HomeMy WebLinkAboutCanton IH TIF Public HearingCanton IH TIF Public Hearing
Tuesday, September 14th, 2010 5:30pm
At The Historic Depot
Donald E Edwards Way
50 North 4th Avenue Canton II 61520
5:30pm
Mayor Meade called the meeting to order at 5:30pm regarding the IH TIF.
Steve Kline explained that this is a public meeting that gives the City the opportunity to discuss plans
with the community.
Overview of TIF (Steve Kline)
The general concept of how TIF works is an economic development tool available to all municipalities in
the State of Illinois. The statutory life in Illinois is 23 years. Abase value is calculated-this preserves a
portion of the real estate tax bill. When the TIF ends-the last money the City receives is in the 24th
year. All of the improvements created because of the TIF are available to all of the taxing districts-as it
was before and into the future.
The IH TIF had several projects since it began in 2004. Some of these include Cook Medical, American
Grille, Randolph Building, White Oaks Tap, Crawford's Home furnishing, Peterson Healthcare.
A description of the proposed amendment and timeline is as follows
No expansion of the boundary
• No legislative extension
• Bill Cook has brought new life and opportunities unforeseen in the original 2004 redevelopment
plan. The City will now amend and clarify the purpose and intended use of TIF- needs to be
redistributed across the following target areas:
IH Site
Downtown CBD Redevelopment
Elm Street Corridor
Fifth Avenue Corridor
• Update and add public and private TIF eligible projects and related project costs for mixed use
purposes.
LT. Industrial
Commercial
Residential
• Timeline- Draft of amendments to TIF plan should be available within next couple of weeks.
Angela Oatman-Bought a building last year on the square and is a new business owner and would like
to know how to obtain information and how to address the Council on questions.
No additional comments were made and the public hearing adjourned at 5:50 pm