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 Friday, April 18, the 108th day of 2014. There are 257 days left in the year. 1864 -- 150 years ago: A new steamer, Keithsburg, now is at our levee taking on board the balance of her fixtures preparatory to assuming her position on the daily Rock Island and Keokuk line. 1889 -- 125 years ago: C.W. Hawes was appointed deputy county clerk by county clerk Donaldson. 1914 -- 100 years ago: Mrs. O.E. child, of Moline, was named president of the Women's Home Missionary Society of the Methodist Church Rock Island District of the Central Illinois conference. 1939 -- 75 years ago: Augustana College is making plans for a drive for funds to erect a field house and make football field improvements. 1964 -- 50 years ago: A expanded election coverage system featuring a 16-foot chalkboard showing up to the minute running totals, attracted a large and enthusiastic crowd to The Argus newsroom last night. 1989 -- 25 years ago: Balloons frame Rock Island attorney Stewart Winstein who was given a surprise party in the rotunda of the Rock Island County Courthouse on Thursday to honor his 50th year of practicing law.