Tax Increment Financing District
Redevelopment Area, Plan and Projects
A variety of policies, programs, and strategies are often used to promote economic
development in a community. This Redevelopment Plan provides a comprehensive and
detailed discussion of the uses, structure, and impacts of tax increment financing (TIF)
in Coal City, Illinois.
The Village Board of Trustees has concluded that it is in the best interest of the Village
and that the citizens of Coal City will Benefit by the adoption of this Tax Increment
Financing Redevelopment Area, Plan and Projects.
- Location (1)
- Community Background (1)
- Population (2)
- Retail Sales (2)
- Unemployment (2)
- Proposed Industrial Development (3)
- TIF District Planning Process and Calendar (5)
- Description of Proposed Redevelopment Project Area (6)
- Qualifying Conditions of Proposed Redevelopment Project Area (6)
- Qualifying Characteristics of Improved Parcels (7)
- Qualifying Characteristics of Vacant Parcels/Blighted Areas (8)
- Equalized Assessed Valuation (9)
- Summary of Qualification Findings (9)
- Proposed Public Redevelopment Projects (10)
- Proposed Private Redevelopment Projects (11)
- Sources of Funds to Pay TIF Eligible Project Costs (12)
- TIF Financing Summary (14)
- Present and Projected Tax Increment (15)
- Assessment of Financial Impact (16)
- General Land Uses (18)
- Certification of No Displacement of Residential Units (18)
- Commitment to Fair Employment (18)
- Provisions for Amending the Coal City TIF District Redevelopment Plan (18)
- Term of the Coal City TIF District Redevelopment Plan and Projects (18)
- Nature and Term of Bonds or Notes (18)
- Contiguous Redevelopment Project Areas (18)
- Exhibit 1. Proposed Coal City TIF District Boundary Map
- Exhibit 2. Proposed Coal City TIF District Legal Description (25 – 35)
- Exhibit 3. Illinois Department of Employment Security (37)
- Unemployment Report: July, 2010 (37)
- Exhibit 4. Engineer’s Report on Flooding and Drainage Issues (39)
- Exhibit 5. TIF Infrastructure Improvement Plan (41)
- Exhibit 6. Example TIF District Projections
- Appendix A. Tax Increment Financing Terms and Definitions (45)
- Appendix B. Introduction to Tax Increment Financing (53)
- Appendix C. Annexations (57)
Friday, 12-12-2013, Coal City and the Union Pacific Railroad had a ground breaking ceremony for the new Inland Logistics Port of Coal City. In addition, Coal City was named “TRAIN TOWN USA” by the UP, a title only given to 11 other communities in Illinois. The UP presented the local officials with a $15,000 grant to assist with the tornado relief and a commemorative coin celebration the 150 years of the Pacific Railway Act of 1862.
CLAYCO AND COAL CITY LAND OWNERS BREAK GROUND ON INDUSTRIAL PARK
New industrial park to be served by Union Pacific Railroad
(Dec. 12, 2013) – Today, Clayco and Providence Logistics announce plans to develop an industrial park in Coal City. The industrial park will be served by Union Pacific Railroad. The companies thanked supporters and all those involved with a photo opportunity and luncheon Thursday, Dec. 12. The park was designed with flexibility in mind to accommodate spaces for sale, lease, or other arrangements.
“Union Pacific Railroad supports the development of the future rail-served Inland Logistics Port of Coal City,” said Adrian Guerrero, director, public affairs – Illinois. “We are excited about the opportunities and economic growth this project will bring to Coal City, Grundy County and the region, and look forward to our continued partnership.”
The 285-acre property is developed by Providence Logistics and has been an ongoing project the last four years. The land will provide warehousing and shipping opportunities for companies who use railways as a primary method of transportation. Clayco will play an integral role in the construction and design of the land as it is parceled out to investors and companies.
“I’m thrilled to see Union Pacific, Providence Logistics and Clayco come together to move this development forward,” said Mayor Neal Nelson. “The benefits of bringing more rail traffic and businesses to the area will create a significant, positive economic impact on Coal City.”
Clayco is a full service, turnkey real estate development, architecture, engineering and construction firm that delivers clients around the world the highest quality solutions on time, on budget, and above and beyond expectations. With $872 million in revenue for 2012, Clayco specializes in the “art and science of building,” providing fast-track, efficient solutions globally for commercial, institutional, industrial and heavy civil infrastructure related building projects. For more information, visit www.claycorp.com.
ABOUT UNION PACIFIC
Union Pacific Railroad is the principal operating company of Union Pacific Corporation (NYSE: UNP). One of America’s most recognized companies, Union Pacific Railroad links 23 states in the western two-thirds of the country by rail, providing a critical link in the global supply chain. From 2007-2012, Union Pacific invested $18 billion in its network and operations to support America’s transportation infrastructure, including a record $3.7 billion in 2012. The railroad’s diversified business mix includes Agricultural Products, Automotive, Chemicals, Coal, Industrial Products and Intermodal. Union Pacific serves many of the fastest-growing U.S. population centers, operates from all major West Coast and Gulf Coast ports to eastern gateways, connects with Canada’s rail systems and is the only railroad serving all six major Mexico gateways. Union Pacific provides value to its roughly 10,000 customers by delivering products in a safe, reliable, fuel-efficient and environmentally responsible manner.