Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: ORD 17-223    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 6/5/2017 Final action: 6/5/2017
Title: An Ordinance of the Village of Oak Park, Cook County, Illinois, Removing Certain Properties from the Greater Downtown Tax Increment Redevelopment Project Area
Attachments: 1. Ordinance: Removal Properties Downtown TIF, 2. Greater Downtown TIF District Map (4), 3. CONFIDENTIAL BOND COUNSEL OPINION, 4. TIF Financials
Submitted By
Cara Pavlicek, Village Manager

Reviewed By
LKS

Agenda Item Title
Title
An Ordinance of the Village of Oak Park, Cook County, Illinois, Removing Certain Properties from the Greater Downtown Tax Increment Redevelopment Project Area

End
Overview
Overview
On May 22, 2017, the Village Board tabled this item to June 5, 2017. Since 2010, all property tax revenues paid as TIF Increment in the Greater Downtown TIF are distributed to all taxing bodies in the same manner as if the TIF did not exist but for two redevelopment properties locally known as the Vantage and Emerson and exclusive of a single annual allocation for Village infrastructure debt service which is $1.8 million in 2017. These provisions are pursuant to the 2011 Settlement Agreement as amended in 2013 and 2016. The Ordinance amends the TIF map by removing property owned or leased by elected officials (along with surrounding properties for simplicity) to visually show that neither the Red Mango nor Maya Del Sol remains in the TIF. This will provide clarity to the public and staff that these properties cannot benefit whatsoever from the increment generated by the Downtown TIF as they were effectively carved out from the Downtown TIF pursuant to the 2011 Settlement Agreement.
Body
Staff Recommendation
Approval.

Fiscal Impact
There will be no change to the property tax rate as a result of the ordinance nor will the ordinance change a property's Equalized Assessed Valuation (EAV).
On December 12, 1983 when the Downtown TIF was created, the included parcels had a total EAV of $21,536,207 which became the Base EAV. For Tax Year 2015, collected in 2016, the Downtown TIF EAV is reported as $82,380,928 resulting in $60.8 M in EAV Growth which is called the TIF tax "increment". The parcels proposed to be removed from the Downtown TIF have a total Equalized Assessed Valuation (EAV) of $8,149,997 for Tax Year 15 (which is the most current finalized data available to the Village) wit...

Click here for full text