City of Chenoa City Council met Sept. 8.
Here is the agenda provided by the council:
1. Timeline:
City Engaged J&K and EDG: 2/11/20
Public Hearing Ordinance: 8/11/20
Publications: 8/20/20 & 8/27/20
Submitted Draft Plan to City: 9/2/20
Public Hearing & Approve BDD: 9/8/20 (Approve Plan, Designate Area and Impose Tax)
*Must submit to IDOR on or before 10/1/20 for tax to become effective on 1/1/21
2. BDD Boundary Map: a copy is included in the handout.
3. Purpose of BDD: The BDD is proposed largely for the purpose of attracting new commercial reinvestment within the BDD Area and improving public infrastructure, including potential reimbursements to the City’s General Fund for the 2020 Commercial Business Assistance Grant Program that was approved by the City Council on May 15, 2020 to provide assistance for lease and mortgage payments to local businesses affected by the COVID‐19 pandemic.
4. Anticipated BDD Public Costs: Public costs included in the Chenoa TIF District I & II Redevelopment Plans approved by the City in 2007 and 2014 (total $118,570,000) and costs within the balance of the proposed BDD Area of $12,950,000.
5. Anticipated Private Redevelopment Projects: Private projects that may possibly occur within the BDD Area include a variety of light industrial, commercial and retail development, including rehabilitation/renovation projects that are anticipated to incur up to $16,615,000 of private BDD‐eligible project costs.
6. BDD Area: 245 total parcels: (171 improved and 74 vacant)
7. Qualifying Factors: The combination of several qualification factors constitutes an economic underutilization of properties within the Area. The City is prepared to make a finding that the Area qualifies by reason of a predominance of: deterioration observed on structures throughout; lack of growth in EAV; deteriorated, inadequate or non‐existent streets necessary for future redevelopment needs; improper subdivision or obsolete platting of certain tracts whereon commercial, retail and light industrial development has not occurred; and unsafe conditions exist within the proposed BDD Area which endangers the safety and well‐being of the public if the Area is not improved and redeveloped.
8. BDD Tax:
The City intends to impose a 0.5% tax within the BDD Area for:
BDD Retailers’ Occupation Tax
BDD Service Occupation Tax
BDD Hotel Operators’ Occupation Tax
9. Public Comment & Questions
10. Adjourn
https://chenoail.org/download/09-08-20-public-hearing/
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