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 Monday, Sept. 22, the 265th day of 2014. There are 100 days left in the year.
1864 -- 150 years ago: The board of education has granted Thursday as a holiday for the children, with the expectation that parents who desire to have their children attend the Scott County Fair will do so on that day and save irregularity the rest of the week. 1889 -- 125 years ago: The guard fence around the new cement walk at the Harper House has been removed. The blocks are diamond shape, alternating in black and white. 1914 -- 100 years ago: The Rev. R.B. Williams, former pastor of the First Methodist Church, Rock Island, was named superintendent of the Rock Island District. 1939 -- 75 years ago: Abnormally high temperatures and lack of rainfall in Illinois during the past week have speeded maturing of corn and soybean crops. 1964 -- 50 years ago: Installation of a new television system in St. Anthony's Hospital, which includes a closed circuit channel as well as the three regular Quad-Cities channels, has been completed and now is in operation. 1989 -- 25 years ago: When the new Moline High School was built in 1958, along with it were plans to construct a football field in the bowl near 34th Street on the campus. Wednesday afternoon, more than 30 years later, the Moline Board of Education Athletic Board sent the ball rolling toward the possible construction of that field by asking superintendent Richard Hennigan to take to the board of education a proposal to hire a consultant.