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, 2025 and Ending December 31, 2025, in and for the 1996 Joliet Special Service Area Number Fourteen (Joliet City Center)
end
BACKGROUND:
Special Service Area Number Fourteen was established in 1996 and subsequently extended in 2006 and 2016. The funds generated from this SSA are used to market and encourage business expansion and retention in the downtown area. The City has historically levied an amount sufficient to ensure that the rate charged is $0.95 per $100 of equalized assessed value. Therefore, the levy amount for 2025 (paid in 2026) is the same as last year at $630,000.
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.
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
It is recommended that the attached Ordinance be adopted.
end