Grayville Commissioners Approve Developer's Agreement with Road Ranger
By: WROYWRUL News
Jun 24th, 2014
The Grayville City Council has approved a developer’s agreement and conveyance of real estate to Road Ranger.
The Rockford-based company plans to construct a new truck stop at the I-64 Plaza (former prison property). Road Ranger has given formal notice of its intent to close on the 11 acres.
“We agree that they can recover up to 75 percent of TIF revenues based upon their eligible redevelopment costs. They’ve given an initial estimate of $2,043,000. That’s our top end maximum on that.”
City Attorney Jay Walden said the agreement will run for 15 years or until the TIF expires. The city’s general fund would have no obligation toward the reimbursement. If Road Ranger failed to complete their obligations under the developer’s agreement, there are recapture provisions.
The city is also entering into a sales tax rebate agreement, submitted by Road Ranger.
“The first $25,000 of sales tax money goes to the city but as an incentive for them to build and help develop the I-64 Plaza, there would be a rebate back in the amount of 40 percent over and above $25,000.”
Walden expects the property to close on Friday, June 27th at Southern Illinois Title Insurance Services, Inc. in Carmi.
The city has received $95,000 in grant funds from the Delta Regional Authority. The monies will be utilized in the construction of Stephenson Street at the I-64 Plaza. The street will allow access to Road Ranger and the new Subway from IL Route 1.
The total cost of the project is $373,250. Mayor Joe Bisch said the city is waiting for the state to ok the bidding process.
Commissioners authorized the city to retain Edward Jones for proposed issuance of alternate revenue bonds. Bisch said the bonds will help the city fund the construction work at the I-64 Plaza.
No action was taken on the proposed agreement for the sale of 20 acres at the plaza. Walden said some “preliminary items” needed to be addressed.
A bid opening for the ditch relocation project will be held on Wednesday, July 2nd at 1:30pm.
The council approved an amendment to the liquor ordinance, establishing a fourth package liquor store, Class C license for Road Ranger.
Commissioners also adopted an ordinance to legalize charitable raffles. City Attorney Jay Walden said the statute will permit organizations with video gaming to conduct prize drawings. The ordinance was requested by the Moose Lodge, which conducts raffles to raise money for various community causes. Walden recommended the city review Albion’s ordinance for further guidance.
Due to health issues, Betty Link has resigned from the Zoning Board. A replacement will be named at the next meeting.
No additional information was given on the old high school building demolition project. Finance Commissioner David Jordan reported oil income of $915.71.
Gas Commissioner Andy Brock met with USDI to study a gas line extension at the I-64 Plaza. The city plans to extend a 4-inch line across Route 1 and set up a distribution center there.