TIF Summary FY2013 - Village of Tolono, IL

TIF Summary FY2013 - Village of Tolono, IL

VILLAGE OF TOLONO
Tax Increment Financing District
FY 2013 Summary
507 West Strong, Tolono, IL 61880 Ph: (217) 485-5212
Tolono TIF District – FY2013 Overview
Established in 2002, the Tolono TIF District Redevelopment Project Area (the “Area”) includes portions of
commercial, residential, and light industrial areas within the community. Its’ purpose is to encourage the
economic well-being of the Village by providing resources for the redevelopment and rehabilitation of
commercial, light industrial and other mixed use properties. On December 4, 2012, an amendment was
approved by Ordinance No. 12-09 removing one parcel of land from the TIF District.
For Fiscal Year 2013, (beginning May 1, 2012 and ending April 30, 2013), the Tolono TIF District Special
Fund (the “TIF Fund”) had a beginning balance of $3,852,202, including 2012 G.O. Bond proceeds. With
deposits in the amount of $1,155,342, the total amount available in the TIF Fund during FY2013 was
$5,007,544. Sources of funds included: Real Estate Tax Increment ($1,155,342) as depicted in Figure 1
below.
The total public and private TIF eligible project costs expended from the TIF Fund and Bond Fund during
FY2013 amounted to $3,884,233 and included categories of funds shown in Figure 2 below.
The ending balance of the TIF Special Fund as of April 30, 2013, was $1,123,311, including remaining Bond
proceeds of approximately $868,981. The real estate tax increment generated by Tolono TIF District for
FY2014 is estimated to be $1,166,468.
Fig. 1. Tolono TIF District ‐ Revenues (FY2013)
Fig. 2. Tolono TIF District
Expenditures (FY2013)
Private Redev Agreements
$571,214 15%
R.E. Tax Increment
$1,155,342 23%
Beginning Bal.
$3,852,202 77%
Professional and Admin
$26,193 1%
Streets/Sidewalk
$112,359 3%
Infrastructure
$174,356 4%
Bond
$241,450 6%
Capital Costs
$454,450 12%
Sewer Systems
$2,304,211 59%
Tolono TIF District FY2013 Overview / Prepared by Jacob & Klein, Ltd. and The Economic Development Group, Ltd. (309) 664‐7777 Tolono TIF District Facts At-A-Glance, FY2013
Established ..................................................................................................................................................................... 2002
Ends ...................................................................................................................................... Tax Year 2025 Payable 2026
Base Tax Year ................................................................................................................................................................ 2001
TIF Base EAV .................................................................................................................................................... $3,811,326
Tax Yr. 2011 Net Taxable EAV .................................................................................................................... $19,399,590
Tax Yr. 2011 RE Tax Increment ..................................................................................................................... $1,155,342
Total Obligations in TIF Plan........................................................................................................................ $40,493,811
Total Expenditures to Date.............................................................................................................................. $9,092,721
Remaining Obligations .................................................................................................................................... $31,401,090
Fig. 3. Tolono TIF District
Annual Revenue by Fiscal Year
$5,000,000
$4,800,000
$4,600,000
$4,400,000
$4,200,000
$4,000,000
$3,800,000
$3,600,000
$3,400,000
$3,200,000
$3,000,000
$2,800,000
$2,600,000
$2,400,000
$2,200,000
$2,000,000
$1,800,000
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
Tolono TIF District FY2013 Overview / Prepared by Jacob & Klein, Ltd. and The Economic Development Group, Ltd. (309) 664‐7777 RETI
Interest
Bond
Intergovernmental Agreements:
1. Tolono Community Unit School District No. 7
2. Tolono Fire Protection District (2010)
3. Tolono Park District (2012)
Redevelopment Agreements:
1.
2.
3.
4.
5.
Deerpath Subdivision
Windstone Subdivision (GAM Properties)
CYRA Development (Dollar General)
Kinderwood South (Great Plaines - Phase I & II)
Kinderwood South (Great Plaines - Phase III)
COMMENTS:
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Tolono TIF District FY2013 Overview / Prepared by Jacob & Klein, Ltd. and The Economic Development Group, Ltd. (309) 664‐7777 Tolono TIF District FY2013 Overview / Prepared by Jacob & Klein, Ltd. and The Economic Development Group, Ltd. (309) 664‐7777