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Sterling TIF Districts

Sterling TIF Districts. Joint Review Board Meeting October 27, 2017. Agenda. Call to Order – 12:00 Noon Approval of Oct 18, 2016 minutes Update/Review Status of Downtown (West CBD) TIF Fund Update/Review Status of Rock River TIF Fund Update/Review Status of Lincolnway/Lynn TIF Fund

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Sterling TIF Districts

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  1. Sterling TIFDistricts Joint Review Board Meeting October 27, 2017

  2. Agenda • Call to Order – 12:00 Noon • Approval of Oct 18, 2016 minutes • Update/Review Status of Downtown (West CBD) TIF Fund • Update/Review Status of Rock River TIF Fund • Update/Review Status of Lincolnway/Lynn TIF Fund • Update/Review Status of East CBD TIF Fund • Questions and Answers • Adjournment

  3. Approval of Minutes Motionto approve and accept the October 18, 2016 Joint Review Board Minutes

  4. Downtown (West CBD) TIF

  5. Downtown (West CBD) TIF Fund • Equalized Assessed Value • 1984 EAV = $1,735,929 • 2012 EAV = $3,914,911 • 2013 EAV = $3,835,934 • 2014 EAV = $3,812,055 • 2015 EAV = $3,769,373 • 2016 EAV = $3,749,625 • .52% decrease from 2015 • 116% increase over 1984

  6. Downtown (West CBD) TIF Fund • Expenses • Redevelopment Agreement cost of $25,000 • ADA Compliance Projects • Locust Street and 1st Avenue • Payment to Sterling Today for developer costs per the original development agreement • 2017-18 agreement to reimburse for demo of Fung Ming and replace with new parking lot and façade wall

  7. Downtown (West CBD) TIF Fund • No surplus of revenues after payment for eligible TIF projects including redevelopment agreements • Bond retired in March of 2013. • District expires December 31, 2020

  8. Rock River Redevelopment Area

  9. Rock River TIF Fund • Revenues • Began receiving property tax increment the prior year • Base EAV $4,270,321 • 2008 EAV $7,862,983 • 2009 EAV $7,949,629 • 2010 EAV $8,709,308 • 2011 EAV $8,150,327 • 2012 EAV $7,878,234 • 2013 EAV $7,843,443 • 2014 EAV $8,117,831 • 2015 EAV $8,188,339 • 2016 EAV $8,202,213 0.01% increase last year

  10. Rock River TIF Fund • Expenses • Professional & Legal Fees • finalizing environmental studies as part of Plant 1 purchase due diligence • NFR letter completed in 2017 • Payment to Sterling Steel for redeveloper costs per the original development agreement

  11. 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: $2,370,000 • TIF District expires on December 31, 2027

  12. Rock River TIF Area • Environmental investigations & cleanup continues • IEPA Grants (ongoing) • USEPA Grants (closed lagoon assessment permitting plan, no funding for actual cleanup) • Contingent NFR letter from IEPA for Plant 1, pending IGIG and Mud-to-Parks grant work) • ComEd completed clean up of MGP site near Plant 1 • Mud-to-Parks (2014-2017) • IGIG Grant work (2014-2017) • Working on plans for walk path

  13. Lincolnway-Lynn Redevelopment Area

  14. Lincolnway-Lynn TIF Fund • Base EAV - $470,548 • 2011 EAV - $643,688 • 2013 EAV - $2,139,343 • 2014 EAV - $2,139,343 • 2015 EAV - $2,139,343 • 2016 EAV - $1,881,210 12.1% decline. Property owner appealed the assessed value

  15. Lincolnway-Lynn TIF Fund • Expenses • Legal counsel, bond expense, etc. $1,486 • Bond P&I payments $474,788 • Payment to Continental for TIF increment

  16. Lincolnway-Lynn TIF Fund • Bond to be retired in 2032 • Principal balance: $5,045,000 • TIF District expires on Dec 31, 2034

  17. Lincolnway-Lynn TIF Area • No new activities within the TIF

  18. East Central Business District Redevelopment Area

  19. East Central Business District TIF Fund • Base EAV - $1,276,578 • 2016 EAV - $1,138,084

  20. East Central Business District TIF Fund • Expenses • Legal counsel and TIF consultants to establish TIF • Pay as you go TIF, no bond expenses

  21. East Central Business District TIF Area • Lawrence Lofts • 315 1st Avenue • Possible projects at Grandon and Lenhart block

  22. East Central Business District TIF Area • No surplus of revenues for redistribution • TIF District expires on December 31, 2039

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

  24. Adjournment Motion to adjourn the Joint Review Board

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