Carbondale City Council approved the third and largest tax increment financing agreement since the districts creation eight months ago.

First Southern Bank’s TIF proposal was approved 6-0 at Tuesdays meeting, which took place in the Student Center. The net profit from TIF agreements is now over $600,000.

Councilwoman Shelia Simon abstained from the vote because she is a customer of the bank.

The TIF district, which reimburses developers for some costs of development, was created to help improve central Carbondale in February. An area can qualify for the district if, for several years, it sees little or no economic development.

The bank had two items in front of the City Council. Because the property in question lies in a planned business district, development plans also had to be approved by the council as a separate item.

A planned business district requires the council to review and approve the final development plan. The council voted 6-0 to approve the development and Simon abstained again because of her relation with the bank.

The bank’s newest branch will be located on the southwest corner of South Marion and East Main Streets. The 13,565 square-foot building is estimated to cost more than $3.4 million.

The TIF agreement will reimburse the developers up to $909, 931 for the cost of development out of the $1.4 million the new property is projected to create in increased property taxes.

The money will be paid to the developer over an estimated 21 years.

First Southern Bank was purchased by several local bankers and local shareholders in July 2002 and since then, has tripled its assets.

Councilman Chris Wissmann said having such a bank in a time when bank mergers and corporations are common, is marvelous.

In addition to the new branch, First Southern Bank has also purchased four lots in the immediate area that will be sold to other businesses.

“This is the anchor of a new professional park being developed downtown,” said Mayor Brad Cole. “This is a good for us, good for businesses and good for the community.”

The city also approved a request from Tom Black, president of The Foundation for Family Enhancement and Enrichment Program, Inc., to divide the Carbondale Community High School central campus, which is located on North Springer Street.

The 1923 building is going to Family Services for their central headquarters, Black said.

The other part parts of the building, Black said, will be split between Black’s Martial Arts Academy, a fitness center and the new location for Ultimate Gymnastics Center.

The Carbondale’s Boys and Girls Club currently occupies the girl’s gymnasium of the old high school.

Black said the different groups presence in the building would create a center where people in Carbondale of all ages can interact.

“It will be great for Carbondale and something no other city has,” Black said. “It’s a dream of mine and it’s finally starting to solidify.”