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Mr. Jacobs indicated that the county was interested in ways <br /> j of securing more immediate funds in light of the pending budget <br /> needs. <br /> A question was raised about the base year of the District. <br /> Mr. Ryan indicated that the base year is the year prior to the <br /> year in which the District is created. In this instance, the <br /> base year will be 1990. <br /> Mr. Bacon indicated that the proposed project accomplishes <br /> ' the following things: it opens up the neighborhood by increasing <br /> accessibility, eliminates the blighted abandoned railroad right- <br /> of-way, fosters elimination of blight in the improved areas, <br /> opens up substantial new redevelopment opportunities, and <br /> provides traffic relief to Highway 51. <br /> Mr. Pirano inquired whether the project would take two and <br /> one half years to complete as originally proposed. Mr. Bacon <br /> indicated that the project schedule would be dictated by the City <br /> Council. <br /> Mr. Hill inquired if there had been any projections made of <br /> sales tax increases. Mr. Bacon indicated no such projections had <br /> been made. <br /> Sharina of Revenues: <br /> _� Mr. Bacon stated that the city had. given consideration to <br /> the sharing of revenues. In response to a question by Mr. <br /> Burton, Mr. Bacon indicated that consideration had been given to <br /> sharing with all affected taxing districts 10 percent of real <br /> property tax increment in the first 10 years and an additional 10 <br /> percent in the second ten years. Payments would be made <br /> annually. It was indicated that, as soon as all bonded � <br /> indebtedness had �been paid, revenues would again flow to affected <br /> districts. <br /> Mr. Hendron inquired as to who assumes the risk on the ' <br /> repayment of the bonds. Mayor Anderson indicated that the full ' <br /> responsibility rested with the City of Decatur. ; <br /> Mr. Stenger suggested some methods to minimize the impact on I!, <br /> the taxing districts. He suggested that the increment in sales I <br /> tax be committed to the debt retirement. He suggested that � <br /> inflation will increase the base value of the redevelopment area � <br /> and this inflationary increment could be returned to the <br /> districts. He suggested that the city agree to use rates in <br /> effect on the date of the TIF to allow any subsequent tax rate � <br /> increases to generate revenues for the respective districts. <br /> Finally, he suggested taking Sams, Walmart, and the bank <br /> properties out of the TIF. <br /> � 3 <br />