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TO: Mayor Richard C. Irvin
FROM: Stacey L. Hamling, Interim Chief Financial Officer/City Treasurer
DATE: December 5, 2017
SUBJECT:
2017 Special Service Area Property Tax Levies.
PURPOSE:
To obtain the City Council's approval of the 2017 property tax levies for the special service areas (SSAs) established within the city.
BACKGROUND:
The city has established numerous SSAs within its corporate boundaries for a variety of purposes. Some of these SSAs are "active" and SSA property taxes are levied in support of their purposes. Eight of the active SSAs are 34-series SSAs whose tax levies have been pre-established by the City Council's passage of ordinances related to the payment of principal and interest on the Series 2006 and 2012D Refunding Debt Certificates. The remaining SSAs are "dormant." Generally, the city has established the dormant SSAs as a contingency to enable the city to undertake focused stormwater management projects should the need arise.
DISCUSSION:
Attached as Exhibit 1 is a schedule summarizing the proposed 2017 property tax levies for the active SSAs, other than those pertaining to the 34-series SSAs. The changes in the SSA levies will be as follows:
SSA 134, Tanner Historic Lighting. This levy is being reduced by $25,163.49 to zero based on the length of the SSA. The SSA was through the 2016 tax levy year.
While not addressed in the attached SSA property tax levies, the total SSA property tax levies for SSAs 34C2 through 34G will be $422,700.00. As described above, this amount will be applied to principal and interest due in 2017 on Series 2006 and 2012D Refunding Debt Certificates.
It is also noteworthy that no levy ordinance is included here for SSA164 (Tanglewood Oaks). This is because a five-year tax levy ordinance is on file with the Kane County Clerk to provide for annual SSA property tax levies in SSA 164 through the 2016 tax levy year. This levy is being decreased by $25,110.76 to zero.
IMPACT STATEMENT:
Not applicable...
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