Mt. Vernon Register-News

March 1, 2014

City discusses TIF agreements

By TESA GLASS tesa.glass@register-news.com
The Register-News

---- — MT. VERNON — The council will be presented with seven Tax Increment Finance Redevelopment agreements on Monday.

More than 12 projects were presented to the Downtown TIF Advisory Committee last week, but grant recommendations were not discussed at that time.

The projects which will be presented for consideration of TIF funds are for King City Books, R&R The Crossing, Girolamo’s, Headpieces by Toni, Once Upon A Lifetime Photography, the William D. and Phyllis A Edminson Trust and Steven L. Beal.

Kendra and Dale Peterson have been recommended to receive 47 percent of total projects costs for King City Books, not to exceed $40,000, which will be paid from 2013-14 TIF proceeds to rehabilitate a building on Ninth Street. The total project includes demolition, wood floor repair and refinishing, new wood partitions, plaster repair and painting, an electrical upgrade, coffee counter and equipment, shelving and furnishing, virtrolite repair, window restoration, new signage, plumbing and professional fees.

Randy and Linda Lowery owners of R&R The Crossing have been recommended to receive a grant in the amount of 42 percent of total project costs not to exceed $50,000. The funds, if approved, will be paid from 2013-14 TIF proceeds.

The project will rehabilitate the business building, which has a total project cost estimate at $119,700. The work includes tuck pointing, repair of front awning, new top band, new doors, new windows, paint, signage and removal of old awning; new ceilings in the front bar, removal and rebuilding of closets, removing the double door entrance; remove barn wood and replace and repair several walls, install new ceiling fans and re-do the bar; put new ceilings

in the back bar and restrooms, paint and re-do the walls, remove the old heating system, cut down the bar and install new fireplaces; and remove and install new flooring throughout.

Girolamo’s has been recommended to receive a grant of 23 percent of the total project costs not to exceed $75,000 paid from 2013-14 TIF proceeds.

The total project undertaken by owner Frank Barlotta for 815, 817 and 819 Jordan St., is estimated at $323,500 which includes $265,000 in building renovations, $45,000 in building acquisition and $13,500 in equipment.

Headpieces by Toni, owned by Toni Federici, has been recommended to receive a grant of 37 percent of total project costs not to exceed $10,000 to be paid from 2013-14 TIF proceeds.

Total project costs are estimated at $27,287 and include professional fees, masonry restoration and staining, lower facade repair, new welded frame awnings, upper window restoration, signage and exterior lighting.

Once Upon A Lifetime, owned by Nick Wheeler, has been recommended for a grant of 24 percent of total project costs not to exceed $10,000, which will be paid from 2013-14 TIF proceeds.

The project is estimated to be a total cost of $43,000 and includes removal of existing roofing and roofing replacement; removal and replacement of upstairs windows.

The William D. and Phyllis A. Edmison Trust has been recommended to receive 87 percent of total project costs not to exceed $50,000 for project at 1000 Main St. The tuckpointing project is estimated at $57,625.

A recommendation has been made for Steven L. Beal for his property at 224 S. 10th St. to receive a grant of 41 percent of total project costs not to exceed $450,000. The TIF Advisory Board recommends the grant be paid by taking $34,000 from 2013-14 proceeds, $34,000 from 2014-15 proceeds, $34,000 from 2015-15 proceeds, $50,000 from 2016-17 proceeds, $50,000 from 2017-18 proceeds, $50,000 from 2018-19 proceeds, $50,000 from 2019-20 proceeds, $50,000 from 2020-21 proceeds and $50,000 from 2021-22 proceeds. A total of 50 percent of incremental taxes paid from an increase in equalized assessed valuation on the project property over the amount created from the developer’s project above that level that existed in tax year payable 2013. The incremental amount is to be paid over 10 years to a maximum amount of $48,000. The baseline EAV for determining the increment is $82,071.

The total project cost is estimated at more than $1.1 million.

The project includes architect and design, general contracting, masonry work, HVAC, electrical, exterior glass, sprinkler system, internal sand blast, roof repairs, plumbing, kitchen and dining equipment and lighting.

In addition to the TIF agreements, the city council will:

n Hear bid results for a water line on South 34th Street and Veterans Memorial Drive;

n Hear bid results for construction of a storage building at the Mt. VErnon Police Range;

n Hear a capital projects report;

n Hold a first reading on an ordinance approving agreements with Ameren IP regarding relocating a power line at 34th Street and Veterans Memorial Drive;

n Hold a first reading on an ordinance to add a liquor license for the proposed Mama Dee’s Cajun restaurant at 116 N. Ninth St.;

n Discuss a resolution authorizing submitting an application for a credit card account with Elavon, Inc., for the Aquatic Zoo;

n Discuss a resolution to apply for an IDNR grant for the former Armory Building; and

n Discuss a resolution to apply for Economic Development Administration funds to construct the new industrial park.

The city council will meet 7 p.m. Monday at the Rolland W. Lewis Community Building at Veterans Park.