The Monmouth City Council recently held a Public Hearing to allow for comments and inform the community on the creation of a Tax Increment Financing, or TIF District, for the Beck Oil project. City Administrator Lew Steinbrecher informs this will be a single project TIF:
“The Beck Oil and Taco Bell property had been in the Main Street TIF District, but part of this project there was a need to acquire some additional land, which some of it was outside of the city limits, which required an annexation of the property once the property was purchased by Beck Oil, so we needed to create a new TIF District to incorporate the larger land mass that was included. This is a single project TIF, very similar to the Fareway Grocery Store TIF that we created. In our negotiations with Beck Oil, it resulted in the adoption of an inducement resolution, which is one of the requirements of the Illinois TIF legislation that in order for a project to proceed and for the developer to incur TIF eligible costs, there needs to be an inducement resolution adopted by the governing body.”
Formal adoption of the new TIF District will be on the agenda for the Monmouth City Council meeting on February 18th.
