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Home My WebLink AboutOrdinance #3080 - 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 21 ST DAY OF OCTOBER, 2014 ADOPTED ORDINANCE NO. 3080. A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS 22ND DAY OF OCTOBER, 2014. (SEAL) Cj� IANA PAVLEY-RO CITY CLERK CITY OF CANTON, ILLINOIS ORDINANCE NO. 3080 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 2013 PAYABLE 2014 ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CANTON,FULTON COUNTY, ILLINOIS, ON THE 21ST DAY OF OCTOBER,2014. PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, THIS 21ST DAY OF OCTOBER,2014 EFFECTIVE OCTOBER 21,2014 ORDINANCE NO. 3080 CITY 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 2013 PAYABLE 2014 PREAMBLE WHEREAS, on the 6`" day of July, A.D., 2004, the City of Canton, Fulton County, Illinois (the "Ciry") by its duly elected Mayor and City Council and pursuant to 65 Illinois Compiled Statutes Section 5/11-74.4 et. .req. (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/Sth 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 Ciry approved the First Amendment to the Canton 1-Downtown/Sth 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`'' 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 September 23, 2014, the City has received �623,840.90 in total distributions from the Fulton County Treasurer for real estate tax increment generated by the TIF District in tax year 2013 payable 2014 (Exhibit 1), including �178,727.91 from the "Hotel Development Site"; and Canton 1-Downtown/5th Ave TIF District-Surplus Declaration-Tax Year 2013 Page 2 of 6 WHEREAS, the City Treasurer has determined and reported that as of October 21, 2014, the Canton 1 - Downtown/5th Avenue Special Tax Allocation Fund includes a surplus of$35,745.58 which represents twenry percent (20%) of the real estate tax increment deposited into the Fund for the "Hotel Development Site" for tax year 2013 payable 2014,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 (Exhibit 2); and WHEREAS, the Mayor and Ciry Council of the City of Canton hereby find and determine that it is appropriate to declare surplus in the amount of $35,745.58 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 COUNT'Y, 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 Special Tax Allocation Fund in the amount of$35,745.58, to be distributed by the Fulton Counry 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 1- Downtown/5th Avenue Special Tax Allocation Fund in the amount of $35,745.58 to the Fulton County Treasurer for distribution to the ta�ng 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 2015. The City Treasurer also is authorized and directed to file a certified copy of this Ordinance with the Fult�n 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 of thi.r page i.r i�rtentioytally blank.J Canton 1-Downtown/5th Ave TIF District-Surplus Declaration-Tax Year 2013 Page 3 of 6 PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the Ciry of Canton, Fulton County, Illinois, on the 21" day of October, A.D., 2014, 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 Alderwoman Hale X Alderman Lovell X(ABSENT) Alderman Ellis X Alderman Justin Nelson X Alderman Pickel X Alderman Jim Nelson X Alderman Putrich X (ABSTAIN) Alderman West X TOTAL VOTES 6 0 2 APPROVED: A ST: ��19 �� Mayor ^T 'ry 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 H:\G4NTOIV�CAN7'ON 1-DOU'NfOIY-!V f77-/AL'ENUE 77F�ORDItiA1VCF,S\SnrpGu\C'ad/oii 77F 1_2013 Hotel Shryhu Pedmvlian Ord 092514.npd Canton 1-Downtown/5th Ave TIF District-Surplus Declaration-Tax Year 2013 Page 4 of 6 EXHIBIT 1 Copies of Canton 1 -Downtown/5th Avenue Real Estate Tax Increment Distributions Received by the Ciry of Canton from the Fulton County Treasurer for tax year 2013 payable 2014 Canton 1-Downtown/Sth Ave TIF District-Surplus Declaration-Tax Year 2013 Page 5 of 6 Tax Year:2p�3 Settlement Sheet Page 1 of 1 Fultort County 9118l201413:58 �NIH - CANTON 1-DOWNTOWN/ 5TH AVENUE INCREMENT Current Year Taxes Due Current Year Taxes Paid Original Amount Due $934,325.94 + Real Estate $863,288.22 + Supplements $192,764.06 + Railroad $0.00 - Cancellations $192,122.60 + Mobile Home $0.00 - Abatements/Refunds $0.00 + Misc.Adjustments $0.00 ' + Mobile Home $0.00 + Prior Year Real Estate ($239,447.32) +/- Road &Bridge Transfer $0.00 + Prior Year Mobile Home $0.00 + Misc.Adjustments $0.00 + Prior Year Misc.Adjustments $0.00 Adjusted Amount Due $934,967.40 - Abatements/Refunds $0.00 ' + Prior Year Real EstateTax ($239,447.32) Totat Collected $623,840.80 + Prior Year Mobile Home Tax $0.00 + Hold Back $0.00 + Prior Year Misc.Adjustments $0.00 + Counfy Trustee "' Total Amount Due $695,520.08 + Forfeited Tax Total �623,840.90 Distribution Summary Tax Oistributfon Date AmouM , 08/08/2014 $165,976.22 09/23/2014 $457,864.68 Totals:2 Distributions $623,840.90 Grand Totats:2 Distributions $623,840.90 Fund Summary Previously Current Amount PY Over Fund Amount Collected Dlstributed Distribution Available tnterest Distrib 001-CORPORATE $623,840.90 $165,976.22 $457,864.68 $0.00 $0.00 $0.00 � Totals a623,840.90 $165,976.22 y45T,864.68 $0.00 $0.00 50.00 � Abatement Detail � , Year Source Account Twe Amount Adiustment Descrintion f 2012 RE-Real Estate Real Estate Abatement $0.00 C.E.205 INTEREST 09-Q8-27-441-002 by TBA { 2012 RE-Real Estate Real Estate Abatement $0.00 C.E.204 INTEREST 09-08-27-441-001 by TBA Totals 2 entries $0.00 (C)2014 DEVNET lncorporated amann EXHIBIT 2 Canton 1-Downtown/5th Avenue TIF District Surplus Distribution Calculation for tax year 2013 payable 2014 Canton 1-Downtown/5th Ave TIF District-Surplus Declaration-Tax Year 2013 Page 6 of 6 CANTON 1 - DOWNTOWN/STH AVE TIF DISTRICT 2013 PAYABIE 2014 SURPLUS CALCULATION 2013 Hotei RE Tax Increment: $178,727.91 2013 Hotel Surplus (20%): $35,745.58 9/11/2014 2013 Tax %of Total Share of Taxing District Rate Tax Rate Surplus City of Canton 1.9727% 20.24% $7,233.38 Canton Park District 0.7996% 8.20% $2,931.93 Canton Township 0.3463% 3.55% $1,269.79 Canton Twp Road 0.3369% 3.46� $1,235.32 Canton Union SD#66 4.0077% 41.11% $14,695.19 Fulton Co Ambulance 0.1606% 1.65% $588.88 Fulton County 1.5247% 15.64% $5,590.68 Spoon River Jr Coll 534 0.6001% 6.16% $2,200.41 Totals 9.7486% 100.00� $35,745.58 H:�CANTON�CANTON 1-DOWNTOWN_STH AVENUE TIF�Spreodsheets�Dev Reimbs�Harvester Inn Hotel RET/Reimb The Economic Development G rou p,�td.