MT. VERNON — —
MT. VERNON — The joint review boards for tax increment finance districts will be going over financial information during a public meeting on Thursday.
“We do this every year,” City Manager Ron Neibert said. “It’s a requirement by statute and we meet to review the projects, funds and expenditures for each TIF for the last year.”
The city has four TIF districts, the Homestead TIF, Downtown TIF, Industrial Park Conservation TIF and the Rt. 15/I-57 Redevelopment TIF.
The Homestead TIF, is a project specific, site specific TIF located on the property of the former Homestead Golf Course. The project agreement, entered in 2007 with M & M Consulting in Centralia is for the Doe Valley retirement center construction. No work has been done on the project, however, Neibert said the project has recently moved forward.
“Last year we had a meeting and talked of dissolving the TIF area,” Neibert explained. “In recent weeks, we have met with the owners. The project has been delayed due to litigation and that litigation has recently been settled and they are actually moving forward on the project.”
Representatives were present at a recent workshop session of the City Council called to discuss a plan to help home builders and developers take advantage of a housing shortage in the city. The plan, approved by the Council last week and prepared by Joe Zanola of the Zanola Company LLC, includes working with local developers as well.
“The representatives of the Homestead development met with Joe Zanola after the meeting and has scheduled more meetings to move forward on the project,” Neibert said.
Neibert also reported the Industrial Park Conservation TIF, which is also known as the West Side TIF, has had interest in projects.
“We have been working on the infrastructure within that TIF and expect to have the work done in the spring,” Neibert said. “We have already signed one TIF inducement agreement and they have provided us with a scope of the project.”
The most recent activity has been in the Rt. 15/I-57 TIF, also known as the East Side TIF, with the Drury Inn demolition and reconstruction project.
The oldest TIF in the city — the Downtown TIF — has been very successful, Neibert said.
The TIF Joint Review meeting will be held 2:30 p.m. Jan. 31 at City Hall. Additional information about the meeting is available by contacting Neibert at 242-6802.