Paxton considers reimbursing auto dealer part of improvement costs
PAXTON — The Paxton City Council will consider next week a redevelopment agreement with Shields Automart, the first business in the city's tax-increment financing district to seek reimbursement for improvement costs.
Shields is in the middle of a $600,000 project to create new offices, a showroom, a facade that will conform with General Motors' expectations and a reworked parking lot. The agreement, if approved, will reimburse Shields 35 percent of its cost, or about $235,000 in payments stretched out over 15 years.
Dan Schuering, the city's TIF attorney, said he believes the improvements at Shields will add $18,000 to $20,000 in assessed value each year to the property. Shields will have to document its costs, complete the work by July 31 and get city approval if it ever sells the property.