The URL can be used to link to this page

Home My WebLink About#4128 Surplus Canton 1 Downtown/5th Ave TIF Dist Special Tax 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 191" DAY OF FEBRUARY, 2019 ADOPTED ORDINANCE NO. 4128. A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS 19TH DAY OF FEBRUARY,2019. (SEAL) a22�- DIANA PAVL.EY-ROCK CITY CLERK CITY OF CANTON, ILLINOIS ORDINANCE NO. 4128 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 2017 PAYABLE 2018 ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CANTON,FULTON COUNTY, ILLINOIS, ON THE 19TH DAY OF FEBRUARY,2019. PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON,FULTON COUNTY, ILLINOIS, THIS 19TH DAY OF FEBRUARY,2019. EFFECTIVE: FEBRUARY 19,2019 ORDINANCE NO. 4128 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 2017 PAYABLE 2018 PREAMBLE WHEREAS, on the 6th day of July, A.D., 2004, the City of Canton, Fulton County, Illinois (the "City") by its duly elected Mayor and City Council and pursuant to 65 Illinois Compiled Sutures Section 5/11-74.4 et. .reg. (the "'PIF 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 Distnct");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, pursuant to the TIF Act, the City approved the Third Amendment to the Canton 1 - Downtown/5th Avenue TIF District Redevelopment Project Area, Plan and Projects on April 5, 2017 by Ordinance No. 4068, 4069 and 4070; 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 and the Canton 2-Rt. 9/Chestnut Street TIF District;and WHEREAS, pursuant to said Fust 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 November 21, 2018, the City has received $304,049.70 in total distributions from the Fulton County Treasurer for real estate tax increment generated by the TIF District in tax year 2017 payable 2018 (see Exbibit 1), including$91,103.78 from the "Hotel Development Site"; and WHEREAS, the City 'Treasurer has determined and reported that as of November 21, 2018, the Canton 1 - Downtown/5th Avenue Special Tax Allocation Fund includes a surplus of $18,220.76 which represents twenty percent (20%) of the real estate tax increment deposited into the Fund for the "Hotel Development Site", which surplus amount may be paid at this time to the Fulton County Treasurer for distribution to taxing districts in the Redevelopment Project Area in accordance with the provisions of the TIF Act (see Exbibit 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 $18,220.76 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 1 - Downtown/5th Avenue Special Tax Allocation Fund in the amount of$18,220.76, 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 1- Downtown/5th Avenue Special Tax Allocation Fund in the amount of $18,220.76 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 not more than 180 days after the close of the City's Fiscal Year 2019. 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. PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton, Fulton County, Illinois, on the 191h day of February, A.D., 2019, 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 Rvan Mayhew X Alderwoman Angela Lingenfelter X Al&uuan Tad Putrich X ABSTAIN Alderman Craig West X Alderman Quin Mayhew X Alderman Justin Nelson X Alderman John Lovcll X Alderwoman Angela Hale X TOTAL VOTES 7 0 1 APPROVED: ATTEST: Mayor City s 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 EXHIBIT 1 Canton 1- Downtown/5th Avenue Real Estate Tax Increment Distributions Received by the City of Canton from the Fulton County Treasurer for tax year 2017 payable 2015 Tim Year 2017 Final Settlement Sheet Pa.l or 1 Fulton County +111&201815:41 INIH -CANTON 11-DOWNTOWN/STH AVENUE INCREMENT Current Year Taxes Due CuOerd Year Taxes Paled Original Amount DUE $797,654.26 + Real Estate $795,95774 + Supplements $000 + Railroad $000 Cancellations $12020 + Mobile Home $0.00 Abatemerbs efunds $000 + Misc.Atljustmenls $000 + Mobile Home $000 Prior Year Real Estate ($491,908.04) +/- Road 8 Bridge Transfer $000 + Prior Year Mobile Home $9.00 + Misc.Adjustments $000 + Prior Year Miso.Adjustments $0.00 Adjusted Amount Due 3'/97,634.08 AbatementsR2efunds $0.00 + Prior Year Real Este[eTax ($49190804) Total Collected 3304,049.70 + Pnor Year Mobile Home Tax $0.00 + Hold Back $0.00 + Prior Year Misc.Adjustments $0.00 + County Trustee $1576.32 Total Amount Due $306,028.02 Forre4ed To. $0.00 Total 3303,828.02 Intarost Dlstnbudon County Interest $48.51 Township Interest $0.00 Total Interest $48.51 Distribution Summary Tax distribution Wla Amount 05131,1 $219,083.92 11ntn018 $84,96576 Table:2 Distributions 3304,0/9.70 lateral distribution date Amount 11/2181018 $46.51 Totals:t Distributions $18.61 Grand Totals:3 Distributions 3304,09821 Fund Summary PnNoualy Content Mo.. PY 0. Fund Amount WiRle4 Deblbi[e0 attention Aaalial Imaresl Dl9rlb not-CORPORATE Sol 70 $219,093.92 E84 96579 Raw $4851 $000 TM&e 9&14,o4A20 92191083.92 W,%S.la 90.00 11 f0.00 Miscellaneous Adjustment Debll Year rbu.ce Aceound Ton, Amuunl Adwelmem deseramon M17 RERealEande BaMTw CdIMM I ME CARMEL BAPTIST,TBA AP RE-Reel Estee Badl Tm Collor. 4l.W FULLER by TBA Totals 2..it. fO.W (0)2014 DEVNETIrcopnalM JM1NTNI6 EXHIBIT 2 Canton I-Downtown/5th Avenue TIF District Surplus Distribution Calculation for tax year 2017 payable 2018 CANTON 1 - DOWNTOWN/5TH AVE TIF DISTRICT 2017 PAYABLE 2018 SURPLUS CALCULATION 2017 Hotel Real Estate Taxlncrement $91,103.78 2017 Hotel Surplus 20%: $18,220.76 District's 2017 Tax %of Total Sham of Taxing District Rate Tax Rate Surplus City of Canton 2.2813% 23.03% $4,195.72 Canton Park District 0.7758% 7.83% $1,426.84 Canton Township 0.3363% 3.39% $618.52 Canton Twp Road 0.3512% 3.54% $645.92 Canton Union SD#66 3.9306% 39.67% $7,229.08 Fulton Co Ambulance 0.1609% 1.62% $295.92 Fulton County 1.4568% 14.70°.6 $2,679.32 5 oon River Jr C.11 534 0.6141% 6.20°.5 $1,129.44 TObh 9.9070% 100.00% $18,220.76