ORDINANCE
2024 – O – 19
ORDINANCE PROVIDING FOR SENSIBLE REHABILITATION WITHIN THE TAX INCREMENT FINANCING (TIF) DISTRICT
WHEREAS, the State of Illinois has adopted Tax Increment Financing, pursuant to Division 11, Section 74.4.1 et seq. of the Illinois Municipal Code, as amended; and
WHEREAS, the City Council for the City of Charleston, Coles County, Illinois, has adopted sales tax financing and has further adopted a Tax Increment Redevelopment Plan for a certain portion of real estate located within the City of Charleston, said real estate being described on Exhibit 1, said Exhibit (more commonly known as 500 6th Street, Charleston, Illinois), being incorporated herein by reference; and
WHEREAS, the Tax Increment Redevelopment Plan as approved by the City Council for the City of Charleston provides for a “development activity” for the sensible rehabilitation of structures; and
WHEREAS, Hortenstine Properties, LLC of the City of Charleston has requested a grant in an amount not to exceed Ten Thousand Dollars and no cents ($10,000.00) for the purpose of providing renovations to the building located at 500 6th Street; and
WHEREAS, the City of Charleston and Hortenstine Properties, LLC have mutually agreed to the terms of a Redevelopment Agreement, said agreement being attached hereto as Exhibit 2 and made a part thereof by reference; and
WHEREAS, the following provisions are made as a result of said Redevelopment Agreement:
That a grant to Hortenstine Properties, LLC in an amount not to exceed Ten Thousand Dollars and no cents ($10,000.00) would serve to:
a) Reduce or eliminate those conditions, which qualify the area as a “full conservation area;”
b)
Enhance the tax base of the City of Charleston and other taxing districts, which extend into the redevelopment project area;
c) Arrest the spread of blighting factors and preserve and enhance the value of properties adjacent to the redevelopment project area;
d) Improve the overall environment of the area so as to enable conservation of existing buildings and expansion of private developments in a manner that is compatible with the surrounding lands wherever possible; and
e) Establish the Downtown as an “extra territorial” destination that will act as a magnet to draw a regional clientele to downtown Charleston, Coles County, Illinois; and
WHEREAS, it is hereby determined by the City Council of the City of Charleston, Coles County, Illinois, that it is in the best interest of the citizens thereof and an appropriate use of the Tax Increment Financing funds to enter into an agreement whereby Hortenstine Properties, LLC would receive a grant in an amount not to exceed Ten Thousand Dollars and no cents ($10,000.00);
IT IS NOW THEREFORE ORDAINED by the City Council of the City of Charleston, Coles County, Illinois, that the City Council of the City of Charleston, Coles County, Illinois, hereby makes the following findings:
1) That a grant to Hortenstine Properties, LLC in an amount not to exceed Ten Thousand Dollars and no cents ($10,000.00) would serve to:
a)
Reduce or eliminate those conditions, which qualify the area as a “full conservation area;”
b)
Enhance the tax base of the City of Charleston and the other taxing districts, which extend into the redevelopment project area;
c)
Arrest the spread of blighting factors and to preserve and enhance the value of properties adjacent to the redevelopment project area;
d)
Improve the overall environment of the area so as to enable conservation of existing buildings and expansion of private developments in a manner that is compatible with the surrounding lands wherever possible; and
e)
Establish the Downtown as an “extra territorial” destination that will act as a magnet to draw a regional clientele to downtown Charleston, Coles County, Illinois.
2) That it is an appropriate use of the Tax Increment Financing funds as provided by the Tax Increment Redevelopment Plan to provide Hortenstine Properties, LLC with a grant, the monies set forth herein for the specific and limited purpose of improvement of real estate (more commonly known as 500 6th Street, Charleston, Illinois), and located within the Tax Increment Financing District.
3) That the City shall enter into such Redevelopment Agreement as necessary for the purpose of authorizing a grant in an amount not to exceed Ten Thousand Dollars and no cents ($10,000.00).
4) That said funds shall be paid by the City of Charleston to Hortenstine Properties, LLC through the City of Charleston’s Special Tax Allocation.
5) That said funds shall be used solely for the purpose of rehabilitating 500 6th Street.
6) That this Ordinance shall be in full force and effect after passage by the City Council and signature by the Chief Executive Officer in the manner provided by Law.
7) That the money shall be dispersed by the TIF Officer upon proof of work being completed.
8) That the money shall be dispersed up to the amount allowed above, upon proof of actual cost of the work approved in the applicant’s TIF proposal.
9) That colors for awnings and other exterior building materials will be approved by the TIF Officer, prior to ordering/purchase and installation of the materials; failure to receive color approval can result in the City’s refusing to distribute TIF funds.
10) That Grant recipient shall provide a contract for the work to be completed prior to commencing work in accordance with the Redevelopment Agreement.
11) That Grant recipient shall provide proof that all work is completed prior to April 30, 2025. Failure to provide said proof can result in termination of the TIF Grant.
BE IT FURTHER ORDAINED by the City Council of the City of Charleston, Coles County, Illinois, that the City Manager is authorized and directed to execute the Redevelopment Agreement attached hereto and incorporated herein by reference.
INTRODUCED this ______ day of _______________________, 2024.
PASSED this ____17th_______day of ______May__________, 2024.
APPROVED this ________ day of _______________________, 2024.
Aye | Nay | Abstain | Absent | |
Mayor: | ||||
Brandon Combs | X | |||
City Council: | ||||
Timothy Hutti | X | |||
Jeff Lahr | X | |||
Dennis Malak | X | |||
Tim Newell | X | |||
_______________________________
Mayor
ATTEST:
______________________________
City Clerk
EXHIBIT 1
More commonly known as 500 6th Street (Parcel Number 02-1-02859-000), Charleston, Illinois (Hortenstine Properties, LLC).