Gibson City OKs funds to help developer with repair

Gibson City OKs funds to help developer with repair

By JEFF DANIELS/Paxton Record

GIBSON CITY — The city council this week approved tax increment financing-eligible expenses totaling $9,544 to help a developer repair a building on the city's east side.

The money was approved to "repair and replace doors, roofing, electrical wiring, panels and devices" for the building at 382 E. Illinois 9, according to the redevelopment agreement between the city and Bill Kruse, which was approved unanimously.

Mayor Dan Dickey said the city will reimburse Kruse's costs through tax increment financing; the property is in the city's second TIF district.

"When someone applies for funding, we send that request through city TIF attorney Tom Jacob to make sure it's OK, and this was," Dickey said.

In other council business, the council voted unanimously to approve an ordinance authorizing an agreement between the city and Gibson City Fire Protection District.

Through the agreement, starting with taxes to be paid next year, the city will pay the fire district from the real estate tax increment created by any development or increase in equalized assessed valuation within the TIF district — a sum equal to 0.75 percent of the property tax increment created within the TIF district.

 

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