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 18-450    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 12/10/2018 Final action: 12/10/2018
Title: An Ordinance Supplementing and Amending the Redevelopment Plan and Redevelopment Project for the Madison Street Business Corridor Redevelopment Project Area of the Village of Oak Park by Providing for Receipt of the 23rd Year of Incremental Property Taxes in the 24th Year
Attachments: 1. Madison Street TIF - Ordinance to Extend 11-06-18, 2. County Letter Madison TIF 100218
Submitted By
Steven Drazner, CFO

Reviewed By
LKS

Agenda Item Title
Title
An Ordinance Supplementing and Amending the Redevelopment Plan and Redevelopment Project for the Madison Street Business Corridor Redevelopment Project Area of the Village of Oak Park by Providing for Receipt of the 23rd Year of Incremental Property Taxes in the 24th Year

End
Overview
Overview
The Village adopted the Madison Street Business Corridor Redevelopment Project Area on February 6, 1995. Pursuant to state law, 65 ILCS 5/11-74.4-3(n)(3) and 65 ILCS 5/11-74.4-3.5, TIF districts exist for a duration of 23 years and can be extended for an additional year for collection of the increment that is levied in the 23rd year. The proposed ordinance allows for the collection of the increment for the Madison Street TIF in the 24th year.

Body
Staff Recommendation
Adoption of attached Ordinance.

Fiscal Impact
Adoption of this ordinance will allow for the tax increment collection for the final tax year estimated at $2,950,000.

Background
Since Cook County property taxes are always distributed one year in arrears (tax year 2018 will not be collected until calendar year 2019), in order to capture the final 23rd year of tax incremental revenue, the Village must extend the TIF one more year to December 31, 2019 by passage of attached ordinance. Annual tax incremental revenue has been budgeted in FY19 and any cumulative, unobligated surplus remaining in this TIF at the end of next fiscal year will be paid to the Cook County Treasurer and then redistributed to all eligible Oak Park taxing districts.

Alternatives
None. The TIF cannot be terminated as of December 31, 2018 since State statute requires that the Village provide notification of such TIF termination to the other taxing bodies by November 1, 2018.

Previous Board Action
N/A

Citizen Advisory Commission Action
N/A

Anticipated Future Actions/Commitments
N/A

Intergovernmental Cooperation Opportunities
N/A

Performance Man...

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