The Moline City Council will hear the first reading of ordinances creating two new tax-increment-finance districts at tonight's city council meeting.
The city is proposing a TIF district for SouthPark Mall and another for 42 acres at U.S. 6 and U.S. 150, near the Coal Valley border.
When a TIF is formed, the assessed land value is frozen and any tax revenue generated by new development goes into a tax fund to be used on improvements within the district or on rebates to developers.
Taxing bodies continue to receive property taxes based on the assessed land value before the TIF was created, until the TIF expires. A TIF can last 23 years and be extended another 12 years with the approval of state legislators.
The council also will hear a first reading on the proposed $14.6 million tax levy which, if approved later this month, would be the same as last year.
The TIF ordinances and tax levy are expected to be voted on by the city council on Nov. 27.
The city council is expected to vote on a one-year contract extension for city administrator Lew Steinbrecher that includes a 4 percent salary hike. Mr. Steinbrecher's base salary would be $148,174, and the city would contribute $602.79 to his retirement account every pay period, or $15,672 a year, for a total of $163,846.
Under his last contract, Mr. Steinbrecher's total salary and retirement contribution was $157,544.In 2011, he received a 2.2 percent raise.
The contract would be retroactive to Oct. 25. The new contract would expire Nov. 30, 2013.
Employees in the four city unions and nonunion employees received no general wage increase this year. However, all city employees except Mr. Steinbrecher were eligible for a 2.5 percent anniversary wage increase or a lump-sum payment.
The city council meeting starts at 6:30 p.m. on the second floor of city hall, 619 16th St. The city council meeting immediately follows.Agendas are available at city hall or moline.il.is.
Today is Thursday, April 24, the 114th day of 2014. There are 251 days left in the year.
1864 -- 150 years ago: We learn that it is a contemplation to start a paper mill in Rock Island during the summer by a gentleman from the East. 1889 -- 125 years ago: The gates of Oklahoma were swung open at noon today, and a throng of more than 30,000 settlers started over its soil. 1914 -- 100 years ago: The Iowa Coliseum Co. was incorporated with $40,000 capital and planned a building on 4th Street between Warren and Green streets in Davenport. 1939 -- 75 years ago: Plans are being discussed for resurfacing the streets in the entire downtown district of Rock Island. 1964 -- 50 years ago: Some 45 jobs will be created at J.I. Case Co.'s Rock Island plant in a expansion of operations announced yesterday afternoon at the firm's headquarters in Racine, Wis. 1989 -- 25 years ago: Gardeners and farmers cheered, but not all Quad-Citians found joy Saturday as more than an inch of rain fell on the area. Motorists faced dangerous, rain-slick roads as the water activated grease and grime that had built up during dry weather.