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Home My WebLink About#5184 Proposed First Amendment TIF District no.3 Redevelopment Poroject RESOLUTION NO. 5184 CITY OF CANTON, ILLINOIS PROPOSED FIRST AMENDMENT TAX INCREMENT FINANCING (TIF) DISTRICT NO. 3 REDEVELOPMENT PROJECT INDUCEMENT RESOLUTION WHEREAS, the City- of Canton, Fulton County, Illinois, (the "City'), has the authority to promote the health, safety and welfare of the City and its citizens, and to prevent the spread of blight and deterioration by promoting the development of private investment in property thereby increasing the real estate tax base of the Ciy and providing employment for its citizens;and WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act,65 ILCS 5/11- 74.4 et req., as amended (the "Act'), the City has the authority to provide incentives to owners or prospective owners of real property to develop,redevelop, rehabilitate,market and/or upgrade such property by reimbursing the owner for certain costs from resulting increases in real estate tax revenues (`Tax Increment') or from other City revenues;and WHEREAS, on April 5, 2017, recognizing the need to foster the development, expansion and revitalization of certain properties which are vacant, underutilized or undeveloped, the City adopted Tax Increment Financing under the Act, approved a Redevelopment Plan (the "Plan') and designated a Redevelopment Area known as Canton Tax Increment Financing District No. 3 (the 'TIF District');and WHEREAS, the City is considering proposals for commercial, light industrial and residential redevelopment projects on properties that the City intends to include within a proposed First Amendment to Canton Tax Increment Financing (TIF) District No. 3 Redevelopment Project Area (the"Area');and WHEREAS, it appears that such redevelopments cannot be developed without the adoption of an Amended Tax Increment Financing District Redevelopment Plan, Area and Projects for the TIF District pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11- 74-4 et seq. (the"Act'); and WHEREAS, the City is authorized under the Act to make and enter into all contracts with property owners, developers, tenants, overlapping taxing bodies, and others necessary or incidental to the implementation and furtherance of its redevelopment plans and projects and to finance redevelopment project costs provided such project costs are eligible under the Act;and WHEREAS, MidAmerica National Bank, 100 W. Elm Street, Canton, Illinois, or its assignee (the "Developer') is currently proposing to a redevelopment project consisting of, but not limited to, replacing and constructing a new commercial headquarters and banking facility at 100 W. Page 1 of 4 Elm Street, Canton, IWnois (the "Project") within the proposed Area to be amended to the TIF District; and WHEREAS, redevelopment of the property within the Area will entail expenditures of substantial time, effort and money and that but for the assistance of tax increment financing, the proposed Project is not deemed to be financially feasible as evidenced by the Developer's statement attached hereto as ExWbitA;and WHEREAS, this Resolution is intended to induce the Developer to commence the Project and to seek reimbursement from incremental real estate tax revenue received by the City or from other sources as may be agreed to between the City and the Developer which are necessary to accomplish the goals of the Canton TIF District No. 3 Redevelopment Plan and Projects as may be amended by the City for this Project; and WHEREAS, the Board of Trustees has initiated an examination of the proposed Area as to be amended and believes that expenditures of development costs in furtherance of the potential Redevelopment Plan and Projects should be allowable project costs under the Redevelopment Plan, provided that this Resolution is not a guarantee of the amount of project costs that will be allowable,if any, but rather is an indication of the intent and sense of the City at this time. NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the City of Canton, Fulton County,Illinois,as follows: 1. That the intentions of the City of Canton regarding this Project as expressed in the recitals herein are hereby approved; provided however, that neither such intentions, affirmations, authorizations nor such recitals are binding upon the City nor may the same be relied upon to any entity's or person's detriment by such entity or person whether third person or otherwise in the event that the aforementioned agreements or plans are not mutually attainable. 2. That the City Council of the City of Canton is in favor of the proposed Project. 3. The City shall proceed and use its best good faith efforts to amend the Canton Tax Increment Financing District No. 3 Redevelopment Plan, Project and Area to include the Developer's Property and Project. The City and the Developer shall also use their best efforts to enter into a Predevelopment Agreement on or before June 30, 2019, and provided that such agreement is approved, those future TIF eligible project costs incurred by the Developer from the date of this Resolution may be reimbursed to the Developer from an appropriate Special Tax Allocation Fund and shall thereby constitute an incurred obligation of the City of Canton pursuant to Sections 5/11-74.4-4 (b) and O of the Act. 4. The provisions of this Resolution shall be effective commencing with its adoption as provided by law. Page 2 of 4 PASSED,APPROVED AND ADOPTED by the Mayor and Board of Trustees of the City of Canton, Peoria County, IWnois,on the 2"d of April,2019, and deposited and filed in the Office of the City Clerk of said City of Canton on that date. CORPORATE AUTHORITIES AYES NAYS ABSTAIN ABSENT Ryan Mayhew,Ald. Ward 1 X Angie llngenfelter,Ald. Ward 1 X Craig West. Ald. Ward 2 X Tad Putrich,Ald.Ward 2 R Quin Mayhew,Ald. Ward 3 X Justin Nelson,Ald.Ward 3 X John Lovell,Ald. Ward 4 X Angela Hale,Ald,Ward 4 X Kent A. McDowell,Mayor TOTALS: 7 0 1 0 APPROVED: - V V`�� Date �/�'/ 2019 Mayor,City of Caadh ATTEST: Date: 41 '2-12019 Clerk, City of Canton Attachment.• Exhibit A. Developer Statement 11A( IN ION IC:"1 ON iU'ia+i Ad AC-I,, III'i.AIAARIM 11, n°Apol2019.d— Page 3 of 4 EXHIBIT A DEVELOPER STATEMENT Page 4 of 4 ImWmericaMidANational Bancshares, Inc. March 27,2019 Mr. Kent McDowell, Mayor City of Canton 2 North Main Street Canton, IL 61520 Dear Mayor McDowell: MidAmerica National Bank is entering its eighty-sixth year in Canton,fifty at its current location.We have been considering a project to either remodel the existing building or build a new building at the current location. This location has been ideal for our customers and the community and our desire is to remain here as Canton's longest standing, locally owned community bank for many more years. Replacing and expanding our current facility instead of renovating an old building is a significantly greater investment than we had originally contemplated. The potential availability of some assistance by the City through tax increment financing will help us mitigate the additional long-term risks we are otherwise unable to fully justify at this time. Therefore, as we draw closer to our final decisions for our Project,we respectfully ask that the City of Canton consider adding our site to a TIF redevelopment area and approve a non-binding Inducement Resolution to affirm its support for MidAmerica National Bank to construct an entirely new building. Thank you for your consideration. Sincerely, Rick R. Klinedinst President/CEO 100 West Elm Street • • Box 3 10 Canton, I L 6 1520 09 000