Sterling TIF Districts
description
Transcript of Sterling TIF Districts
Sterling TIF DistrictsJoint Review Board Meeting
October 28, 2010
Agenda
Call to Order – 4:30pm Approval of October 28, 2009
minutes Update/Review Status of
Downtown TIF Fund Update/Review Status of Rock
River TIF Fund Questions and Answers Adjournment
Approval of Minutes
Motion to approve and accept the October 28, 2009 Joint Review Board Minutes
Downtown TIF
Downtown TIF Fund Revenues
Property Tax Increment increased 1984 EAV = $1,735,929; 2008 EAV = $3,851,078 2009 EAV = $3,871,183
• 0.5% inc over 2008• 123% inc over 1984
Steady City Sales Tax Increment
Downtown TIF Fund
Expenses Primarily concentrated on Principal
& Interest Payments Redevelopment Agreement cost of
$25,000
TIF Fund
No surplus of revenues after payment for the bonds and eligible TIF projects
Bond was refinanced at lower rate in 2001 and again in 2010
Bond retires in March of 2013. April 30, 2010 principal balance on the bond is $1,270,000
District expires April 1, 2019
TIF Area
FY 2009-10 Year-round Farmer’s Market Main Street completed building updates at 3rd and Locust
(since moved in FY 2010-11 to sell refurbished building to new business)
County Market started indoor and outdoor renovations Façade grant program through Main Street has now
completed several store fronts STI downtown maintenance agreement
Rock River Redevelopment Area
Rock River TIF Fund
Revenues Began receiving property tax
increment the prior year Base EAV $4,270,321 2004 EAV $4,698,689 2005 EAV $6,818,729 2006 EAV $7,003,524 2007 EAV $7,207,535 2008 EAV $7,862,983 2009 EAV $7,949,629
Rock River TIF Fund
Expenses Professional & Legal Fees
Conduct further environmental studies as part of Plant 1 purchase due diligence
Brownfield redevelopment work, particularly on western portions of the property, lagoon cleanup and well monitoring
Legal counsel required to acquire EPA Brownfield forgivable revolving loan fund
Rock River TIF Fund
No surplus of revenues for redistribution
Increment and Bond Payments began in FY 2004-05
Bond to be retired in 2023 Principal balance: $3,810,000 TIF District expires on
December 31,2027
Rock River TIF Area All property available for development or redevelopment is
now in private ownership. Remaining property (1%) cannot be developed and will be turned over to Whiteside County
Environmental investigations & cleanup continues Private funding IEPA Grants (ongoing) USEPA Grants (on hold, pending lagoon permitting) USEPA Revolving Loan Fund awarded in FY 2010-11
Demolition of Plant #1 being addressed through Purchase Agreement – Completed in FY 2010-11
The old 14” mill was sold. Approximately 25 new jobs are estimated to have been created
IDOT funding potential for western entrance onto property. Future annexation required
Questions & Answers
Please feel free to ask any remaining questions at this time.
Adjournment
Motion to adjourn the Joint Review Board