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 20-001    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 1/13/2020 Final action: 1/13/2020
Title: An Ordinance Declaring a Final Surplus Distribution in the Village of Oak Park Downtown Tax Increment Financing District Special Tax Allocation Fund and Authorizing the Payment of That Declared Surplus to the Cook County Treasurer for Distribution to Affected Taxing Districts on a Pro Rata Basis
Attachments: 1. Downtown TIF Final Distribution Ord 20-001, 2. Downtown TIF Balance Sheet 123119

Submitted By                     

Steven Drazner, CFO

 

Reviewed By

LKS

 

Agenda Item Title

Title

An Ordinance Declaring a Final Surplus Distribution in the Village of Oak Park Downtown Tax Increment Financing District Special Tax Allocation Fund and Authorizing the Payment of That Declared Surplus to the Cook County Treasurer for Distribution to Affected Taxing Districts on a Pro Rata Basis

 

End

Overview

Overview

The Village Board previously adopted Ordinance 19-91 on November 4, 2019 which terminated the Greater Downtown TIF District Special Tax Allocation Fund (aka the “Downtown TIF”).  The effective date of termination was December 31, 2019. 

 

Pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq. (the “Act”), any remaining TIF funds which are not obligated upon the TIF termination date must be re-distributed to all eligible taxing districts within Oak Park. 

 

 

Body

Staff Recommendation

Approve the Ordinance

 

Fiscal Impact

The remaining Downtown TIF Fund reserves (fund balance) will be eliminated/zeroed out and the D/T TIF Fund will subsequently be officially closed. 

 

Background

The Village previously remitted Downtown TIF “surplus” to the Cook County Treasurer pursuant to specific formulas as outlined within the 2011 Settlement Agreement executed with School Districts 97 and 200.  This final surplus distribution will capture all remaining and residual Downtown TIF reserves which were not previously required to be remitted to the county treasurer for redistribution under the Settlement Agreement. 

 

The amount remaining as fund balance in the Downtown TIF Fund as of the December 31, 2019 termination date totaled $1,370,082.63 and this is the amount that is being recommended to remit to the Cook County Treasurer for redistribution among all the eligible Oak Park taxing districts.  The Village will receive its share of this redistribution equating to approximately 17% of the total, or an estimated $230,000.

 

 

Alternatives

N/A

 

Previous Board Action

The last surplus distribution for Q3, 2019 under the 2011 Settlement Agreement was approved by the Board on October 7, 2019.

 

Citizen Advisory Commission Action

N/A

 

Anticipated Future Actions/Commitments

N/A

 

Intergovernmental Cooperation Opportunities

N/A