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Council approves amended repayment schedule with Scaggs Properties for 102 Building
Summary
The council approved an amendment to a 2014 redevelopment agreement with Scaggs Properties that reduces the outstanding balance from about $392,000 to $225,000 and establishes a 10-year repayment schedule with specified initial payments.
The Paxton City Council on Jan. 13 approved an amended redevelopment agreement with Scaggs Properties for the 102 Building that restructures outstanding obligations.
City Attorney Anthony Schuering explained the original 2014 agreement covered renovations but the property was not reassessed at that time, so tax increment financing (TIF) did not generate payments and the city had not been obligated to make payments. Under the amendment, the outstanding balance—approximately $392,000—will be reduced to $225,000 and paid over 10 years. Schuering said one-tenth of the new balance is due within 60 days, one-tenth by the end of the year, and the remainder in annual installments over the remaining period.
Alderman Evans moved to approve the amendment; Alderman Reinhart seconded and the motion passed on a unanimous roll call.
The amendment is presented as a corrective action to address reassessment and to provide payment certainty; the transcript does not record the revised annual payment amount or the effective date beyond the council approval.
