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Home My WebLink About#4072 Surplus Revenue 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 Sur DAY OF APRIL,2017 ADOPTED ORDINANCE NO.4072. A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS Sib DAY OF APRIL,2017. (SEAL) D A P Y-ROCK CITY CLERK CITY OF CANTON ORDINANCE NO.4072 AN ORDINANCE DECLARING SURPLUS REVENUE IN THE CANTON 2-RT.9/CHESTNUT ST.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 2015 PAYABLE 2016 PASSED BY THE CITY COUNCIL OF THE CITY OF CANTON THE 5111 DAY OF APRIL,2017. PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON,FULTON COUNTY, ILLINOIS, THIS 5114 DAY OF APRIL,2017. EFFECTIVE: APRIL 5,2017 ORDINANCE NO.4072 CITY OF CANTON,ILLINOIS AN ORDINANCE DECLARING SURPLUS REVENUE IN THE CANTON 2-RT.9/CHESTNUT ST. SPECIAL TAX ALLOCATION FUND AND AUTHORIZING PAYMENT OP THAT SURPLUS REVENUE TO THE FULTON COUNTY TREASURER FOR DISTRIBUTION TO AFFECTED TAXING DISTRICTS ON A PRO RATA BASIS for TAX YEAR 2015 PAYABLE 2016 PREAMBLE WHEREAS,on the 6'day of February,A.D.,2012,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 "TIE Att') heretofore adopted a Redevelopment Plan and Projects; designated a Redevelopment Project Area;and adopted Tax Increment Financing for the Canton 2- Rt.9/Chestnut St Tax Increment Financing(TIE)District(the'TIE District');and WHEREAS, on the 19th day of March, 2013 pursuant to the TIF Act, the City approved the First Amendment to the Canton 2 - Rt. 9/Chestnut St. TIF District Redevelopment Project Area, Plan and Projects by Ordinance No.3009;and WHEREAS, on the 6th day of December, 2011 the City by its duly elected Mayor and City Council and pursuant to the TIF Act approved and Authorized the Execution of an Intergovernmental Agreement with Canton Union School District No.66 (the'School District")by Ordinance No.2056 for the Canton 2-Rt. 9/Chestnut Street TIE District;and WHEREAS, on the 4th 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 the Intergovernmental Agreement with Canton Union School District No. 66 by Ordinance No. 3016 for the Canton 1 - Downtown/5th Avenue TIE District and the Canton 2 - Rt. 9/Chestnut Street TIE District;and WHEREAS,pursuant to said Intergovernmental Agreement with the School District, the City has determined that the TIE District has not resulted in a net increase in new students enrolled in the School District who also reside in TIE-assisted housing units within the TIF District;and WHEREAS,the City Treasurer has determined and reported that as of November 18,2016,the City has received$239,909.84 in total real estate tax distributions from the Fulton County Treasurer for real estate tax increment generated by the TIE District in tax year 2015 payable 2016 (Exhibit 1); and WHEREAS,the City Treasurer has determined and reported that as of November 18,2016,the Canton 2 - Rt. 9/Chestnut St. Special Tax Allocation Fund includes a surplus of$84,686.66,which represents one hundred percent(100%) of the tax year 2015 real estate tax increment deposited into the Fund for the"Special Surplus Arca", as defined in the Redevelopment Plan,and twenty percent (20%) of the tax year 2015 real estate tax increment deposited into the Fund for the balance of the TIF District,which surplus amount may be paid to the Fulton County Treasurer for distribution to taxing districts in the Redevelopment Project Area in accordance with the provisions of the TIF Act (Exhibit 2);and WHEREAS,the Mayor and City Council of the City of Canton hereby fmd and determine that it is appropriate to declare surplus in the amount of$84,686.66 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 OP 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 TIP Act and other applicable authority,hereby declare a surplus of funds in the Canton 2 - Rt. 9/Chestnut St. Special Tax Allocation Fund in the amount of$84,686.66, 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 2- Rt. 9/Chestnut St. Special Tax Allocation Fund in the amount of$84,686.66 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 after approval of this Ordinance, but not more than 180 days after the close of the City's Fiscal Year 2017. 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. IT be r mainder of thicf ge it intenlionu/1y blank] PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton, Fulton County, Illinois, on the 5t day of April,A.D., 2017, 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 Ryan Mayhew X Alderman Tad Putrid, X ABSTAIN Alderman Craig West X Alderman Gerald Ellis X Alderman Justin Nelson X Alderman John Lovell X ABSENT Alderwoman Angela Hale X Mayor Jeffrey Fritz TOTAL VOTES 5 0 2 APPROVED: A leor Mayor e ty Cluk ec ATTACHMENT. EXHIBIT 1:Canton 2-Rt 9/Chestnut St.TIF District Real Estate Tax Increment Distributions EXHIBIT 2 Canton 2-Rt. 9/Chestnut StTIF District Surplus Distribution Calculation 1,.\c4w16Yff.M'RN I AIHLuw.tfni*rf fapuA[wa 2_10rs.c i,ds..wymnAs/ EXHIBIT 1 Canton 2-Rt.9/Chestnut St. Real Estate Tax Increment Distributions Received by the City of Canton from the Fulton County Treasurer for tax year 2015 payable 2016 Tax Yew D14 Final Settlement Sheet Paas 1 a1 Fulton County 191as1a ea4 INC2-CANTON 2-Rt. 9/Chestnut Street Increment Current Year Taxes Due Current Year Axes Paid Original Amount Due $244,225.00 + Real Estate 5240,457,72 + Supplements $0.00 + Railroad $0.00 Cancellations $2,568.18 + Mobile Home $0.00 Abatements/Refunds $0.00 + Misc.Adjustments $0.00 ' + Mobile Home $0.00 + Prior Year Real Estate ($547.98) +/- Road&Bridge Transfer $0.00 + Prior Year Mobile Home $0,00 + Misc.AGuetments $0.00 + Prior Year Misc.Adjustments $0.00 Adjusted Amount Due $241,6/6.82 - Abatements/Refunds $0.00 + Prior Year Real EstateTx ($547.88) Total Collected $239,906.84 + Prior Year Moble Home lax $0.00 + Hole Back $0.00 + Prior Year Misc.AdluNmema $0.00 + County Trustee $1.199.10 Total Amount Due $241,106.94 + Forfeited lax $0.00 Total $241,108.94 Interest Distribution County Interest $23.64 Tbmahlp Interest . $0.00 Total Interest $23.54 Distribution Summary Tax Olmbutlen In *earn 05/31/2016 141.684.62 �. 06/3x2016 $86.885.50 �. 07/29/2018 $3,863.34 0829/2018 $21,135.25 00/30x2016 $80,473.78 11/18/2016 $6,090.98 Totals:6 Distributions $239,999.84 rime modaan as Aewa 11/142018 0/.54 Totals:1 Distributions $23,84 Grand Totals:7 Distributions $239,933.38 Fund Summary Pr.wau.ty Cuma Amount now FUM Amoat Collected ntebbWd DIWbulbn Avateete sons Dterlb ODI-CORPORATE al 6231,/12.8/ SSA. 1000 SEEM NM M40.00M PAS MOM!MOM! 42ri,M6J6 N.ea1.e1 SAO IC)1O1tDEVAETO,00poMod MANN EXHIBIT 2 Canton 2-Bt.9/Chestnut St.TTP District Surplus Distribution Calculation for tax year 2015 payable 2016 CANTON 2 - RT. 9/CHESTNUT ST. TIF DISTRICT 2015 PAYABLE 2016 SURPLUS CALCULATION 3/3/2017 Total 201$TIF 2 Real Estate Tax Increment Received: $239,909.84 Total 2015 TIF 2 Real Estate Tax Increment Received: TIF 2 Surplus-Spedal Surplus Area(100%): $45,880.87 TIF 2-Balance of TIF Real Estate Tax Increment $194,028.97 TIF 2 Surplus-Balance of TIF(20%): $38,805.79 Total TIF 2 Surplus of R.E.Tax Increment: $84686.66 2015 Tax %of Total Share of 100% Share of 20% Total Shore Taxing District Rate Tax Rate Surplus Surplus of Surplus City of Canton 2.3240% 23.06% $10,581.87 $8,950.09 $19,531.96 Canton Park District 0.8195% 8.13% 53,731.43 $3,156.02 $6,887.45 Canton Township 0.3415% 3.39% $1,554.95 $1,315.17 $2,870.12 Canton Twp Road 0.3441% 3.41% 51,566.79 $1,325.18 $2,841.97 Canton CUSD#66 3.9882% 38.59% $17,704.14 $14,974.07 $32,678.21 Fulton Co Ambulance 0.177446 1.76% $807.76 $683.20 $1,490.95 Fulton County —^ 1.5745% 15.63% $7,169.17 $6,063.65 $13,232.82 Spoon River Jr Coll 534 0.6072% 6.03% 52,764.76 $2,338.42 55,103.19 Totals 10.0764% 100.00% $45,880.87 $38,905.79 $84,686.66 Total School Share of Increment(10%): $23,990.98 Total School Share of Surplus: $32,678.21 Additional School Share Due: $0.00 MCAVIMmxxa,11710wnwn4a.+eanmW°„ldw 2 .aSakai Cabaltl^ The Economic Development e,nup,ltd.