The Moline City Council is expected to vote Tuesday night on establishing two tax-increment-finance districts and hear a first reading on the creation of a third.
The proposed TIFs up for vote are SouthPark Mall, which encompasses most of the mall property, and 42 acres at U.S. 6 and U.S. 150, including a vacant Moline School District elementary building.
In a TIF, the assessed land value is frozen when the district is established. New revenue created by development in the district goes into a TIF fund and is used to make improvements within the district or to give rebates to developers.
The other taxing bodies -- such as the schools or county -- do not receive any of the new tax revenue until the TIF expires. TIFs can last 23 years and be extended for 12 additional years.
For more than a year, the city and other local officials have encouraged redevelopment of SouthPark Mall.The city has said Miller Leasing, one land owner in the proposed U.S. 6 TIF, plans commercial/retail development.
According to council documents, if the TIFs are approved, the city would enter into performance-based development agreements with developers.
The city council also will hear a first reading for a proposed TIF on 41st Street, for Phase I of a medical campus to be built by Genesis Medical Center.The proposed TIF previously was voted down at committee of the whole but was brought back two weeks ago for reconsideration.
Also on Tuesday night, the city council will vote on a proposed $14.6 million tax levy -- the same as this year -- to be collected in 2013.
A work session on the north slope wastewater treatment plant improvement projects will be held during the committee-of-the-whole meeting. It will be followed by city administrator Lew Steinbrecher's progress update on council goals.
The committee-of-the-whole meeting starts at 6:30 p.m. on the second floor of city hall, 619 16th St. The city council meeting immediately follows committee of the whole. Agendas are available at city hall or moline.il.us.
Today is Friday, March 7, the 66th day of 2014. There are 299 days left in the year. 1864 -- 150 years ago: The ferry boat came up to her dock yesterday and was punching away at the ice, which is crowded up against the Iowa shore. 1889 -- 125 years ago: J.C. Bromley, of Rock Island, has received a patent on a steam activated valve. 1914 -- 100 years ago: Major. C.W. Hawes, head clerk of the Modern Woodmen of America, was honored by department chiefs on his 73rd birthday 1939 -- 75 years ago: Mayor Robert Galbraith declared that 75 percent of the people here have talked to "favor construction of Rock Island's new city hall in Spencer Square." 1964 -- 50 years ago: C.H. Langman & Sons, Rock Island, has been awarded the general contract for partial rehabilitation and modernization of the main building at the East Moline State Hospital. The Langman firm bid $424,839. 1989 -- 25 years ago: The cost of living in the Quad-Cities is 6.8 percent less than the average of 260 metropolitan areas.