The tax increment financing situation between South Jacksonville and Love’s Travel Stops & Country Stores has been settled.
Trustees unanimously approved the TIF accordance agreement, which allows Love’s to recoup 65-percent of the taxing body two years from now, during Thursday’s village meeting. The village will keep the remainder of the funds.
South Jacksonville Mayor Steve Waltrip breaks down the details the deal.
“I think Love’s knew we had eight years left [on the TIF] and I think they knew we were going to apply for a new extension. The further out on the extension of this, the more they get the weight of their return on the investment. Of course the village gets their an investment of $800,000 too. It is a good deal and it needed to be done. We started back in September and the ball is out of our court and in the legislatures hands,” says Waltrip.
Waltrip says Love’s could potentially bring a new restaurant, such as IHOP, with them to the village.
In other action last night, trustees authorized a contract for sale of water to Scott County Rural Water Cooperative.
South Jacksonville Water Superintendent John Green says the village has partnered with Scott County for the past two years and is just revamping the current contract to supply the two-million gallon request from Scott County.
The annual South Jacksonville 5K will hence forth be named after Scot Fitzgerald. Trustees noted proceeds from the event each year will be put into an education fund for Scot’s two children. In previous years, funds from the 5K had gone to the village’s police and fire departments.
Several village appointments were made last night. Tiffanee Peters was named the new office manager and treasurer and Tyler Griffin was approved as a full time officer at the South Jacksonville Police Department.
A pair of construction projects are set to take place in the village. We will have more on that later this week.