The Mount Carmel City Council has approved two tax increment financing, or TIF, incentives while delaying action on a third request.
City Clerk Ryan Turner presented a $20,000 one-time TIF grant for Big Jon's Ice Cream, which recently purchased the former Girl Scout cabin. Turner said the funding was recommended by the city's TIF advisors after reviewing the project's eligible expenses and anticipated increase in property tax revenue. The TIF district currently has approximately $607,000 available. The council unanimously approved the grant.
The council also approved a $36,000 one-time TIF grant for 9th Street Auto Plaza. Turner said the business has invested roughly $300,000 in renovations since 2017 and is now seeking assistance to help pay for a new parking lot and upgraded lighting. Several funding options were considered, including payments spread over three or five years, but council members ultimately chose the one-time grant based on the city's established TIF reimbursement policy.
Meanwhile, the council tabled a request from Pacific Press Technologies for improvements to its facility. Turner said the company is seeking assistance with a $142,000 roof replacement project. Because Pacific's property generates approximately $60,000 annually in tax revenue, Turner said he would like additional time to discuss the company's long-term plans before recommending whether the city should provide a one-time grant or a multi-year reimbursement agreement.
The Pacific Press Technologies request is expected to return to the council for consideration at its next meeting.