The URL can be used to link to this page

Home My WebLink About#4157 approving the forst amendment to the redevelopment plan 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 20TH DAY OF AUGUST, 2019 ADOPTED ORDINANCE NO. 4157, A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS DAY OF AUGUST, 2019. (SEAL) DIA AVLEY-ROCK CITY CLERK CITY OF CANTON, ILLINOIS ORDINANCE NO. 4157 AN ORDINANCE APPROVING THE FIRST AMENDMENT TO THE REDEVELOPMENT PLAN AND PROJECTS FOR CANTON TAX INCREMENT FINANCING DISTRICT 3 PASSED BY THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, ON THE 20TH DAY OF AUGUST, 2019 PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, THIS 20TH DAY OF AUGUST, 2019 EFFECTIVE: AUGUST 20, 2019 ORDINANCE 1 OF 3 ORDINANCE NO.4157 CITY OF CANTON,FULTON COUNTY, ILLINOIS APPROVING THE FIRST AMENDMENT TO THE REDEVELOPMENT PLAN AND PROJECTS FOR CANTON TAX INCREMENT FINANCING DISTRICT 3 WHEREAS,the City of Canton,Fulton County,Illinois,(the"City") desires to implement tax increment financing pursuant to the Tax Increment Allocation Redevelopment Act,65ILCS 5/11-74.4- 1 et seq.,as amended,hereinafter referred to as the"Act", for the Redevelopment Plan and Projects for the proposed First Amendment to Canton Tax Increment Financing ("TIF") District 3 within the municipal boundaries of the City of Canton and within the Redevelopment Project Area as amended (the"Area") and described in Section 1(a) of this Ordinance,which Area constitutes in the aggregate more than 1 1/2 acres;and WHEREAS, pursuant to Section 11-74.4-4.2 of the Act, on December 20, 2016, the City approved Ordinance No.4056 to establish an"Interested Parties Registry"and adopt Registration Rules for the registry for Canton TIF District 3; and WHEREAS,on May 13,2019 due notice in respect to a Public Meeting for the proposed First Amendment was given pursuant to Section 11-74.4-6(e) of the Act,such notice being given to taxing districts having real property in the Amended Redevelopment Project Area,interested parties,taxpayers who own property in the Amended Redevelopment Project Area and residents in the Amended Area; and WHEREAS, pursuant to Section 11-74.4-6(e) of the Act, on May 28, 2019, the City held a Public Meeting for the proposed First Amendment to advise the public, taxing districts having real property in the Amended Redevelopment Project Area,taxpayers who own property in the Amended Redevelopment Project Area, and residents of the Amended Area 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;and WHEREAS,pursuant to Section 11-74.4-5 of the Act,on July 11,2019, the City convened a Joint Review Board for the proposed First Amendment to consider the proposal and the Joint Review Board met on said date and recommended that the City Council approve the First Amendment to the Redevelopment Project Area,Plan and Projects;and WHEREAS,due notice in respect to a Public Hearing for the proposed First Amendment was given pursuant to Section 11-74.4-5 and 6 of the Act, with notice being given on June 19, 2019 by certified mail to Taxing Districts and the State of Illinois Department of Commerce and Economic Opportunity; on June 28, 2019 by certified mail to Taxpayers and by regular U.S. mail to residents in the Amended Area;on July 8,2019 by regular U.S.mail to all residences within 750 feet of the Amended Redevelopment Project Area and registrants on the Interested Parties Registry;and by publication in The Canton Daily Ledger on July 19,2019 and July 26,2019;and WHEREAS, pursuant to Section 11-74.4-5 of the Act, on August 6, 2019 the City Council caused a Public Hearing to be held relative to the First Amendment to the Redevelopment Plan and Projects and the designation of an Amended Redevelopment Project Area at the Canton City Train Depot,50 N. 4'Avenue,Canton,Illinois;and Page I ORDINANCE I OF 3 WHEREAS, the First Amendment to the Redevelopment Plan and Projects set forth the factors constituting the need for the redevelopment of blighted and conservation areas in the Amended Redevelopment Project Area as amended and the City Council has reviewed testimony concerning such needs presented at the Public Hearing and has reviewed other studies and is generally informed of the conditions in the Amended Redevelopment Project Area as said terms `Blighted Area,Conservation Area and Combination of Blighted and Conservation Areas"is used in the Act; and WHEREAS, the City Council has reviewed the conditions pertaining to lack of private investment within the proposed Amended Redevelopment Project. Area to determine whether contiguous parcels of real property and improvements thereon in the Amended Redevelopment Project Area would be substantially benefitted by the proposed redevelopment project improvements;and WHEREAS, the City Council has further determined that the implementation of the First Amendment to the Redevelopment Plan will increase the City's population, increase employment opportunities,increase the overall value and quality of life of the community for its residents,and by completing the Redevelopment Projects,enhance the tax bas e of the taxing districts that extend into the Redevelopment Project Area as amended;and WHEREAS, the City Council has reviewed the proposed First Amendment to the Redevelopment Plan and Projects,Land Use and Zoning Map and Ordinances for the development of the municipality as a whole to determine whether the proposed Redevelopment Plan and Projects as amended conform to the Ordinances of the municipality. NOW,THEREFORE,BE IT ORDAINED BYTHE MAYORAND CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY,ILLINOIS,THAT: 1. The City Council of the City of Canton hereby makes the following findings: a. The area constituting the Amended Redevelopment Project Area in the City of Canton, Illinois, is described in Exhibit A (Legal Description) and Exhibit B (Boundary Map) of this Ordinance. b. There exist conditions set forth herein and in the Qualifying Characteristics described in the First Amendment to the Plan which cause the area to be added to be designated as a "Combination of Blighted and Conservation Areas" as defined in Section 11-74.4-3 of the Act. C. The Amended Redevelopment Project Area on the whole has not been subject to growth and development through inves tment by private enterprise and would not be reasonably anticipated to be developed without the adoption of the First Amendment to the Redevelopment Plan. d. The Redevelopment Plan and Projects as amended conform to the Land Use and Zoning and Ordinances for the development of the municipality as a whole. e. The Redevelopment Plan and District as amended shall be completed no later than December 31 of the year in which the payment is made to the municipal Page 2 ORDINANCE I OF 3 treasurer with respect to ad valorem taxes levied in the twenty-third (23`x) calendar year after the year in which the Ordinance approving the Redevelopment Plan and Projects was adopted. f. The estimated date for retirement of obligations,if any,incurred to finance the Redevelopment Project costs shall be no later than twenty (20) years from the effective date of the Ordinance related to such obligations, or the end of the TIF District,whichever occurs first. g. Such incremental revenues will be exclusively used for the development of the Redevelopment Project Area as amended. h. The Redevelopment Project Area as amended would not reasonably be developed without the use of such incremental revenues. i. Such additional information pertaining to the Qualifying Characteristics is set forth in the Plan as amended. j. In addition, the City has reviewed the following material: (1)Land Use Applicable Zoning Map and Ordinances. (2) Impact on other Taxing Districts. (3) Findings and Recommendations of the Joint Review Board. 2. The First Amendment to the Redevelopment Plan and Projects is hereby adopted and approved.A copy of the First Amendment to the Redevelopment Plan and the Projects is attached hereto as Exhibit C and made a part of this Ordinance. 3. All ordinances and parts of ordinances in conflict herewith are hereby repealed. 4. This Ordinance shall be in full force and effect from and after its passage and approval as provided by law. Page 3 ORDINANCE 1 OF 3 PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton,Illinois on the 20`h day of August,A.D.,2019,and deposited and filed in the Office of the City Clerk of said City on that date. MAYOR& CITY COUNCIL AYE VOTE NAY VOTE ABSTAIN/ABSENT Angie Lingenfelter X Ryan Mahew X Angela Hale X Justin Nelson X Craig West X John Lovell X Quin Mahew X Jeffrey Fritz X Bent McDowell,Mayor TOTAL VOTES: 8 0 0 APPROVED: � \ Date: ayor ATTEST: Date: . erk Exhibit(A)Attached,Canton TIF District 3 Amended Legal Description Exhibit(B)Attached,Canton TIF District 3 Amended Boundary Map Exhibit(C)Attached,Canton TIF District 3 First Amendment to Redevelopment Plan and Projects Page 4 f ORDINANCE 1 OF 3 EXHIBIT A CANTON TIF DISTRICT 3 FIRST AMENDMENT AMENDED LEGAL DESCRIPTION A part of Sections 27, 34 and 35 all in Township 7 North, Range 4 East of the Fourth Principal Meridian,Fulton County,Illinois, further described as follows: Beginning at the intersection of the southerly right-of-way line of East Elm Street and the easterly right- of-way line of South Third Avenue; Thence southerly along the easterly right-of-way line of South Third Avenue to the intersection of the easterly right-of-way line of South Third Avenue and the northerly right-of-way line of East Maple Street; Thence easterly along the northerly right-of-way line of East Maple Street to the intersection of the northerly right-of-way line of East Maple Street and the easterly right-of-way line of South Fourth Avenue; Thence southerly along the easterly right-of-way line of South Fourth Avenue which crosses East Maple Street,Anderson Place and East Oak Street to the intersection of the easterly right-of-way line of South Fourth Avenue and the southerly right-of-way line of East Oak Street; Thence westerly along the southerly right-of-way line of East Oak Street which crosses South Fourth Avenue,South Third Avenue,South Second Avenue,South First Avenue and South Main Street to the intersection of the southerly right-of-way line of West Oak Street and the westerly right-of-way line of South Main Street; Thence northerly along the westerly right-of-way line of South Main Street to the intersection of the westerly right-of-way line of South Main Street and the southerly right-of-way line of the Keokuk Junction Railway Co. Railroad; Thence westerly along the southerly right-of-way line of the Keokuk Junction .Railway Co. Railroad which crosses South Avenue A and South Avenue B to the intersection of the southerly right-of-way line of the Keokuk Junction Railway Co. Railroad and the westerly right-of-way line of South Avenue B; Thence northerly along the westerly right-of-way line of South Avenue B to the intersection of the westerly right-of-way line of South Avenue B and the northerly right-of-way line of the Keokuk Junction Railway Co. Railroad; Thence easterly along the northerly right-of-way line of the Keokuk Junction Railway Co. Railroad to the intersection of the northerly right-of-way line of the Keokuk Junction Railway Co.Railroad and the westerly right-of-way line of South Avenue A; Thence northerly to the intersection of the westerly right-of-way line of South Avenue A and the southerly right-of-way line of West Maple Street; Thence westerly along the southerly right-of-way line of West Maple Street to the intersection of the southerly right-of-way line of West Maple Street and the westerly right-of-way line of South Avenue B.- Thence ;Thence northerly along the westerly right-of-way line of South Avenue B to the intersection of the westerly right-of-way line of South Avenue B and the northwesterly right-of-way line of Martin Avenue; Thence northeasterly along the northwesterly right-of-way line of Martin Avenue to the intersection of the northwesterly right-of-way line of Martin Avenue and the southerly right-of-way line of West Walnut Street; Thence westerly along the southerly right-of-wap line of West Walnut Street 170 feet,more or less,to the northeast corner of Lot 1 in Joseph Krischke's Addition to the City of Canton; Thence northerly across West Walnut Street to the southwest corner of Lot 21 in Nathan Jones Third Page 5 ORDINANCE 1 OF 3 Addition to the City of Canton, said corner being on the northerly right-of-way line of West Walnut Street; Thence continuing northerly along the west line of Nathan Jones Third Addition to the northwest corner of Lot 17 in Nathan Jones Third Addition,said corner being on the southerly right-of-way line of West Pine Street; Thence westerly along the southerly right-of-way line of West Pine Street 157 feet,more or less,to the intersection of the southerly right-of-way line of West Pine Street and the extended westerly line of Lot 15 in Hulit's Addition to the City of Canton; Thence northerly which crosses West Pine Street and West Elm Street to the intersection of the extended westerly line of Lot 15 in Hulit's Addition and the northerly right-of-way line of West Elm Street; Thence easterly along the northerly right-of-way line of West Elm Street 310 feet,more or less,which crosses North Avenue B to the intersection of the northerly right-of-way line of West Elm Street and the east line of the west 41 feet of the east half of Lot 29 in Nathan Jones First Addition to the City of Canton; Thence northerly 197.5 feet,more or less, to the intersection of the extended east line of the west 41 feet of the east half of Lot 28 in Nathan Jones First Addition and the south line of lot 25 in Nathan Jones First Addition,said south line also being the northerly right-of-way line of a 16 foot wide alley; Thence easterly along the northerly right-of-way line of said alley 65 feet,more or less,to the southwest corner of Lot 26 in Nathan Jones First Addition, said corner also being on the easterly line of a 16.5 foot wide alley; Thence southerly along the easterly right-of-way line of said alley to theintersection of the easterly right- of-way line of said alley and the northerly right-of-way line of West Elm Street; Thence easterly along the northerly right-of-way line of West Elm Street to the intersection of the northerly right-of-way line of West Elm Street and the westerly right-of-way line of North Avenue A; Thence southerly across West Elm Street and continuing along the westerly right-of-way line ofAvenue A to the intersection of the westerly right-of-way line of South Avenue A extended and the southerly right-of-way line of Pine Street; Thence continuing southerly 260 feet,more or less; Thence easterly 89 feet,more or less; Thence southerly 160 feet,more or less,to a point on the northerly right-of-way line of West Walnut Street; Thence easterly along the northerly right-of-way line of Walnut Street which crosses South Main Street to the intersection of the northerly right-of-wayline of.East Walnut Street and the westerly right-of-way line of White Court; Thence southerly across East Walnut Street,66 feet,more or less,to the northwest corner of a 20 feet wide alley; Thence easterly along the southerly right-of-way line of East Walnut Street 20 feet,more or less,to the northeast corner of said 20 foot wide alley; Thence southerly along the easterly right-of-way line of said alley 671 feet,more or less,which crosses East Maple Street to the intersection of the easterly right-of-way line of said alley and the south line of the north 5 feet of Lot 120 in Wright's Addition; Thence easterly to the intersection of the extended south line of the north 5 feet of Lot 120 in Wright's Addition and the easterly right-of-way line of South First Avenue; Thence southerly along the easterly right-of-way line of South First Avenue 33 feet,more or less,to the intersection of the easterly right-of-way line South First Avenue and the north line of the south 12 feet of Lot 119 in Wright's Addition; Page 6 ORDINANCE]OF 3 Thence easterly to the intersection of the north line of the south 12 feet of Lot 119 in Wright's Addition and the east line of Lot 119 in Wright's Addition,said east line also being the westerly right-of-way line of a 20 foot wide alley; Thence southerly along the westerly right-of-way line of said alley to the intersection of the westerly right-of-way line of said alley and the northerly right-of-way line of the Keokuk Junction Railway Co. Railroad; Thence easterly along the northerly right-of-way line of the Keokuk Junction Railway Co. Railroad to the intersection of the northerly right-of-way line of the Keokuk Junction Railway Co.Railroad and the easterly right-of-way line of South Second Avenue; Thence northerly along the easterly right-of-way line of South Second Avenue 150 feet,more or less, to the northwest corner of Lot 117 in Wright's Addition; Thence easterly 188 feet,more or less, to the northeast corner of Lot 117 in Wright's Addition, said corner also being on the westerly right-of-way line of a 20 foot wide alley; Thence northerly 150 feet,more or less,along the westerly right-of-way line of said alley to the southeast corner of Lot 73 in Wright's Addition; Thence westerly 188 feet,more or less,to the southwest corner of Lot 73 in Wright's Addition, said corner also being on the easterly right-of-way line of South Second Street; Thence northerly along the easterly right-of-way line of South Second Avenue which crosses East Maple Street and East Walnut Street to the intersection of the easterly right-of-way line of South Second Avenue and the northerly right-of-way line of East Walnut Street; Thence westerly along the northerly right-of-way line of East Walnut Street to the intersection of the northerly right-of-way line of East Walnut Street and the westerly right-of-way line of South Second Avenue; Thence northerly along the westerly right-of-way line of South Second Avenue which crosses East Pine Street to the intersection of the westerly right-of-way line of South Second Avenue and the southerly right-of-way line of East Elm Street; Thence easterly along the southerly right-of-way line of East Elm Street to the Point of Beginning. Page 7 ORDINANCE 1 OF 3 EXHIBIT B CANTON TIF DISTRICT 3 FIRST AMENDMENT AMENDED BOUNDARY MAP Page 8 June 5,2019 I _J L—J I� _ As Amended - c a m WEim Sr EEl.St •M1�_ v�• Point of _ ¢' Beginning _ __._ Lau v m v – WPinest •� EPine St EPlne St -- ITI'lN EWolnut St WWolnutst ' EWafnutSr M—fl - -- � EMaPIe SS J - v� Maple St EMopleSr < i NMI L—:-1_ N N -- �� rrieti Anderson PI 1 t ERoilrond St •� _ � Grant Pl pollrood 5 .. Fulton Pl •-�� +♦ 00 A TFTWRnRroodSt Legend W Oak S[ «�• Eooksr !-"'—! Canton 3-TIF District 1- j i i 'aZ� ''� (First Amendment) t �• W Oak St -- — Canton 3-TIF District 280 560 N (First Amendment) P� ORDINANCE I OF 3 EXHIBIT C FIRST AMENDMENT TO THE CANTON TIF DISTRICT 3 REDEVELOPMENT PLAN &PROJECTS Page 9 r �41 Caq atlf Ledgc ,•, y g -�{: , _ _ _ was � �Mi�mc ie�• fln s.•.. �fZi� e0ut. ,r u,ui.;��* F�:'!s._ ,+ry..b �t�rro 1 I S re�rset Rea ��;��' l•'� ^}_ GL namaMed :,t.�� ,. 8�� - z� sem• � 6r—j$7�iSosR� �� it s �� r •�' `� y � r_► ? �d qtr-5 t� � � ��i•igs�r t y e �' � :.lt � �t' y a` 1 RRR CITY OF CANTON, ILLINOIS FIRST AMENDMENT • THE CANTON • ♦ FINANCING DISTRICT CANTON,REDEVELOPMENT PROJECT AREA, PLAN & PROJECTS Neparedfot CITY OF CANTON 2 N.MAIN STREET ILLINOIS 61520 JACOB • KLEIN,LTD. 1 THE ECONOMIC 1 • GROUP, 1 1701 CLEARWATER AVENUE BLOOMINGTON,IL 61704 AUGUST 20, 2019 I First Amendment to the Canton Tax Increment Financing District 3 Redevelopment Project Area, Plan and Projects August 20, 2019 A variety of policies, programs, and strategies are often used to promote economic development in a community. This First Amendment to the Original Redevelopment Plan provides a comprehensive and detailed discussion of the uses,structure,and impacts of tax increment financing(TIF) in Canton, Illinois. The City Council has concluded that it is in the best interest of the City and that the citizens of Canton will benefit by the adoption of this First Amendment to the Canton Tax Increment Financing District 3 Redevelopment Project Area,Plan and Projects. ©2019 Jacob&Klein,Ltd.and The Economic Development Group,Ltd. All rights reserved. Jacob&Klein,Ltd.and The Economic Development Group,Ltd.,gratefully acknowledge assistance from Fulton County and the City of Canton government officials,business leaders and residents who contributed their time toward the creation of this First.amendment to the Canton TIF District 3 Redevelopment Project Area,Plan and Projects. Additional information about Tax Increment Financing may be obtained by contacting Jacob & Klein, Ltd. and The Economic Development Group,Ltd., 1701 Clearwater Avenue,Bloomington, IL 61704 (Ph: 309/664-7777). Specific inquiries about the First Amendment to Canton TIF District 3 should be directed to Mayor Kent McDowell, City of Canton,2 N.Main Street,Canton,IL 61520 (Ph:309-647-0020). CONTENTS SECTION I. INTRODUCTION Introduction..........................................................................................................................................1 Purposefor Amendment....................................................................................................................1 SECTION II. REDEVELOPMENT GOALS AND OBJECTIVES Redevelopment Goals and Objectives..............................................................................................2 Planning Process and Calendar..........................................................................................................3 SECTION III. DESCRIPTION AND QUALIFYING CHARACTERISTICS OF AMENDED REDEVELOPMENT PROJECT AREA Amended Redevelopment Project Area...........................................................................................4 Qualifying Characteristics of Amended Redevelopment Project Area........................................4 ImprovedProperties......................................................................................................................5 VacantProperties ...........................................................................................................................6 Equalized Assessed Valuation of Amendment Area.................................................................7 SECTION IV.' ANTICIPATED PUBLIC AND PRIVATE PROJECT'S FOR AMENDED REDEVELOPMENT PROJECT AREA Amended Public&Private Redevelopment Projects.....................................................................8 SECTION V. SOURCES OF FUNDS TO PAY TIF ELIGIBLE PROJECT COSTS Sources of Funds to Pay TIF Eligible Project Costs ......................................................................8 TIFFinancing Summary.....................................................................................................................9 Policy Guidelines Related to Use of Tax Increment Financing Funds........................................9 Anticipated Measures to Address Financial Impact......................................................................10 Ongoing Reporting&Accountability.............................................................................................10 SECTION VI. OTHER STATUTORY REQUIREMENTS........................................................10 SECTIONVII. CONCLUSION.............................................................................................................12 SECTION VIII. EXHIBITS: Exhibit 1. Canton TIF District 3 Map of Areas Added by First Amendment.......................13 Exhibit 2. Canton TIF District 3 Amended Boundary Map.....................................................15 Exhibit 3. Canton TIF District 3 Amended Legal Description................................................17 Exhibit 4. Estimated TIF District Projections............................................................................21 Exhibit 5. Inducement Resolution................................................................................................23 SECTION IX. APPENDIX: Appendix A. Tax Increment Financing Terms and Definitions...............................................25 (This page is intentionally blank.) CITE'OF CANTON, ILLINOIS FIRST AMENDMENT TO THE CANTON TAX INCREMENT FINANCING (TIF) DISTRICT 3 REDEVELOPMENT PROJECT AREA, PLAN & PROJECTS SECTION I. INTRODUCTION lottodtiction On April 5, 2017, the City of Canton approved the Canton Tax Increment Financing District 3 Redevelopment Project Area ("Area"), Plan and Projects ("Canton TIF District 3") pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et. seg.) (the "Act"). The proposed First Amendment to Canton TIF District 3 supplements and amends the original TIF District Redevelopment Project Area,Plan and Projects.All information regarding the projected TIF eligible public and private redevelopment project costs included in this Amendment is in addition to information contained in the Original Redevelopment Plan and Projects. Upon the City's approval of this First Amendment, the Amendment is to be added to and incorporated with the Original Redevelopment Plan and Projects. Terms and definitions used herein shall supersede such terms and definitions contained in the Original Redevelopment Plan. The adoption of tax increment allocation financing enables the City to apply TIF revenues for public infrastructure and other eligible improvements within the Canton TIF District 3 Redevelopment Project Area.The proposed First Amendment to Canton TIF District 3 will enable the City to make additional public improvements and attract new private investment to enhance the redevelopment of the Area and contiguous redevelopment project areas. p urp08e for 4rhendrt2e0t The overall purpose for the First Amendment to Canton TIF District 3 is to add property to the Area and add certain public and private eligible project costs to the Plan. This First Amendment to the Original Redevelopment Plan intends to promote and protect the health, safety, morals and welfare of the public, Having outgrown its current facility that was constructed address blighted conditions in the Redevelopment in 1969,and as evidenced by the Inducement Resolution Project Area,and institute conservation measures,so as attached hereto as Exhibit 5,Tax Increment Financing is to remove and alleviate adverse conditions, encourage inducing MidAmerica National Bank to construct a new private investment, and restore and enhance the taxbuilding at a considerably higher level of investment, rather than remodel the existing facility which would not base of the taxing districts by undertaking public and necessarily resolve space issues for Canton's oldest private redevelopment projects within the locally-owned financial institution. Redevelopment Project Area. This First Amendment, as currently proposed, does not substantially affect the general land uses proposed in the Original Redevelopment Plan, substantially change the nature of the Redevelopment Projects or increase the number of inhabited residential units to be displaced from the Redevelopment Project Area to a total of more than ten (10),as measured from the time of the creation of the TIF District. August 20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Projects Page 1 SECTION II. REDEVELOPMENT GOALS AND OBJECTIVES The First Amendment to the Canton TIF District 3 Redevelopment Plan is expected to include,but is not limited to, the following general long-term goals and objectives: 1. Eliminate or reduce those conditions which qualify the overall Redevelopment Project Area, as amended,as a Combination of Blighted and Conservation Areas; 2. Facilitate the construction, improvement and maintenance of public infrastructure and other capital projects which the City finds is in furtherance of the Redevelopment Plan as Amended or necessary to encourage new commercial development within Canton TIF District 3 and contiguous redevelopment project areas; 3. Construct,improve, upgrade and maintain storm water drainage and sanitary sewer lines and related infrastructure throughout the Canton TIF District 3 Amended Redevelopment Project Area and contiguous redevelopment project areas; 4. Construct,improve, upgrade and maintain antiquated and/or inadequate water lines and mains, as well as water storage facilities and related distribution systems throughout the Canton TIF District 3 Amended Redevelopment Project Area and contiguous redevelopment project areas; 5. Construct, improve, upgrade and maintain streets, amenities relating to information technology, street lighting, landscaping, curbs, alleys, parks, public green space, recreational amenities, sidewalks, bike paths and other pedestrian walkways throughout the Canton TIF District 3 Amended Redevelopment Project Area and contiguous redevelopment project areas; 6. Enhance the tax base for the City and other taxing districts through coordinated, comprehensive planning efforts by either the public or private sectors which focus on efforts to improve infrastructure,property reuse,and the upgrade of existing buildings; 7. Attract new private investment and redevelopment projects which comply with City zoning and land use ordinances,increase assessed valuations and enhance the real estate tax base for the City,thereby also creating additional employment opportunities within the Canton community; 8. Attract new retail/commercial businesses and vigorous reinvestment in existing properties within Canton TIF District 3 as amended contiguous redevelopment project areas through the use of financial incentives offered by Tax Increment Financing; thereby also further increasing retail business activity which will lead to an increase,in retail sales tax revenue for the City,Fulton County and the State of Illinois; 9. Generate additional real estate tax and municipal sales tax revenues which will further enable the City to address substantial redevelopment challenges within Canton TIF District 3 as amended, as well as within other, contiguous redevelopment project areas; and 10. Undertake redevelopment projects which will further improve the overall quality of life, health and well-being of the Canton community. August 20,2019 Page 2 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project Plannrrtg d'rocess and Calendar The Tax Increment Allocation Redevelopment Act of 65 ILCS 5/11-74.4 et. seg. (the"Act") requires a municipality to follow certain procedures in establishing and amending a TIF District. The proposed Area must contain several specific statutory characteristics which qualify the property as a TIF District or in the case of an Industrial Park Conservation Area, that unemployment has met certain standards. These characteristics and definitions as set forth below determine whether the area is Blighted, Conservation, a combination of both Blighted and Conservation Areas, or an Industrial Park Conservation Area(see Appendix A). The process to amend'a TIF District is initiated by the municipality.This process includes: providing notice and holding an initial public meeting if the area has more than 75 inhabited residential units, determining the qualifications of the amended redevelopment project area if adding property;drafting an Amendment to the Redevelopment Plan and Projects; establishing a date, place and time for a Public Hearing; sending notification of the Public Hearing to all taxing districts, registrants of the interested parties registry and the Illinois Department of Commerce and Economic Opportunity (DCEO) with an invitation to attend and provide comments; convening a Joint Review Board consisting of a representative selected by each community college district, local elementary school district,high school district or each local community unit school district,park district,library district, county,a representative of the municipality and a public member;publishing a notice twice before the Public Hearing in a newspaper of general circulation in the community;mailing of the notice of the Public Hearing to all taxpayers and residents in the Amended Redevelopment Project Area; mailing of the notice of the Public Hearing to residential addresses within 750 feet of the Amended Redevelopment Project Area; and approving final ordinances: (1) approving the Amendment to the Redevelopment Plan and Projects;(2) designating the Amended Redevelopment Project Area;and (3) adopting Tax Increment Allocation Financing for the Amended Redevelopment Project Area. The City of Canton engaged Jacob'& Klein, Ltd. and The Economic Development Group, Ltd. on April 16,2019 to assist the City with amending Canton TIF District 3. Upon reviewing the proposed First Amendment to the Original Redevelopment Plan, and accepting the findings herein, the City Council may proceed with the process for amending the tax increment financing district. A timeline for certain activities relating to the First Amendmenf to Canton TIF District 3 is as follows: Public Meeting Mailing..................................................................................................May 13,2019 Public Meeting......................................................................:.........................................May 28,2019 Submit Draft Amendment to Redevelopment Plan to City......................................June 7,2019 Set date for Public Hearing by Ordinance..................................................................June 18,2019 Certified Mailings to Taxing Districts.........................................................................June 19,2019 Certified Mailings to Taxpayers &Residents.............................................................June 28,2019 750' Residential&IPR Mailings......................................................................................July 8,2019 JRBMeeting.....................................................................................................................July 11,2019 First Publication of Notice of Public Hearing............................................................July 19,2019 Second Publication of Notice of Public Hearing.......................................................July 26;2019 c Hearing August 6,2019 .............................................................................................................. Approve Final Ordinances to Amend TIF District.............................................August 20,2019 August 20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Projects Page 3 SECTION III. DESCRIPTION AND QUALIFYING CHARACTERISTICS OF AMENDED REDEVELOPMENT PROJECT AREA Arr2ended edeveloprnentProjectAtea Pursuant to the Act, the Redevelopment Project Area as Amended (the "Area") includes only those contiguous parcels of real property and improvements thereon which would be substantially benefitted by a redevelopment project. Also pursuant to the Act,the Area is not less in the aggregate than 11/2 acres. Canton TIF District 3 as-a-whole includes property shown in Exhibit 1 (Map of Areas Added by Amendment) and Exhibit 2 (Amended Boundary Map).The overall Area as amended is legally described in Exhibit 3 (Amended Legal Desciiption). The Amended TIF District on the whole includes vacant and improved properties within the City which have been neglected and have not benefitted from coordinated planning efforts by either the public or private sectors. These vacant and improved properties would substantially benefit by a series of proposed public and/or private redevelopment projects.The Redevelopment Project Area,as amended, on the whole has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without assistance from tax increment financing. �ualifping Charactetistics OfAr4ended-Redevelopr4ent Project Area The overall Amended TIF District as a whole includes characteristics which qualify vacant parcels as "Blighted"Areas and improved parcels as a combination of"Blighted"and "Conservation"Areas,as defined in the Act. The terms "Blighted" and "Conservation" when applied to improved or vacant properties are statutory definitions, not common ideas of those terms. The Statutory definitions which have been applied and used in this section are presented in Appendix A. The First Amendment will not significantly affect the overall qualifications of the original TIF District Redevelopment Project Area. A summary of the City's findings is as follows: Total Number of Parcels (improved and vacant)..........................................................................81 Total Number of Qualifying Parcels (improved and vacant).....:................................................59 Total Percentage of Parcels (improved and vacant) whichQualify under the Act........................................................................72.8% CONCLUSION: Within the area to be added to the Canton TIF District 3 Redevelopment Project Area, there are eighty-one (81)parcels, 72.8%of which qualify under the TIF Act as a combination of Blighted and Conservation Areas. August 20,2019 Page 4 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project ®ualifving Characteristics of Improved Parcels Total Number of Improved Parcels..............................................................................................................74 Total Number of Improved Parcels which Qualify under the Act..........................................................52 Total Percentage of Improved Parcels which Qualify under the Act...............................70.3% Of All Improved Parcels. Total"Blighted" (5 qualifying characteristics) ................... Total Number of Structures I` and Site Improvements ......................................................... ` Number of Structures over 35 Years of Age..................... Percentage of Structures over35 Years of Age............................................................ Total"Conservation" ........................................................... Streets,curbs and sidewalks show evidence of Total Number Conservation,but Not Blighted..............•deterioration throughout the proposedl amended Area. The following qualifying characteristics are present in the structures and site improvements within the improved portion of the proposed area to be added (Note: If a parcel of property exhibits an individual characteristic more than once it is counted only once in the summary below): Number showing signs of Dilapidation............................................... ........................................... 14 Number showing signs of Obsolescence..........................................................................................0 Number showing signs of Deterioration........................................................................... Number showing signs of Code Violations .....................................................................................0 Number showing signs of Illegal Uses..............................................................................................0 Number showing signs Excessive Vacancy......................................................................................2 Number which Lack Sanitary Facilities.............................................................................................0 Number with Inadequate Utilities .....................................................................................................0 Number subject to Overcrowding.....................................................................................................0 Number used for Deleterious Uses...................................................................................................0 Numberwith EPA Issues...................................................................................................................0 Number showing Lack of Planning.................................................................................................51 Number subject to Declining/Static EAV.....................................................................................74 CONCLUSION: The applicable characteristics of Blight and Conservation were found reasonably distributed throughout the seventy-four (74) improved parcels, 70.3% of which qualify as a Conservation Area within the proposed areas to be added to Canton TIF District 3. One improved parcel also qualifies as a Blighted Area pursuant to the TIF Act. August 20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Projects Page 5 Qualif3ing Characteristics of Vacant Parcels TotalNumber of Vacant Parcels.....................................................................................................................7 Total Number of Vacant Parcels which Qualify under the Act..................................................................7 Total Percentage of Vacant Parcels which Qualify under the Act.....................................100% Of All Vacant Parcels: The first set of characteristics which apply to vacant land require any two of the following for qualification as a blighted area: Number subject to Obsolete Platting......................................................................................................0 Number subject to Diversity of Ownership...........................................................................................0 Number subject to Tax Delinquencies....................................................................................................0 Number subject to Deterioration of Adjacent Properties....................................................................7 Number subject to EPA Issues.................................................................................................................0 Number subject to Declining/Static EAV..............................................................................................7 An additional list of characteristics applied to vacant land requires only one of the following for qualification as a blighted area. Number containing an Unused Quarry,Mine or Strip Mine Pond.....................................................0 Number containing an Unused Railroad or Railroad Right-of-way....................................................0 Number subject to Chronic/Contribute to Flooding in same watershed..........................................0 Numberwith Disposal Site........................................................................................................................0 Number which were Blighted before becoming Vacant.......................................................................2 CONCLUSION: Of the seven 7 vacant parcels within the §` _ proposed amended Area,100% qualify as a Flighted Area.The vacant parcels will contribute to the effectiveness of the TIF District as�a-Whole and are necessary either as potential development locations or to ensure contiguity within the Area as-a-Whole. Vacant lots within the proposed amended Area exhibit evidence of deterioration of adjacent properties or were blighted before becoming vacant,such as the property pictured above where the house was recently removed from the site. August 20,2019 Page 6 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project Equalized Assessed Valuation (EA10 of Area Added to the Redevelopment Project Area The total estimated equalized assessed valuation (before exemptions) of the City of Canton for tax year 2018 payable 2019 is $163,468,130. The total estimated equalized assessed valuation (before exemptions) of parcels studied for the First Amendment to the Canton TIF District 3 Redevelopment Project Area in tax year 2018 payable 2019 is $2,066,141.Therefore, the total estimated EAV of the balance of the City (outside of the Area to be added)is $161,401,989. The Illinois TIF Act stipulates that improved or vacant properties may satisfy one of the characteristics of a"Blighted" or"Conservation"Area if- (1) f(1) the total equalized assessed valuation of the proposed redevelopment project area decreased for three of the last five years;or (2) the total equalized assessed valuation of the proposed redevelopment project area is increasing at an annual rate which is less than the balance of the municipality for three of the last five calendar years;or (3) the total equalized assessed valuation of the proposed redevelopment project area increased at an annual rate which was less than the annual Consumer Price Index(CPI) for All Urban Consumers for three of the last five years. The growth in equalized assessed valuation of the proposed Area to be added to the TIF District satisfies qualification (3) above since it increased at an annual rate which was less than the annual growth in CPI in three of the last five years. Canton TIF District 3 First Amendment Percentage Change in E.A.V. 3.50 3.00% i 2.50% oc c s 2.00% U t 1.50% r , c ` W 1.00 W °" 0.50% 0.00% - -0.50 2014 2015 2016 2017 2018 ■TIF AREA GROWTH RATE ■CPI GROWTH RATE CONCLUSION: Pursuant to the Act, the lack of growth in equalized assessed valuation of the Areas to be added to the TIF District assists in qualifying the Amended Area as a combination of"Blighted" and"Conservation"Areas. August 20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Projects Page 7 SECTION IV. DESIGNATED AND ANTICIPATED PUBLIC AND PRIVATE PROJECTS FOR AMENDED REDEVELOPMENT PROJECT AREA Arnerlded Public 8e Ptivate-pedeveloproent Projects The Redevelopment Project Area as amended will require improvements throughout the remaining life of the TIF District.The City expects that the implementation of the public and private projects as amended herein will help address current needs and attract new private investment within the Redevelopment Project Area as amended. The Designated and Anticipated Private Redevelopment Prject to be added by the First Amendment is as follozvs• Commercial/Professional Office Space.................................................................................$2,000,000 This project includes a commercial building to be used for a professional office space. The estimated total investment is $10 million,including$2 million of TIF eligible project costs. TOTAL.DESIGNATED &ANTICIPATED PRIVATE PROJECT COSTS ADDED BY FIRST AMENDMENT ...........................................................$2,000,000 SECTION V. SOURCES OF FUNDS TO PAS'TIF ELIGIBLE PROJECT COSTS The City may enter into Redevelopment Agreements with Developers through which the City can utilize a portion of the Real Estate Tax Increments generated from these projects to reimburse Developers for a portion or all of their TIF eligible private project costs as provided in the Act per Section 65 ILCS 5/11-74.4-3(q) (Appendi)c A). The City may use a portion of any Real Estate Tax Increment generated for TIF eligible public project costs as well. The City may also use Municipal Sales Taxes or any other sources of funds it may lawfully pledge. Projected Total Cumulative Real Anticipated Anticipated and Projected Year Projected Estate Tax TIF Eligible Private Redevelopment Projects Completed Investment Increment Project Costs Commercial/Professional Office Space 2020 $10,000,000 $8,068,752 $2,000,000 TOTALS: $10,000,000 $8,068,752 $2,000,000 NOTE:See$xhibit 4for Examples.of TIF District Projections relating to these projects. August 20,2019 Page 8 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project ?"IFFir�ancrt1g�ur.�rr2ary 1. 'Total Designated&Anticipated Public Project Costs................................. $25,320,000 2. Designated&Anticipated TIF Eligible Private Project Costs relating to: a. Private Project Costs in Original Plan................................................................$9,510,000 b. Total Private Project Costs Added by First Amendment................................$2,000;000 Total Designated&Anticipated Private Project Costs as Amended............$11,510,000 3. 'Total Designated&Anticipated Public &Private Project Costs As Amended by First Amendment................................................................ $36,830,000 -Policy Galidelines-Relating to the Ilse of?ax Increrhent Finar�cirlg Funds 1. All redevelopment project cost estimates are in year 2019 dollars. In addition to the public and private project costs listed above,any developer notes or bonds issued to finance a Project may include an amount sufficient to pay interest,as well as customary and reasonable charges associated with the issuance of such obligations and provide for capitalized interest and reserves as may be reasonably required. 2. Adjustments to the designated and anticipated line item (public and private) costs provided in the Amended Redevelopment Plan are expected.Each individual project cost and the resulting tax revenues will be re-evaluated as each project is considered for public financing under provisions of the Act. 3. The totals of line items set forth in the Amended Redevelopment Plan are not intended to place.a total limit on the described expenditures or intended to preclude payment of other eligible redevelopment project costs in connection with the redevelopment of the Area, provided the total amount of payment for all eligible redevelopment project costs,public and private, shall not exceed the amount set forth herein or as adjusted in the future.Adjustments may be made to the designated and anticipated line items within the total, either increasing or decreasing line item costs for redevelopment. 4. By adoption of this First Amendment to the Redevelopment Plan, the City may, without further formal statutory approval, increase the total limit or any line item by the increase in the.Consumer Price Index (currently All Urban Consumers, IL-IN-WI), plus five percent (5%),as permitted by the TIF Act. 5. The proposed public and private developments included in the Amended Redevelopment Plan are not assured to occur but include the types and scopes of projects that are reasonable expectations. The actual reimbursements may be for other projects and costs not specifically anticipated in this list. Types of projects, investments and eligible project costs may be re- allocated from time to time by the City Council upon adoption of written Redevelopment Agreements with private developers. August 20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Projects Page 9 6. TIF funds shall not be used to reimburse private Developers for TIF eligible project costs absent an Ordinance approving a written Redevelopment Agreement adopted by a majority of the Corporate Authorities of the municipality then holding office. Anticipated Measures to address Financi&k4pact New economic development is not expected to occur within the City at the proposed location without amending the Canton TIF District 3 Redevelopment Project Area (see Exhibit b . Without tax increment financing, the overlapping taxing districts are not expected to experience any significant increase in real estate tax revenue from the proposed Redevelopment Project Area. Although no financial impact or increase demand for services on taxing districts resulting from this First Amendment is currently anticipated, the City intends to carefully monitor potential impacts in the future and will exercise its lawful authority to cooperate with other taxing bodies as deemed necessary to do so. Since no significant cost burdens on taxing districts are anticipated at this time, the City does not declare any additional impact on taxing districts and does not address current plans to ameliorate them beyond any existing agreements relating to the TIF District. If some portion of TIF funds are used to pay for additional capital costs the taxing districts incur because of Canton TIF District 3 as amended,the taxing districts will be required to provide the City with a description of such capital projects prior to receiving TIF funds and as part of an ongoing impact analysis. Ongoing-keporting an d a ecotrn tability The City will nodi , all of the overlapping taxing districts of any proposed enlargement or future amendments of the Canton TIF District 3 Redevelopment Project Area,Plan and Projects,as required by the Act. If extra costs impact the overlapping taxing districts due to the creation or amendment of Canton TIF District 3,the City will review those costs and concerns. The City shall file TIF District Annual Reports with the Office of the Illinois Comptroller and in accordance with the requirement of the Act.Pursuant to Section 5/11-74.4-5(c)of the Act,the Canton TIF District 3 Joint Review Board will review the effectiveness and the status of the redevelopment project area following the end of each of the City's fiscal years during the remaining life of the TIF District.The Joint Review Board includes representatives of the taxing districts that have the authority to directly.levy taxes on the property within the Redevelopment Project Area at the time that the TIF District is approved or amended. SECTION VL OTHER STATUTORY REQUIREMENTS General hand Uses. The general uses of the land within the Redevelopment Project Area as amended shall conform to the existing and future land uses as well as current and future zoning and subdivision codes of the City of Canton. Certification of.lVo Displacetoent ofResidential Units. The City of Canton hereby certifies that the Redevelopment Plan as Amended will not result in the displacement of residents from ten or more inhabited residential units. However, the amended Redevelopment Project Area does contain more than 75 inhabited residential units. August 20,2019 Page 10 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project EminentDomain.The City of Canton hereby declares that the qualifying characteristics as provided herein for the First Amendment to the Canton TIF District 3 Redevelopment Project Area as a combination of "Blighted" and "Conservation" Areas pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4 et. seq.) shall not be used by the City for the purpose of exercising its authority under the Eminent Domain Act (735 ILCS 30/1-1-1 et. seg.),if such authority is ever exercised. Corer 1A-%ent to,,air Prnploytoent. The City of Canton will comply with fair employment practices and an Affirmative Action Plan in the implementation of the Redevelopment Plan and Projects as Amended. Provisions for-4rnending the Canton WP District 3 Redevelopr4ent Plant 8,- Projects. The Redevelopment Plan and Projects as Amended may be further amended in accordance with the Tax Increment Allocation Redevelopment Act and other applicable City Ordinances. ?"erre of the Canton �rW-Oistrict 31?edevelopt4ent Plan and Projects. The estimated date of completion of the Canton TIF District 3 Redevelopment Plan and District is December 31, 2041, which represents the year in which payment is to be made to the City Treasurer with respect to ad valorem taxes levied in the 23`d calendar year after the year in which the ordinances approving the TIF District Redevelopment Plan and Projects was adopted by the City Council.The City intends to utilize the incremental revenues generated in the 23d year of the TIF District and received by the City in the following 24''year for those projects included in the Redevelopment Plan as Amended. Arwore and?Perth ofl8onds oz-Arotes. The City may issue revenue bonds,notes or other obligations to fund private or public infrastructure or other eligible project costs which would be limited to 20 years in length or the term of the District,whichever is less. The repayment of debt service of these obligations would be limited to the increments generated as permitted by the Act or other lawfully pledged funds authorized by the City. Contigtrotts�edevelopmentProjeetAreas. Canton TIF District 3 is contiguous to the Canton 1- Downtown/3' Avenue TIF District ("TIF District 1"). The City may establish other TIF Districts which are also contiguous to TIF District 3. It is hereby contemplated that in any such contiguous TIF Districts, eligible redevelopment project costs may be paid or reimbursed from increment generated within TIF District 3 and that increment generated within any such contiguous TIF Districts may be used to pay or reimburse eligible project costs within TIF District 3. Zlpon adoption ofthis p'irst _ �Ihendment, the ongoing �i i Q. redevelopment and revitalization of the original Canton W-P-bistrict3 0 .Redevelopra2ent Project,4rea continues to .be a centralgoal thatis ofgreatixQportatice to the Canton corhn2typify ��ji�r;., r � August 20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Projects Page 11 SECTION VII. CONCLUSION The City of Canton,Fulton County,Illinois has determined that in order to promote the health,safety, morals, and welfare of the public, blighted conditions need to be eradicated, conservation measures instituted,and that redevelopment within the Canton TIF District 3-Amended Redevelopment Project Area should be undertaken. In order to remove and alleviate adverse conditions, it is necessary to encourage private investment and restore and enhance the tax base of the taxing districts by the development or redevelopment of the amended Redevelopment Project Area. The City finds that the Amended Redevelopment Project Area on the whole has not been subject to growth and developrnen: through investment by private enterprise and that the area would not reasonably be an'cacipated to be developed without the adoption of the First Amendment to the Canton TIF i:iscr_ct 3 Redevelopment Project Area, Plan and Projects. Based on the information provided in the First Amendment, the City hereby concludes that the Area to be added to the Canton TIF District 3' Redevelopment Project Area qualifies pursuant to the requirements of the TIF Act. The Mayos and Ci'a Council hereby conclude that it is in the best interest of the City and that the citizens of Can coy_kill bene;.it by the adoption of this First Amendment to the Canton Tax Increment Financing!ZiF) District 3 Redevelopment Project Area,Plan and Projects. CITE' � �', , ?LINOIS � l By: DatcA / 11 1/ 9019 Attest: Date_:, / 2 f / 2019 TI lc CITY OF CANTONS MISSION STATEMENT IS AS FOLLOWS: "TO PARTNER WITHIN OUR COMMUNITY TO DELIVER ESSENTIAL SERVICES, INSPIRE CITIZENS,AND STRENGTHEN OUR FUTURE.11 httos,,Y/www.cintonillinois:orpimiss)Qii August 20,2019 Page 12 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project N Proposed Canton TIF District 3 First Amendment(Initial Study Area) r* Illustration for Discussion Purposes Only-May 1;2019 rt Subject to change as may be requested per the TIF Act. o Prepared by The Economic Development Group,Ltd.,Bloomington,IL -jy4,2017 z. L�1 t�t I-IV. C) O ■its 4-------- � --— __— — •_ �� ~ EE1n5t 2 � 'I l--1 WR.w tr 3 a v EVYUSt.. fYvrtf _ _ ME, ME till FTTTM W ■ I ,� � I�to- 'w m-� � k S 3 � t f t • FYb uf5t 'z-`._— V � � u - Wµab.MSc - _ _�_ ■ FW InutSt� Y';""-' IE - ,^�f ..Y -}. 1L U —___.- - -.�' 3 ---} y.,5.,.'"�� :r. EMo➢ttf j 6f I-�I��T F�. ►-i •■ WhblreF[ .. J ��FMe➢k St'"^; (iI - 5 + n I t rD ,_, ■ NO �� — r tN t� „ 1711 Legend ... lye .—! + -___� Canton 3-TIF Diatriat T` --i M Canton 3-TIF District ,t+--- }--- m Proposed'Areato be added to Canton TIF District 3 N w This page is intentionally blank) August 20,2019 Page 14 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project EXHIBIT 2. CANTON TIF DISTRICT 3 - FIRST AMENDMENT AMENDED BOUNDARY MAP F1 i IA -V4+9N AVMS w^ C F� w�W d ass �= � I NYY,rN a- fl a� r+tlNlN 7, u UPJ DE + y b „+YIRN � � UtlXlS ' F 9RE WE'-ERJ-= 1Jk �l.!riYN +swowa Lr _ R r Ys n•.Yx go.rs 3 ',v�quum{y 1n+ _ Is + : - - I 3 I L 5 a,b 9�ds r ❑�tlN 9x+tl9 � � - August 20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Projects Page 15 (This page is intentionally blank) August 20,2019 Page 16 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project EXHIBIT 3. CANTON TIF DISTRICT 3 - FIRST AMENDMENT AMENDED LEGAL DESCRIPTION A part of Sections 27, 34 and 35 all in Township 7 North, Range 4 East of the Fourth Principal Meridian, Fulton County,Illinois, further described as follows: Beginning at the intersection of the southerly right-of-way line of East Elm Street and the easterly right-of-way line of South Third Avenue; Thence southerly along the easterly right-of-way line of South Third Avenue to the intersection of the easterly right-of-way line of South Third Avenue and the northerly right-of-way line of East Maple Street; Thence easterly along tie northerly right-of-way line of East Maple Street to the intersection of the nordierly right-of-way line of East Maple Street and the easterly right-of-way line of South Fourth Avenue; Thence southerly along the easterly right-of-way line of South Fourth Avenue which crosses East Maple Street, Anderson Place and East Oak Street to the intersection of the easterly right-of-way line of South Fourth Avenue and die southerly right-of-way line of East Oak Street; Thence westerly along the southerly right-of-way line of East Oak Street which crosses South Fourth Avenue, South Third Avenue,South Second Avenue,South First Avenue and South Main Street to the intersection of the southerly right-of-way line of West Oak Street and the westerly right-of-way line of South Main Street; Thence northerly along the westerly right-of-way line of South Main Street to the intersection of the westerly right-of-way line of South Main Street and the southerly right-of-way line of the Keokuk Junction Railway Co. Railroad; Thence westerly along the southerly right-of-way line of the Keokuk Junction Railway Co. Railroad which crosses South Avenue A and South Avenue B to the intersection of the southerly right-of-way line of the Keokuk Junction Railway Co. Railroad and the westerly right-of-way line of South Avenue B; Thence northerly along the westerly right-of-way line of South Avenue B to the intersection of the westerly right-of-way line of South Avenue B and the northerly right-of-way line of the Keokuk Junction Railway Co. Railroad; Thence easterly along the northerly right-of-way line of die Keokuk Junction Railway Co. Railroad to the intersection of the northerly right-of-way line of the Keokuk Junction Railway Co. Railroad and the westerly right-of-way line of South Avenue A; Thence northerly to tie intersection of the westerly right-of-way line of South Avenue A and the southerly right-of-way line of West Maple Street; Thence westerly along tie southerly right-of-way line of West Maple Street to the intersection of the southerly right-of-way line of West Maple Street and the westerly right-of-way line of South Avenue B; Thence northerly along the westerly right-of-way line of South Avenue B to the intersection of the westerly right-of-way line of South Avenue B and the northwesterly right-of-way line of Martin Avenue; Thence northeasterly along the northwesterly right-of-way line of Martin Avenue to the intersection of the northwesterly right-of-way line of Martin Avenue and the southerly right-of-way line of West Walnut Street; i Thence westerly along the southerly right-of-way line of West Walnut Street 170 feet, more or less, to the northeast corner of Lot 1 in Joseph Krischke's Addition to the City of Canton; August 20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Projects Page 17 Thence northerly across West Walnut Street to the southwest corner of Lot 21 in Nathan Jones Third Addition to the City of Canton,said corner being on the northerly right-of-way line of West Walnut Street; Thence continuing northerly along the west line of Nathan Jones Third Addition to the northwest corner of Lot 17 in Nathan Jones Third Addition,said corner being on the southerly right-of-way line of West Pine Street; Thence westerly along the southerly right-of-way line of West Pine Street 157 feet, more or less, to the intersection of the southerly right-of-way line of West Pine Street and the extended westerly line of Lot 15 in Hulit's Addition to the City of Canton; Thence northerly which crosses West Pine Street and West Elm Street to the intersection of the extended westerly line of Lot 15 in Hulit's Addition and the northerly right-of-way line of West Elm Street; Thence easterly along the northerly right-of-way line of West Elm Street 310 feet,more or less,which crosses North Avenue B to the intersection of the northerly right-of-way line of West Elm Street and the east line of the west 41 feet of the east half of Lot 29 in Nathan Jones First Addition to the City of Canton; Thence northerly 197.5 feet,more or less, to the intersection of the extended east line of the west 41 feet of the east half of Lot 28 in Nathan Jones First Addition and the south line of lot 25 in Nathan Jones First Addition, said south line also being the northerly right-of-way line of a 16 foot wide alley; Thence easterly along the northerly right-of-way line of said alley 65 feet,more or less,to the southwest corner of Lot 26 in Nathan Jones First Addition,said corner also being on the easterly line of a 16.5 foot wide alley; Thence southerly along the easterly right-of-way line of said alley to the intersection of the easterly right-of-way line of said alley and the northerly right-of-way line of West Elm Street; Thence easterly along the northerly right-of-way line of West Elm Street to the intersection of the northerly right-of-way line of West Elm Street and the westerly right-of-way line c f North Avenue A; Thence southerly across West Elm Street and continuing along the westerly right-of-way line of Avenue A to the intersection of the westerly right-of-way line of South Avenue A extended and the southerly right-of-way line of Pine Street; Thence continuing southerly 260 feet,more or less; Thence easterly 89 feet,more or less; Thence southerly 160 feet,more or less, to a point on the northerly right-of-way line of West Walnut Street; Thence easterly along the northerly right-of-way line of Walnut Street which crosses South Main Street to the intersection of the northerly right-of-way line of East Walnut Street and the westerly right-of-way line of White Court; Thence southerly across East Walnut Street, 66 feet,more or less, to the northwest corner of a 20 feet wide alley; Thence easterly along the southerly right-of-way line of East Walnut Street 20 feet,more or less,to the northeast corner of said 20 foot wide alley; Thence southerly along the easterly right-of-way line of said alley 671 feet, more or less,which crosses East Maple Street to the intersection of the easterly right-of-way line of said alley and the south line of the north 5 feet of Lot 120 in Wright's Addition; Thence easterly to the intersection of the extended south line of the north 5 feet of Lot 120 in Wright's Addition and the easterly right-of-way line of South First Avenue; August 20,2019 Page 18 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project Thence southerly along the easterly right-of-way line of South First Avenue 33 feet, more or less, to the intersection of the easterly right-of-way line South First Avenue and the north line of the south 12 feet of Lot 119 in Wright's Addition; Thence easterly to the intersection of the north line of the south 12 feet of Lot 119 in Wright's Addition and the east line of Lot 119 in Wright's Addition,said east line also being the westerly right-of-way line of a 20 foot wide alley; Thence southerly along the westerly right-of-way line of said alley to the intersection of the westerly right-of- way line of said alley and the northerly right-of-way line of the Keokuk Junction Railway Co.Railroad; Thence easterly along the northerly right-of-way line of the Keokuk Junction Railway Co. Railroad to the intersection of the northerly right-of-way line of the Keokuk Junction Railway Co. Railroad and the easterly right-of-way line of South Second Avenue; Thence northerly along the easterly right-of-way line of South Second Avenue 150 feet, more or less, to the northwest corner of Lot 117 in Wright's Addition; Thence easterly 188 feet,more or less,to the northeast corner of Lot 117 in Wright's Addition,said corner also being on the westerly right-of-way line of a 20 foot wide alley; Thence northerly 150 feet,more or less,along the westerly right-of-way line of said alley to the southeast corner of Lot 73 in Wright's Addition; Thence westerly 188 feet,more or less,to the southwest corner of Lot 73 in Wright's Addition,said corner also being on the easterly right-of-way line of South Second Street; Thence northerly along the easterly right-of-way line of South Second Avenue which crosses East Maple Street and East Walnut Street to the intersection of the easterly right-of-way line of South Second Avenue and the northerly right-of-way line of East Walnut Street; Thence westerly along the northerly right-of-way line of East Walnut Street to the intersection of the.northerly right-of-way line of East Walnut Street and the westerly right-of-way line of South Second Avenue; Thence northerly along the westerly right-of-way line of South Second Avenue which crosses East Pine Street to the intersection of the westerly right-of-way line of South Second Avenue and the southerly right-of-way line of East Elm Street; ' Thence easterly along the southerly right-of-way line of East Elm Street to the Point of Beginning. Prepared by Maurer-Stut!�Inc. June 7,2019 August 20,.2019 First Amendment to Canton TIF District-3 Redevelopment Area,Plan and Projects Page 19 (Phis page is intentionally blank) August 20,2019 Page 20 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project EXHIBIT 4. CANTON TIF DISTRICT 3 - FIRST AMENDMENT ESTIMATED TIF DISTRICT PROJECTIONS NOTE: The following TIF Projections are examples based on estimates and do not represent an offer, financial advice or acceptance of any terms relating to redevelopment projects or agreements. The information and assumptions contained in this material are based upon information, material and assumptions provided to Jacob &Klein,Ltd. G&K) and the Economic Development Group,Ltd. (FDG)by outside persons including public officials. J&K and EDG have not undertaken independent investigation to verify any of the information or material contained herein. No warranty,express or implied,as to the accuracy of the materials and information or the results projected in the foregoing presentation is made by J&K or EDG, its officers or employees.J&K and EDG specifically disclaim the accuracy of the formulas and calculations and has no obligation to investigate or update,recalculate or revise the calculations. The material presented herein is subject to risks, trends and uncertainties that could cause actual events to differ materially from those presented. Those providing information contained in this presentation have represented to J&K and EDG that, as of the date it was provided, the information was accurate to the best of their knowledge. Any person viewing,reviewing or utilizing this presentation should do so subject to all of the foregoing limitations and shall conduct independent investigation to verify the assumptions and calculations contained herein. By acceptance and use of this presentation,the user accepts all of the foregoing limitations and releases J&K and EDG from any liability in connection therewith.J&K and EDG are not providing financial advice. August 20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Projects Page 21 (This page is intentionally blank) August 20,2019 Page 22 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project EXHIBIT 4 CANTON TIF DWR0C (1 3 MRST AMENDMENT Proposed Commercial/Professional Office Space Project 4-Jun-2019 TIF Formed Copyright 02019 All rights reserved.The Economic Development Group,Ltd. Calendar Year of Receipts 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Total Real Estate Tax Increment Built Assessed $332,083 $338,725 $345,500 $352,409 $359,458 $366,647 $373,980 $381,459 Cumulative R.E.Tax Increment $332,083 $670,808 $1,016,308 $1,368,717 $1,728,175 $2,094,822 $2,468,802 $2,850,261 Calendar Year of Receipts 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 TOTALS Total Real Estate Tax Increment $389,089 $396,870 $404,808 $412,904 $421,162 $429,585 $438,177 $446,940 $455,879 $464,997 $474,297 $483,7831 $8,068,752 Cumulative R.E.Tax Increment 1 $3,239,350 $3,636,220 $4,041,028 $4,453,931 $4,875,093 $5,304,679 $5,742,856 $6,189,796 $6,645,675 $7,110,672 $7,584,969 $8,068,752 Real Estate Assumptions Variables Projected Market Value $10,000,000 Inflation Rate 2.0% Total Estimated TIF Eligible Project Costs: $2,000,000 Projected Taxable Value $3,333,333 Total Tax Rate(2018) 9.9625% Real Estate Tax Increment $332,083 The information and assumptions contained In the foregoing material are based upon Information,material and assumptions provided to Jacob&Klein,Ltd.11SKI and the Economle Development Group,Ltd.(EDG)by outside persons Including public officials.J&K and EDG have not undertaken Independent Investigation to verify any of the information or material contained herein.No warranty,express or implied,as to the accuracy of the materials and Information or the results projected In the foregoing presentation is made by l&K or EDG,its officers or employees.J&K and EDG specifically disclaim the accuracy of the formulas and calculations and has no obligation to investigate or update,recalculate or revise the calculations.The material presented herein is subject to risks,trends and uncertainties that could cause actual events to differ materially from those presented.Those providing Information contained in this presentation have represented to 1&K and EDG that,as of the date it was provided,the Information was accurate to the best of their knowledge.Any person viewin&reviewing or utilizing this presentation should do so subject wall of the foregoing limitations and shall conduct Independent investigation to verify the assumptions and calculations contained herein.By acceptance and use of this presentation,the user accepts all of the foregoing limitations and releases J&K and EDG from any liability in connection therewith.J&K and EDG are not providing financial advice. H:ICANTOMCANTON311stAmendmentlAmendmentLXhibit4 Projection IO May 2019 6/4/2019 (This page is intentionally Glank) EXHIBIT 5. CANTON TIF DISTRICT 3 - FIRST AMENDMENT INDUCEMENT RESOLUTION August 20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Projects Page 23 (This page is intentionally hlank) August 20,2019 Page 24 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project 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 City and providing employment for its citizens;and WHEREAS,pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11- 74.4 et seq., as amended (the "Act"), the City has the authority to provide incentives to owners or prospective owners of zeal 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. aq. (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, Illinois (the "Project'D 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 Exhibit A;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. Z. 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 (j} 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,Illinois,on the 2°a 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 Lingenfelter,Ald.Ward 1 X Craig West.Ald.Ward 2 X Tad Putrich,Ald.Ward 2 X Quin Mayhew,Ald.Ward 3 X Justin Nelson,Ald.Ward 3 X John Lovell,Ald.Ward 4 X Angela Halc,Aid,Ward 4 X Kent A.McDowell,Mayor TOTALS: 7 0 1 0 APPROVED: Date �/ 2'/2019 Mayor, City of Caodh ATTEST: Date: / Z/ 2019 Clerk,City of Canton Attachment: Exhibit A. Developer Statement H:\CANTON\CANTON 3\First Atnendtncnt\G.uitrnt TIF 3 A1ANB luducctnent ResolutionJ2 April 2019.doc Page 3 of 4 If�lial.®lmerica National 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 11 ' • C . 1 . 1511 1 1• . • 111 APPENDIX A. TAX INCREMENT FINANCING TERMS AND DEFINITIONS The City of Canton is amending its TIF District 3 pursuant to the Tax Increment Allocation Redevelopment Act(65 ILCS 5/11-74.4 et. seq..).Certain terms are used in the Redevelopment Plan as Amended which are defined in the Tax Increment Allocation Redevelopment Act. The following terms shall mean: Municipality: An incorporated City,Village or Town in the State of Illinois. Redevelopment Project Area: An area designated by the municipality, which is not less in the aggregate than 1'/z acres and in respect to which the municipality has made a finding that there exist conditions which cause the area to be classified as an industrial park conservation area or a blighted area or a conservation area, or a combination of both blighted areas and conservation areas. Redevelopment Plan: The comprehensive program of the municipality for development or redevelopment intended by the payment of redevelopment project costs to reduce or eliminate those conditions the existence of which qualified the redevelopment project area as a "blighted area" or "conservation area" or combination thereof or "industrial park conservation area;" and thereby to enhance the tax bases of the taxing districts which extend into the redevelopment project area. Redevelopment Project: Any public and private development project in furtherance of the objectives of a redevelopment plan. Redevelopment Project Costs: Redevelopment Project Costs include the sum total of all reasonable or necessary costs incurred or estimated to be incurred, and any such costs incidental to a redevelopment plan and a redevelopment project. Such costs include, without limitation, the following: A. Costs of studies, surveys, development of plans, and specifications, implementation and administration of the redevelopment plan including but not limited to staff and professional service costs for architectural,engineering,legal,financial,planning or other services,provided however that no charges for professional services may be based on a percentage of the tax increment collected;except that on and after the effective date of this amendatory Act of the 91st General Assembly, no contracts for professional services, excluding architectural and engineering services,may be entered into if the terms of the contract extend beyond a period of 3 years. In addition, "redevelopment project costs" shall not include lobbying expenses. After consultation with the municipality, each tax increment consultant or advisor to a municipality that plans to designate or has designated a redevelopment project area shall inform the municipality in writing of any contracts that the consultant or advisor has entered into with entities or individuals that have received,or are receiving,payments financed by tax increment revenues produced by the redevelopment project area with respect to which the consultant or advisor has performed, or will be performing,service for the municipality.This requirement shall be satisfied by the consultant or advisor before the commencement of services for the municipality and thereafter whenever any other contracts with those individuals or entities are executed by the consultant or advisor; B. The cost of marketing sites within the redevelopment project area to prospective businesses, developers,and investors; August 20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Projects Page 25 C. Property assembly costs,including but not limited to acquisition of land and other property, real or personal, or rights or interests therein, demolition of buildings, site preparation, site improvements that serve as an engineered barrier addressing ground level or below ground environmental contamination,including,but not limited to parking lots and other concrete or asphalt barriers,and the clearing and grading of land; D. Costs of rehabilitation, reconstruction or repair or remodeling of existing public or private buildings, fixtures, and leasehold improvements; and the cost of replacing an existing public building if pursuant to the implementation of a redevelopment project the existing public building is to be demolished to use the site for private investment or devoted to a different use requiring private investment; E. Costs of the construction of public works or improvements; F. Costs of job training and retraining projects,including the cost of"welfare to work"programs implemented by businesses located within the redevelopment project area; G. Financing costs, including but not limited to all necessary and incidental expenses related to the issuance of obligations and which may include payment of interest on any obligations issued hereunder including interest accruing during the estimated period of construction of any redevelopment project for which such obligations are issued and for not exceeding 36 months thereafter and including reasonable reserves related thereto; H. To the extent the municipality by written agreement accepts and approves the same, all or a portion of a taxing district's capital costs resulting from the redevelopment project necessarily incurred or to be incurred within a taxing district in furtherance of the objectives of the redevelopment plan/project; I. Relocation costs to the extent that a municipality determines that relocation costs shall be paid or required to make payment of relocation costs by Federal or State law or in order to satisfy subparagraph (7) of subsection (n); J. Paymentinlieu of taxes are those estimated tax revenues from real property in a redevelopment project area derived from real property that has been acquired by a municipality which according to the redevelopment project or plan is to be used for a private use which taxing districts would have received had a municipality not acquired the real property and adopted tax increment allocation financing and which would result from levies made after the time of the adoption of the tax increment allocation financing to the time the current equalized value of real property in the redevelopment project area exceeds the total initial equalized value of real property in said area; K. Costs of job training,retraining,advanced vocational education or career education,including but not limited to courses in occupational,semi-technical or technical fields leading directly to employment,incurred by one or more taxing districts,provided that such costs (i) are related to the establishment and maintenance of additional job training, advanced vocational education or career education programs for persons employed or to be employed by employers located in a redevelopment project area;and (ii) when incurred by a taxing district or taxing districts other than the municipality,are set forth in a written agreement by or among the municipality and the taxing district or taxing districts, which agreement describes the program to be undertaken,including but not limited to the number of employees to be trained, a description of the training and services to be provided, the number and type of positions available or to be available,itemized costs of the program and sources of funds to pay for the same, and,the term of the agreement. Such costs include, specifically, the payment by community college districts of costs pursuant to Sections 3-37, 3-38, 3-40 and 3-40.1 of the Public Community College Act and by school districts of costs pursuant to Sections 10-22.20a and 10-23.3a of The School Code; L. Interest cost incurred by a redeveloper related to the construction,renovation or rehabilitation of a redevelopment project provided that: 1) such costs are to be paid directly from the special August 20,2019 Page 26 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project tax allocation fund established pursuant to this Act;2) such payments in any one year may not exceed 30% of the annual interest costs incurred by the redeveloper with regard to the redevelopment project during that year; 3) if there are not sufficient funds available in the special tax allocation fund to make the payment pursuant to this paragraph then the amounts so due shall accrue and be payable when sufficient funds are available in the special tax allocation fund;4) the total of such interest payments paid pursuant to this Act may not exceed 30% of the total (i) cost paid or incurred by the redeveloper for the redevelopment project plus(ii)redevelopment project costs excluding any property assembly costs and any relocation costs incurred by a municipality pursuant to this Act. Taxing Districts: Counties, townships, cities and incorporated towns and villages, school, road, park, sanitary, mosquito abatement, forest preserve, public health, fire protection,river conservancy, tuberculosis sanitarium and any other municipal corporations or districts with the power to levy taxes. 'faxing Districts' Capital Costs: Those costs of taxing districts for capital improvements that are found by the 'municipal corporate authorities to be necessary and directly result from the redevelopment project. - Obligations: Bonds,loans, debentures,notes, special certificates or other evidence of indebtedness issued by the municipality to carryout a redevelopment project or to refund outstanding obligations. Labor Surplus Municipality: A municipality in which, at any time during the 6 months before the municipality by ordinance designates an industrial park conservation area,the unemployment rate was over 6% and was also 100% or more of the national average unemployment rate for that same time as published in the United States Department of Labor Bureau of Labor Statistics publication entitled "The Employment Situation" or its successor publication. If unemployment rate statistics for the municipality are not available, the unemployment rate in the municipality shall be deemed to be the same as the unemployment rate in the principal County in which the municipality is located. Industrial Park Conservation Area:An area within the boundaries of a redevelopment project area located within the territorial limits of a municipality that is a labor surplus municipality or within 1 '/z miles of the territorial limits of a municipality that is a labor surplus municipality if the area is annexed to the municipality; which area is zoned as industrial no later than at the time the municipality by ordinance designates the redevelopment project area, and which area includes both vacant land suitable for use as an industrial park and a blighted area or conservation area contiguous to such vacant land. Vacant Land: Any parcel or combination of parcels of real property without industrial, commercial, and residential buildings which has not been used for commercial agricultural purposes within 5 years prior to the designation of the redevelopment project area,unless the parcel is included in an industrial park conservation area or the parcel has been subdivided; provided that if the parcel was part of a larger tract that has been divided into 3 or more smaller tracts that were accepted for recording during the period from 1950 to 1990, then the parcel shall be deemed to have been subdivided, and all proceedings and actions of the municipality taken in that connection with respect to any previously approved or designated redevelopment project area or amended redevelopment project area are hereby validated and hereby declared to be legally sufficient for all purposes of this Act. For purposes of this Section and only for land subject to the subdivision requirements of the Plat Act, land is subdivided when the original plat of the Redevelopment Project Area or relevant August 20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Projects Page 27 portion thereof has been properly certified, acknowledged, approved, and recorded or filed in accordance with the Plat Act and a preliminary plat, if any,. for any subsequent phases of the Redevelopment-Project Area or relevant portion thereof has been properly approved and filed in accordance with the applicable ordinance of the municipality. Blighted Area: Any improved or vacant area within the boundaries of a redevelopment project area located within the territorial limits of the municipality where: If improved,industrial,commercial,and residential buildings or improvements are detrimental to the public safety, health, or welfare because of a combination of 5 or more of the following factors,each of which is (i)present,with that presence documented,to a meaningful extent so that a municipality may reasonably find that the factor is clearly present within the intent of the Act and (ii) reasonably distributed throughout the improved part of the redevelopment project area: A. Dilapidation. An advanced state of disrepair or neglect of necessary repairs to the primary structural components of buildings or improvements in such a combination that a documented building condition analysis determines that major repair is required or the defects are so serious and so extensive that the buildings must be removed. B. Obsolescence. The condition or process of falling into disuse. Structures have become ill- suited for the original use. C. Deterioration. With respect to buildings, defects including, but not limited to, major defects in the secondary building components such as doors, windows, porches, gutters and downspouts, and fascia. With respect to surface improvements, that the condition of roadways, alleys, curbs, gutters, sidewalks, off-street parking, and surface storage areas evidence deterioration, including, but not limited to, surface cracking, crumbling, potholes, depressions,loose paving material,and weeds protruding through paved surfaces. D. _Presence of structures below minimum code standards. All structures that do not meet the standards of zoning, subdivision, building, fire, and other governmental codes applicable to property,but not including housing and property maintenance codes. E. Illegal use of individual structures. The use of structures in violation of applicable federal, State,or local laws,exclusive of those applicable to the presence of structures below minimum code standards. F. Excessive vacancies.The presence of buildings that are unoccupied or under-utilized and that represent an adverse influence on the area because of the frequency,extent,or duration of the vacancies. G. Lack of ventilation,light,or sanitary facilities.The absence of adequate ventilation for light or air circulation in spaces or rooms without windows, or that require the removal of dust,odor, gas,smoke,or other noxious airborne materials.Inadequate natural light and ventilation means the absence of skylights or windows for interior spaces or rooms and improper window sizes and amounts by room area to window area ratios. Inadequate sanitary facilities refer to the absence or inadequacy of garbage storage and enclosure, bathroom facilities, hot water and August 20,2019 Page 28 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project kitchens,and structural inadequacies preventing ingress and egress to and from all rooms and units within a building. H. Inadequate utilities. Underground and overhead utilities such as storm sewers and storm drainage,sanitary sewers,water lines,and gas,telephone,and electrical services that are shown to be inadequate. Inadequate utilities are those that are: (i) of insufficient capacity to serve the uses in the redevelopment project area, (ii) deteriorated, antiquated, obsolete, or in disrepair, or (iii)lacking within the redevelopment project area. I. Excessive land coverage and overcrowding of structures and community facilities. The over- intensive use of property and the crowding of buildings and accessory facilities onto a site. Examples of problem conditions warranting the designation of an area as one exhibiting excessive land coverage are: (i) the presence of buildings either improperly situated on parcels or located on parcels of inadequate size and shape in relation to present-day standards of development for health and safety and(ii)the presence of multiple buildings on a single parcel. For there to be a finding of excessive land coverage, these parcels must exhibit one or more of the following conditions:insufficient provision for light and air within or around buildings, increased threat of spread of fire due to the close proximity of buildings,lack of adequate or proper access to a public right-of-way, lack of reasonably required off-street parking, or inadequate provision for loading and service. J. Deleterious land use or layout.The existence of incompatible land-use relationships,buildings occupied by inappropriate mixed-uses, or uses considered to be noxious, offensive, or unsuitable for the surrounding area. K. Environmental clean-up.The redevelopment project area has incurred Illinois Environmental Protection Agency or United States Environmental Protection Agency remediation costs for, or a study conducted by an independent consultant recognized as having expertise in environmental remediation has determined a need for, the clean-up of hazardous waste, hazardous substances,or underground storage tanks required by State or federal law,provided that the remediation costs constitute a material impediment to the development or redevelopment of the redevelopment project area. L. Lack of community planning. The redevelopment project area was developed prior to or without the benefit or guidance of a community plan. This means that the development occurred prior to the adoption by the municipality of a comprehensive or other community plan or that the plan was not followed at the time of the area's development.This factor must be .documented by evidence of adverse or incompatible land-use relationships, inadequate street layout, improper subdivision, parcels of inadequate shape and size to meet contemporary development standards, or other evidence demonstrating an absence of effective community planning. M. The total equalized assessed value of the redevelopment project area has declined for 3 of the last 5 calendar years prior to the year-in which the redevelopment project area is designated or is increasing at an annual rate that is less than the balance of the municipality for 3 of the last 5 calendar years for which information is available or is increasing at an annual rate that is less August 20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan.and Projects Page 29 than the Consumer Price Index for All Urban Consumers published by the United States Department of Labor or successor agency for 3 of the last 5 calendar years prior to the year in which the redevelopment project area is designated. .If vacant, the sound growth of the redevelopment project area is impaired by a combination of two or more of the following factors, each of which is (i) present, with that presence documented,to a meaningful extent so that a municipality may reasonably find that the factor is clearly present within the intent of the Act and (ii) reasonably distributed throughout the vacant part of the redevelopment project area to which it pertains: a. Obsolete platting of vacant land that results in parcels of limited or narrow size or configurations 'of parcels of irregular size or shape that would be difficult to develop on a planned basis and in a manner compatible with contemporary standards and requirements, or platting that failed to create rights-of-ways for streets or alleys or that created inadequate right-of-way widths for streets, alleys, or other public rights-of-way or that omitted easements for public utilities. b. Diversity of ownership of parcels of vacant land sufficient in number to retard or impede the ability to assemble the land-for development. c. Tax and special assessment delinquencies exist or the property has been the subject of tax sales under the Property Tax Code within the last 5 years. d. Deterioration of structures or site improvements in neighboring areas adjacent to the vacant land. e. The area has incurred Illinois Environmental Protection Agency or United States Environmental Protection Agency remediation costs for,or a study conducted by an independent consultant recognized as having expertise in environmental remediation has determined a need for, the clean-up of hazardous waste, hazardous substances, or underground storage tanks required by State or federal law, provided that the remediation costs constitute a material impediment to the development or redevelopment of the redevelopment project area. f. The total equalized assessed value of the redevelopment project area has declined for 3 of the last 5 calendar years prior to the year in which the redevelopment project area is designated or is increasing at an annual rate that is less than the balance of the municipality for 3 of the last 5 calendar years for which information is available or is increasing at an annual rate that is less than the Consumer Price Index for All Urban Consumers published by the United States Department of Labor or successor agency for 3 of the last 5 calendar years prior to the year in which the redevelopment project area is designated. If vacant, the sound growth of the redevelopment project area is impaired by one of the following factors that(i)is present,with that presence documented,to a meaningful extent so that a municipality may reasonably find that the factor is clearly present within the intent of the Act and (ii) is reasonably 'distributed throughout the vacant part of the redevelopment project area to which it pertains: August 20,2019 Page 30 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Project a. The area consists of one or more unused quarries,mines, or strip mine ponds. b. The area consists of unused railyards,rail tracks, or railroad rights-of-way. c. The area, prior to its designation, is subject to (i) chronic flooding that adversely impacts on real property in the area as certified by a registered professional engineer or appropriate regulatory agency or (ii) surface water that discharges from all or a part of the area and contributes to flooding within the same watershed, but only if the redevelopment project provides for facilities or improvements to contribute to the alleviation of all or part of the flooding. d. The area consists of an unused or illegal disposal site containing earth, stone; building debris, or similar materials that were removed from construction, demolition, excavation, or dredge sites. e. Prior to the effective date'of this amendatory Act of the 91st General Assembly, the area is not less than 50 nor more than 100 acres and 75% of which is vacant (notwithstanding that the"area has been used for commercial agricultural purposes within 5 years prior to the designation of the redevelopment project area),and the area meets at least one of the factors itemized in paragraph (1) of this subsection, the area has been designated as a town or City center by ordinance or comprehensive plan adopted prior to January 1, 1982, and the area has not been developed for that designated purpose. f. The area qualified as a blighted improved area immediately prior to becoming vacant, unless there has been substantial private investment in the immediately surrounding area. Conservation Area: Any improved area within the boundaries of a redevelopment project area located within the territorial limits of the municipality in which 50% or more of the structures in the area have an age of 35 years or more. Such an area is not yet a blighted area but because of a combination of 3 or more of the factors listed above for"Blighted Improved Areas"is detrimental to the public safety,health,morals or welfare and such an area may become a Blighted Area. For more information about Tax Increment Financing,please contact.• Jacob&Klein,Ltd. and The Economic Development Group,Ltd. 1701 Clearwater Avenue,Bloomington,IL 61704 Ph: (309) 664-7777 / Fax: (309) 664-7878 Website: www.dfEnois.com August"20,2019 First Amendment to Canton TIF District 3 Redevelopment Area,Plan and Projects Page 31 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 20TH DAY OF AUGUST, 2019 ADOPTED ORDINANCE NO. 4157, A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS DAY OF AUGUST, 2019. (SEAL) DIANA PAVLEY-ROCK CITY CLERK