The Vandalia City Council approved a TIF agreement at their meeting on Monday, with a change from the recommendation from the TIF Committee–but it will actually end up costing the city less in the end.
Rock Bottom Tire Owner Jimmy Bone, Junior appeared before the Vandalia City Council. Bone is getting ready for the construction of a new facility at 705 Imco Drive. Bone says his business has been successful and has continued to grow. And, he says this new location and expansion will allow him to expand to deal with even more in his business–including semi tires.
Bone had asked for 100% abatement of his property taxes of $6,500 per year for up to 10 years. But, the TIF Advisory Committee said the city does not normally do 100%. So, the recommendation from the committee was 70% abatement per year for 10 years. But, When speaking to the City Council on Monday, Bone said he would be happy with 100% abatement over 3 years. That would actually be about $25,000 less than the 10 year/70% agreement. So, the City Council approved the 3 year, 100% abatement by a vote of 5 to 1 with Alderman Bret Brosman being the lone No vote.
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