WHAT WE KNOW: In November, the Silvis City Council approved a professional services agreement with Jacob & Klein and the Economic Development Group, Ltd. to establish and administer the Twin Oaks Tax Increment Financing District. A TIF district essentially re-allocates funds from property taxes to encourage investment with the district. Any increased tax revenues collected as a result of an increase in property values then to into the TIF fund and can be used by the city for a wide range of purposes within the district to promote redevelopment.
WHAT’S NEW: On Thursday night, the Silvis City Council approved creating an “interested parties registry” for the TIF district. At its Feb. 19 meeting, the council plans to schedule a public hearing on the proposed district. Councilmember Kathryn Hall informed the council that both actions were routine steps in the TIF process.
WHAT’S NEXT: Also on Thursday, City Administrator Jim Grafton reported Silvis has been awarded two grants in conjunction with Moline. One is for $2.4 million to help low income residents with lead abatement; the other, a $300,000 grant, will help elderly residents make repairs and improvements in their homes. The city has also received a Department of Housing and Urban Development grant to demolish property at 326 15th St. Grafton said he has verbal notice of a $75,000 grant which will be used to improve a kiosk at the Hero Street monument, the concession area at Schadt Park and a street project on Oakwood Hills Road.
-- Chris Hicks