Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance for the Levy and Assessment of Taxes in the Amount of $400,000 for the 2019 Property Tax Year for Village of Oak Park Special Service Area Number One
End
Overview
Overview
The Village levies a tax upon the geographic area often referred to as Downtown Oak Park. This area coincides with the legally designated Special Service Area Number One. This levy, against property within the district, is used for marketing of the business district.
Body
Staff Recommendation
Approve the Ordinance
Fiscal Impact
The requested levy of $400,000 plus an additional $325,000 drawn down from accumulated SSA#1 fund balance will fund the village’s contribution toward the requested annual operating expenditures of Downtown Oak Park totaling $725,000. Please note that in previous years, part of the DTOP funding also came from a transfer from the Downtown TIF Fund.
Background
Special Service Area Number One was created by Village ordinance on December 17, 1973 and provides for a special annual tax levy on properties located within the Downtown Oak Park area. The taxes are collected by the Cook County Treasuer and remitted to the Village . The Finance Department then forwards the levy proceeds to Downtown Oak Park, an organization created by the merchants and businesses in the area that provides marketing support and maintenance functions for the area.
Alternatives
The Board could choose not to levy the funds and provide and alternative source of funding or no funding at all.
Previous Board Action
The Board last approves the levy for Special Service Area Number One at its meeting on December 10, 2018.
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
N/A
Performance Management (MAP) Alignment
N/A