Submitted By
Steve Drazner, CFO
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Terminating the Greater Downtown Tax Increment Redevelopment Project Area and Dissolving the Greater Downtown TIF District Special Tax Allocation Fund
End
Overview
Overview
The ordinance terminates the Greater Downtown Tax Increment Redevelopment Project Area and dissolves the TIF District Special Tax Allocation Fund. Upon dissolution, no surplus distribution is anticipated in addition to the final required surplus distribution pursuant to the 2011 settlement agreement.
Body
Staff Recommendation
Adopt the ordinance.
Fiscal Impact
No direct fiscal impact. However, upon dissolution of the TIF district, the incremental TIF EAV will become available to all eligible taxing districts.
Background
The original Redevelopment Plan was for a period of 23 years through December 31, 2006 and the Redevelopment Plan was amended on March 21, 2005 pursuant to Village Ordinance 2005-O-21 to extend the estimated completion of the Redevelopment Plan as provided by law for an additional 12 years through December 31, 2018.
Furthermore, the Village extended the estimated date of completion of the Redevelopment Plan to December 31, 2019 in order to capture the final year of tax increment for tax year 2018 paid by the County in calendar year 2019. 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.
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.