City of Salem AgendaPacket Regular City Council Meeting 2026-06-01
Council Amends Conant Development TIF 4 Reimbursement
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Description
The Salem City Council is considering Ordinance 2026-14 to amend the Conant Development TIF 4 agreement, allowing reimbursement up to a $405,000 floor while retaining a $1,000,000 maximum. Reimbursements will be made upon verification of work and expenses under the existing TIF development framework.
Contract Details
Contract Amount
Reimbursement floor $405,000.00; maximum $1,000,000.00
Vendor
CONANT
Agency
Town of Salem, IL
Contract Type
FINANCIAL_SERVICES
Document Date
June 1, 2026
Renewal Info
Amendment adjusts reimbursement interpretation to allow payments up to a $405,000 floor while keeping the $1,000,000 cap; no specific renewal terms stated.
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