The Monmouth City Council on Monday approved a Main Street Tax Increment Financing District Redevelopment Project Inducement Resolution for a downtown building, one that formerly housed the town’s newspaper.
The former Review Atlas building is currently undergoing rehabilitation to prepare it for new business use. The building was purchased earlier this year by Scott Haase
The city is currently undergoing a feasibility study for a new proposed TIF district in the city, and Haase would like to continue renovating the building
TIF funds are a restricted revenue that is derived from property taxes and is regulated by state statute. In order for a project to be eligible for funding of this type, it must meet strict guidelines in relation to economic development.
To be considered for expense reimbursement on TIF eligible expenses, the inducement resolution was needed. No funding was released. The resolution is dependent on the successful passing of a new TIF district.
Aldermen in the “Maple City” are using Community Development Block Grants to assist with area businesses impacted financially from the COVID-19 pandemic.
The city acts as a “pass-through” for the state grants and is only helping facilitate the grant applications.
The City Council approved the applications of three businesses, Trego Johnson Enterprises, Teddy Bear Day Care, and Maude Specklebelly’s, totaling grants of 75-thousand dollars.
The grants are funded through a State of Illinois program and do not utilize any local public funds. Once the reimbursement requests provide proof of eligible expenses are reviewed, the funds will be released.
Board members were also given an update regarding the preventative measures the city and businesses are implementing to ensure the public’s safety.
