Local

Council working to get TIF funds to First Savanna Savings Bank

Published:

SAVANNA – First Savanna Savings Bank, 301 Main St., has been added to the list of businesses looking for help from TIF district funds in redeveloping property, and the Savanna City Council took the first step toward doing so at its Jan. 23 meeting.

The council approved a resolution which induces redevelopment of this area; the business is looking to expand operations to its second floor, increasing office space and employment numbers.

Subsequent to this move, the city must approve a redevelopment agreement with the business, which will conform to terms and conditions negotiated by the city and the business.

The council also passed ordinances, waiving the first reading, allowing the city to borrow funds from the Public Water Supply Loan Program, as well as the Water Pollution Control Loan Program, to help finance the Wacker Road project.

Public Works Superintendent John Lindeman said it was his understanding that both of these loans would include principal loan forgiveness (up to 50 percent for the water portion and possibly up to 45 percent for the sewer portion).Lindeman said the interest rate for these loans was “under 3 percent,” though he didn’t have the precise number.

Water/Sewer/Refuse/Streets and Alleys Committee Chairman Pat Sanchez noted that property construction easements (in order to make the driveway alignment consistent with the new road) were needed for the Wacker Road project. Lindeman and an MSA representative were to do this work initially, but due to regulations, the Illinois Department of Transportation informed the city these contacts must be handled by a state approved appraiser and negotiator.

This, Sanchez explained, could place a time constraint on the project; given this possible challenge to the project timeline, the committee recommended that authority be given to Mayor Chris Lain or Lindeman to approve costs for the temporary easements and payments, up to $25,000.

Plans are to bid out the Wacker Road project in March, with bid opening in April.

The council also approved going out for bid on a sewer system SCADA project, which will bring the existing lift stations in line with the new wastewater treatment plant so the data collection is under control and updated.