TO: Mayor and City Council
FROM: Kevin Sing, Director of Finance
SUBJECT:
title
Authorization to Fund Draw 15 for Tax Increment Financing District #7 in the amount of $1,368,951.12
end
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 15 draws to Reimburse the City for costs associated with Olympic BLVD and 14 draws for Cullinan Joliet LLC.
CONCLUSION:
This agenda item is for Draw 15 totaling $1,368,951.12 to reimburse Cullinan Joliet LLC for roadway work. The draw has been reviewed by Public Works has been found to be accurate.
RECOMMENDATION:
recommendation
It is recommended that the City Council authorize the funding of Draw 15 in the amount of $1,368,951.12.
end