TO: Mayor and City Council
FROM: Beth Beatty, City Manager
SUBJECT:
title
Authorization to Fund Draw 10 for Tax Increment Financing District #7 in the amount of $999,100.58
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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 11 draws to Reimburse the City for costs associated with Olympic BLVD and 9 draws for Cullinan Joliet LLC. Draws to date total $46,185,283.72.
This agenda item is for Draw 10 totaling $999,100.58 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 10 in the amount of $999,100.58
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