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TO: Mayor Robert J. O'Connor
FROM: Brian W. Caputo, Chief Financial Officer/City Treasurer
DATE: November 29, 2016
SUBJECT:
2016 Special Service Area Property Tax Levies.
PURPOSE:
To obtain the City Council's approval of the 2016 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 2016 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 24, Eagle Point. This levy is being increased by $2,000 in response to a request received from Eagle Point Homeowners Association.
SSA 27, Concord. This levy is being reduced by $16,000 to zero based upon a request from the Concord Valley Homeowners Association to discontinue the SSA.
While not addressed in the attached SSA property tax levies, the total SSA property tax levies for SSAs 34C through 34G (including SSA 34C2) will be $571,900.00 (after an abatement of $25,000). As described above, this amount will be applied to principal and interest due in 2016 on the Series 2006 and 2012D Refunding Debt Certificates.
It is also noteworthy that no levy ordinance is included here for SSA 164 (Tanglewood Oaks). This is because a five-year tax levy ordinance is on file with the Kane C...
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