HomeMy WebLinkAbout01-12-17 Public Meeting Agenda- Proposal to TIF DistrictNOTICE OF PUBLIC MEETING
CITY OF CANTON
PROPOSED THIRD AMENDMENT TO CANTON 1-DOWNTOWN/5TH AVENUE TIF DISTRICT
The City of Canton, Fulton County, Illinois, an Illinois Municipal Corporation, hereby gives Notice of a Public Meeting to be held
on Thursday, January 12, 2017 at 5:30 p.m. Central Standard Time at the Canton Train Depot, 50 N. 4th Avenue, Canton, IL
61520, to consider the proposed Third Amendment to the Canton 1-Downtown/5th Avenue Tax Increment Financing District
(“TIF District 1”) Redevelopment Project Area, Plan and Projects pursuant to the Tax Increment Allocation Redevelopment Act
(65 ILCS 5/11-74.4 et. seq., the “Act”).
Pursuant to the Act, the Public Meeting shall be held for the purpose of enabling the City to advise the public as to the City’s
possible intent to prepare an Amendment to the Redevelopment Plan and designate an Amended Redevelopment Project Area
and to receive public comment. All taxing districts having real property in the proposed Amended Redevelopment Project Area,
interested persons, residents, property taxpayers, and all entities that have registered with the City in accordance with registration
guidelines established for the Interested Parties Registry will be given an opportunity to be heard orally and may file, with the
person conducting the meeting, statements that pertain to the subject matter of the meeting.
Proposed Amended Redevelopment Project Area:
Pursuant to the Act, the Redevelopment Project Area as Amended (“Area”) includes only those contiguous parcels
of real property and improvements thereon which would be substantially benefitted by a redevelopment project and
the Area is not less in the aggregate than 1½ acres. The areas proposed to be added and removed from the Canton
1-Downtown/5th Avenue TIF District are illustrated on the proposed Boundary Map on Page 2 of this notice.
Purpose of Amending the Redevelopment Project Area, Plan & Projects:
The City of Canton proposes to amend its TIF District 1 Redevelopment Project Area in order to make adjustments
to the Area by adding and removing properties. The intent of the Amended Redevelopment Plan is to promote and
protect the health, safety, morals, and welfare of the public, address blighted conditions in the Amended Area and
institute conservation measures so as to remove and alleviate adverse conditions, encourage private investment, and
restore and enhance the tax base of the taxing districts by undertaking public and private redevelopment projects
within the Amended Redevelopment Project Area.
Description of Tax Increment Financing:
A TIF District establishes a geographic boundary (a redevelopment project area) in which new private investment
is encouraged. A municipality may issue obligations to finance improvements that will enable the redevelopment of
deteriorated, blighted, or other key conservation areas within its corporate limits. A municipality may also choose
to use TIF funds on a pay-as-you-go basis whereby revenue is spent as it is collected. In either case, by making public
improvements, the municipality may more effectively invite new private investment so that the expected increase in
property tax revenues may be captured, temporarily, to help pay for the public improvements. The City intends to
offer TIF incentives to offset certain private project costs. It is expected that new investment within the designated
redevelopment area, as amended, within the City of Canton will stimulate a resurgence of population, employment,
and assessed valuation throughout the entire community.
It should be noted that Tax Increment Financing DOES NOT RAISE PROPERTY TAXES and it IS NOT A
NEW TAX OR A NEW TAXING DISTRICT. Only an increased assessment or an overall increase in tax rates
can raise taxes. TIF is merely used to reallocate increased property tax revenues created only by increased assessed
valuation that is realized after a TIF District is established. A TIF District may last for up to 23 years. With Tax
Increment Financing, the property tax base is preserved during the life of the TIF District that will continue to pay
for the basic public services the proposed redevelopment area already receives.
For additional information, comments and suggestions regarding the Third Amendment to the Canton 1-Downtown/5th
Avenue TIF District, please contact Ms. Nancy Rabel, City Attorney, City of Canton, 2 N. Main Street, Canton, IL 61520,
ph: (309) 647-2738.
Diana Pavley-Rock
City Clerk
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SR 9 CR 5 E Elm St E Oak St S 1st Ave CR 27 S Main St S 2nd Ave E Pine St S 4th Ave E Walnut St W Elm St W Pine St E Linn St Linn St W Maple St E Maple St S Ave B W Walnut St S 6th Ave S 3rd Ave Anderson Pl W Chestnut St S 7th Ave Grant Pl S Ave A S 8th Ave E Cherry St E Chestnut St Fulton Pl N Ave A N Ave C 4th Ave N Ave B White Ct E Railroad St Park C
t N 1st Ave Liberty Pl N 7th Ave N Main St N 3rd Ave N 2nd Ave N 4th Ave N 8th Ave W Oak St N 11th Ave Martn Ave Greenwood Cemetery S 11th Ave W Railroad St S 9th Ave S Ave C Walling Ct N 9th Ave Market Ct N 6th Ave Robinson Ct N 10th Ave Mulberry Pl Vanburen Ct S 10th Ave Van Buren Ave SR 78 Prospec
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Ct E Side Square S Ave C N 6th Ave S 8th Ave W Railroad St E Walnut St S Ave A Fulton Pl E Pine St E Oak St W Oak St E Maple St Greenwood Cemetery S 6th Ave S 9th Ave S 7th Ave E Cherry St Greenwood Cemetery 4th Ave S Ave B ´0 800 1,600400FeetJanuary 26, 2012LegendRevised Canton 1 - Downtown/5th Ave. TIF District(Second Amendment)Revised Canton 1 - Downtown/5th Ave. TIF District(Second Amendment)EN11sNMainStN3rddAAveN44thhAAveMarkrretCCtVaVVnbburenCCtVaVVnBurenAAveESideSquarePPineStEES4ttWhWWiteCttCThird AmendmentProposedArea to beRemovedfromCanton 1TIFDistrictProposed Areato be Added