The Vandalia City Council approved 3 Tax Increment Finance Agreements at their meeting on Monday night.
The Vandalia City Council agreed to pay for half of a roofing project for Mike Johnson at 119 North 5th Street in Vandalia. The total cost of the project is estimated at just better than $6200. The City Council agreed to pay no more than $3116.32.
The City Council agreed to pay for half of a demolition project for Dave King at 223 S. 3rd Street. Dave King, who is the owner of Cages, is demolishing the house he owns that is directly south of his establishment and they will then remove trees from the property, as well. And, then they will build a retaining wall and fencing and expand the outdoor area for Cages. The project is estimated to cost $56,0000. The City Council agreed to pay no more than $28,000.
The City Council agree to pay for half of an environmental clean up and potential demolition project for Mike Wehrle. The project will include environmental clean up for the property Wehrle owns on North 8th Street. Wehrle is also looking to bring businesses to that location. If at least two businesses sign letters of intent to locate there, then Wehrle will demolish the first apartment building for the location of the business. Including demolition, the project is estimated to cost $100,000. The city has agreed to pay no more than half of the project, up to $50,000 if there is demolition. If there is no demolition, the City will pay for half of the receipts that are submitted from the project.
All the projects will be paid out of the City’s TIF funds. All the project were approved by 7 to 0 vote. Because he owns property in the TIF district, Alderman Andy Lester is not allowed to discuss TIF projects and is also not allowed to vote on them.