Submitted By
Cara Pavlicek, Village Manager
Reviewed By
CLP
Agenda Item Title
Title
An Ordinance Terminating the Harlem and Garfield Tax Increment Redevelopment Project Area and Dissolving the Harlem and Garfield TIF District Special Tax Allocation Fund
End
Overview
Overview
The ordinance terminates the Harlem and Garfield Tax Increment Redevelopment Project Area and dissolves the TIF District Special Tax Allocation Fund. Upon dissolution, surplus funds would be distributed the affected taxing districts.
Body
Staff Recommendation
Adopt the ordinance.
Fiscal Impact
The TIF District would be dissolved and a portion of the TIF surplus funds would be distributed to the Village on a pro rata basis based upon the Village’s percentage share of real estate property taxes.
Background
The Harlem and Garfield TIF District was created in 1993 for a a 23 year period. The 2016 property tax year increment is collected in 2017 and the TIF plan and project were amended pursuant to Ordinance Number 16-143 to capture the 2016 taxes. Thus, the TIF is now subject to termination. The affected taxing districts have been notified of the termination of the TIF District pursuant to the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., and surplus funds will be distributed to the taxing districts after the TIF’s termination.
Alternatives
Not adopt the ordinance.
Previous Board Action
N/A.
Citizen Advisory Commission Action
N/A.
Anticipated Future Actions/Commitments
N/A.
Intergovernmental Cooperation Opportunities
N/A.
Performance Management (MAP) Alignment
N/A.