HomeMy WebLinkAbout08-23-14 Canton City Council Special Meeting Agenda
REVISED AGENDA
Canton City Council Special Meeting
Saturday, August 23, 2014
8:30 a.m.
Director’s Room, lower level City Hall
2 N. Main Street, Canton, IL 61520
Call to Order
Tax Increment Financing District 1
Prioritize Needs
Current Funds
Cash = $65,000 (as of 8/13/14)
Capital Improvement Account = $1,269,000
Capital Improvement Account
Issued Bonds in December 2011
Bond Amount = $7,000,000
Money is supposed to be spent by end of 2014
Limitations on what funds can be used towards
Last Bond Payment is December 2028
Annual Debt Service varies from $522,919 in 2015 to $821,306 in 2028
General Categories for Which Expenditures from the Bond Funds should relate include
Acquisition of land and buildings;
Cleanup, removal and remediation of environmental contaminants;
Construction, rehabilitation and reconstruction of public facilities;
Construction of new and/or the extension of existing sidewalks, streets, alleys and roadways;
Extension, repair or reconstruction of the public water distribution and storage system;
Extension of public utilities; extension, repair or reconstruction of sanitary sewer lines and
wastewater facilities;
Extension, repair or reconstruction of the storm water drainage system; and
Public redevelopment costs for improvements to public parks, trails, green space and urban
forestry/landscaping improvements
Current Needs/Obligations
Elevated water tower repainting/repairs
o Initial bid was $632,000
o Rejected bids and rebid this winter for construction in spring/summer 2015
Avenue A and Chestnut Street Parking Lot
o Former Ashwood Pool Hall Property (currently grass and gravel area)
o City owns property and discussed installing a paved parking lot
o Estimated Construction Cost is $100,000
Downtown Streetscape
o City received ITEP Grant in 2010 in the amount of $455,250
Funds can be used toward construction (80/20 match) in the amount of
$437,000.
o City is responsible for Planning and Design (use TIF funds)
Contract with Teska for $159,000 of which $97,088 is for planning and design.
This agreement was not taking in to account using IDOT ITEP funds which will
make the design costs higher.
o IDOT has expanded scope of work to meet their requirements which has resulted in
more construction and higher planning, design and construction observation costs.
o Current Estimated Construction Cost = $824,000
City will need to provide $390,000 in TIF funds
Elm Street Parking Lot
o Entrance and sidewalk removal and replacement
o Installation of island planter
o Estimated Construction Cost is $25,000
Former IH Site
o Northwest Development Block
Water Main Replacement
o Main Street between Locust Street and Elm Street
Greenways and Trails
o Railbanking of BNSF north/south track