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Tue August 18, 2009
Hamilton Encouraging Economic Development
Hamilton, IL – City leaders continue to take steps to bring new businesses to Hamilton.
The Hamilton City Council has agreed to enter into a contract with Marine Bank and Trust for two residential properties on the city's east side. They are located at 2081 and 2083 Keokuk Street.
Mayor Steve Woodruff says the 120-day contract would allow the city to purchase and quickly transfer the properties to a potential retailer. He says an environmental study is currently underway as part of the possible economic development.
Woodruff says the city is also developing a TIF district. "We are not wanting a large TIF district," says Woodruff, "we are wanting just a TIF district that will benefit those who want to be in it. I would assume most businesses would want to be in it."
Woodruff says the district would encompass no more than 20% of Hamilton. He says the city does not want to hurt future tax revenue by making the district too large.
Woodruff says the TIF district will not cover residential properties or subdivisions. He says the city must hire a firm, within the next 60 days, to determine the boundaries and terms of the district.
Woodruff says Hamilton has been contacted by potential businesses, in recent years, but the conversations ended after finding out the city did not have a TIF district.
In Other Action
The Hamilton City Council approved a building permit for a new cell phone tower on property near the former ambulance property.