Submitted By
Tammie Grossman, Director of Development Customer Services Department
Reviewed By
LKS
Agenda Item Title
Title
Discussion of Staff's Recommendation to Proceed with a Proposal to Establish a Business Improvement District Tax for the Roosevelt Road Corridor at the rate of 1% and Direct Staff to Proceed with Preparing the Necessary Documents
End
Overview
Overview
Business District, as defined in Illinois law at 65 ILCS5/11-74.3-5, allow communities to pledge a new tax in the form of a retailers' occupation tax and service occupation tax (i.e. sales tax) toward redevelopment in a designated area. The revenue generated could be used to improve outmoded commercial areas and upgrade and improve infrastructure. The additional tax amount is in addition to the Village's Home Rule sales tax.
Body
Staff Recommendation
Approve the Staff Recommendation.
Fiscal Impact
NA.
Background
In response to a request from the Roosevelt Road Business Association and the Berwyn Development Corporation, the Village entered into a contractual agreement with Ehlers, Inc., in May of 2014 to conduct a Financial Resources Analysis for the Roosevelt Road Business Corridor. The projects' objectives were to identify all appropriate funding sources available to the Village of Oak Park and to determine the eligibility of the project area for each funding source including, but not limited to, the creation of a Special Service Area (SSA), a Business Improvement District (BID), or a Tax Increment Financing District (TIF).
Staff is recommending the Village establish a Business Improvement District Tax along Roosevelt Road from Austin to Harlem Ave at the rate of 1%, and to instruct staff to prepare the necessary ordinance and hearing dates to approve said District.
Alternatives
The Village Board could seek additional information prior to making a decision.
Previous Board Action
The results of this analysis, presented to the Village Board at...
Click here for full text