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 19-32    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 4/15/2019 Final action: 4/15/2019
Title: An Ordinance Declaring Surplus Revenue in the Village of Oak Park Downtown Tax Increment Finance District Special Tax Allocation Fund for the 2018 Tax Year and Authorizing the Payment of that Surplus Revenue to the Cook County Treasurer for Distribution to Affected Tax Districts on a Pro-Rata Basis
Attachments: 1. Ordinance Surplus TY2018 Q1 19-32, 2. 2011 Settlement Agreement Levy Year 2018
Submitted By
Steven Drazner, CFO

Reviewed By
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Agenda Item Title
Title
An Ordinance Declaring Surplus Revenue in the Village of Oak Park Downtown Tax Increment Finance District Special Tax Allocation Fund for the 2018 Tax Year and Authorizing the Payment of that Surplus Revenue to the Cook County Treasurer for Distribution to Affected Tax Districts on a Pro-Rata Basis

End
Overview
Overview
Pursuant to the amended 2011 Settlement Agreement as amended, a surplus distribution of $1,336,749.13 is required for Quarter 1, tax year 2018 (calendar year 2019) from the Downtown TIF collections. Please see attached worksheet for the detailed calculations.

It is important to note that the permitted deductions for SSA#1 and the RDA PINs pursuant to the agreement are estimated placeholders until the exact amounts are determined later in the calendar year. For the calculation pertaining to the last quarter of the calendar year, a true up/down adjustment will be done for any variance between the estimated and actual deductions.

Body
Staff Recommendation
Approve the Ordinance

Fiscal Impact
This will reduce cash in the Downtown TIF by the declared surplus distribution amount and this is budgeted under account 2098-41300-101-580680.

Background
The Village Board entered into a settlement agreement in December, 2011 relating to the Downtown Tax Increment Finance (TIF) District. This accord replaces what has been commonly referred to as the 1985 Settlement Agreement and the 2003 Intergovernmental Agreement.

The stipulations and terms of this agreement are that the amounts collected net of an agreed sum of existing annual debt service, monies generated through the Special Service Area #1's levy and any increment generated by the Lake and Forest development, are distributed to the taxing bodies. Pursant to the 2nd amendment of the settlement agreement, these funds have been remitted to an escrow account for payment to the Cook County Treas...

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