Originally Posted Online: Nov. 26, 2012, 6:54 pm
Last Updated: Nov. 27, 2012, 12:17 am
TIF proposals top Moline agenda
Comment on this story
By Dawn Neuses, firstname.lastname@example.org
The Moline City Council is expected to vote Tuesday night on establishing two tax-increment-finance districts and hear a first reading on the creation of a third.
The proposed TIFs up for vote are SouthPark Mall, which encompasses most of the mall property, and 42 acres at U.S. 6 and U.S. 150, including a vacant Moline School District elementary building.
In a TIF, the assessed land value is frozen when the district is established. New revenue created by development in the district goes into a TIF fund and is used to make improvements within the district or to give rebates to developers.
The other taxing bodies -- such as the schools or county -- do not receive any of the new tax revenue until the TIF expires. TIFs can last 23 years and be extended for 12 additional years.
For more than a year, the city and other local officials have encouraged redevelopment of SouthPark Mall.The city has said Miller Leasing, one land owner in the proposed U.S. 6 TIF, plans commercial/retail development.
According to council documents, if the TIFs are approved, the city would enter into performance-based development agreements with developers.
The city council also will hear a first reading for a proposed TIF on 41st Street, for Phase I of a medical campus to be built by Genesis Medical Center.The proposed TIF previously was voted down at committee of the whole but was brought back two weeks ago for reconsideration.
Also on Tuesday night, the city council will vote on a proposed $14.6 million tax levy -- the same as this year -- to be collected in 2013.
A work session on the north slope wastewater treatment plant improvement projects will be held during the committee-of-the-whole meeting. It will be followed by city administrator Lew Steinbrecher's progress update on council goals.
The committee-of-the-whole meeting starts at 6:30 p.m. on the second floor of city hall, 619 16th St. The city council meeting immediately follows committee of the whole. Agendas are available at city hall or moline.il.us.