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Council approves ordinance to close TIF District 4, staff says proceeds will be distributed to taxing bodies
Summary
Mount Carmel City Council moved to adopt Ordinance 21-52 to close TIF District 4 (Route 1/Cherry Hills). Staff said remaining balances will be distributed to taxing entities after their advisors complete the closing; the city noted two remaining TIFs and approximate balances.
Mount Carmel City’s council approved action to close Tax Increment Financing (TIF) District 4, staff said, moving remaining funds back to local taxing bodies.
Mr. Turner reported that the city closed on the Girl Scout cabin and introduced Ordinance 21-52 to terminate TIF District 4 on Route 1 north of Cherry Hills. Turner said the district never developed and that "there's a small amount of money in that account, which once everything's done through our advisors…that money will be divvied out to the taxing bodies." He asked the council to waive the reading and move forward.
A council member moved and the motion was seconded; the council proceeded to a roll-call vote and recorded affirmative responses. Turner told members the city expects to complete the terminations in the coming month once advisors finish paperwork and distribution calculations.
Turner also noted the city still has TIF 6 and TIF 7, estimating roughly $650,000 in TIF 6 and about $1,700,000 in TIF 7 that will continue to be managed to support local projects. The ordinance vote carried and the city will return funds from the closed district to the relevant taxing entities once final calculations are completed.
Next steps: staff said advisors are processing the closures and the finance office will publish the distribution schedule when available.
