The Clinton Herald, Clinton, Iowa

Top News

June 18, 2013

Second TIF district eyed

FULTON, Ill. -- Development discussions for the 112 acres of land purchased by the city of Fulton last month has begun.

The city council met Monday to review a presentation from SB Friedman Senior Project Manager Geoff Dickenson for a new potential TIF district.

A TIF is an economic development tool used by municipalities to redirect incremental tax revenues to fund eligible redevelopment costs within a specified geographic area according to Dickenson’s presentation.

This potential new TIF district designation would create the city’s second TIF district.

In a proposal developed by SB Friedman, the company will work with city staff to conduct a full TIF designation process.

The process will include a TIF eligibility study, preparation of a redevelopment project area plan and report, preparation of required notices and mailings, and a complete public approval process.

During Dickenson’s presentation, Mayor Larry Russell commented that a TIF is basically a “vehicle to leverage debt.”

Dickenson made it very clear to the council that if the city decides to approve the new TIF district there will be no money going out until development plans start getting put to action.

“If the city doesn’t make a move with the TIF district within seven years of approval, the money will be given back and the TIF will be resolved,” Dickenson said.

The contract for the new TIF district will be in place for a maximum of 23 years but the city is not required to go the full term.

“We don’t have to go that long; none of us want to go that long,” Russell said.

Although the state of Illinois is very limiting in terms of TIF development, the city can benefit from TIF revenues for both private and public redevelopment.

According to the designation proposal, the TIF Eligibility Study and Redevelopment plan and the noticing and public approval process will take approximately 180 days and cost an estimated $28,350 to $38,210.

1
Text Only
Top News
  • Evergreen job fair in the works

    The Clinton Regional Development Corp. and the Clinton Area Chamber of Commerce are lining up companies to participate in a job fair exclusively for the soon-to-be displaced employees of Evergreen Packaging.

    July 26, 2014

  • UPDATE: Police seek assistance in Fifth Ave. shooting investigation

    A shooting that occurred Friday morning in the 100 block of Fifth Avenue South remains under investigation by the Clinton Police Department.

    July 25, 2014

  • Brother sues W.Va. senator over business loan

    U.S. Sen. Joe Manchin III faces a $1.7 million civil suit filed by a brother over a lifeline to save a family carpet business.

    July 25, 2014

  • How spy agencies keep their 'toys' from law enforcement

    A little over a decade ago, federal prosecutors used keystroke logging software to steal the encryption password of an alleged New Jersey mobster, Nicodemo Scarfo Jr., so they could get evidence from his computer to be used at his trial.

    July 25, 2014

  • Russia's war on McDonald's takes aim at the Filet-o-Fish

    Russia said earlier this week that it had no intention of answering Western sanctions by making it harder for Western companies to conduct business in Russia.
    But all bets are off, apparently, when you threaten the Russian waistline.

    July 25, 2014

  • Hawkeyes to offer student tickets to public

    Iowa athletic director Gary Barta says the Hawkeyes will make any unsold student football tickets available to the general public as well on Aug. 1.

    July 25, 2014

  • Old story, new twists in Gaza war

    The third Gaza war is playing out much like the first one more than five years ago: The harrowing civilian toll in Gaza is now at the center of the discourse, eclipsing the rocket attacks by Hamas militants that were the stated reason for the Israeli assault.

    July 25, 2014

  • Official: Hospital gunman intended to kill others

    A psychiatric patient ranted about a hospital gun ban before opening fire at the suburban medical complex, killing his caseworker and grazing his psychiatrist before the doctor pulled out his own weapon and fired back, authorities said Friday.

    July 25, 2014

  • cleaning supplies Don't judge mothers with messy homes

    I was building shelves in my garage when a neighbor girl, one of my 4-year-old daughter's friends, approached me and said, "I just saw in your house. It's pretty dirty. Norah's mommy needs to clean more."

    July 25, 2014 1 Photo

  • PHOTOS: Clinton Junior Baseball 2014 Tournament Winners

    Clinton Junior Baseball 2014 Tournament Winners - Majors, Minors, Pee Wee

    July 25, 2014

AP Video