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Urbana Schools And Parks Reach Deal With Carle Foundation

The Carle Foundation' has reached and agreement with Urbana’s school and park districts.

The litigation was filed after property tax exemptions on Carle Hospital’s main campus were terminated.  

Under the agreement, Urbana District 116 will retain about $5 million in tax revenue from Carle, and return about $5.7 million.

The Urbana Park District has agreed to pay more than $1 million over the next 5 years, and keep more than $930,000.

Carle said it was cheaper to take back some of the money than to pay all of the legal fees necessary to try to get it all back.

The school district administrators and board will have to figure out how to come up with the money while dealing with a budget that includes a $6-million deficit.