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HomeMy WebLinkAbout05-28-2019 Hearing NOTICE OF PUBLIC MEETING CITY OF CANTON PROPOSED FIRST AMENDMENT TO CANTON TIF DISTRICT 3 The City of Canton,Fulton County,Illinois,an Illinois Municipal Corporation,hereby gives Notice of a Public Meeting to be held on Tuesday 28,2019 at 5:30 p.m.Central Dayliht-Saving Time at the Canton Train Depot 50 N.0'Avenue Canton IL 61520, to consider the proposed First Amendment to the Canton Tax Increment Financing District 3 ("TIF District,3") Redevelopment Project Area,Plan and Projects pursuant to the Tax Increment Allocation Redevelopment Act(65 ILCS 5/1.1-74.4 et.seq.,the"Act,). Pursuant to the Act,the Public Meeting shall be held for the purpose of enabling the.City.to advise the public as to the City's. possible intent to prepare an Amendment to the Redevelopment Plan and designate an Amended Redevelopment Project Area. and to receive public comment.All taxing districts having real property in the proposed Amended Redevelopment.Project Area, . interested persons,residents,property taxpayers,and all'entities that have registered with the City in.accordance with registration guidelines established for the Interested Parties Registry will be given an opportunity to be heard orally and may file,with the person conducting the meeting,statements that pertain to the subject matter of the meeting. Proposed Amended Redevelopment Project Area: Pursuant to the Act,the Redevelopment Project Area as Amended("Area")includes only those contiguous parcels of real property and improvements thereon which would be substantially.benefitted by a redevelopment project and the Area is not less in the aggregate than V/2 acres. The areas proposed to:be added to Canton TIF District 3 are illustrated on the proposed Boundary Map on Page 2 of this notice. Purpose of Amending the Redevelopment Project Area,Plan&Projects: The City of Canton proposes to amend its TIF District 3.Redevelopment Project Area in order to add additional property to the Area and add additional public and private eligible project costs to the Redevelopment Plan.The intent of the Amended Redevelopment Plan is to promote and protect the health,safety,morals,and welfare of the public,address blighted conditions in the Amended Area and institute conservation measures so as to remove and alleviate adverse conditions,encourage private investment,and restore and enhance the tax base of the taxing districts by undertaking.public and private redevelopment projects within the Area as amended. Description of Tax Increment Financing_ A TIF District establishes a geographic boundary(a redevelopment project area).in which new private investment is encouraged.A municipality may issue obligations to finance improvements that will enable the redevelopment of deteriorated,blighted, or other key conservation areas within its corporate limits.A municipality may also,choose to use TIF funds on a pay-asyou'go basis whereby revenue is spent as it is collected.In either case,by making public improvements,the municipality may more effectively invite new private investment so that the expected increasein property tax revenues may be captured,temporarily,to help pay for the public improvements. The City intends to offer TIF incentives to offset certain private project costs.It is expected that new investment within the.designated redevelopment area;as amended,within the City of Canton will stimulate a resurgence of population,employment, and assessed valuation throughout the entire community. It should.be noted that Tax Increment Financing DOES'NOT RAISE PROPERTY TAXES' and it IS NOTA NEW TAX OR A NEW TAXING DISTRICT. Only an increased assessment or an overall increase in tax rates can raise taxes. TIF is merely used to reallocate increased property tax revenues created only by increased.assessed ' valuation,that is realized after a TIF District is established. A TIF District may last for up to 23 years. With Tax Increment Financing,the property tax base is preserved during the,life of the TIF District that will continue Eo pay for the basic public services the proposed redevelopment area already receives. For additional information, comments and suggestions regarding the First Amendment to Canton TIF District 3,please contact Mayor Kent McDowell,City of Canton,2 N.Main Street,Canton,II,61520,ph: (309) 647-0065. Diana Pavley-Rock City.Clerk, Page'I of 2 � , 1® I 17 Ilia a ,1111 I®® RE® � ®ll ® 11 _ ®®� , �� ®o ;®= - WE logo ®1Q= 1101® 111111 oil 1o�III oil Hum IM ma IBM Feet ® e®wee �1 N illi Canton .