ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Partially Abating the Tax Heretofore Levied to Pay Special Service Area Property Taxes on the PEORIA SPORTS CENTER PROPERTY TAX SPECIAL SERVICE AREA, in the Amount of $225,000.00.
Body
BACKGROUND: On October 27, 2015, the Council adopted Ordinances levying Property Tax, a Hotel Tax and a Sales Tax relating to the Peoria Sports Center Special Service Area. The Ordinances included an additional 3% Hotel Tax and an additional 1% Sales Tax and the establishment of a Special Service Area Property Tax within the Peoria Sports Center Special Service Area. Whereas, it has been determined that there will be sufficient revenue from the Special Service Area Hotel Tax and Sales Tax to partially abate the Special Area Property Taxes in the amount of $225,000.00 with the remaining $410,335.00 being levied to meet the annual debt service payment for 2019. The attached ordinance will partially abate the 2018 Levy of Special Service Area Property Taxes for the Peoria Sports Center Special Service Area in the amount of $225,000.00
FINANCIAL IMPACT: There is no anticipated cost to the City. It has been determined that the sources of revenue within the Peoria Sports Center SSA will be sufficient to partially make the annual debt service payment; therefore, the Special Service Area Property tax within the Peoria Sports Center Property Tax Special Service Area will be partially abated in the amount of $225,000.00.
NEIGHBORHOOD CONCERNS: A public hearing was held on each of the proposed SSAs on April 22, 2014. There was no comment given.
IMPACT IF APPROVED: Special Service Area Property Taxes will be levied in the amount of $410,335.00 against the properties within the Peoria Sports Center Property Tax Special Service Area.
IMPACT IF DENIED: Special Service Area Property Taxes will be levied against all properties within the Peoria Sports Cente...
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