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TO: Mayor Richard C. Irvin & City Council
FROM: Law Department
DATE: November 19, 2019
SUBJECT:
Ordinance Providing for the Termination of Special Service Area 164 (Tanglewood) in the City of Aurora Established Pursuant to Ordinance No. O12-058 on August 14, 2012.
PURPOSE:
To terminate Special Service Area 164 (Tanglewood) in accordance with the terms of the establishing Ordinance
BACKGROUND:
Per Ordinance No. O12-058 passed on August 14, 2012, SSA #164 was established as an active SSA to pay for costs of municipal services to the area in addition to services provided to the City generally. Included in said services were the Public Improvements. Special Service Area Number 164 was created so that bonds or other debt instruments could be issued, or a City loan could be made, for the purposes aforesaid, payable from taxes levied on the value of the land only, without regard to improvements, of all taxable property in Special Service Area Number 164. The Ordinance provided that the City would issue bonds in an amount not to exceed $115,000, to be retired over not to exceed a five (5) year period.
DISCUSSION:
Since improvements that were to be funded through the SSA are paid for, this SSA can be terminated.
IMPACT STATEMENT:
There is no immediate impact as the City will not be passing a levy this year to tax these property owners on next year's tax bill. This Ordinance will terminate the existing SSA on the chain of title for existing property owners.
RECOMMENDATIONS:
Place on Infrastructure & Technology Committee Calendar (11/25/19) Agenda) for approval to City Council.
cc: Infrastructure and Technology Committee
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
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An Ordinance Providing for the Termination of Special Service Area 164 (Tanglewood) in the City of Aurora Established Pursuant to Ordinance No. O12-058 on August 14, 2012.
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WHEREAS, the City of Aurora has a population of more than 25,0...
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