Wed September 23, 2009
Hamilton Pushes Back TIF Vote
Hamilton, IL – It will be a couple more weeks before Hamilton moves ahead with its proposed tax increment finance district.
Mayor Steve Woodruff says the city has been exploring a TIF district for months. He says the Hamilton City Council unanimously voted for its creation several weeks ago.
Woodruff says the panel delayed a vote, during its Sept. 21 meeting, on the proposed TIF agreement with a development firm. He says some new information about the proposal arrived too late to be considered by the council.
Woodruff says that vote could take place in two weeks. He says Hamilton will also hire a consultant at that time.
Woodruff says bids will be opened on Oct. 1. He says the consultant will define the scope and requirements of the TIF district.
Woodruff says the city's goal is to improve the tax base and bring in new jobs. He says no one wants to hurt the tax revenue generated for the school district or park board.
Woodruff says about 10% of the city could be included in the TIF district. He says the focus will be properties on Hamilton's east side.
Woodruff says the city has been negotiating with several companies about locating in Hamilton.