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Home My WebLink AboutOrdinance #3038 - surplus revenue in the Canton 1-downtown/5th avenue tif district special tax allocation fund ORDINANCE NO. 3038 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 2012 PAYABLE 2013 ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, ON THE 3�DAY OF DECEMBER, 2013. ORDINANCE NO. 3038 CIT'Y OF CANTON, ILLINOIS AN ORDINANCE DECLARING SURPLUS REVENUE IN THE CANTON 1- DOWNTOWN/5TH AVENUE 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 2012 PAYABLE 2013 PREAMBLE WHEREAS, on the 6`" day of July,A.D., 2004, the Ciry of Canton, Fulton Counry, Illinois (the "City") by its duly elected Mayor and City Council and pursuant to 65 Illinois Compiled Statutes Secrion 5/11-74.4 et. seg. (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, on the 4`h 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 I 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 have 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 October 8, 2013, the City has received $775,627.31 in total distributions from the Fulton County Treasurer for real estate tax increment generated by the TIF District in tax year 2012 payable 2013 (Exhibit 1), including $173,661.57 from the "Hotel Development Site"; and Canton 1-Downtown/5th Ave TIF District-Surplus Declaration-Tax Year 2012 Page 1 of 5 WHEREAS, the City Treasurer has determined and reported that as of October 8, 2013, the Canton 1 - Downtown/5th Avenue Special Tax Allocation Fund includes a surplus of $34,732.31 which represents twenry percent (20%) of the real estate tax increment deposited into the Fund for the "Hotel Development Site" for tax year 2012 payable 2013,which surplus amount may be paid to the Fulton County Treasurer for distribution to ta�cing districts in the Redevelopment Project Area in accordance with the provisions of the TIF Act (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 $34,732.31 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 fu11y 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 Special Tax Allocation Fund in the amount of$34,732.31, to be distributed by the Fulton County Treasurer to all the taxing districts in the Redevelopment Project Area. 3. The Ciry Treasurer is hereby authorized and directed to pay such funds from the Canton 1- Downtown/5th Avenue Special Tax Allocation Fund in the amount of $34,732.31 to the Fulton County Treasurer for distribution to the ta�cing 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 2014. 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. [The remainder af this page i.c intentionally blank.J Canton 1-Downtown/5th rlve TIF District-Surplus Declaration-Tax Year 2012 Page 2 0_f 5 PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the Ciry of Canton, Fulton County, Illinois, on the 3"� day of December,A.D., 2013, 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 Pasley X Alderman Lovell X Alderman Ellis X Alderman Justin Nelson g Alderman Pickel X Alderman Jim Nelson X r�lderman Putrich X Alderman West X TOTAL VOTES 6 0 2 APPROVED: ATTF,�S'1': ' �' ..%' �r' ,, � .►�.s ��'� � �, Ma�� ity Clerk ATTACHMENT: EXHIBIT 1: Canton 1-Downtown/5th Ave TIF District Rea1 Estate Tax Increment Distributions EXHIBIT 2: Canton 1-Downtown/Sth Ave TIF District Surplus Distribution Calculation tl:ACANTON�CAN'I'ON 1-DOW iV 1'OWiV_STH�I I'EN[�1i T/F\ORD]NANC h5\S�npliu\Carolai T(I�7_Nii�al?Ol?f 1 o�e!SnrpGcr Decl.rraliar Ord 03 Der 2013.upd Canton 1-Downtown/5th rlve TIF District-Surplus Declaration-Tax Year 2012 Page 3 of S EXHIBIT 1 Copies of Canton 1- Downtown/5th Avenue Real Estate Tax Increment Distributions Received by the City of Canton from the Fulton County Treasurer for tax year 2012 payable 2013 Canton 1-Downtown/5th Ave TIF District-Surplus Declaration-Tax Year 2012 Page 4 of 5 Tax Year:so�z Settlement Sheet Page 1 of 1 Fulton County 9125l207313:59 INIH -CANTON 7-DOWNTOWN!5TH AVENUE INCREMENT Current Year i'axes Due Current Year Taxes Paid OriginalAmount Due $786,354.76 + Reai Estate $782,158.39 • Supplements $1,144.10 + Railroad $d.00 - Cancellations $1,536.26 + Mobile Mome $0.00 - Abatements/Refunds $0.00 + Misc.Adjustments $0.�0 + Mobile Home $0.00 + Prior Year Real Estate ($6,531.08) +/- Road& Bridge"fransfer $0.00 + Prior Year Mobile Home $0.00 + Misc.Adjustments $0.00 + Prior Year Misc.Adjustments $0.00 Adjusted Amount Due $785,982.60 - Abatements/Refunds $O.OQ + Prior Year Real EstateTax ($6,531.08j Total Coflected $775,627.31 + Prior Year Mobile Nome Tax $0.00 + Hold Back $0.00 + Prior Year Misc.Adjustments $0.00 + County Trustee Total Amount Due $779,431.52 + Forfeited i"ax Total $775,627.31 Distributian Summary Tax Dlstribution Date Amount 06/26/2013 $27,226.33 07/31/2013 $366,385.82 08/29/2013 $11,594.64 09/30/2013 $370,420.52 Totals:4 Distributions $775,627.31 Grand Totals:4 Distributions $775,627.31 Fund Summary Prevlousty Current Amount PY Over Fund Amount Collected Dlstrlbuted Distribution Avatlable Interest Dlstrlb 001 -CORPORATE $775,627.31 $405,206.79 �370,420.52 $0.00 $0.00 $0.00 Totals �775,827.31 a40b,206.79 ;370,42�.5x S0.00 50.00 �0.00 Abatement Detail Yoa� Source Accaunt 71rne Amount Adiustment Descrfotion 2011 R�-Real Estate Real Estate Abatement $0.00 JAMES SNIDER 09-08-27-410-024 CE 3i9 by TBA 2011 RE-Rea!Estate Real Estate Abatement $0.00 PETERSEPI HE4LTH 09-08-34216-028 INTEREST GE 35 by TBA Totals 2 entries $0.00 (C)2013 DEVNET Incorporated amann EXHIBIT 2 Canton 1- Downtown/5th Avenue TIF District Surplus Distribution Calculation for tax year 2012 payable 2013 Canton 1-Downtown/5th�1ve TIF District-tiurplus Declaration-Tax Year 2012 Page S of 5 CANTON TIF 1 - DOWNTOWN/5TH AVE 2012 PAYABLE 2013 SURPLUS CALCULATION 2012 Hotel RE Tax Increment: $173,661.57 2012 Hotel Surplus(20%): $34,732.31 10/7/2013 2012 Tax %of Total Share of Taxing District Rate Tax Rate Surplus City of Canton 1.9991% 20.39% $7,082.29 Canton Park District 0.8042% 8.20% $2,849.07 Canton Township 0.3315% 3.38% $1,174.42 Canton Twp Road 0.3495% 3.56% $1,238.19 Canton Union SD#66 4.0152% 40.96% $14,224.81 Fulton Co Ambulance 0.1493% 1.52% $528.93 Fulton County 1.5772% 16.09% $5,587.61 Spoon River Jr Coll 534 0.5778% 5.89% $2,047.00 Totals 9.8038% 100.00% $34,732.31 H:�CANTON�CANTONI-DOWNTOWN STHAVENUETIF�Spreadsheets�DevReimbs�Harves[erinnHote/RETIReimb The Economic Development Group,�td.