Gibson City OKs tax-increment sharing
GIBSON CITY — Council members unanimously approved this week two ordinances to formalize tax increment sharing agreements with the Gibson City-Melvin-Sibley school district and the Gibson City Fire Protection District.
The school's share of the increment is amended to 30 percent (up from 25 percent). The fire district's share is a new agreement for 0.75 percent of the increment generated by tax increment financing 2 district.
The shared payments were generally agreed to during discussions with taxing bodies earlier this year seeking approval for a 12-year extension of TIF 2.
The extension benefits Villas of Holly Brook, an assisted-living facility which broke ground Sept. 20 for a 50-unit facility on the city's northern edge.
In other business, council members approved Getty Lawn Care of Colfax to seed six recent construction areas for an amount not to exceed $2,400.
The council also voted to approve another one-year contract with Ridgeview Recycling of Colfax. The city's $7,200 annual cost is offset by the sale of recycling passes. Sales in the past year were $4,011.50 or 56 percent of the annual cost according to Karen Kummerow, volunteer chairman of the Recycling Board.
The council also approved Nov. 23 for the Gibson Area Chamber of Commerce's annual lighted holiday parade.