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Home My WebLink AboutOrdinance #4014 - Surplus Revenue in the Canton 1-Downtown/5th Avenue TIF District Special Tax Allocation Fund CERTIFICATE THE UNDERSIGNED CERTIFIES THAT SHE IS THE CITY CLERK FOR THE CITY OF CANTON,ILLINOIS,AND THAT THE CITY COUNCIL AT A REGULARLY CONSTITUTED MEETING OF SAID CITY COUNCIL OF THE CITY OF CANTON ON THE 3RD DAY OF NOVEMBER,2015 ADOPTED ORDINANCE NO. 4014. A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS DAY OF NOVEMBER,2015. (SEAL) li Y,/Z/ t� IA A PAV Y-ROCK CITY CLERK CITY OF CANTON,ILLINOIS ORDINANCE NO. 4014 AN ORDINANCE DECLARING SURPLUS REVENUE IN THE CANTON 1-DOWNTOWN/5TH AVENUE TIF DISTRICT SPECIAL TAX ALLOCATION FUND AND AUTHORIZING PAYMENT OF THAT SURPLUS REVENUE TO THE FULTON COUNTY TREASURER FOR DISTRIBUTION TO AFFECTED TAXING DISTRICTS ON A PRO RATA BASIS for TAX YEAR 2014 PAYABLE 2015 ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, ON THE 3RD DAY OF NOVEMBER,2015. PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, THIS 3RD DAY OF NOVEMBER,2015. EFFECTIVE NOVEMBER 3,2015 ORDINANCE NO. 4014 CITY OF CANTON,ILLINOIS AN ORDINANCE DECLARING SURPLUS REVENUE IN THE CANTON 1-DOWNTOWN/5TH AVENUE SPECIAL TAX ALLOCATION FUND AND AUTHORIZING PAYMENT OF THAT SURPLUS REVENUE TO THE FULTON COUNTY TREASURER FOR DISTRIBUTION TO AFFECTED TAXING DISTRICTS ON A PRO RATA BASIS for TAX YEAR 2014 PAYABLE 2015 PREAMBLE WHEREAS, on the 6`h day of July,A.D., 2004, the City of Canton, Fulton County, Illinois (the "City' by its duly elected Mayor and City Council and pursuant to 65 Illinois Compiled Statutes Section 5/11-74.4 et. seq. (the "TIF Act") heretofore adopted a Redevelopment Plan and Projects; designated a Redevelopment Project Area; and adopted Tax Increment Financing for the Canton 1 - Downtown/5th Avenue Tax Increment Financing (TIF) District (f/k/a the International Harvester Site TIF District) (the "TIF District");and WHEREAS, pursuant to the TIF Act, the City approved the First Amendment to the Canton 1-Downtown/5th Avenue TIF District Redevelopment Project Area, Plan and Projects on November 22,2011 by Ordinance No. 2052; and WHEREAS, pursuant to the TIF Act, the City approved the Second Amendment to the Canton 1 - Downtown/5th Avenue TIF District Redevelopment Project Area, Plan and Projects on February 6,2012 by Ordinance No. 2071;and WHEREAS, on the 4`h day of June, 2013 the City by its duly elected Mayor and City Council and pursuant to the TIF Act approved and Authorized the Execution of a First Amendment to an Intergovernmental Agreement with Canton Union School District No. 66 (the "School District") by Ordinance No. 3016 for the Canton 1 - Downtown/5th Avenue TIF District and the Canton 2 - Rt. 9/Chestnut Street TIF District; and WHEREAS, pursuant to said First Amendment to the Intergovernmental Agreement with the School District the City has determined that the TIF District has not resulted in a net increase in new students enrolled in the School District who also reside in TIF-assisted housing units within the TIF District; and WHEREAS, the City Treasurer has determined and reported that as of October 15, 2015, the City has received $933,441.18 in total distributions from the Fulton County Treasurer for real estate tax increment generated by the TIF District in tax year 2014 payable 2015 (see Exbibit 1),including $34,660.20 from the "Hotel Development Site" of total real estate taxes that are not subject to the Canton 1-Downtown/5th Ave TIF District-Surplus Declaration-Tax Year 2014 Page 2 of 6 Developer's "PTAX--230 Non-Farm Property Assessment Complaint" for tax year 2014 payable 2015 dated January 7, 2015, notice for which was provided by the Fulton County Board of Review to the applicable taxing districts on January 28, 2015;and WHEREAS, the City Treasurer has determined and reported that as of October 15, 2015, the Canton 1 - Downtown/5th Avenue Special Tax Allocation Fund includes a surplus of $6,932.04 which represents twenty percent (20%) of the real estate tax increment deposited into the Fund for the "Hotel Development Site", based on the taxable value in the Developer's Property Assessment Complaint for tax year 2014 payable 2015, which surplus amount may be paid at this time to the Fulton County Treasurer for distribution to taxing districts in the Redevelopment Project Area in accordance with the provisions of the TIF Act (see Exbibit 2); and WHEREAS, the Mayor and City Council of the City of Canton hereby find and determine that it is appropriate to declare surplus in the amount of $6,932.04 and to cause that surplus to be distributed by the County Treasurer to the taxing districts as provided in the TIF Act; NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS: 1. The recitals set forth in the preamble to this Ordinance are hereby incorporated by reference as if fully set forth herein. 2. The Mayor and City Council, pursuant to Sections 4-7 and 4-9 of the TIF Act and other applicable authority, hereby declare a surplus of funds in the Canton 1 - Downtown/5th Avenue Special Tax Allocation Fund in the amount of $6,932.04, to be distributed by the Fulton County Treasurer to all the taxing districts in the Redevelopment Project Area. 3. The City Treasurer is hereby authorized and directed to pay such funds from the Canton 1- Downtown/5th Avenue Special Tax Allocation Fund in the amount of $6,932.04 to the Fulton County Treasurer for distribution to the taxing districts in the Redevelopment Project Area in accordance with the provisions of the TIF Act. Payment by the City Treasurer shall be made not more than 180 days after the close of the City's Fiscal Year 2016. The City Treasurer also is authorized and directed to file a certified copy of this Ordinance with the Fulton County Treasurer. 4. This Ordinance shall be in full force and effect from and after its passage and approval as provided by law and shall take effect upon its passage as required by law. Canton 1-Downtown/5th Ave TIF District-Surplus Declaration-Tax Year 2014 Page 3 of 6 PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton, Fulton County, Illinois, on the 3`d day of November, A.D., 2015, and deposited and filed in the Office of the City Clerk of said City on that date. MAYOR&ALDERMEN AYE VOTE NAY VOTE ABSTAIN/ABSENT Alderman Mayhew 1 Alderman Jim Nelson 1 Alderman Putrich 1 -Abstain Alderman West 1 Alderman Ellis 1 Alderman Justin Nelson 1 -Absent Alderman Lovell 1 Alderwoman Hale 1 TOTAL VOTES 6 0 2 APPROVED:IV A Mayor 'ty Clerk ATTACHMENT: EXHIBIT 1: Canton 1-Downtown/5th Ave TIF District Real Estate Tax Increment Distributions EXHIBIT 2: Canton 1-Downtown/5th Ave TIF District Surplus Distribution Calculation f1ACANI'0,MC4NT0N1-D7_S'1'HAI'I:NU6"17F10NI)IN.L\'CIi4\SHrjLu\Canlnn'17F1_2014HolelSarp&u Declaration Ord 101515.mpd Canton 1-Downtown/5th Ave TIF District-Surplus Declaration-Tax Year 2014 Page 4 of 6 EXHIBIT 1 Copies of Canton 1-Downtown/5th Avenue Real Estate Tax Increment Distributions Received by the City of Canton from the Fulton County Treasurer for tax year 2014 payable 2015 Canton 1-Downtown/5th Ave TIF District-Surplus Declaration-Tax Year 2014 Page 5 of 6 Tax Year:2014Settlement Sheet Page 1 01 Fulton County 9/25/201514:07 INIH - CANTON 1-DOWNTOWN/5TH AVENUE INCREMENT Current Year Taxes Due Current Year Taxes Paid Original Amount Due $939,258.92 + Real Estate $933,441.18 + Supplements $3.84 + Railroad $0.00 Cancellations $1,365.98 + Mobile Home $0.00 Abatements/Refunds $0.00 + Misc.Adjustments $0.00 + Mobile Home $0.00 + Prior Year Real Estate $0.00 +A Road&Bridge Transfer $0.00 + Prior Year Mobile Home $0.00 + Misc.Adjustments $0.00 + Prior Year Misc.Adjustments $0.00 Adjusted Amount Due $937,896.78 - Abatements/Refunds $0.00 + Prior Year Real EstateTax $0.00 Total Collected $933,441.18 + Prior Year Mobile Home Tax $0.00 + Hold Back $0.00 + Prior Year Misc.Adjustments $0.00 + County Trustee Total Amount Due $937,896.78 + Forfeited Tax Total $933,441.18 Distribution Summary Tax Distribution Date Amount 05/29/2015 $357,758.17 06/29/2015 $49,661.55 07/31/2015 $3,469.75 08/28/2015 $204,440.61 09/30/2015 $318,111.10 Totals:5 Distributions $933,441.18 Grand Totals:5 Distributions $933,441.18 Fund Summary i Previously Current Amount PY Over Fund Amount Collected Distributed Distribution Available Interest Distrib 001-CORPORATE $933,441.18 $615,330.08 $318,111.10 $0.00 $0.00 $0.00 Totals $933,441.18 $615,330.08 $318,111.10 $0.00 $0.00 $0.00 1 (C)2015 DEVNET Incorporated amann EXHIBIT 2 Canton 1-Downtown/5th Avenue TIF District Surplus Distribution Calculation for tax year 2014 payable 2015 (Based on Developer Tax Appeal) Canton 1-Downtown/5th Ave TIF District-Surplus Declaration-Tax Year 2014 Page 6 of 6 CANTON 1 - DOWNTOWN/5TH AVE TIF DISTRICT 2014 PAYABLE 2015 SURPLUS CALCULATION Based on Developer Tax Appeal 2014 Hotel RE Tax Increment Billed by County: $180,049.79 2014 Adjusted Hotel RE Tax Increment(Tax Appeal): $34,660.20 2014 Hotel Surplus(20%): $6,932.04 2014 Hotel Surplus Funds-Held by City: $29,077.92 10/15/2015 2014 Tax %of Total Taxing District Rate Tax Rate Share of Surplus City of Canton 2.0617% 20.99% $1,455.27 Canton Park District 0.7988% 8.13% $563.84 Canton Township 0.3517% 3.58% $248.25 Canton Twp Road 0.3392% 3.45% $239.43 Canton Union SD#66 3.9233% 39.95% $2,769.30 Fulton Co Ambulance 0.1765% 1.80% $124.58 Fulton County 1.5688% 15.97% $1,107.35 Spoon River Jr Coll 534 0.6007% 6.12% $424.01 Totals 9.8207% 100.00% $6,932.04 H.-ONTONICANTON]-DT 5THAVENUETIFISpreadsheets{DevReimbslHorvesterInn Hotel RETIReimb The Economic Development Group,Ltd.