PORT BYRON -- Members of the village board voted to approve a tax-increment-financing agreement Monday night with First Trust and Savings Bank.
The village currently generates $2,200 in taxes from the TIF district. The agreement will result in $34,000 additional income in taxes from the TIF district once construction is complete on the $1.5 million project. Port Byron will receive $18,000, with about $18,000 going to the bank in rebates.
The village will receive a partial TIF payment in 2013 with the first full TIF payment in 2014, said Mayor Bob Wilson.
Mark J. Hanson, president and CEO of First Trust and Savings, said he intends to have six to eight full-time employees. The bank owns the nearly three-acre lot and plans to allow other retailers to build in the near future.
"I hope to be a good neighbor," said Mr. Hanson. "I think there's opportunity here. We want to be able to grow in this area."
Construction of the bank began in mid-September, with completion expected in May 2013, said Mr. Hanson.
In other news, trustee Bruce Peterson said he would like to see Port Byron hold nonpartisan elections in the future, referring to caucus nominations last week. He asked the board to consider placing the issue on the April 9 ballot.
"I just think we would attract more candidates who have interest in being on the village board, and they would be more comfortable," said Mr. Peterson. "I don't really see any merits here on a local level, and cities like Moline and Rock Island are nonpartisan."
Mayoral nominee Lawrence Bay opposed the idea, saying candidates win based on what they have to offer rather than party affiliation.
Today is Wednesday, April 23, the 113th day of 2014. There are 252 days left in the year.
1864 — 150 years ago: Some persons are negotiating for 80 feet of ground on Illinois Street with a view of erecting four stores thereon. It would serve a better purpose if the money was invested in neat tenement houses. 1889 — 125 years ago: The Central station, car house and stables of the Moline-Rock Island Horse Railway line of the Holmes syndicate, together with 15 cars and 42 head of horses, were destroyed by fire. The loss was at $15,000. 1914 — 100 years ago: Vera Cruz, Mexico, after a day and night of resistance to American forces, gradually ceased opposition. The American forces took complete control of the city. 1939 — 75 years ago: Dr. R. Bruce Collins was reelected for a second term as president of the Lower Rock Island County Tuberculosis Association. 1964 — 50 years ago: Work is scheduled to begin this summer on construction of a new men's residence complex and an addition to the dining facilities at Westerlin Hall at Augustana College. 1989 — 25 years ago: Special Olympics competitors were triple winners at Rock Island High School Saturday. The participants vanquished the rain that fell during the competition, and some won their events; but most important, they triumphed over their own disabilities.