Mt. Vernon Register-News

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March 1, 2014

City discusses TIF agreements

(Continued)

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.

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