ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Levying a SPECIAL SERVICE AREA REAL ESTATE TAX, in the Amount of $148,060.00, against Specified Parcels as Described in Exhibit A for Tax Year 2022 for the KNOXVILLE JUNCTION SPECIAL SERVICE AREA.
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BACKGROUND: On June 9, 2015, the City Council created the Knoxville Junction Special Service Area pursuant to Ordinance No. 17,236 for the purpose of the construction of a new intersection on Knoxville Avenue with lighted traffic signals and acceleration and deceleration lanes on Knoxville Avenue; for the relocation and burial of overhead power and communication lines; for the relocation and construction of storm water facilities; and for other improvements and administrative matters as the City Manager deems appropriate and necessary to implement the Ordinance. On same date, the City Council authorized the City Manager to enter into a Redevelopment Agreement with the Redeveloper, Junction City, LLC, relating to the operation of the Knoxville Junction Special Service Area and such Redevelopment Agreement was entered on June 15, 2015.
On September 19, 2022, the Redeveloper, Junction City, LLC (n/k/a Knoxville Junction Special Service Area Corporation), submitted a request to set a real estate tax levy for 2022 in the amount of $148,060.00, which is the amount set forth in the Project Budget and the costs described in the Redevelopment Agreement. Pursuant to this request, this Ordinance sets the 2022 real estate tax levy for the Knoxville Junction Special Service Area, in the requested total amount of $148,060.00, against the specified parcels as outlined in Exhibit A attached to the Ordinance. This requested levy amount is identical to the 2021 levy amount of $148,060.00.
FINANCIAL IMPACT: Revenue neutral.
NEIGHBORHOOD CONCERNS: Not applicable.
IMPACT IF APPROVED: The total amount of $148,060.00 in SSA property tax will be levied against the specified parcels and disbursed to the Redeveloper if the Redeveloper complies with all the terms of the Agreement.
IMPACT IF DENIED: The City would be in violation of its agreement in the Redevelopment Agreement.
ALTERNATIVES: Not applicable.
EEO CERTIFICATION NUMBER: Not applicable.
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Grow employers and jobs.
DEPARTMENT: Finance