CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Pass the ordinance for the Levy and Assessment of Taxes for the Fiscal Year beginning January 1, 2026 and ending December 31, 2026, adopting a total levy of $98,939 for Special Service Area No. 23 (Naper Main)
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DEPARTMENT: Finance Department
SUBMITTED BY: Raymond Munch, Director of Finance
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
Special Service Area No. 23 (SSA #23) was created by Ordinance 07-196 in September 2007. The purpose of SSA #23 is to levy taxes for debt service on $3.5 million of general obligation bonds for the construction of Naper Main Parking at Main Street Promenade. SSA #23 will expire in 2038.
DISCUSSION:
The City Council received the estimated 2025 property tax levy for SSA #23 at the November 18, 2025 City Council meeting in the amount of $98,939. This proposed property tax levy for the 2025 tax year is essentially flat from the 2024 final property tax extension of $98,941.
Per state statute, a public hearing is required if the proposed 2025 property tax levy for a special service area is greater than 105% of the final 2024 property tax extension. Because the 2025 levy is less than 105% of the final 2024 tax extension, the City Council may adopt the annual property tax levy for SSA #23 without further action.
The proposed levy is estimated to create a tax rate at or below the current rate of 2.5625, which is below the maximum rate of 40.0000 set by the originating ordinance.
FISCAL IMPACT:
The tax levy of $98,939 for SSA #23 will support the debt service payments associated with this special service area included in the 2026 annual operating budget.