected to generate an additional $1.1 million to $1.2 million in annual revenue for the district.

During the Committee of the Whole meeting on Tuesday, January 13, 2026, Assistant Superintendent of Business & Operations Jason Okrasinski outlined the financial mechanism the district will use to pay for recent facility improvements without burdening taxpayers.

Okrasinski presented resolutions to abate the taxes levied to pay for the General Obligation School Bonds, Series 2024 and 2025. The district sold these bonds in two $15 million increments to fund the 2024-26 Short Term Facility Improvement Plan.

Okrasinski explained that this abatement is a “security measure.” By passing the resolutions, the district prevents the county clerk from levying additional taxes for the bond and interest payments. Instead, the district will make those payments using revenue generated from the expiration of Tax Increment Financing (TIF) districts in University Park and Monee.

“This is just a formality to ensure that the taxpayers do not see an increase in their bond and interest levy,” Okrasinski said.

In a related financial update, Okrasinski reported a “pleasant surprise” regarding the dissolution of Monee TIF 3. The district received a surplus check last week totaling slightly over $639,000.

Board President Maurice Brown asked for clarification on future revenue. Okrasinski confirmed that beyond the one-time surplus, the expiration of the Monee TIF is projected to bring an additional $1.1 million to $1.2 million annually to the district’s tax base.