Economic Development Resources president Gene Norber and EDR’s GIS project manager Julian Jacquin presented to the council an overview of the redevelopment plans for the North 45 TIF and the Interstate North TIF districts, along with the business plan for the Interstate North area.
All three plans were approved by the council, with the TIF plans for both areas being sent to all taxing districts in the areas and the Illinois Department of Commerce and Economic Development Opportunity, which tracks TIFs for state economic purposes. All three plans are available for public inspection at the City Clerk’s Office, the Metropolis Public Library and on the city’s website, www.cityofmetropolis.com.
David Daugherty was absent from the meeting due to work obligations.
In addition, after suspending the rules, the council approved ordinances creating a Joint Review Board for both the North 45 and the Interstate North TIF districts. The advisory group — which is composed of representatives from the majority of the taxing bodies located in the proposed TIF area, specifically a representative from the city, Massac County, Shawnee Community College and the Massac Unit One school district, plus a public member — will meet Friday, Feb. 7 at 1 p.m. and 1:30 p.m.
Also after suspending the rules, ordinances were also approved to set public hearings for Monday, March 10 at 5:30 p.m., 6 p.m. and 6:30 p.m. pertaining respectively to the North 45 TIF district, the Interstate North TIF district and the Interstate North business district.
TIF works for incremental property tax. When the TIF is put in place, an assessed value is set. As development happens within the area, the property value of the area grows and the taxes paid on the incremental value go toward a fund the city controls. Those funds can then be pumped back into the area for its development and redevelopment.
During the presentation, both Jacquin and city attorney Rick Abell emphasized the TIF designation is not an additionally imposed or newly created tax.
“It doesn’t do anything to your taxes — your tax levy and your value is what it is,” Abell said. “It is merely creates a different place for it to go and be reused for that area.”
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