HomeMy WebLinkAboutOrdinance #4273 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
IST DAY OF FEBRUARY, 2022 ADOPTED ORDINANCE NO. 4273, A TRUE AND
CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS DAY OF FEBRUARY,2022.
(SEAL)
DIAMAX PAVLEY-ROCK
CITY CLERK
CITY OF CANTON, ILLINOIS
ORDINANCE NO. 4273
AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A
TIF INTERGOVERNMENTAL AGREEMENT
BYAND BETWEEN
THE CITY OF CANTON,FULTON COUNTY,ILLINOIS
AND
CANTON UNION SCHOOL DISTRICT#66
PASSED BY THE CITY COUNCIL
OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS,
ON THE l'DAY OF FEBRUARY,2022.
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS,
THIS 1ST DAY OF FEBRUARY,2022.
EFFECTIVE:FEBRUARY 1,2022
CITY OF CANTON, ILLINOIS: ORDINANCE NO. 4273
CANTON TAX INCREMENT FINANCING (TIF) DISTRICT 3
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF AN INTERGOVERNMENTAL AGREEMENT
by and between
THE CITY OF CANTON
and
CANTON UNION SCHOOL DISTRICT #66
BE IT ORDAINED BY THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
THAT:
1. The Intergovernmental Agreement(ExhibitA attached)by and between the City of Canton
and Canton Union School District#66 (the"Parties") is hereby approved.
2. The Mayor is hereby authorized and directed to enter into and execute on behalf of the City
said Redevelopment Agreement and the City Clerk of the City of Canton is hereby
authorized and directed to attest such execution.
3. The Intergovernmental Agreement shall be effective the date of'its approval on the 1" day
of February, 2022, and upon execution of the Agreement by the Parties on or before
February 28,2022.
4. This Ordinance shall be in full force and effect from and after its passage and approval as
required by law.However,upon failure of the Parties to execute the Agreement on or before
February 28, 2022, this Ordinance shall automatically be rescinded, and the Agreement
attached hereto as ExhibitA shall be null and void in its entirety.
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PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton,
Fulton County, Illinois, on the 1"day of February,2022,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
Alderperson Gossett X
Alderperson Lingenfelter X
Alderperson Fritz X
Alderperson Hale X
Alderperson West X
Alderperson Lovell X
Alderperson Nelson X
Alderperson Chamberlin X
TOTAL VOTES 6 0 2
4AA+ "
APPROVED: Date �/ j / 2022
Mayor, City of Canton
U2��ATTEST: , Date: 2022
City Clerk, ity o anton
ATTACHMENTS:
EXHIBIT A. INTERGOVERNMENTAL AGREEMENT BY AND BETWEEN THE CITY OF CANTON AND
CANTON UNION SCHOOL DISTRICT#66.
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EXHIBIT A
CANTON TAX INCREMENT FINANCING (TIF) DISTRICT 3
INTERGOVERNMENTAL AGREEMENT
by and between
THE CITY OF CANTON
and
CANTON UNION SCHOOL DISTRICT #66
4
i
INTERGOVERNMENTAL AGREEMENT
by and between
CITY OF CANTON,
FULTON COUNTY, ILLINOIS
and
BOARD OF EDUCATION
CANTON UNION SCHOOL DISTRICT NO. 66
FEBRUARY 1, 2022
INTERGOVERNMENTAL AGREEMENT
by and between
CITY OF CANTON,
FULTON COUNTY, ILLINOIS
and
BOARD OF EDUCATION
CANTON UNION SCHOOL DISTRICT #66
This Intergovernmental Agreement is entered into this 1" day of February, 2022, by and
between the City of Canton, Fulton County, Illinois,an Illinois Municipal Corporation ("City"), and
the Board of Education of Canton Union School District#66,an Illinois School District("School
District"), pursuant to the 1970 Illinois Constitution and Illinois Compiled Statutes. Hereinafter the
City and the School District, for convenience,may collectively be referred to as the "Parties."
PREAMBLE
WHEREAS,the City of Canton("City")is an Illinois Municipal Corporation organized under
the Constitution and Statutes of the State of Illinois ; and
WHEREAS, Canton Union School District#66, (the "School District")is an Illinois School
District organized under the Statutes of the State of Illinois;and
WHEREAS,the 1970 Illinois Constitution,Article VII,Section 10,and the Illinois Compiled
Statutes,2009,65 ILCS 5/11-74.4-1 et.seq. provide legal authority for intergovernmental privileges and
authority to be enjoyed jointly by school districts and municipalities as well as other public bodies politic;
and
WHEREAS,the City has the authority under the Expenses for Economic Development Act,
65 ILCS 5/8-1-2.5,to appropriate and expend funds for economic development purposes,including,
but not limited to, the making of grants to other governmental entities that is deemed necessary or
desirable for the promotion fo economic development within the municipality;and
WHEREAS,the Tax Increment Allocation Redevelopment Act("TIF Act"),Illinois Compiled
Statutes as amended, 65 ILCS 5/11-74.4-1 et seg. authorizes a municipality to enter into all contracts
necessary or incidental to the implementation and furtherance of its redevelopment plan and project;
and
WHEREAS, on April 5, 2017, the City adopted a Redevelopment Plan and Projects and
designated a Redevelopment Project Area (the "Area") pursuant to the TIF Act to be known as the
Canton Tax Increment Financing District 3 (the "TIF District") which is an area located in the School
District and which will impact the growth of the School District's taxing base;and
WHEREAS, in 2018 the City prepared a draft Intergovernmental Agreement to address
potential impacts of the TIF District on the School District,however the Parties did not follow through
and act upon said draft agreement at that time;and
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WHEREAS,on August 20,2019,the City approved the First Amendment to the TIF District
Redevelopment Plan,Area and Projects; and
WHEREAS, the City has determined that it still wishes to reduce the negative impact on the
real estate base of the School District from the establishment of the TIF District, as set forth herein;
and
WHEREAS,any payments provided for hereunder are not payments in lieu of taxes as defined
by the TIF Act; and
WHEREAS,the City agrees to exercise its authority under Section 5/11-74.4-7 of the TIF Act
to declare, on an annual basis, a certain amount of the incremental property tax revenues as surplus
funds (as defined in the TIF Act), to be returned to the County Collector of Fulton County for the
County's distribution to all taxing districts as described in Paragrapb 3 below, in the School
District, from the Special Tax Allocation Fund established for the TIF District (the "Fund"), which
Fund shall receive the incremental property tax revenues generated within the TIF District; and
WHEREAS, the City agrees to exercise its authority under Section 5/11-74.4-3 (q)(7) of the
TIF Act to further reduce the negative impact on the real estate base of the School District from the
establishment of the TIF District by reimbursing certain capital costs incurred in furtherance of the
objectives of the TIF District Redevelopment Plan and Projects;and
WHEREAS, the School District shall use any payments received pursuant to Section 5/11-
74.4-3(,)(7) and (10) for reimbursement of capital and equipment expenditures relating to any facility
and educational program of the School District;and
WHEREAS,in consideration of the City's pledge to reimburse the School District as described
herein,the School District agrees that it shall fully support the City's establishment of the TIF District
as amended and further set forth in Section III, Waiver of Objectioni-,and
WHEREAS, the Parties declare that this Agreement is adopted pursuant to the 1970 Illinois
Constitution,Article VII, Section 10; Illinois Compiled Statutes 1992, Ch. 5 Section 220/1 et seq.,the
Tax Increment Allocation Redevelopment Act, Illinois Compiled Statutes, 1992, as amended, Ch. 65
Section 5/11-74.4-1 etseq. and other applicable statutes.
AGREEMENTS
NOW,THEREFORE, the Parties agree to implement these statements, findings, and policies as
follows:
1. Incorporation of Preambles: The Parties find that all of the recitals contained in the
preamble to this Agreement are full, true and correct and incorporate them into this
Agreement by this reference.
2. Exempt Area: The real estate tax increment generate from the area within Canton TIF
District 3 formerly known as the"IH Site"properties that were previously included within
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the Canton 1 -Rt.9/5th Avenue TIF District(the"Exempt Area") shall be exempt from
the terms of Paragraph 3 and 4 below. Such Exempt Area is further described in Exhibit
1 attached hereto.
3. Surplus Funds: Each year during the term of this Agreement commencing with the
City's Fiscal Year 2023 and subject to Paragraph 2 above, the City agrees to declare as
"surplus funds" and set aside annually within the Canton TIF District 3 Special Tax
Allocation Fund (the "Fund") twenty percent (20%) of the gross total real estate tax
increment deposited annually into the Fund. All surplus funds in the Special Tax
Allocation Fund shall be distributed annually within 180 days after the close of the City's
fiscal year by being paid by the City Treasurer to the Fulton County Collector. The
School District shall then receive from the Fulton County Collector,pursuant to Section
11-74.4-7 of the TIF Act, its pro-rata share of the total amount of declared "surplus
funds" as part of the annual distribution to the respective taxing districts in the same
manner and proportion as the most recent distribution by the Fulton County Collector
to the affected districts of real property taxes from real property in the TIF District
Redevelopment Project Area. The School District shall use such funds received under
this Para
grapb 2 for the operation of any School District facility and related educational
expenses incurred by the School District within the City of Canton.
A. Pursuant to 65 ILCS 5/11-74.4-7 of the TIF Act, the City and School District
further acknowledge that "Surplus Funds" are defined as follows: "Obligations
secured by the special tax allocation fund set forth in Section 11-74.4-8 for the
redevelopment project area may be issued to provide for redevelopment project
costs. Such obligations, when so issued, shall be retired in the manner provided
in the ordinance authorizing the issuance of such obligations by the receipts of
taxes levied as specified in Section 11-74.4-9 against the taxable property included
in the area, by revenues as specified by Section 11-74.4-8a and other revenue
designated by the municipality. A municipality may in the ordinance pledge all or
any part of the funds in and to be deposited in the special tax allocation fund
created pursuant to Section 11-74.4-8 to the payment of the redevelopment project
costs and obligations.Any pledge of funds in the special tax allocation fund shall
provide for distribution to the taxing districts and to the Illinois Department
of Revenue of moneys not required, pledged, earmarked, or otherwise
designated for payment and securing of the obligations and anticipated
redevelopment project costs and such excess funds shall be calculated annually and
deemed to be "surplus" funds. In the event a municipality only applies or pledges
a portion of the funds in the special tax allocation fund for the payment or
securing of anticipated redevelopment project costs or of obligations, any such
funds remaining in the special tax allocation fund after complying with the
requirements of the application or pledge, shall also be calculated annually and
deemed "surplus" funds. All surplus funds in the special tax allocation fund shall
be distributed annually within 180 days after the close of the municipality's fiscal
year by being paid by the municipal treasurer to the County Collector, to the
Department of Revenue and to the municipality in direct proportion to the
tax incremental revenue received as a result of an increase in the equalized assessed
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value of property in the redevelopment project area, tax incremental revenue
received from the State and tax incremental revenue received from the municipality,
but not to exceed as to each such source the total incremental revenue received
from that source. The County Collector shall thereafter make distribution to the
respective taxing districts in the same manner and proportion as the most
recent distribution by the county collector to the affected districts of real property
taxes from real property in the redevelopment project area."
4. Payment by City to School District for Reimbursement of Capital Costs: Each year
during the term of this Agreement commencing with tax year 2021 for real estate tax
payable in 2022 and subject to Paragraph 2 above, the City shall pay to the School District
from the real estate increment created by any development or increase in equalized
assessed valuation within the TIF District a percentage of the total real estate tax
increment revenue deposited annually into the Special Tax Allocation Fund which in
addition to the School District's pro-rata share of surplus funds received under Paragraph
3 above to insure that the School District receives a total cumulative annual sum equal to
ten percent (10.0%) of the real estate tax increment generated annually within Canton
TIF District 3 as set forth in the example provided in Exhibit 2 The School District
shall use such funds received under Section 5/11-74.4-3(q)(7) of the TIF Act for capital
costs and equipment expenditures for any school district facility and educational expenses
incurred within the City of Canton and shall provide the City with a list of such
expenditures annually as set forth in Paragraphs 4(A), 4(B) and 4(C)below.
The City shall pay the sum determined above to the School District within a reasonable
time after the City's receipt of the real estate tax increment generated in the TIF District
and in the same proportions as actually received by the City. For example,the City may
receive an estimated one-third of the increment in August. The City would therefore pay
one-third of the amount computed above to the School District.
A. The Parties agree and the City Council has determined that the redevelopment
projects within the boundaries of the TIF District may result in the School District
incurring substantial increased capital costs with regard to the school buildings and
facilities and would result in the need for additional capital improvements which are
necessary and directly result from the redevelopment projects. The School District
at its discretion may use all or part of the TIF funds described above for any capital
and equipment expenditures relating to any facility and educational program of the
School District located within the City of Canton.
B. For purposes of this Agreement, the term "capital costs" shall be defined by the
Illinois School Code and Rules and Regulations promulgated thereunder or as set
forth in publications of the Illinois State Board of Education and shall include costs
of all real property,and all personal property having a value in excess of $500 and,
having a useful life of six (6) months including,but not limited to:
1. Acquisition of land to serve the immediate or future needs of children from
the development;
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2. Improvement to any existing school site which already serves such needs;
3. Development of classrooms, parking lots, sidewalks, traffic signals, internal
roadways, connections with water, sewer and electrical lines; playgrounds;
recreation grounds and athletic fields;
4. Remodeling or renovation of school facilities;
5. Purchase and prefabrication of classroom units;
6. Material, goods or equipment as set forth ' Exhibit A of the Illinois Program
Accounting Manual for Local Education Agencies prepared by the Illinois State
Board of Education.
7. Buses, maintenance equipment, office equipment, district vehicles, or
playground equipment; or
8. Any other piece of capital equipment deemed necessary by the School
District.
C. The School District shall annually provide a letter to the City certifying the annual
payment from the City to the School District was spent on capital costs as described
in the above Paragraph 4,and/or for the costs of operating its job training,advanced
vocational education and career education programs. The School District shall also
provide the City annually with a copy of the School District's audits to assist in
verifying capital costs. The School District shall hold the City harmless from any
claims and/or damages, including reasonable attorney fees of the City, and shall
defend the City in any action or proceeding which may be threatened and/or
commenced challenging the payment of capital costs,the definition of capital costs,
and/or the eligibility of payments for capital costs pursuant to this Agreement. The
School District recognizes that the City may be prohibited from making any
payments required hereunder pending resolution of any challenge and further holds
the City harmless for any non-payment or delayed payment due to this reason. The
City shall not initiate any claims against the School District for the purpose of
contesting expenditures by the School District of the funds payable under this
Agreement and the City shall not withhold payments under the terms of this
Agreement based upon an assertion that the School District is not using the funds
to pay capital costs, so long as the School District provides an annual letter to the
City as described above and annually provides the City with a copy of the School
District's audit. The School District shall not be obligated to hold harmless and/or
defend the City should it initiate any claims against the School District for the
purpose of contesting the expenditure of funds paid or payable to the School
District under this Agreement.
D. In the event that the capital costs of training, advanced vocational education and
career education expenditures exceed the amount available for distribution from the
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Special Tax Allocation Fund, any unreimbursed capital costs and job training,
advanced vocational education and career education expenditures may be carried
over to a subsequent year or years and paid by the City (but shall not exceed the
annual payment as set forth in the above Paragraph 4).
E. The City's reimbursement to the School District for capital costs as set forth in the
above Paragraph 4, shall be made prior to the City's declaration of surplus funds
pursuant to Paragraph 3, and shall be calculated pursuant to the School District's
anticipated pro-rata share of the surplus funds. In the event the City's actual
reimbursement to the School District for capital costs as set forth in the above
Paragraph 4,together with the School District's actual pro-rata share of surplus funds
received based on Paragraph 3 is found to exceed a total cumulative annual sum
equal to ten percent (10.0%) of the real estate tax increment generated annually
within the TIF District, the City shall deduct said overpayment from future
reimbursements of capital costs.
F. The School District agrees that any objection to any reimbursement received under
this Agreement must be provided by written notice to the City not more than one-
hundred twenty (120) days after the date of the payment, whether by check or
electronic transfer, and if not, such objection is forever waived and barred.
G. In the event that TIF reimbursements to taxing bodies for capital costs are at any
time invalidated during the life of this Agreement,then pursuant to Section 65 ILCS
5/11-74.4-7 of the Act,the equivalent amounts described in Paragraph 4 shall be set
aside by the City each year as additional surplus funds and returned to the Fulton
County Treasurer who will proportionately redistribute those funds to all affected
taxing bodies within the TIF District 3 Redevelopment Project Area.
H. Withholding of Reimbursements:If a refund or reimbursement of real estate tax
increment(including any statutory interest thereon)is potentially due from the City's
Special Tax Allocation Fund for any reason including, but not limited to any tax
objection,assessment challenge or formal appeal to the Illinois Property Tax Appeal
Board (PTAB), issuance of a certificate of error or any other similar action,
including any appeals therefrom for any property located within the TIF District,
the City may at its sole discretion withhold the School District's share of any such
refund or reimbursement from payments due the School District under this
Agreement until the time such action is resolved.
Any funds withheld by the City under this section shall be deposited by it into a
separate interest bearing bank account. Upon final determination of the assessed
value of the parcel or parcels,the City shall pay to the School District the principal
amount due,if any,under this Agreement as recalculated. The City shall be entitled
to retain any interest earned on the account as partial payment for the administration
of the account due to the delay of the determination of the final evaluation and
recalculation of the benefits due to the School District under this Agreement.
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If it appears to the City that it will be unable to recover the School District's share
of any such refund from remaining future reimbursements due the School District
under this Agreement, then the School District shall reimburse the City for its
remaining unpaid share of such refund (including any accrued statutory interest
thereon) within thirty (30) days upon receiving written demand of the same from
the City.
Notwithstanding anything in this Agreement to the contrary, the obligations
contained in this Paragraph 4(H)shall remain in effect for the life of the TIF District.
Furthermore,the obligations set forth in this paragraph shall survive the expiration
of the TIF District if a tax objection or other such action taken by a property owner
is pending prior to the expiration of the TIF District and shall continue until final
disposition of such action.
5. Waiver of Objections: The Board of Education of Canton Union School District#66
by its execution and approval of this Agreement hereby waives forever any and all right
to directly or indirectly set aside,modify or contest in any manner the establishment or
the administration of the TIF District as amended including the Redevelopment Plan,
Projects and Area as proposed and approved by the City. Nothing contained herein is to
be construed to give the School District any right to participate in the administration of
the TIF District Redevelopment Plan or Projects.
6. Binding Effect: This Agreement shall be binding on the Parties and their respective
successors—including successors in office. Should the School District merge, this
Agreement shall apply to the successor School District.
7. Governing Law: This Agreement is governed by and shall be construed in accordance
with the laws of the State of Illinois.
8. Term: This Agreement shall become effective upon the full execution of this Agreement
by the Parties and shall remain in effect until either the City adopts an Ordinance
dissolving the TIF District, or until the termination of the TIF District even if the
termination occurs after the initial term of 23 years. Whether the TIF District exists for
the entire 23 years as called for under the Plan or terminates at some other time,the City
will pay from incremental real estate taxes distributed to the City in the year following
termination,the sums due the School District for the prior year which remain unpaid,if
such increments are received by the City from the County.
9. _Amendments,Waivers,Modifications: No amendment,waiver or modification of any
term or condition of this Agreement shall be binding or effective for any purpose unless
expressed in writing and adopted by each of the Parties as required by law.
10. Real Estate Increment Information: The Administrators of the TIF Plans and City
agree to provide the School District with information developed to establish the initial
equalized assessed valuation of the TIF District and the calculations for successive years'
computation of the real estate increment for the TIF District as a whole. The
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Administrators further agree to provide the School District with a copy of the TIF Annual
Reports when they are presented to the City Council and such other documents or
information required by law to be given to taxing bodies.
11. Enforcement: The City and School District agree that in the event either party to this
Agreement should fail to perform or avoid its obligations hereunder, the party not in
breach may initiate an action in the local circuit court to enforce the terms and conditions
set forth herein and shall be permitted to assess all costs and reasonable attorneys' fees
incurred by reason of such enforcement action against the party in breach,which costs
and reasonable attorneys' fees shall be promptly paid.
12. Complete Agreement: This Agreement expresses the complete and final understanding
of the Parties with respect to the subject matter as of the date of its execution. Each party
acknowledges that no representations have been made which have not been set forth
herein.
13. Partial Invalidity: In the event that any provision of this Agreement shall be held invalid
or unenforceable by any court of competent jurisdiction,such holding shall not invalidate
or render unenforceable any other provision hereof.
14. Notices: All notices, demands, requests, consents, approvals or other instruments
required or permitted by this Agreement shall be in writing and shall be executed by the
party or an officer, agent or attorney of the party, and shall be deemed to have been
effective as of the date of actual delivery,if delivered personally, or as of the third (3rd)
day from and including the date of posting,if mailed by registered or certified mail,return
receipt requested,with postage prepaid addressed as follows:
CITY SCHOOL DISTRICT
City Clerk Superintendent
City of Canton Canton Union School Dist. #66
2 N. Main St. 20 West Walnut Street
Canton, Illinois 61520 Canton, Illinois 61520
With Copy to: With Copy to:
Jacob &Klein,Ltd. Brian R. Bare,Attorney
Economic Development Group,Ltd. Whitt Law,LLC
1701 Clearwater Avenue 70 S. Constitution Dr.
Bloomington, Illinois 61704 Aurora, IL 60506-7335
(1 he remainder of this page is intentionally blank.)
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15. Authority to Execute: The undersigned represent that they have the authority of their
respective governing authorities to execute this Agreement.
16. Failure to Execute:This Agreement as written herein shall become null and void in its
entirety upon the failure of the Parties to fully execute this Agreement on or before
February 28,2022.
IN WITNESS WHEREOF, the Parties hereto have agreed to execute this Agreement on
February 1, 2022 as evidenced by the following signatures and attestations:
CITY OF CANTON, an Illinois Municipal CANTON UNION SCHOOL DISTRICT
Corporation: #66, an Illinois School District:
Ap -By: - By: d."vr
Mayor, City of Canton President,Board of Education, Canton
Union School District#66
a / ( / 2022 Date: / / 2022
Attest: Attest:
City o Canton retary,Board of Education, Canton
Union School District#66
Date: / 711 2022 Date: / 1 9/ 2022
ATTACHMENTS
EXHIBIT 1. Exempt Area.
EXHIBIT 2. Example Calculation of TIF Surplus Funds and Reimbursement of Capital Costs.
Canton TIP District 3—Canton Union SD #66 IGA_Revised 17 Jan 2022.-,vpd
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EXHIBIT 1
"EXEMPT AREA"
Property Identification Numbers as described by online Fulton County GIS',which are exempt from
Pa.ragraphs 3 and 4 above,are as follows:
09-08-27-439-022
09-08-34-230-017
09-08-34-231-002 (formerly part of PIN 09-08-34-231-001,which was retired in 2019)
09-08-34-231-003 (formerly part of PIN 09-08-34-231-001,which was retired in 2019)
09-08-34-230-005
09-08-34-230-007
09-08-34-501-003
09-08-34-501-002
09-08-34-220-003
09-08-34-220-002
09-08-34-500-001 (pt. of 4`h Avenue right-of-way)
Exhibit 1. Area Exempt from Intergovernmental Agreement
The portion of the Canton TIF District 3 Redevelopment Project Area that is exempt from Paragraphs 3 and 4 of the Intergovernmental Agreement by and between the
City of Canton and Canton Union School District#66 is depicted in the red-shaded area below.
,e 55 tn
—i LUQ U�1C—>✓I UUP I l
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EliEli
t � "EXEMPT
INN
,
ME1
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I
I - EMP�T AREA"
- ""'" � "'�- t ^EMPT ❑�
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LA. — r— Gnton3-TIF Di.udn
i71=I –Canton 3-71F District
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(First Amendment) .�
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1 See: https://fultonco.maps.arcgis.com/apps/webappviewer/index.html?id=79f2fd5b27c94cce966ca9aO2eOal6ce
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EXHIBIT 2
EXAMPLE CALCULATION OF ANNUAL SURPLUS FUNDS AND
REIMBURSEMENT FOR CAPITAL COSTS
CANTON TIF DISTRICT 3
EXAMPLE OF IGA CALCULATION
1/10/2022
Assumptions for Example Calculation
TIF EAV: $1,000,000
TIF Increment: $104,084
TIF Surplus Percentage: 20.0%
TIF Surplus Amount: $20,817
Surplus Funds Cumulative
Tax Year2020 as Percentage Additional Cumulative Amount of
Real Estate Percentage Estimated of Total TIF Capital Cost Reimbursement Reimbursement as
Taxing District Tax Rate of R.E.Tax Bill Surplus Amount Increment Reimbursement to School District %of RETI
CANTON UNIT DIST 66 4.1599% 39.97% $8,320 8.0%1 $2,0821 $10,4011 10.0%
CANTON CITY 2.3941% 23.00% $4,788
CANTON-SOUTH INCREMENT 3 0.0000% 0.00% $0
FULTON COUNTY 1.4510% 13.94% $2,902
CANTON PARK 0.7119% 6.84% $1,424
SRCJR534 0.6650% 6.39% $1,330
CANTON TOWNSHIP ROAD 0.3668% 3.52% $734
PARLIN-INGERSOL LIBRARY 0.2375% $475
CANTONTOWNSHIP 0.2222% 2.13% $444
FULTON CO AMBULANCE&EMERG 1 0.2000%1 1.92% $400
TOTAL:1 10.4084%I 100.00%I $20,817
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