HomeMy WebLinkAboutOrdinance #4390 - Surplus Revenue in the Canton 1 Downtown/5th Avenue TIF District; Special Tax Allocation Fund 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 6TH DAY OF FEBRUARY, 2024 ADOPTED ORDINANCE NO. 4390. A TRUE AND
CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS 6m DAY OF FEBRUARY,2024.
(SEAL)
oll
NDREA .WALTERS-SMITH
CITY CLERK
CITY OF CANTON, ILLINOIS
ORDINANCE NO. 4390
AN ORDINANCE DECLARING SURPLUS REVENUE
IN THE CANTON 1- DOWNTOWN/5TH AVENUE 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 2022 PAYABLE 2023
ADOPTED BY THE MAYOR AND CITY COUNCIL
OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS,
ON THE 6TH DAY OF FEBRUARY,2024.
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS,
THIS 6TH DAY OF FEBRUARY,2024.
EFFECTIVE: FEBRUARY 6,2024
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ORDINANCE NO. 4390
CITY OF CANTON, ILLINOIS
AN ORDINANCE DECLARING SURPLUS REVENUE
IN THE CANTON 1-DOWNTOWN/5TH AVENUE 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 2022 PAYABLE 2023
PREAMBLE
WHEREAS, on the 6''day of July,A.D., 2004, 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 1 -
Downtown/5th Avenue Tax Increment Financing (TIF) District (f/k/a the International Harvester
Site TIF District) (the"TIF District"); and
WHEREAS, pursuant to the TIF Act, the City approved the First Amendment to the
Canton 1-Downtown/5th Avenue TIF District Redevelopment Project Area, Plan and Projects on
November 22,2011 by Ordinance No. 2052;and
WHEREAS, pursuant to the TIF Act, the City approved the Second Amendment to the
Canton 1 - Downtown/5th Avenue TIF District Redevelopment Project Area,Plan and Projects on
February 6,2012 by Ordinance No. 2071;and
WHEREAS, pursuant to the TIF Act, the City approved the Third Amendment to the
Canton 1 - Downtown/5th Avenue TIF District Redevelopment Project Area, Plan and Projects on
April 5, 2017 by Ordinance No. 4068, 4069 and 4070;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 an
Intergovernmental Agreement with Canton Union School District No. 66 (the "School District") 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 First Amendment to the 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 31,2023,
the City has received $873,323.76 in total distributions from the Fulton County Treasurer for real
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estate tax increment generated by the TIF District in tax year 2022 payable 2023 as shown in Exhibit
1,including$48,812.38 from the"Hotel Development Site";and
WHEREAS,the City Treasurer has determined and reported that as of December 31,2023,
the Canton 1 - Downtown/5th Avenue TIF District Special Tax Allocation Fund includes a surplus
of$9,762.48 which represents twenty percent (20%) of the real estate tax increment deposited into
the Fund for the "Hotel Development Site" for tax year 2022 payable 2023, which surplus amount
may be paid at this time 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$9,762.48 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 1 - Downtown/5th
Avenue TIF District Special Tax Allocation Fund in the amount of$9,762.48,to be distributed
by the Fulton County Treasurer to all the taxing districts in the Redevelopment Project Area
as shown in Exhibit 2.
3. The City Treasurer is hereby authorized and directed to pay such funds from the Canton 1-
Downtown/5th Avenue TIF District Special Tax Allocation Fund in the amount of$9,762.48
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 not more than 180 days after the close of the City's Fiscal Year 2024. 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 6`'day of February,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 Angela Lingenfelter x
Alderman Patrick Ketcham
Alderman Ralph Grimm
Alderman Greg Gossett
Alderwoman Andra Chamberlin
Alderman John Lovell
Alderwoman Angela Hale
Mayor Kent McDowell
TOTAL VOTES
APPROVED: ATTEST:
Mayor ity Clerk
ATTACHMENT:
EXHIBIT 1: Canton 1-Downtown/5th Ave TIF District Real Estate Tax Increment Distributions
EXHIBIT 2: Canton 1-Downtown/5th Ave TIF District Surplus Distribution Calculation
4
EXHIBIT I
Canton 1- Downtown/5th Avenue TIF District Real Estate Tax Increment Distributions
Received by the City of Canton from the Fulton County Treasurer
for tax year 2022 payable 2023
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Tax Year:2022 Final Settlement Sheet Page 1 of 1
Fulton County 111161202314:47
INIH -CANTON 1-DOWNTOWN/ 5TH AVENUE INCREMENT
Current Year Taxes Due Current Year Taxes Paid
Original Amount Due $872,536.62 + Real Estate $871,758.53
+ Supplements $1,764.46 + Railroad $0.00
Cancellations $624.58 + Mobile Home $0.00
Abatements/Refunds $0.00 + Misc.Adjustments $1,565.23
+ Mobile Home $0.00 + Prior Year Real Estate $0.00
+/- Road&Bridge Transfer $0.00 + Prior Year Mobile Home $0.00
+ Misc.Adjustments $1,565.23 + Prior Year Misc.Adjustments $0.00
Adjusted Amount Due $876,241.73 Abatements/Refunds $0.00
+ Prior Year Real EstateTax $0.00 Total Collected $873,323.76
+ Prior Year Mobile Home Tax $0.00 + Hold Back $0.00
+ Prior Year Misc.Adjustments $0.00 + County Trustee $1,608.69
Total Amount Due $875,241.73 + Forfeited Tax $309.28
Total $875,241.73
Interest Distribution
County Interest $1,175.43
Township Interest $0.00
Total Interest $1,175.43
Distribution Summary
Tax Distribution Date Amount
05/22/2023 $100,398.75
06/30/2023 $362,356.87
07/31/2023 $3,328.96
08/31/2023 $318,276.14
09/29/2023 $79,264.42
11/29/2023 $9,698.62
Totals:6 Distributions $873,323.76
Interest Distribution Date Amount
11/29/2023 $1,175.43
Totals: 1 Distributions $1,176.43
Grand Totals:7 Distributions $874,499.19
Fund Summary
Previously Current Amount PY Over
Fund Amount Collected Distributed Distribution Available Interest Distrib
001 -CORPORATE $873,323.76 $863,625.14 $9,698.62 $0.00 $1,175.43 $0.00
Totals $873,323.76 $863,625.14 $9,698.62 $0.00 $1,175.43 $0.00
Miscellaneous Adjustment Detail
Y L Source Account Type AmoLIII;Adjustment Description
2022 RE-Real Estate Back Tax Collected $0.00 09-08-26-318-006 2021,SWISE,AARON G by TBA
2022 RE-Real Estate Back Tax Collected $65.28 09-08-26-318-006 2021,SWISE,AARON G by TBA
2022 RE-Real Estate Back Tax Collected $0.00 09-08-26-318-008 2021,SWISE,AARON G by TBA
2022 RE-Real Estate Back Tax Collected $233.10 09-08-26-318-008 2021,SWISE,AARON G by TBA
2022 RE-Real Estate Back Tax Collected $0.00 09-08-27-412-007 2021,MGL THEATERS INC by TBA
2022 RE-Real Estate Back Tax Collected $15.91 09-08-27-412-007 2021,MGL THEATERS INC by TBA
2022 RE-Real Estate Back Tax Collected $0.00 09-08-26-318-001 2019,STAMBAUGH,CHARLES by TBA
2022 RE-Real Estate Back Tax Collected $162.66 09-08-26-318-001 by TBA ,
2022 RE-Real Estate Back Tax Collected $1,088.28 09-08-26-318-018 2019-2021, SWISE,GREGORY A by TBA
Tota s 9 entries $1,565.23
(C)2023 DEVNET Incorporated CKINNAMON
EXHIBIT 2
Canton 1-Downtown/5th Avenue TIF District
Surplus Distribution Calculation
for tax year 2022 Payable 2023
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EXHIBIT 2
CANTON 1 - DOWNTOWN/5TH AVE
TIF DISTRICT
2022 PAYABLE 2023 SURPLUS CALCULATION
Parcel# 09-08-27-409-011
2022 Hotel Real Estate Tax Increment: $48,812.38
2022 Hotel Surplus(20%): $9,762.48
District's
2022 Tax %of Total Share of
Taxing District Rate Tax Rate Surplus
City of Canton 2.4569% 23.60% $2,304.12
Canton Park District 0.6132% 5.89% $575.07
Parlin-Ingersol Library 0.2290% 2.20% $214.76
Canton Township 0.2258% 2.17% $211.76
Canton Twp Road 0.3673% 3.53% $344.46
Canton Union SD#66 4.2453% 40.78% $3,981.31
Fulton Co Ambulance 0.2000% 1.92% $187.56
Fulton County 1.3743% 13.20% $1,288.84
Spoon River Jr Coll 534 0.6980% 6.71% $654.60
Totals 10.4098% 100.00%1 $9,762.48
School Share Calculation:
Total School Share of Hotel Increment(10%): $4,881.24
School Share of Surplus: $3,981.31
Additional School Share: $899.93
R:G91VTONI CANTON TIFICANTON 1-DT STH AVE TIFISpreadsheetslSurplus Calculations The Economic Development Group,Ltd.
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MidAumricu-Nntinnul Bank
CITY OF CANTON 000002182
i gwm1: ' 2 N.MAIN STREET-
CANTON,IL 61520
i1
Bay NINE THOUSAND SEVEN HUNDRED SIXTY-TWO AND 48 / 100
W
Date Amount
j To the order of 2/21/2024 $9,762.48
i
Fulton County Treasurer/Collector
0
PO Box 111 W
W
Lewistown, IL 61542-0111 Z
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II000000 2 L8 211' 1:0 7 1 L0 2 2 38l: 99 L 2 5u■
Check Date: 02/21/2024 Vendor No: 10144 000002182
Check Amount: 9,762.48 Vendor Name: Fulton County Treasurer/Collector
Vendor Acet No:
Invoice Number Date Description GLAccount Amount
02/21/2024 PTax Surplus 2022 payable 2023 201-00-57115 9,762.48
Hotel Increment
e •e e : e y e c e y
%lidAnigicu N¢tiow1 Bank 000002183
CITY OF CANTON
II �
MwON' 2-N.MAIN STREET �
CANTON,IL 61520 $
Pay EIGHT HUNDRED NINETY-NINE AND 93 / 100
Date- Amount
To the order of
2/21/2024 $899.93 z
Canton Union School District #66 a
I 20 W Walnut St
Canton, IL 61520 i
n Ep
'hAYAA _ 1
1000000218311' 1:04i1022381: 991251ll
Check Date: 02/21/2024 Vendor No: 10564 000002183
Check Amount: 899.93 Vendor Name: Canton Union School District#66
VendorAcct No:
Invoice Number Date Description GLAccount Amount
Ptax 02/21/2024 PTax Surplus Additional School 201-00-57300 899.93
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