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HomeMy WebLinkAbout03-14-2017 Public Hearing CITY OF CANTON, ILLINOIS RECORD OF PUBLIC HEARINGS ON MARCH 14, 2017 CANTON CITY TRAIN DEPOT BUILDING. 50 N. 4TH AVENUE,CANTON, IL A Public Hearing relating to the Proposed Calton Tax increment Financing(TIF)llisttict 3 was convened by Mayor Jeff Fritz at 5:30 p.m. Attendance: Mayor Jeff Fritz, City Attorney Nancy Rahel, Steve Kline (consultant for the City of Canton),Rolf Sivertsen,Leonard Barnard,Todd Fletcher,Rick Regnier,and Steve DeRenzy. A Public Heating relating to the Proposed Third Amendment to Canton Tax Increment Financing (CTN)District 1 was convened by Mayor Jeff Fritz at 6:00 p.m. Attendance: Mayor Jeff Fritz, City Attorney Nancy Rabel, Steve Kline (consultant for the City of Canton),Rolf Sivertsen, Leonard Barnard,Todd Fletcher, Rick Regnier,and Steve DeRenzy. The 5:30 p.m. Hearing commenced with an overview of the Proposed Canton Tax Increment Financing (IIF) District 3 Redevelopment Plan, Area and Project was provided by Mr. Kline of The Economic Development Group, Ltd., Bloomington, Illinois. Upon convening the 6:00 p.m. Hearing,Mr. Kline provided an overview of the Proposed Third Amendment to Canton Tac Increment Financing (III) District 1 and how the amended TIF District 1 Area was necessary to maintain contiguity of the TIE District 1 boundary following the establishment of TIF District 3. Mr. Sivensen requested a summary of Canton TIE District 1, specifically with regard to the City's capital projects, total increment generated to date, a description of redevelopment projects that have been undertaken and a summary of the terms of the current Intergovernmental Agreement. Citing information from the City of Canton's FY2016 TIF Annual Report, Mr. Kline addressed Mr. Sivertsen's questions. Mr. Kline indicated that the City will consider amending the Intergovernmental Agreement(IGA)with the School District to provide terms similar to what the City provides in TIF District 2 on certain areas within the proposed TIP District 3. Ms. Rabel acknowledged that has been discussed, but that the City Council would need to approve such an amendment to the IGA. Mr. Fletcher and Mr. Barnard inquired why the City was establishing TIE District 3 instead of Extending the life of TIF District 1 in order to facilitate the proposed TIP District 3 Redevelopment Project. Ms. Rahel indicated that the City had undertaken discussions with affected taxing districts more than a year ago regarding the possible Extension of TIP District 1 and representatives of the taxing bodies rejected the concept. Mr. Kline reviewed the City's timeline and the statutory steps the City has undertaken to establish TIF District 3, including a meeting of the Joint Review Board on Feb. 14, 2017. The taxing district representatives who were present at the JRB Meeting voted unanimously to advise the City to proceed. Kline then explained that the establishment of TIF District 3 is the City's only alternative for proceeding with redevelopment in that area, because it would need 20 years to amortize the costs of redevelopment. Mr. Kline explained that the 10 years remaining in TIP District 1 is insufficient for reimbursing the extraordinary costs of the remaining environmental remediation on the undeveloped portions of the former International Harvester site. The City has received a proposal for redeveloping the southeast corner of 2nd Avenue and Elm Street, which will require the Developer to incur more than 52 million of TIF eligible project costs to complete including more than S650,000 of installing environmental barriers and addressing the old wall, sidewalk and storm water facilities along 2^dAve. Mr. Barnard again questioned the extent to which TIE' District 3 is necessary. Mr. Regnier indicated that in addition to redeveloping the remaining IH site properties, other properties within the proposed TIF District 3 Area, such as the old dairy buildings, would more likely redevelop with the assistance of tax increment financing. Hearing no further questions,both Public Hearings adjourned at 6:30 p.m. CITY OF CANTON,ILLINOIS PUBLIC HEARING,MARCH 14,2017 @ 5:30 pm CANTON CITY TRAIN DEPOT,50 N.4TH AVENUE CANTON TAX INCREMENT FINANCING DISTRICT 3 Pkare sign-in printing 11m71e below: ikt1F STA vea i 5£A) L r NAM 5,4RNIe4IRP JazetA,A Al • CITY OF CANTON,ILLINOIS PUBLIC HEARING,MARCH 14,2017 te 6:00 pm CANTON CITY TRAIN DEPOT,50 N.4TH AVENUE THIRD AMENDMENT TO CANTON 1-DOWNTOWN/5TH AVENUE TIF DISTRICT Mare ngn-in byprinting name below: RD) F &verirseti) tap; 0/Rom E/t' cher.