Charleston City Council to vote on loan agreement

Corryn Brock, News Editor

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The Charleston City Council will vote on a loan agreement during its meeting on Tuesday at 6:30 p.m.

The loan will be used to purchase an ambulance and should not exceed $226,500.

The loan would come from First Mid Illinois Bank and Trust and last for a period of five years at an interest rate of 2.31% annually.

The council will also vote on amending an agreement with Economic Development Resources LLC, which provides professional consulting services and assistance.

The reasons for voting on amending the agreement were:

“(The city) has (a) need of assistance in the review and analysis of the Central Area Tax Increment District Plan (TIF Plan) as such review and analysis pertains to the possibility of extending dates by which the redevelopment project must be completed, and obligations issued to finance redevelopment project costs must be retired (TIF extension).”

“The city has need of assistance in presenting such TIF extension to any potentially affected party.”

“The city has need of assistance in negotiating any documentation of support by any potentially affected party for such TIF extension.”

“The city has need of assistance in working with the city’s representatives in the state legislature, legislative staff and others in state government in order to have legislation for the TIF extension introduced into the state legislative process.”

The additional cost is expected to be $6,050.

The Council is also voting on a technical assistance agreement with the Coles County Regional Planning and Development Commission.

The commission would provide professional and technical services to the city from Dec. 1, 2019 to Nov. 30, 2020 if the agreement is approved.

The cost will be $7,000 to be billed on a monthly basis.

Following the action items, time is reserved for members of the public to address the council. No action will be taken on matters not listed on the agenda, and the Council is not required to take any further action or to discuss the matter further.

The council asks that those who choose to address the council speak into the microphone, limit the presentation to three minutes and avoid repetitive comments.

Corryn Brock can be reached at 581-2812 or [email protected]