HomeMy WebLinkAboutCCDATE=OCTOBER 01, 1985 ELGIN METROPOLITAN EXPOSITION AUTHORITY
• First Federal Savings 5 Loan Association of Elgin
7 :30 a .m. , October I , 1985
MINUTES
PRESENT OTHERS PRESENT
Charles Kaltenbach Mayor Richard Verbic
Ed Kelly Roger Dahlstrom
Ronald pavlik
Christian Schock
Jack Childers
CONTINUED DISCUSSION OF PROJECT POSSIBILITIES
Roger Dahlstrom reported that the House Nays and Means Committee has reported
out that TIF bonds are not tax deductible . Even though it has not been voted
on by congress , a bond attorney would not give a favorable opinion . He stated
a hill has been passed by both houses of the Illinois legislature that sales
tan generated by the project could be returned to the TIF. This could be
significant if the retail was a large part of a project.
• The legal department has not yet had an opportunity to issue an opinion on the
Borden project as t0 whether or net it falls under the Elgin Metropolitan
Exposition Authority and whether or not state guaranteed bonds could be
issued .
In the discussion that followed , the city was asked to check out the following
regarding the Elgin Metropolitan Auditorium Authority. If an office complex
was developed on Borden Square would it have to have a physical connection to
Hemmens? Secondly, if "Borden Square" was a viable project, would the
authority need proprietary interest in Hemmers Auditorium and would the
authority have to own the Horden project buildings?
Mayor Verbic felt the tax investment credit law would he a most viable tool to
encourage a developer by setting up a limited partnership to recaptu,e invest-
mentcredits on economic recovery tax act in relation to the extensive remo-
deling of the existing buildings in Borden Square.
ADJOURNMENT
There being no further business , the meeting was adjourned.
Those minutes respectfully submitted,
ice. tawak�l y, CE
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