HomeMy WebLinkAboutOrdinance #4325 - Surplus Revenue in the Canton 2 Rt. 9/Chestnut st TIF District Special Tax Allocation FundCERTIFICATE
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 21sTDAY OF MARCH, 2023 ADOPTED ORDINANCE NO. 4325. A TRUE AND
CORRECT COPY OF. WHICH IS CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS 215L DAY OF FEBRUARY, 2023.
(SEAL)
DREA WALTERS-SMITH
CIT . Y CLERK
CITY OF CANTON
ORDINANCE NO. 4325
AN ORDINANCE DECLARING SURPLUS REVENUE
IN THE CANTON 2 - RT. 9/CHESTNUT ST. TIF DISTRICT
SPECIAL TAX ALLOCATION FUND AND AUTHORIZING PAYMENT
OF THAT SURPLUS REVENUE TO THE FULTON COUNTY TREASURER
FOR DISTRIBUTION TO AFFECTED TAXING DISTRICTS
ON A PRO RATA BASIS
for
TAX YEAR 2021 PAYABLE 2022
PASSED BY THE CITY COUNCIL
OF THE CITY OF CANTON
THE 21ST DAY OF FEBRUARY, 2023.
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS,
THIS 21ST DAY OF FEBRUARY, 2023.
EFFECTIVE: FEBRUARY 21, 2023
ORDINANCE NO. 4325
CITY OF CANTON, ILLINOIS
AN ORDINANCE DECLARING SURPLUS REVENUE
IN THE CANTON 2 - RT. 9/CHESTNUT ST. TIF DISTRICT
SPECIAL TAX ALLOCATION FUND AND AUTHORIZING PAYMENT
OF THAT SURPLUS REVENUE TO THE FULTON COUNTY TREASURER
FOR DISTRIBUTION TO AFFECTED TAXING DISTRICTS
ON A PRO RATA BASIS
for
TAX YEAR 2021 PAYABLE 2022
PREAMBLE
WHEREAS, on the 6'' day of February, A.D., 2012, the City of Canton, Fulton County,
Illinois (the "City") by its duly elected Mayor and City Council and pursuant to 65 Illinois Compiled
Statutes Section 5/11-74.4 et. seq. (the `TIF Act") heretofore adopted a Redevelopment Plan and
Projects; designated a Redevelopment Project Area; and adopted Tax Increment Financing for the
Canton 2 - Rt. 9/Chestnut St. Tax Increment Financing (TIF) District (the "TIF District"); and
WHEREAS, on the 19`' day of March, 2013 pursuant to the TIF Act, the City approved
the First Amendment to the Canton 2 - Rt. 9/Chestnut St. TIF District Redevelopment Project Area,
Plan and Projects by Ordinance No. 3009; and
WHEREAS, on the 6' day of December, 2011 the City by its duly elected Mayor and City
Council and pursuant to the TIF Act approved and Authorized the Execution of an
Intergovernmental Agreement with Canton Union School District No. 66 (the "School District") by
Ordinance No. 2056 for the Canton 2 - Rt. 9/Chestnut Street TIF District; and
WHEREAS, on the 4' day of June, 2013 the City by its duly elected Mayor and City Council
and pursuant to the TIF Act approved and Authorized the Execution of a First Amendment to the
Intergovernmental Agreement with Canton Union School District No. 66 by Ordinance No. 3016 for
the Canton 1 - Downtown/5th Avenue TIF District and the Canton 2 - Rt. 9/Chestnut Street TIF
District; and
WHEREAS, pursuant to said Intergovernmental Agreement with the School District, the
City has determined that the TIF District has not resulted in a net increase in new students enrolled
in the School District who also reside in TIF -assisted housing units within the TIF District; and
WHEREAS, the City Treasurer has determined and reported that as of December 31, 2022,
the City has received $564,434.06 in total -teal estate tax distributions from the Fulton County
Treasurer for real estate tax increment generated by the TIF District in tax year 2021 payable 2022
(Exhibit 1); and
WHEREAS, the City Treasurer has determined and reported that as of December 31, 2022,
the Canton 2 - Rt. 9/Chestnut St. TIF District Special Tax Allocation Fund includes a surplus of
$241,536.44, which represents one hundred percent (100%) of the tax year 2021 real estate tax
increment deposited into the Fund for the "Special Surplus Area", as defined in the Redevelopment
Plan, and twenty percent (20%) of the tax year 2021 real estate tax increment deposited into the Fund
for the balance of the TIF District, which surplus amount may be paid to the Fulton County Treasurer
for distribution to taxing districts in the Redevelopment Project Area in accordance with the
provisions of the TIF Act as shown in Exhibit 2; and
WHEREAS, the Mayor and City Council of the City of Canton hereby find and determine
that it is appropriate to declare surplus in the amount of $241,536.44 and to cause that surplus to be
distributed by the County Treasurer to the taxing districts as provided in the TIF Act.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS:
1. The recitals set forth in the preamble to this Ordinance are hereby incorporated by reference
as if fully set forth herein.
2. The Mayor and City Council, pursuant to Sections 4-7 and 4-9 of the TIF Act and other
applicable authority, hereby declare a surplus of funds in the Canton 2 - Rt. 9/Chestnut St.
TIF District Special Tax Allocation Fund in the amount of $241,536.44, to be distributed by
the Fulton County Treasurer to all the taxing districts in the Redevelopment Project Area
(Exhibit 2).
3. The City Treasurer is hereby authorized and directed to pay such funds from the Canton 2 -
Rt. 9/Chestnut St. TIF District Special Tax Allocation Fund in the amount of $241,536.44 to
the Fulton County Treasurer for distribution to the taxing districts in the Redevelopment
Project Area in accordance with the provisions of the TIF Act. Payment by the City Treasurer
shall be made after approval of this Ordinance, but not more than 180 days after the close of
the City's Fiscal Year 2023. The City Treasurer also is authorized and directed to file a certified
copy of this Ordinance with the Fulton County Treasurer.
4. This Ordinance shall be in full force and effect from and after its passage and approval as
provided by law and shall take effect upon its passage as required by law.
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PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of
Canton, Fulton County, Illinois, on the 7`}' day of March, A.D., 2023, and deposited and filed in the
Office of the City Clerk of said City on that date.
MAYOR & ALDERMEN
AYE VOTE
NAY VOTE
ABSTAIN / ABSENT
Alderman Justin Nelson
Alderwoman Angie Lingenfelter
Alderman Jeff Fritz
Alderwoman Ralph Grimm
Alderwoman Greg Gossett
Alderman Andra Chamberlin
Alderman John Lovell
Alderman Angela Hale
Mayor Kent McDowell
TOTAL VOTES
8
0
0
APPROVED:
Mayor
ATTEST:
ATTACHMENT:
EXHIBIT 1: Canton 2 - Rt. 9/Chestnut St. TIF District Real Estate Tax Increment Distributions
EXHIBIT 2: Canton 2 - Rt. 9/Chestnut St. TIF District Surplus Distribution Calculation
4
EXHIBIT 1
Canton 2 - Rt. 9/Chestnut St. TIF District Real Estate Tax Increment Distributions
Received by the City of Canton from the Fulton County Treasurer
for tax year 2021 payable 2022
Tax Year. 2021
Final Settlement Sheet Page 1 of 1
Fulton County
INC2 - CANTON 2 -Rt. 9/Chestnut Street Increment
1/19/202314:00
Current Year Taxes Paid
Current Year Taxes Due
+ Real Estate
$565,923.52
Original Amount Due
$571,441.56
+
Supplements
$86.48
-
Cancellations
$4,831.32
-
Abatements/Refunds
$0.00
+
Mobile Home
$0.00
+/-
Road & Bridge Transfer
$0.00
+
Misc. Adjustments
$0.00
+ Forfeited Tax
Adjusted Amount Due
$566,06.72
+
Prior Year Real EstateTax
($1,489.46)
+
Prior Year Mobile Home Tax
$0.00
+
Prior Year Misc. Adjustments
$0.00
Grand Totals: 7 Distributions
Total Amount Due
$565,207.26
1/19/202314:00
Current Year Taxes Paid
Distribution Summary
+ Real Estate
$565,923.52
+ Railroad
$0.00
+ Mobile Home
$0.00
+ Misc. Adjustments
$0.00
+ Prior Year Real Estate
($1,489.46)
+ Prior Year Mobile Home
$0.00
+ Prior Year Misc. Adjustments
$0.00
- Abatements/Refunds
$0.00
Total Collected
$564,434.06
+ Hold Back
$0.00
+ County Trustee
$773.20
+ Forfeited Tax
$0,00
Total
$565,207.26
Interest Distribution
County Interest $41.89
Township Interest $0.00
Total Interest $41.89
(C)2023 DEVNET Incorporated KCAULKINS
Distribution Summary
Tax Distribution Date
Amount
05/31/2022
$118,287.37
06/30/2022
$192,323.94
07/29/2022
$14,943.07
08/31/2022
$38,033.06
09/30/2022
$167,726.31
11/16/2022
$33,120.31
Totals: 6 Distributions
$564,434.06
Interest Distribution Date
Amount
11/16/2022
$41.89
Totals:1 Distributions
$41.89
Grand Totals: 7 Distributions
$564,475.95
Fund Summary
Previously Current Amount
PY Over
Fund
Amount Collected Distributed Distribution Available
Interest Distrib
001 - CORPORATE
$564,434.06 $531,313.75 $33,120.31 $0.00
$41.89 $0.00
Totals
$564,434.06 $531,313.75 $33,120.31 $0.00
$41.89 $0.00
Miscellaneous Adjustment Detail
Year Source
Account Type Amount Adjustment Description
2021 RE - Real Estate
Back Tax Collected $0.00 09-08-27-301-023 2020 HADSALL, PEARLINE ETAL by TBA
2021 RE - Real Estate
Back Tax Collected $0.00 09-08-28-300-028 2019 AFSCME LOCAL #3585 by TBA
Totals 2 entries
$0.00
(C)2023 DEVNET Incorporated KCAULKINS
EXHIBIT 2
Canton 2 - Rt. 9/Chestnut St. TIF District
Surplus Distribution Calculation
for tax year 2021 payable 2022
CANTON 2 - RT. 9/CHESTNUT ST. TIF DISTRICT
2021 PAYABLE 2022 SURPLUS CALCULATION
2/3/2023
Total Estimated 2021 TIF 2 Real Estate Tax Increment:
$567,294.87
Total 2021 TIF 2 Real Estate Tax Increment Received: $564,434.06
TIF 2 Surplus - Special Surplus Area (100%): $160,812.04
TIF 2 - Balance of TIF Real Estate Tax Increment
$403,622.02
TIF 2 Surplus - Balance*of TIF (20%): $80,724.40
Total TIF 2 Surplus of R.E. Tax Increment: $241,536.44
Taxing District
2021 Tax
Rate
% of Total
Tax Rate
Share of 100%
Surplus
Share of 20%
Surplus
Total Share of
Surplus
City of Canton
2.3724%
23.04516
$37,055.68
$18,601.20
$55,656.8
Canton Park District
0.6044%
5.87%
$9,440.42
$4,738.90
$14,179.3
Parlin-Ingersol Library
0.2328%
2.26%
$3,636.22
$1,825.31
$5,461.5
Canton Township
0.2140%
2.08%
$3,342.57
$1,677.90
$5,020.4
Canton Twp Road
0.3569%
3.47%
$5,574.60
$2,798.34
$8,372:9
Canton CUSD #66
4.2490%
41.27%
$66,367.22
$33,315.01
$99,682.2
Fulton Co Ambulance
0.2000%
1.94%
$3,123.90
$1,568.13
$4,692.0
Fulton County
1.4133%
13.73%
$22,075.03
$11,081.22
$33,156.2
Spoon River Jr Coll 534
0.6528%
6.34%
$10,196.40
$5,118.39
$15,314.7
Totals
10.2956%
100.00%
$160,812.04
$80,724.4
$241,536.
Total School Share of Increment (10%):
Total School Share of Surplus:
Additional School Share Due:
$56,443.41
$99,682.23
$0.00
H:jC4N70NtCA1VT0N2 M- Chestnut StISpreadsheetsISurpluslCanton 2Surplus & School Calculation rev The Economic Development Group, Ltd.