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Home My WebLink About#4130 Surplus Rev in the Canton 2 Rt 9/Chestnut St 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 19111 DAY OF FEBRUARY, 2019 ADOPTED ORDINANCE NO. 4130. A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS 19TH DAY OF FEBRUARY,2019. (SEAL) Qa-- DIANA PAVLEY-ROCK CITY CLERK CITY OF CANTON ORDINANCE NO. 4130 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 2017 PAYABLE 2018 PASSED BY THE CITY COUNCIL OF THE CITY OF CANTON THE 19 111 DAY OF FEBRUARY, 2019. PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF'I'HE CITY OF CANTON,FULTON COUNTY, ILLINOIS, 'PHIS 19111 DAY OF FEBRUARY,2019. EFFECTIVE: FEBRUARY 19,2019 Page 2 ORDINANCE NO. 4130 CITY OF CANTON, ILLINOIS AN ORDINANCE DECLARING SURPLUS REVENUE IN THE CANTON 2 - RT. 9/CHESTNUT ST. 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 2017 PAYABLE 2018 PREAMBLE WHEREAS, on the 6'h 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. reg. (the "TIF Act") 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(TIF) District (the"TIP 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/Chesmut St. TIF District Redevelopment Project Area,Plan and Projects by Ordinance No. 3009; and WHEREAS, on the 6^h 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'1'IF District; 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 the Intergovernmental Agreement with Canton Union School District No. 66 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 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 November 21, 2018, the City has received $397,500.16 in total real estate tax distributions from the Fulton County Treasurer for real estate rax increment generated by the TIF District in tax year 2017 payable 2018 (Exhibit 1); and WHEREAS, the City Treasurer has detemuned and reported that as of November 21, 2018, the Canton 2 - Rt. 9/Chestnut St. Special Tax Allocation Fund includes a surplus of Paga 3 $174,622.29, which represents one hundred percent (100%) of the tax year 2017 real estate tax increment deposited into the Fund for the "Special Surplus Area", as defined in the Redevelopment Plan, and twenty percent (20%) of the tax year 2017 real estate tax increment deposited into the Fund for the balance of the TIP 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 TIP Act (Exhibit 2);and WHEREAS, the Mavor and City Council of the City of Canton hereby find and determine that it is appropriate to declare surplus in the amount of $174,622.29 and to cause that surplus to be distributed by the County'I reasurer 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 2 - Rt. 9/Chestnut St. Special Tax Allocation Fund in the amount of$174,622.29, to be distributed by the Fulton County 'Preasurer to all the taxing districts in the Redevelopment Project urea. 3. The City Treasurer is hereby authorized and directed to pay such funds from the Canton 2 - Rt. 9/Chesmut St. Special Tax Allocation Fund in the amount of$174,622.29 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 2019. The Cux 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. �Tbe remainder of thispage is intentionally blank.) Page 4 PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton, Fulton County, Illinois, on the 19" day of February, A.D., 2019, 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 Alderwoman Angie Lingenfelter X Alderman Quin Mayhew X Alderman Ryan Mayhew X Alderwoman Angela Hale X Alderman Justin Nelson X Alderman Craig West X Alderman John Lovell X Alderman Tad Putxich X ABSTAIN TOTALVOTES 7 0 1 APPROVED: ATTEST: Mayor City Clerk ATTACHMENT: EXHIBIT 1: Canton 2 - Rt. 9/Chestnut St. TIF District Real Estate Tax Increment Distributions EXHIBIT 2: Canton 2 - Rt. 9/Chestnut St. TIF District Surplus Distribution Calculation Page 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 2017 payable 2018 IA ysee 2017 Final Settlement Sheet Pege 1 of 1 Fulton County 11,1312.1.15.1 INC2-CANTON 2-Rt.9/Chestnut Street Increment Currant Year Taxes Due Currant Year T..Paid Original Amount Due $399,52].62 + Real Estate $391534.56 • Supplements $O.W + Railroad wDO Cancellations $77970 + Mobile Home $000 AbatemenavRefunds $000 + Misc.Adjustmeras $0.00 Motile Home $0.00 + Poor Year Real Estate ($34.4) .I. Road B Bridge Transfer $000 • Prior Year Mobile Home $000 + Misc.Adjustments $000 • Prior Year Misc.Adjustrerms $000 Adjusted Amount Due 5398,741.92 AbatemeMslRefunds $000 • Prior Year Real EstateTax (534.40) Total Collected $397,600.16 + Prior Year Mobile Home Tax $000 + Hold Back $0.00 • Prior Year Misc.Adiustments $000 County Trustee $1.13508 Total Amount Due lial 13.82 + Forfeited Tax $7828 Tobi $398.713.52 Interest Distribution County Interest S63.42 Township Interest $000 Total Interest 563.42 Distribution Summary Tax Distribution Dye Pmounn 051312018 $36,103.75 061292018 $164,83276 071312018 $9,57472 OBr912018 $21,267.95 09282018 $149,91947 11212018 $15,80149 Toth:B Distributions $397,600.16 arwas,ayribudon Dye Arl 11212018 $63.42 Totals:I Distributions 383.42 Grand Totals:7 Distributions 5397,683.68 Fund Summary PnNous, Current An-Ann Pyo. Fund Amount Collided MBVWuteJ EX.M."m evalable hear r dsnlb 001.CORPORATE $397,560.16 $0818988] $15601.09 Sir 00 $61.62 $000 TAW. Oer'lwa1e ind.a..ei $15,11M1A9 saw %3A2 WJW Miscellaneous Adjustment Detall YM Bove• Aaouy lute AR.,mug.,Desnouon 2017 RE Reel Estate Dad Tax CO.. 0.SCIUER.y TBA 2017 RE Real Saxe saQ Tax CCYMed W 00 JOHNSON by TBA 2017 RE�Real Estate Be*Tax Call m..2 DECAPP by Tee W17 REReal EV.. .ant Tax CO.. W SLACK by Tex 2017 RERealSam, E%3,Tax Cdleded 0 W STRATEGIC SPECIALIST WTBA Thtye Sartdas $060 a t)WI80EVNETWPARaled JIMTIIS Page 6 EXHIBIT 2 Canton 2- Rt. 9/Chestnut St.TIF District Surplus Distribution Calculation for tax year 2017 payable 2018 CANTON 2- RT. 9/CHESTNUT ST.TIF DISTRICT 2017 PAYABLE 2018 SURPLUS CALCULATION 2/5/2019 Total Estimated 2017 TIF 2 Real Estate Tax Incremecde $399,525.34 Total 2017 TIF 2 Real Estate Tax Increment Received: $397,500.16 TIF2 Surplus-Special Surplus Area(100%): $118,902.82 TIF 2-Bala nce of TIF Real Estate Tax Increment $278,597.34 TIF 2 Surplus-Balance of TIF(2096): $55,719.47 Total TIF 2 Surplus of R.E.Tax Increment $174,622.29 2017Tax %of Total Shareof1o0% Share of 20% Total Share Taxing District Rah Tax Rate Surplus Surplus of5urplus City of Canton 2.2813% 23.03% $27,379.93 $12,830.61 $40,210.5 Canton Park District 0.7758% 7.83% $9,311.07 $4,363.29 $13,674.37 Canton Township 0.3363% 3.39% $4,036.24 $1,891.44 $.5,927.67 Canton Twp Road 0.3512% 3.54% $4,215.07 $1,975.24 $6,190.30 Canton CUSD 866 3.9306% 39.67% $47,174.67 $22,106.69 $69,281.35 Fulton Co Ambulance 0.1609% 1.62% $1,931.11 $904.94 $2,836.05 Fulton County 1.4568% 14.7076 $1],484.37 $8,193.41 $25,6777 S on River Jr Coll 534 0.6141% 6.20% $],370.37 $3,453.85 $10,824.22 otals 9.9070% 100.00%1 $118,902.82 $55,719.47 $174,622.29 Total School Share of Increment(10%); $39,952.53 Total School Share of Surplus: $69,281.35 Additional School Share Due: $0.00 Page 7