TO: Finance Committee
FROM: Kevin Sing, Director of Finance
SUBJECT:
title
Ordinance for the Levy and Assessment of Taxes for the Fiscal Year Beginning January 1, 2024 and Ending December 31, 2024, in and for the 1996 Joliet Special Service Area Number Fourteen (Joliet City Center)
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BACKGROUND:
In 1996, the Mayor and City Council established the Special Service Area Number Fourteen to collect a special service area tax on the properties located within the Joliet City Center. In 2006, the special service area was extended for a period of 10 years at the request of the Joliet City Center Partnership and area businesses. In 2016 the special service area was extended for a period of 10 years and the geographic area expanded. The funds generated from this SSA will continue to be used to market and encourage business expansion and retention in the downtown area. The existing maximum tax rate of $0.95 per $100.00 of Equalized Assessed Value (EAV) was maintained for the 10-year extension. The amount to be levied this year is $630,000. This amount is the same as the prior year.
Under Illinois law the City must adopt a tax levy ordinance for a special service area and file it with the County Clerk before the last Tuesday in December. The attached ordinance will levy $630,000 for the Joliet City Center (1996 Special Service Area Number Fourteen).
CONCLUSION:
Approval of this item will continue to levy a tax rate of $0.95 per $100 of equalized assessed value for properties in the city center special service area.
RECOMMENDATION:
recommendation
Staff recommends that the attached Ordinance be adopted.
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