Sterling TIF Districts

15
Sterling TIF Districts Joint Review Board Meeting October 28, 2010

description

Sterling TIF Districts. Joint 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. - PowerPoint PPT Presentation

Transcript of Sterling TIF Districts

Page 1: Sterling TIF Districts

Sterling TIF DistrictsJoint Review Board Meeting

October 28, 2010

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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

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Approval of Minutes

Motion to approve and accept the October 28, 2009 Joint Review Board Minutes

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Downtown TIF

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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

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Downtown TIF Fund

Expenses Primarily concentrated on Principal

& Interest Payments Redevelopment Agreement cost of

$25,000

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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

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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

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Rock River Redevelopment Area

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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

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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

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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

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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

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Questions & Answers

Please feel free to ask any remaining questions at this time.

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Adjournment

Motion to adjourn the Joint Review Board