This item utilizes TIF (Tax Increment Financing) benefits regulated by the State of Illinois statute and may only be used for economic development purposes. No general fund revenues are being used.
Scott Haase, a local entrepreneur, and developer, is redeveloping the former Review Atlas building at 400 South Main Street. The improvements will repurpose the building into a family entertainment and recreational facility.
The term sheet lists the following:
- The developer agrees to commit a minimum of $550,000 into the rehabilitation of the building
- The term sheet is a performance-based arrangement with the developer where there are no upfront out-of-pocket expenses incurred by the City, but rather the City Will rebate the Developer 90% of the net incremental increase of annual real estate taxes collected by the County and distributed to the City as TIF revenues from the tax parcel
- The City will provide the developer with a rebate of future TIF property tax increment revenues generated from the increased assessed value of this tax parcel as a direct result of this redevelopment project, in a total maximum rebate amount not to exceed $120,000 for reimbursement of expenditures incurred on TIF eligible expenses in the rehabilitation of the existing building
A motion for approval was made and was approved.
***Report Courtesy of the City of Monmouth***
