COLONA -- A public hearing on a proposed 20 percent increase in the property tax levy will be held at 5:30 p.m. Monday, Dec. 10, at city hall.|
Colona is proposing to increase its total tax levy from $367,837 this past year to $441,405, an increase of $73,568 per year.
Mayor Danny McDaniel said pensions have not been fully funded in the past and have now increased to the point where the city needs additional revenue. He said the increase would be about $40 per year on a home with a market value of $102,000.
Budget officer Lories Graham said in2010, the state suggested the city contribute $124,000 per year to its police pension fund, but the city only has been contributing $102,000.
Increasing the levy "helps us meet expenses that are set so that we don't have to cut services," she said.
Also on Monday, the council agreed to allow BEB LLC to assign part of its TIF redevelopment agreement to Tennant Holdings Inc., which will be able to receive some TIF incentives. The city signed the agreement with BEB in August 2011, and the developer worked with Tennant on its new headquarters project, which transferred its main offices from Orion to Colona.
The city also appointed Rich Holman to fill the unexpired term of Clinton Sullivan until the April 9 election. Mr. Holman had been on the police commission and resigned on Monday to be on the council.
Colona, IL Details
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