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 Sunday, May 19, the 139th day of 2013. There are 226 days left in the year. 1863 -- 150 years ago: The Rt. Rev. Harry I. Witherspoon, D.D. Bishop of Illinois, willpreach in Trinity (Episcopal) Church, in this city this evening. 1888 -- 125 years ago: At 1 o'clock yesterday afternoon the Mississippi River flooded itsbanks at Rock Island, destroying the warehouse of the Rock Island Lumber companyand damaging the Lumber Company and arsenal power plant. Total loss isestimated at $100.000. 1913 -- 100 years ago: Residents of South Rock Island township are circulating a petitionfavoring the annexation of that area to the city of Rock Island. 1938 -- 75 years ago: Mrs. Thomas Ackles, of Rock Island, has been elected president ofthe Playcrafters for the next season. She succeeds Warren Leonard. 1963 -- 50 years ago: Some 8,000 people filed through the gates of Rock Island Arsenal on Saturday to view a display of a part of the nation's armed strength. The occasion was theannual observance of Armed Forces Day. 1988 -- 25 years ago: Willis Kuschmann, of Moline, who already has won his laurels as oneof the most artistic men in the Quad-Cities area, has a new hobby. He is deeply involvedin miniature railroading. At the age of 88, when many other seniors are dozing in theirchairs or sitting before the television, Mr. Kuschmann is planning and working on hiscollection.