CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the estimated 2020 property tax levies for Special Service Area numbers 23, 25, 31, and 33, and direct staff to publish notice for a Truth-in-Taxation hearing on December 15, 2020
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
If an estimated Special Service Area (SSA) tax levy is more than 105% of the amount needed for that area in the preceding year (in any year other than the initial year of the SSA) state statute (35 ILCS 200/27-75) requires a notice compliant with the Open Meetings Act be given and a hearing held on reasons for the increase.
Since the City will be conducting a Truth-in-Taxation hearing for the aggregate City tax levy, it is recommended, and is past practice, for the City to provide the same Truth-in-Taxation notice for its SSAs. This meets and exceeds the notice requirements of the Open Meetings Act.
This agenda item includes the estimated levy for each of the City's four SSAs that will levy taxes in 2021. Staff will publish a Truth-in-Taxation notice for the SSA levies in the same manner identified in the agenda item summary for the aggregate City tax levy. On December 15, 2020, the City Council will conduct Truth-in-Taxation hearings for each SSA and adopt levies for each SSA.
DISCUSSION:
The City has six SSA's and the Finance Department has estimated the 2020 property tax levy needed to support the proposed 2020 Annual Budget for each SSA listed below.
Purpose
2019
Extension
2020 Estimated Levy
Projected Change
SSA #21 (Van Buren Deck)
-
-
-
SSA #23 (Main Street Promenade)
99,931
98,939
(0.99%)
SSA #25 (Lacrosse Lane)
68,002
68,000
0.00%
SSA #30 (Downtown Streetscape)
-
-
-
SSA #31 (Downtown Streetscape)
-
27,000
-
SSA #33 (Downtown Maintenance & Marketing)
-
1,146,702
-
SSA #21- Van Buren Deck - $0
The City has accumulated balances to repay the debt service related to the Van Buren Deck. The f...
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