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Home My WebLink AboutOrdinance #3091 - Surplus Revenue in the Canton 2 Rt.9/Chestnut St Tif District Special Tax Allocation FundCERTIFICATE 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 3RD DAY OF FEBRUARY, 2015 ADOPTED ORDINANCE NO. 3091. A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. J r Z GIVEN UNDER MY HAND AND SEAL THIS �1DAY OF FEBRUARY, 2015. (SEAL) FEB 2 3 2015 �O�UNM Ty C L E R K �.m -\ FUL ON COUNTY, IL. F CITY OF CANTON ORDINANCE NO. 3091 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 2013 PAYABLE 2014 PASSED BY THE CITY COUNCIL OF THE CITY OF CANTON THE 3RD DAY OF FEBRUARY, 2015. PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, THIS 3RD DAY OF FEBRUARY, 2015. EFFECTIVE: ,) —V; 2 C , FEB 2 3 2015 O CLERK FULTON COUNTY, IL. 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 3RD DAY OF FEBRUARY, 2015 ADOPTED ORDINANCE NO. 3091. A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. Z GIVEN UNDER MY HAND AND SEAL THIS �r DAY OF FEBRUARY, 2015. (SEAL) CITY CLERK CITY OF CANTON ORDINANCE NO. 3091 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 2013 PAYABLE 2014 PASSED BY THE CITY COUNCIL OF THE CITY OF CANTON THE 3RD DAY OF FEBRUARY, 2015. PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, THIS 3RD DAY OF FEBRUARY, 2015. EFFECTIVE: d e- t) 3. 2 D )3 ORDINANCE NO. 3091 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 2013 PAYABLE 2014 ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, ON THE 3RD DAY OF FEBRUARY, 2015. ORDINANCE NO. 3091 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 2013 PAYABLE 2014 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 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 2 - Rt. 9 /Chestnut St. Tax Increment Financing (TIF) District (the "TIF District "); and WHEREAS, on the 19'h day of March, 2013 pursuant to the TIF Act, the City 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 City by its duly elected Mayor and City 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 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 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 January 15, 2015, the City has received $113,034.32 in total real estate tax distributions from the Fulton County Treasurer for real estate tax increment generated by the TIF District in tax year 2013 payable 2014 (Exhibit 1); and Canton 2 -Rt. 9 /Chestnut St. TIF District - Surplus Declaration - Tax Year 2013 Page 1 of 5 WHEREAS, the City Treasurer has determined and reported that as of January 15, 2015, the Canton 2 - Rt. 9 /Chestnut St. Special Tax Allocation Fund includes a surplus of $39,247.30, which represents one hundred percent (100 %) of the tax year 2013 real estate tax increment deposited into the Fund for the "Special Surplus Area ", as defined in the Redevelopment Plan, and twenty percent (20 %) of the tax year 2013 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 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 City Council of the City of Canton hereby find and determine that it is appropriate to declare surplus in the amount of $39,247.30 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 2 - Rt. 9 /Chestnut St. Special Tax Allocation Fund in the amount of $39,247.30, 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 $39,247.30 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 after approval of this Ordinance, but 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 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. ITbe remainder of this page is intentionally blank.] Canton 2 -Rt. 9 /Chestnut St. TIF District - Surplus Declaration - Tax Year 2013 Page 2 of5 PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton, Fulton County, Illinois, on the 3 " day of February, A.D., 2015, 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 David Pickel X Alderman Jim Nelson X Alderman Tad Putrich Abstain Alderman Craig West X Alderman Gerald Ellis X Alderman Justin Nelson X Alderman John Lovell X Alderwoman Angela Hale X TOTAL VOTES 7 0 1 APPROVED: Mayor ATT 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 11ACAWON\CANI'ON 2 R'1'9- CBerdue SAOrrlinaurrr \Snrplir \Capron 2_2013 .Snipinr Derl,;arion Orr! 011 15.npd Canton 2 -Rt. 9 /Chestnut St. TIF District - Surplus Declaration - Tax Year 2013 Pgge 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 2013 payable 2014 Canton 2 -Rt. 9 /Chestnut St. TIF District - Surplus Declaration - Tax Year 2013 Page 4 of 5 EXHIBIT 2 Canton 2 - Rt. 9 /Chestnut St. TIF District Surplus Distribution Calculation for tax year 2013 payable 2014 Canton 2 -Rt. 9 /Chestnut St. TIF District - Surplus Declaration - Tax Year 2013 Page 5 of 5