October 22, 2014 at 5:15 p.m.
TIF district one step closer
GENEVA — Geneva Redevelopment Commission on Tuesday voted to take additional steps toward developing its tax increment financing (TIF) district.
Members Bill Warren, Doug Milligan, Dick Clutter, Jim Timmons and Agnes Schochwill voted to approve the district’s declaratory resolution and economic development plan. Landon?Patterson, a non-voting member, was also at the meeting.
The vote came after Warren presented a revised map of the proposed district, which included Red Gold’s current building as well as its $8.5 million proposed expansion, the new Dollar General on U.S. 27, Geneva Manufacturing, buildings located downtown and all of the town’s assets — including parks, the water tower and motor vehicle highway building.
“I think I picked up everything the board asked me to,” Warren said. “In this area we have all the town’s real estate assets … this allows us to spend the money on any of the town’s assets with inside the town, other than streets.”
“So I think we encompassed … pretty much all the areas that we would intend to spend the funds on when they become available,” he said.
Warren said he estimates the TIF district will generate $2.5 million during a 25-year lifespan.
“The town stands to gain some additional revenue that can be used for infrastructure for economic development,” he said.
Town attorney Dave Baumgartner told commission members the area they’ve included in the district makes sense for the town.
“It’s not overreaching, it makes sense for places that may bring you income but also places where you need to spend money,” he said.
The economic development plan, Warren said, is general because the commission hasn’t set any specific goals for it yet.
“It just says we’re going to have some money and we plan on using it to make the town better,” he said.
Before the redevelopment commission can officially establish the TIF district, it has to be approved by Geneva Plan Commission and Geneva Town Council. Then the issue will be discussed in a public hearing.
Warren said he’s hopeful the process can be completed before the end of the year.
Members Bill Warren, Doug Milligan, Dick Clutter, Jim Timmons and Agnes Schochwill voted to approve the district’s declaratory resolution and economic development plan. Landon?Patterson, a non-voting member, was also at the meeting.
The vote came after Warren presented a revised map of the proposed district, which included Red Gold’s current building as well as its $8.5 million proposed expansion, the new Dollar General on U.S. 27, Geneva Manufacturing, buildings located downtown and all of the town’s assets — including parks, the water tower and motor vehicle highway building.
“I think I picked up everything the board asked me to,” Warren said. “In this area we have all the town’s real estate assets … this allows us to spend the money on any of the town’s assets with inside the town, other than streets.”
“So I think we encompassed … pretty much all the areas that we would intend to spend the funds on when they become available,” he said.
Warren said he estimates the TIF district will generate $2.5 million during a 25-year lifespan.
“The town stands to gain some additional revenue that can be used for infrastructure for economic development,” he said.
Town attorney Dave Baumgartner told commission members the area they’ve included in the district makes sense for the town.
“It’s not overreaching, it makes sense for places that may bring you income but also places where you need to spend money,” he said.
The economic development plan, Warren said, is general because the commission hasn’t set any specific goals for it yet.
“It just says we’re going to have some money and we plan on using it to make the town better,” he said.
Before the redevelopment commission can officially establish the TIF district, it has to be approved by Geneva Plan Commission and Geneva Town Council. Then the issue will be discussed in a public hearing.
Warren said he’s hopeful the process can be completed before the end of the year.
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