Hammond board discusses designating TID #5 distressedDiscussion has started about whether the Village of Hammond should designate Tax Increment District #5 as distressed.
By: Gretta Stark, New Richmond News
Discussion has started about whether the Village of Hammond should designate Tax Increment District #5 as distressed.
Village Financial Advisor Brian Reilly said TID #5 does not have enough time to pay all of its obligations.
Reilly said TID #5 is not currently projected to recover previously expended costs. He said legislation has passed to give local government units authority to declare certain TIDs “distressed” or “severely distressed.”
Reilly says TID #5 meets all the criteria to be eligible for distressed designation.
He said declaring the TID #5 distressed would allow the life of the TID to be extended up to 10 years to give it time to pay back project costs.
Reilly suggested TIDS #3, #4 and #6 be amended to share revenue with TID #5.
The board agreed to consider declaring TID #5 distressed at its May 14 board meeting.
In other news:
• The board approved changing the impact fee ordinance. The new ordinance will not require residents to pay an impact fee to reconnect a service utility meter that has been vacant for more than one year.
• Auditor Tom Kortas presented the annual village audit review to the board. He said even though the general fund had a healthy fund balance, the balance consisted of un-spendable funds due to the status of the village’s TIDs. He reported that there has been a positive turn around for the village’s utility funds, but he urged the board to keep a close eye on the water fund.
• The board discussed Hammond Community Library levy options. Kortas recommended the board consider moving the library funds out of the village’s general fund and into its own special revenue fund. Doing so, he said, would allow the library funds to be tracked separately from the village’s general budget. The board decided to discuss the option at the next committee meetings.
• The board approved the alcohol beverage license application for Sammy’s Sports Bar & Grill, 1055 Davis St.
• The board approved Sam Rogers as agent for Sammy’s Sports Bar & Grill, 1055 Davis St.
• The board approved disconnecting electric service at the tractor pull site and also cancelling the event for 2012 due to summer street projects.
• The board approved public works and police service for the Yellowstone Trail Race on June 23.
• The board approved awarding the Davis Street project to Albrightson Excavating. The company’s bid was the lowest, at $664,519.
• Village President Tony Bibeau thanked the Iverson family for donating a flag to the Hammond Cemetery.
• The next Village of Hammond board meeting is May 14 at 7 p.m. at the Village Hall. The public is welcome to attend.