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Home My WebLink About#4183 declaring surplus revenue 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 17TH DAY OF MARCH, 2020 ADOPTED ORDINANCE NO.'1(83. A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. -7th GIVEN UNDER MY HAND AND SEAL THIS 17 DAY OF MARCH,2020. (SEAL) DIANA PAVLEY-ROCK CITY CI RK CITY OF CANTON,ILLINOIS ORDINANCE NO. '1-i e3 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 2018 PAYABLE 2019 ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, ON THE 17TH DAY OF MARCH,2020. PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS, THIS 17TH DAY OF MARCH,2020. EFFECTIVE:MARCH 17,2020 1 ORDINANCE NO. 4�3 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 2018 PAYABLE 2019 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 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 1 -Downtown/5th 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 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 4th 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 November 25, 2019, the City has received $804,668.10 in total distributions from the Fulton County Treasurer for 2 real estate tax increment generated by the TIF District in tax year 2018 payable 2019 (see Exhibit 1), including$89,876.50 from the"Hotel Development Site";and WHEREAS, the City Treasurer has determined and reported that as of November 25, 2019, the Canton 1 - Downtown/5th Avenue Special Tax Allocation Fund includes a surplus of $17,975.30 which represents twenty percent (20%) of the real estate tax increment deposited into the Fund for the"Hotel Development Site" for tax year 2018,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 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 $17,975.30 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 1 - Downtown/5th Avenue Special Tax Allocation Fund in the amount of$17,975.30, to be distributed by the Fulton County Treasurer to all the taxing districts in the Redevelopment Project Area (see Exhibit 2). 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 $17,975.30 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 not more than 180 days after the close of the City's Fiscal Year 2020. 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. 3 PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton,Fulton County,Illinois,on the 17th day of March,A.D., 2020, 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 Ryan Mayhew X Alderwoman Angela Lingenfelter X ABSENT Alderman Jeff Fritz X Alderman Craig West X ABSENT Alderman Quin Mayhew X Alderman Justin Nelson X Alderman John Lovell X Alderwoman Angela Hale X ABSENT TOTAL VOTES 5 0 3 APPROVED: ATTES pAi. 0V my._ ayor IC City Cler. 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 4 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 2018 payable 2019 5 Tax Year:2018 Final Settlement Sheet Page 1 of 1 Fulton County 11/21/2019 14:53 INIH - CANTON 1-DOWNTOWN/5TH AVENUE INCREMENT Current Year Taxes Due Current Year Taxes Paid Original Amount Due $805,904.50 + Real Estate $804,668.10 + Supplements $0.00 + Railroad $0.00 - Cancellations $433.88 + Mobile Home $0.00 - Abatements/Refunds $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 $805,470.62 - Abatements/Refunds $0.00 + Prior Year Real EstateTax $0.00 Total Collected $804,668.10 + Prior Year Mobile Home Tax $0.00 + Hold Back $0.00 + Prior Year Misc.Adjustments $0.00 + County Trustee $624.08 Total Amount Due $805,470.62 + Forfeited Tax $178.44 Total $805,470.62 Interest Distribution County Interest $154.64 Township Interest $0.00 Total Interest $154.64 Distribution Summary Tax Distribution Date Amount 06/28/2019 $715.92 07/31/2019 $326,307.22 08/30/2019 $35,253.60 09/30/2019 $376,452.15 11/25/2019 $65,939.21 Totals:5 Distributions $804,668.10 Interest Distribution Date Amount 11/19/2019 $154.64 Totals: 1 Distributions $154.64 Grand Totals:6 Distributions $804,822.74 Fund Summary Previously Current Amount PY Over Fund Amount Collected Distributed Distribution Available Interest Distrib 001 -CORPORATE $804,668.10 $738,728.89 $65,939.21 $0.00 $154.64 $0.00 Totals $804,668.10 $738,728.89 $65,939.21 $0.00 $154.64 $0.00 Miscellaneous Adjustment Detail Year Source Account Type Amount Adiustment Description 2017 RE-Real Estate Back Tax Collected $0.00 CANTON TIF 1 HOTEL SURPLUS LEVY 2017 by TBA 2018 RE-Real Estate Back Tax Collected $0.00 CANTON TIF 1 HOTEL SURPLUS LEVY 2017 by TBA 2018 RE-Real Estate Back Tax Collected $0.00 09-08-35-110-005 ROBERT MELODY HAILE 17 by TBA Totals 3 entries $0.00 Abatement Detail Year Source Account Type Amount Adiustment Description 2017 RE-Real Estate Real Estate Abatement $0.00 BACK OUT CANTON TIF 1 HOTEL SURPLUS LEVY by TBA Totals 1 entries $0.00 (C)2019 DEVNET Incorporated KCAULKINS EXHIBIT 2 Canton 1-Downtown/5th Avenue TIF District Surplus Distribution Calculation for tax year 2018 payable 2019 6 EXHIBIT 2 CANTON 1 - DOWNTOWN/5TH AVE TIF DISTRICT 2018 PAYABLE 2019 SURPLUS CALCULATION Parcel#09-08-27-409-011 2018 Hotel Real Estate Tax Increment: $89,876.50 2018 Hotel Surplus(20%): $17,975.30 District's 2018 Tax %of Total Share of Taxing District Rate Tax Rate Surplus City of Canton 2.3370% 23.46% $4,216.65 Canton Park District 0.7474% 7.50% $1,348.53 Canton Township 0.2083% 2.09% $375.83 Canton Twp Road 0.3535% 3.55% $637.82 Canton Union SD#66 4.0124% 40.28% $7,239.56 Fulton Co Ambulance 0.1654% 1.66% $298.43 Fulton County 1.4834% 14.89% $2,676.49 Spoon River Jr Coll 534 0.6551% 6.58% $1,181.99 Totals 9.9625% 100.00% $17,975.30 School Share Calculation: Total School Share of Hotel Increment(10%): $8,987.65 School Share of Surplus: $7,239.56 Additional School Share: $1,748.09 HACANTON\CANTON1-OT 5TH AVE TIF1SpreadsheetslSurplusCakulatans The Economic Development Group,Ltd.