ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE ABATING the TAX HERETOFORE LEVIED To PAY SPECIAL SERVICE AREA PROPERTY TAXES on the PEORIA SPORTS CENTER PROPERTY TAX SPECIAL SERVICE AREA.
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BACKGROUND: On October 27, 2015, the Council adopted Ordinances levying a 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 tax revenues from the Special Service Area Hotel Tax and Sales Tax, the additional Special Service Area Property Taxes are not need to meet the annual debt service payment in 2016. The attached ordinance will abate the 2015 Levy for the Special Service Area Property Taxes for the Peoria Sports Center Special Service Area.
FINANCIAL IMPACT: There is no anticipated cost to the City. It has been determined that the sources of revenue within the Peoria Sports Center SSAs will be sufficient to make the annual debt service payment; therefore, the Special Service Area Property Taxes within the Peoria Sports Center Property Tax Special Service Area for the 2015 Levy will be abated.
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 not be levied 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 the properties within the Peoria Sports Center Property Tax Special Service Area in the amount of $67,437.18.
ALTERNATIVES: None
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2...
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