ACTION REQUESTED:
Title
Communication from the City Manager and the Corporation Counsel With a Request to ADOPT an ORDINANCE Levying a SPECIAL SERVICE AREA Real Estate Tax, in the Amount of $80,000.00, for the Fiscal Year 2014 for the WESTLAKE SPECIAL SERVICE AREA.
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BACKGROUND:
On July 13, 2010, the City Council created the Westlake Special Service Area for the purpose of renovating parking areas and making improvements to Rockwood Road and West Lake Avenue, as well as other reasonably contemplated improvements. This is the fourth year for the tax levy.
On June 24, 2014, the City Council established a Special Service Area Sales Tax pursuant to Ordinance No. 17,111, within the Westlake Special Service Area to generate sufficient funds to allow for additional improvements and a potential reduction of the real estate tax levy. Subsequently, on July 31, 2014, the Agreement between Westlake Limited Partnership and the City was amended to reflect the application of the Special Service Area Sales Tax pursuant to Ordinance No.17,111, to the SSA financing for the Westlake Special Service Area.
On November 17, 2014, Westlake Limited Partnership submitted a request to the City Council to set a real estate tax levy for 2014 in the amount of $80,000, which is estimated to be the sufficient amount, in addition to the estimated SSA sales taxes, to meet the repayment obligations of the loan for the SSA improvements. See letter included in the attachment to this Council Communication. Pursuant to this request, the attached Ordinance sets the 2014 real estate tax levy for the Westlake Special Service Area, in the requested amount of $80,000.
FINANCIAL IMPACT: Revenue neutral.
NEIGHBORHOOD CONCERNS: Not applicable.
IMPACT IF APPROVED: $80,000 in SSA property tax, in addition to the SSA sales taxes, would be available to pay the loan obligations for costs in renovating parking areas as well as other reasonably contemplated improvements within the Special Service Area.
IMPACT IF DENIED: The City would be in violation of its agreement as amended with Westlake Special Service Area and the Bank as the Third Party Beneficiary of the SSA.
ALTERNATIVES: Not applicable.
EEO CERTIFICATION NUMBER: Not applicable.
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria: Businesses, Jobs, and Population
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Grow employers and jobs.
DEPARTMENT: Legal