CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
title
Pass the Ordinance for the Levy and Assessment of Taxes for the Fiscal Year beginning January 1, 2018 and ending December 31, 2018 adopting a total tax levy of $200,000 for Special Service Area No. 21 (New Parking Garage)
body
DEPARTMENT: Finance Department
SUBMITTED BY: Erik Hallgren, Financial Services Supervisor
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
Special Service Area No. 21 was created per Ordinance 00-163 in October 2000 for the purposes of funding a portion of the construction of a new parking facility. The original name of the Special Service Area was “New Parking Garage” but is more commonly referred to as the Van Buren Parking Deck. Special Service Area No. 21 will expire in 2020.
DISCUSSION:
City Council received the estimated 2017 property tax levy for Special Service Area No. 21 at the November 17, 2017 City Council meeting in the amount of $200,000. This proposed property tax levy for 2017 is a 1.0% decrease from the 2016 final property tax extension of $202,057. This levy amount represents a projected tax rate of 0.3365 down from the 2016 rate of 0.3536.
FISCAL IMPACT:
Tax Levy of $200,000 for Special Service Area No. 21