City of Aledo Tax Increment Financing Committee Met July 8.
Here are the minutes provided by the committee:
A Tax Increment Financing (TIF) Committee meeting of the City of Aledo met in Open Session in the Council Chambers of the City Hall building. ALD. SARABASA called the Committee meeting to order at 6:00 P.M. The roll was called, whereupon the following committee members answered present:
Aldermen MICHAEL CHAUSSE, BARRY COOPER, CHRIS KOPP and LINDA SARABASA. Mayor CHRIS HAGLOCH.
Also, present DENNIS DIXON, Alderman, JAY DOHERTY, Alderman, JIM HOLMES, Alderman, and JAROD DALE, City Clerk.
The following was discussed:
Approval of Committee Minutes: Motion was made by ALD. KOPP and seconded by ALD. CHAUSSE to approve the minutes of the TIF Committee held on 05/12/21. A Unanimous voice vote followed in agreement.
Public Comment: No Report.
Old Business:
Discussion regarding potential Agreement with Jacob & Klein, Ltd. Related to the Sunset of the Aledo Tax Increment Financing (TIF) District: MAYOR Hagloch reported that the sunset of Aledo’s TIF District is December, 2021 but the final increment will be received in 2022 for tax year 2021. Talking with Steve Kline, there will be a process to close the books but anticipate can be completed in summer, 2022.
During discussions, conversation has been had in creating a new TIF District in Aledo. Kline reported it would be in Aledo’s best interest to start the new TIF District effective January 1, 2022 and the following year would receive a small tax increment. With the rules, if there are 75 homes or more in the TIF District then there are a lot more details and permissions that would be needed. If there are less than 75 homes, there are less requirements or stipulations, per MAYOR. A draft TIF boundary map will need to be generated. Thoughts would be to also include Green Development in the new TIF boundary and would include the Industrial Park. Will also look to include the extension of East Main Street as well.
MAYOR requested a consensus from the Committee to continue forward with the development of a new TIF District. The Committee suggested soliciting support from each of the taxing bodies as well to assist in public support. No further discussion followed.
Other discussion – ALD. Chausse inquired on the status of painting of the store front at the Button Building. City Staff reported the project is scheduled.
New Business:
CITY CLERK Dale reported after discussions by 353 Court, LLC with the building owner and review of the project scope along with complementing documentation 353 noted to be in favor of moving forward with the application for funding at 127 E Main St. This is the second project to come before the review committee. The first project which included building stabilization work to masonry, gutters, doors, and windows was successfully completed and payouts have been distributed. Previous City of Aledo investment was $9,900.
Project Background: Marty Herman, business owner of MJH Engineering & Surveying and property owner of 127 E Main St. is seeking to continue with repairs to the rear side of the building. Work will include brick repair and maintenance, replacing of windows and doors.
Project Scope & Funding Request:
$14,937 – tuckpoint west side of building and minor work to east side
$14,600 – window replacement four upper on east side and two on west side
$5,495 – replacement of front door to building
$35,032 Total Project Cost
$17,516 Total City Project Contribution
Recommendation: Initial review of the project took place in June 2021 and no issues with the project were found. Based on the scope of work, it is our recommendation to approve the funding request of $17,516 of bids provided. Total of two projects equals an investment of $27,416 into the building stabilization.
Motion was made by ALD. CHAUSSE and seconded by ALD. COOPER to approve the TIF request as presented and send to the City Council for final approval. A Unanimous voice vote followed in agreement.
Other – ALD. Chausse inquired what is to be done with the sidewalk on east-side of the building next to 127 E. Main Street. MAYOR Hagloch reported the sidewalk and elevator shaft would be apart of the sidewalk and intersection project that is anticipated to be completed in the future.
MAYOR Hagloch reported WJ Albertson has approached the City in obtaining an architect to complete conceptual drawings to design an updated central park parking lot area, alley and Aledo Depot. The concepts would be created out of a firm from Peoria, Il. This would be completed by Albertson and presented to the City.
MAYOR reported there was a conversation with Rock Island Growth Co. a few years ago about developing the old jr. high building and turning the facility into apartments. The company has held conversations with Rick Ferguson and anticipates a purchase of property this summer. Plans would be to purchase the old jr. high building and the Slammer & Great Escape. Asking price is listed in the amount of $100,000 for the jr. high building and would be contracted with RI Growth. The development company would then pay $35,000 to Ferguson but the remaining balance would need to be financed. Ferguson noted he did not want to donate the $65,000. MAYOR discussed with WJ Albertson and Mark Bieri in assisting in covering the remaining balance for Ferguson. Investment by Growth Corp. was estimated in the amount of $7,000,000 into the building.
MAYOR reported with all of the discussions that Albertson would also like to assist in the development of the former Farmer’s Grain & Coal property and Bieri to assist in the purchase of the old jr. high building.
City staff is waiting for the closing of properties. Also, MAYOR suggested the City could assist in the acquisition of the property as an additional option to secure the sale of the building.
MAYOR reported Ferguson also would like to expand Ferg’s Public House and has requested the City consider dedicating a portion of the alleyway to Ferguson as well.
ADJOURNMENT: There being no further business, motion was made by ALDERMAN COOPER and seconded by ALDERMAN KOPP that the meeting be adjourned. Unanimous voice vote followed in agreement. Meeting was adjourned AT 6:41 P.M.
http://aledoil.org/AgendaCenter/ViewFile/Minutes/_07082021-280
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