ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Authorizing the Final Distribution of Funds from the NORTHSIDE RIVERFRONT REDEVELOPMENT PROJECT AREA and Dissolving the SPECIAL TAX ALLOCATION FUND.
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BACKGROUND: The Northside Riverfront TIF was created in 1995. The 23-year term if the TIF has now run and the final distribution needs to be made. Please find attached is a spreadsheet reflecting the Fund Balance. The attached ordinance authorizes the Comptroller to distribute to the County of Peoria any and all remaining funds in the Northside Riverfront Development Project Area Fund estimated at $638,404 for distribution to all the taxing bodies.
With this action, the Northside Riverfront TIF will be terminated.
FINANCIAL IMPACT: The City will now receive the City’s portion of the increased taxes attributable to the increased equalized assessed valuation in this area. The City will no longer receive incremental tax funds for this area.
NEIGHBORHOOD CONCERNS: None
IMPACT IF APPROVED: TIF statute is followed and distribution is made.
IMPACT IF DENIED: The Northside Riverfront TIF is still over, but not properly concluded and wrapped up.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
2. Keep taxes and fees competitive.
DEPARTMENT: Finance