Sterling TIF Districts Joint Review Board Meeting October 28, 2010

Agenda Call to Order – 4:30pm Approval of October 28, 2009 minutes Update/Review Status of Downtown TIF Fund Update/Review Status of Rock River TIF Fund Questions and Answers Adjournment

Approval of Minutes Motion to approve and accept the October 28, 2009 Joint Review Board Minutes

Downtown TIF

Downtown TIF Fund Revenues  Property Tax Increment increased  1984 EAV = $1,735,929;  2008 EAV = $3,851,078  2009 EAV = $3,871, % inc over % inc over 1984  Steady City Sales Tax Increment

Downtown TIF Fund Expenses  Primarily concentrated on Principal & Interest Payments  Redevelopment Agreement cost of $25,000

TIF Fund No surplus of revenues after payment for the bonds and eligible TIF projects Bond was refinanced at lower rate in 2001 and again in 2010 Bond retires in March of April 30, 2010 principal balance on the bond is $1,270,000 District expires April 1, 2019

TIF Area FY  Year-round Farmer’s Market  Main Street completed building updates at 3 rd and Locust (since moved in FY to sell refurbished building to new business)  County Market started indoor and outdoor renovations  Façade grant program through Main Street has now completed several store fronts  STI downtown maintenance agreement

Rock River Redevelopment Area

Rock River TIF Fund Revenues  Began receiving property tax increment the prior year  Base EAV $4,270,321  2004 EAV $4,698,689  2005 EAV $6,818,729  2006 EAV $7,003,524  2007 EAV $7,207,535  2008 EAV $7,862,983  2009 EAV $7,949,629

Rock River TIF Fund Expenses  Professional & Legal Fees  Conduct further environmental studies as part of Plant 1 purchase due diligence  Brownfield redevelopment work, particularly on western portions of the property, lagoon cleanup and well monitoring  Legal counsel required to acquire EPA Brownfield forgivable revolving loan fund

Rock River TIF Fund No surplus of revenues for redistribution Increment and Bond Payments began in FY Bond to be retired in 2023 Principal balance: $3,810,000 TIF District expires on December 31,2027

Rock River TIF Area All property available for development or redevelopment is now in private ownership. Remaining property (1%) cannot be developed and will be turned over to Whiteside County Environmental investigations & cleanup continues  Private funding  IEPA Grants (ongoing)  USEPA Grants (on hold, pending lagoon permitting)  USEPA Revolving Loan Fund awarded in FY Demolition of Plant #1 being addressed through Purchase Agreement – Completed in FY The old 14” mill was sold. Approximately 25 new jobs are estimated to have been created IDOT funding potential for western entrance onto property. Future annexation required

Questions & Answers Please feel free to ask any remaining questions at this time.

Adjournment Motion to adjourn the Joint Review Board