CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
title
Receive the estimated 2021 property tax levies for Special Service Area numbers 23, 25, 31, and 33
body
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 Special Service Area in the preceding year (in any year other than the initial year of the SSA) state statute (35 ILCS 200/27-75) requires notice, compliant with the Open Meetings Act, be given and a hearing held on reasons for the increase.
The City will be conducting a Truth-in-Taxation hearing for the aggregate City tax levy. This agenda item includes the estimated levy for each of the City's four SSAs that will levy taxes in 2022 for the purpose of determining whether a Truth-in-Taxation notice and hearing is required for any of the SSAs.
DISCUSSION:
The City has four SSAs currently levying taxes and the Finance Department has estimated the 2021 property tax levy needed to support the proposed 2022 Annual Budget for each SSA listed below.
Purpose
2020
Extension
2021 Estimated Levy
Projected % Change
SSA #23 (Main Street Promenade)
99,931
98,939
(0.9)
SSA #25 (Lacrosse Lane)
68,003
68,000
0.0
SSA #31 (Downtown Streetscape)
27,271
23,445
(14.0)
SSA #33 (Downtown Maintenance & Marketing)
1,158,238
1,199,007
3.5
None of the SSAs are estimated to levy more than 105% of the prior year's extension, therefore, a Truth-in-Taxation notice and hearing is not required.
SSA #23 - Main Street Promenade
The 2021 levy recommendation is $98,939. The request is a 0.99% decrease from last year's extension. This levy is utilized to provide a financing mechanism for debt service on the Naper Main parking facility based upon the existing sales tax incentive agreement.
SSA #25 - LaCrosse Lane
The 2021 levy recommendation is $68,000. The request is flat to last year's extension. The total will be used ...
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