Published: January 16, 2008 09:34 am      

Bismarck modifies TIF agreement

Stewart Grain to split revenue with village

BISMARCK — The Bismarck Village Board voted Tuesday night to modify its Tax Increment Financing agreement with Stewart Grain Company.

The original agreement came about when Stewart Grain constructed a new 710,000-bushel grain bin at its Bismarck facili-ties, which are within the village’s TIF district.

The original agreement anticipated additional real estate tax revenues of $21,000 a year for the village. The village would then use part of those funds to provide interest subsidies to Stewart Grain for the loan it took out to build the new grain bin.

However, since the grain bin was built, assessed valuation has not been as high as originally projected. Consequently, the village has not received the tax revenue it anticipated.

Stewart Grain’s last assessed valuation was set at $406,162 by the Newell Township assessor. That assessed valuation was protested by Stewart Grain, and the Vermilion County Board of Review reduced the assessment to $230,000.

This resulted in the village only receiving $11,396 in tax revenue for Stewart Grain’s facilities.

Under the terms of the new agreement, Stewart Grain and the village will split the tax revenue on a 75/25 split. Stewart Grain will receive 75 percent of the tax revenue and the village will receive 25 percent of the revenue.

The village also will pay Stewart Grain more than $20,000 it owes for tax revenue it has held for the past three years. The tax incentive agreement will expire in seven years.

Also on Tuesday night, the village board received a presentation from Sgt. Steve Swisher of the Danville Police Department and Jerry Geren of Vermilion County Crimestoppers.

Swisher and Geren explained how the Crimestoppers program works. They explained all tips to the Crimestoppers Tip Line, 446-8477, are anonymous.

Rewards paid out by Crimestoppers are in cash and done confidentially.

Bismarck has been plagued by a wave of vandalism, and the pair believe Crimestoppers can be an important tool in dealing with the vandalism.

When a call is placed to Crimestoppers, the information is immediately relayed to the Vermilion County Sheriff’s Department for investigation.

All calls to Crimestoppers are answered by a civilian employee, not a police officer, in order to ensure anonymity.

Village employees will soon install signs around the village with the telephone number listed for Crimestoppers.

These will be a reminder to residents to call about any suspicious activity and a reminder to vandals that someone is watching.

Trustees also:

-- Heard Village President Eleanor White report a tractor-trailer was parked along Holloway Street during the holidays.

White reminded residents it is illegal to park trucks along the street.

-- Were reminded by White that political signs are not to be placed on the village right-of-way. The signs must be posted on the resident’s property.

-- Also heard White inform them she has had no word on the anticipated grant for the sanitary sewer system.

Village Attorney Charles Mockbee told trustees he has had no further success in obtaining easements from residents along Wilson Lane.

-- Met in closed session to consider whether to release the minutes of previous closed sessions. It was decided to keep the minutes sealed.

WHAT’S NEXT

The Bismarck Village Board will meet at 6:30 p.m. Feb. 19 in the Bismarck United Methodist Church annex.