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 Thursday, July 24, the 205th day of 2014. There are 160 days left in the year.
1864 -- 150 years ago: The Rev. R.J. Humphrey, once a clergyman in this city, was reported killed in a quarrel in New Orleans. 1889 -- 125 years ago: The Rock Island Citizens Improvement Association held a special meeting to consider the proposition of consolidating Rock Island and Moline. 1914 -- 100 years ago: The home of A. Freeman, 806 3rd Ave., was entered by a burglar while a circus parade was in progress and about $100 worth of jewelry and $5 in cash were taken. 1939 -- 75 years ago: The million dollar dredge, Rock Island, of the Rock Island district of United States engineers will be in this area this week to deepen the channel at the site of the new Rock Island-Davenport bridge. 1964 -- 50 years ago: The Argus "walked" to a 13-0 victory over American Container Corporation last night to clinch the championship of Rock Island's A Softball League at Northwest Douglas Park. 1989 -- 25 years ago: The Immediate Care Center emergency medical office at South Park Mall is moving back to United Medical Center on Sept. 1. After nearly six years in operation at the mall, Care Center employees are upset by UMC's decision. The center is used by 700 to 800 people each month.