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Home My WebLink AboutOrdinance #3055 - surplus revenue in the canton 2-rt.9/chestnut st 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 4T" DAY OF MARCH, 2014 ADOPTED ORDINANCE NO. 3055 A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS 4TH DAY OF MARCH, 2014. (SEAL) ,� � �.-- -�e . ��,�. D NA PAVLEY-ROCK CITY CLERK CITY OF CANTON ORDINANCE NO. 3055 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 2012 PAYABLE 2013 PASSED BY THE CITY COUNCIL OF THE CITY OF CANTON THE 4TH DAY OF MARCH, 2014 PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, THIS 4TH DAY OF MARCH, 2014 EFFECTIVE ORDINANCE NO.3055 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 2012 PAYABLE 2013 ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, ON THE 4TH DAY OF MARCH,2014. ORDINANCE NO. 3055 CITY OF CANTON, ILLINOIS AN ORDINANCE DECLARING SURPLUS REVENUE IN THE CANTON 2- RT. 9/CHESTNUT ST. 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 February,A.D.,2012, the City of Canton,Fulton County, Illinois (the"City") by its duly elected Mayor and Ciry 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 19t'' day of March, 2013 pursuant to the TIF Act, the Ciry 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 Ciry by its duly elected Mayor and Ciry 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 Ciry by its duly elected Mayor and Ciry 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 November S, 2013, the Ciry has received $85,204.76 in total real estate tax distributions from the Fulton County Treasurer for real estate tax increment generated by the TIF District in tax year 2012 payable 2013 (Exhibit 1); and Canton 2-Rt.9/Chestnut St.TIF District-Surplus Declaration-Tax Year 2012 Page 1 o.f 5 WHEREAS, the City Treasurer has determined and reported that as of November 8, 2013, the Canton 2 - Rt. 9/Chestnut St. Special Tax Allocation Fund includes a surplus of$36,307.43, which represents one hundred percent (100%) of the tax year 2012 real estate tax increment deposited into the Fund for the "Special Surplus Area", as defined in the Redevelopment Plan, and twenry percent (20%) of the tax year 2012 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 distriburion to taxing 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 $36,307.43 and to cause that surplus to be distributed by the County Treasurer to the ta�ng 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 Ciry 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. Special Tax Allocation Fund in the amount of$36,307.43, to be distributed by the Fulton County Treasurer to all the taxing districts in the Redevelopment Project Area. 3. The City Treasurer is hereby authorized and directed to pay such funds from the Canton 2 - Rt. 9/Chestnut St. Special Tax Allocation Fund in the amount of$36,307.43 to the Fulton County Treasurer for distriburion 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 after approval of this Ordinance, but not more than 180 days after the close of the Ciry's Fiscal Year 2014. The Ciry Treasurer also is authorized and directed to file a certified copy of this Ordinance with the Fulton Counry 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. �7be remainder of thi.c page i.r intentionally blank.J Canton 2-Rt.9/Chestnut St.TIF District-Surplus Declarauon-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 4`" day of March, A.D., 2014, and deposited and filed in the Office of the City Clerk of said Ciry on that date. MAYOR&ALDERMEN AYE VOTE NAY VOTE ABSTAIN/ABSENT Alderman Jeremy Pasley X Alderman John Lovell X Alderman Gezald Ellis X Alderman Justin Nelson X Alderman David Pickel X Alderman Jim Nelson X Alderman Tad Putrich X Aldertnan Craig West X TOTAL VOTES 7 0 1 APPROVED: AT'�F T: " ,. - �� - --�-�---� �>� Mayor �iry Clerk 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 H:\CANTON\CfINTON 2 KT9-Cberbrrd St\Ordinanre.r\.4�irpinc\G'unlan 2_20)2 SxrpG�s DerGmvlian Ord 29/au 207 F.uyd Canton 2-Rt.9/Chestnut St.TIF District-Surplus Declaration-Tax Year 2012 Page 3 of 5 EXHIBIT 1 Canton 2- Rt. 9/Chestnut St. Real Estate Tax Increment Distributions Received by the City of Canton from the Fulton County Treasurer for tax year 2012 payable 2013 Canton 2-Rt.9/Chestnut St.TIF District-Surplus Declaration-Tax Year 2012 Page 4 of 5 Tax Year:2012 Finai Settlement Sheet Page 1 of 1 Fulton County 11I4/201315:20 INC2 Current Year Taxes Due Current Year Taxes Paid Original Amount Due $88,658.66 + Real Estate $85,204.76 + Supplements $0.00 + Railroad $0.00 - Canceilations $3,453.90 + Mobile Home $0.00 - AbatementslRefunds $0.00 + Misc.Adjustments $0.00 + Mobile Home $0.00 + Prior Year Real Estate $0.00 +1- Road&Bridge Transfer $0.00 + Prior Year Mobile Home $0.00 + Misc.Adjustments $0.00 + Prior Year Misc.Adjustments $0.00 Adjusted Amount Due $85,204.76 - Abatements/Refunds $0.00 + Prior Year Real EstateTax $0.00 Total Collected a85,204.76 + Prior Year Mobile Home Tax $0.00 + Hald Back $0.00 + Prior Year Misc.Adjustments $0.00 + County Trustee $0.00 Total Amount Due $85,204.76 + Forfeited Tax $0.00 Total $85,204.76 Interest Distribution County Interest $8.88 Township Interest $0.00 Total Interest $8.88 Distribution Summary Tax Distribution Date Amount 06/26/2013 $18,627.34 07131/2013 $24,166.16 08/29/2013 $6,294.09 09/30/2013 $30,432.21 11/08/2013 $5,684.96 Totals:5 Distributions $85,204.76 Interest Distribution Date Amount 11/04/2013 $8.88 Totals: 1 Distributions 58.88 Grand Totals:6 Distributions $85,213.64 Fund Summary Prevfously Current Amount PY Over Fund Amount Collected Distributed Distribution Available Interest Distrib 001 -CORPORATE $85,204.76 $79,519.80 $5,684.96 $0.00 $8.88 $0.00 Totala �85,204.76 $79,519.80 35,584.96 $0.00 58-88 s0.00 (C)2043 DEVNET fncorporated amann EXHIBIT 2 Canton 2- Rt. 9/Chestnut St.TIF District Surplus Distribution Calculation for t�year 2012 payable 2013 Canton 2-Rt.9/Chestnut St.TIF District-Surplus Declaration-Tax Year 2012 Page S o,f S CANTON 2 - RT. 9/CHESTNUT ST. TIF DISTRICT 2012 PAYABLE 2013 SURPLUS CALCULATION 1/29/2014 Total Estimated 2012 TIF 2 Real Estate Tax Increment: $88,658.41 Total 2012 TIF 2 Real Estate Tax Increment Received: $85,204.76 TIF 2 Surplus-Special Surplus Area (100%): $24,083.10 TIF 2-Balance of TIF Real Estate Tax Increment $61,121.66 TIF 2 Surplus-Balance of TIF(20%): $12,224.33 Total TIF 2 Surplus of R.E.Tax Increment: $36,307.43 2012 Tax %of Total Share of Share of Total Share Taxing District Rate Tax Rate 100%Surplus 20%Surplus of Surplus City of Canton 1.9991% 20.39% $4,910.80 $2,492.67 $7,403.47 Canton Park District 0.8042% 8.20% $1,975.52 $1,002.75 $2,978.28 Canton Township 0.3315% 3.38% $814.33 $413.35 $1,227.68 Canton Twp Road 0.3495% 3.56% $858.55 $435.79 $1,294.34 Canton CUSD#66 4.0152% 40.96% $9,863.37 $5,006.54 $14,869.91 Fulton Co Ambulance 0.1493% 1.52% $366.76 $186.16 $552.92 Fulton County 1.5772% 16.09% $3,874.40 $1,966.61 $5,841.01 Spoon River Jr Coll 534 0.5778% 5.89% $1,419.37 $720.46 $2,139.83 Totals 9.8038% 300.00% $24,083.10 $12,224.33 $36,307.43 Total School Share of Increment(10%): $8,520.48 Total School Share of Surplus: $14,869.91 Additional School Share Due: $0.00 H:�LANTON�fAN70N2RT9-ChestnutSt�Spreadsheets�5urplus�Can[onl5urplus&SchoolColculation The Economic Development Group,Ltd.