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Sterling TIF Districts

Sterling TIF Districts. Joint Review Board Meeting October 28, 2010. Agenda. Call to Order – 4:30pm Approval of October 28, 2009 minutes Update/Review Status of Downtown TIF Fund Update/Review Status of Rock River TIF Fund Questions and Answers Adjournment. Approval of Minutes.

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Sterling TIF Districts

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  1. Sterling TIFDistricts Joint Review Board Meeting October 28, 2010

  2. Agenda • Call to Order – 4:30pm • Approval of October 28, 2009 minutes • Update/Review Status of Downtown TIF Fund • Update/Review Status of Rock River TIF Fund • Questions and Answers • Adjournment

  3. Approval of Minutes Motionto approve and accept the October 28, 2009 Joint Review Board Minutes

  4. Downtown TIF

  5. Downtown TIF Fund • Revenues • Property Tax Increment increased • 1984 EAV = $1,735,929; • 2008 EAV = $3,851,078 • 2009 EAV = $3,871,183 • 0.5% inc over 2008 • 123% inc over 1984 • Steady City Sales Tax Increment

  6. Downtown TIF Fund • Expenses • Primarily concentrated on Principal & Interest Payments • Redevelopment Agreement cost of $25,000

  7. TIF Fund • No surplus of revenues after payment for the bonds and eligible TIF projects • Bond was refinanced at lower rate in 2001 and again in 2010 • Bond retires in March of 2013. April 30, 2010 principal balance on the bond is $1,270,000 • District expires April 1, 2019

  8. FY 2009-10 Year-round Farmer’s Market Main Street completed building updates at 3rd and Locust (since moved in FY 2010-11 to sell refurbished building to new business) County Market started indoor and outdoor renovations Façade grant program through Main Street has now completed several store fronts STI downtown maintenance agreement TIF Area

  9. Rock River Redevelopment Area

  10. Rock River TIF Fund • Revenues • Began receiving property tax increment the prior year • Base EAV $4,270,321 • 2004 EAV $4,698,689 • 2005 EAV $6,818,729 • 2006 EAV $7,003,524 • 2007 EAV $7,207,535 • 2008 EAV $7,862,983 • 2009 EAV $7,949,629

  11. Rock River TIF Fund • Expenses • Professional & Legal Fees • Conduct further environmental studies as part of Plant 1 purchase due diligence • Brownfield redevelopment work, particularly on western portions of the property, lagoon cleanup and well monitoring • Legal counsel required to acquire EPA Brownfield forgivable revolving loan fund

  12. Rock River TIF Fund • No surplus of revenues for redistribution • Increment and Bond Payments began in FY 2004-05 • Bond to be retired in 2023 • Principal balance: $3,810,000 • TIF District expires on December 31,2027

  13. Rock River TIF Area • All property available for development or redevelopment is now in private ownership. Remaining property (1%) cannot be developed and will be turned over to Whiteside County • Environmental investigations & cleanup continues • Private funding • IEPA Grants (ongoing) • USEPA Grants (on hold, pending lagoon permitting) • USEPA Revolving Loan Fund awarded in FY 2010-11 • Demolition of Plant #1 being addressed through Purchase Agreement – Completed in FY 2010-11 • The old 14” mill was sold. Approximately 25 new jobs are estimated to have been created • IDOT funding potential for western entrance onto property. Future annexation required

  14. Questions & Answers Please feel free to ask any remaining questions at this time.

  15. Adjournment Motion to adjourn the Joint Review Board

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