ALEDO -- Two tax increment finance district ordinances between the city and Krstic Realty triggered discussion before council members approved grants of up to $25,000 each for life safety and building code upgrades.|
Ald. Barry Cooper, 3rd Ward, said he was troubled by three apartments behind one storefront business. Mr. Cooper said he understood TIFs should be used for business projects, not residential.
City Attorney Mark Walton clarified TIFs could be used for improvements to properties with living spaces.
Ald. Tab Balmer, 1st Ward, said his opposition was because work already was started when the application was made.
"I despise this thing," Mr. Balmer said. "Why are we giving away grants instead of granting loans?"
Aldermen also approved a TIF grant application for up to $25,000 from Michael D. Clark, president of MDC Ventures, to complete life safety and building code upgrades.
In other business, the council:
-- Approved selling a 1996 Ford Mustang GT Coupe it had seized. The minimum sale price is $2,500.
-- Approved a tax levy of $365,000, or $8,421 less than last year's levy of $373,421. Aldermen also approved a 2013 budget of $5,871,128, or $152,188 lower than last year's budget of $6,023,316. At the last council meeting, city finance director Sarah Bohnsack said one reason for the decrease was an anticipated decline in equalized assessed valuation, from $39 million last year to $36.5 million.
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