TO: Mayor and City Council
FROM: Kevin Sing, Director of Finance
SUBJECT:
title
Authorization to Fund Draw 11 for Tax Increment Financing District #7 in the Amount of $601,030.03
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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 that serve the development. To date there have been 12 draws to reimburse the City for costs associated with Olympic BLVD and 10 draws for Cullinan Joliet LLC. Draws to date total $52,984,414.39.
CONCLUSION:
This agenda item is to fund Cullinan Joliet LLC’s Draw 11 totaling $601,030.03 for Roadway and Utility work. The draw has been reviewed by Public Works and has been found to be accurate.
RECOMMENDATION:
recommendation
It is recommended that the City Council approve Draw 11 in the amount of $601,030.03
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