The Mount Carmel City Council has approved an ordinance officially closing the city's TIF District 4.
During last week’s meeting, City Clerk Ryan Turner said the tax increment financing district, located along Illinois Route 1 North across from Cherry Hills, never saw any development after it was created.
Turner said the district still contains a small amount of money, which will be distributed to the various taxing bodies once the closure process is completed by the city's financial advisors. That includes the City of Mount Carmel, local schools, the hospital district and other taxing agencies that normally receive property tax revenue.
Turner said he expects the remaining TIF districts currently being closed to be finalized within the next month, although the city's advisors are experiencing some delays.
The additional revenue returned to the city was not included in the current budget and will be placed into the general fund.
With the closure of TIF District 4, Mount Carmel will have just two active tax increment financing districts remaining-TIF 6, which contains about $650,000, and TIF 7, which holds approximately $1.7 million. Turner said those funds continue to support economic development projects throughout the city.
The council unanimously approved the ordinance to terminate TIF District 4.