TO: Mayor and City Council
FROM: Beth Beatty, City Manager
SUBJECT:
title
Authorization to Fund Draw 8 for Tax Increment Financing District #7 in the amount of $1,432,365.47
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BACKGROUND:
In 2022, the City of Joliet issued a General Obligation Bond to fund eligible Tax Increment Financing costs for the Rock Run Collection Development at Interstates 55 and 80. Generally these costs are for Roads, Water, and Sewer and paid to either the City or Cullinan Joliet, LLC. To date there have been 8 draws for the City and 7 draws for Cullinan totaling $33,748,467.75.
This item is for Draw 8 totaling $1,432,365.47 to reimburse Cullinan Joliet LLC for Roadway and Utility work. The draw has been reviewed by Public Works has been found to be accurate.
RECOMMENDATION:
recommendation
It is recommended that the City Council approve Draw 8 in the amount of $1,432,365.470
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