Title
TIF Surplus 2007 - Distribution Approval
History
During the 2007 fiscal year, the Village received $2,948,403 in incremental property tax from the Orland Park Place TIF District and $96,299 in related interest income. After paying $750,000 to the developer per the Tax Increment Financing Note Ordinance and other expenses attributable to the TIF, there remains a $2,285,931 surplus to distribute to the other taxing districts. This surplus will be paid to the Cook County Collector who will then distribute the surplus pro rata to the taxing districts affected by the TIF.
See attached for tentative distribution amounts.
On March 24, 2008, this item was reviewed and approved by the Finance Committee and referred to the Board for approval.
Financial Impact
There is an approved budget line item in the amount of $3,326,026 for the distribution of the surplus.
Recommended Action/Motion
I move to approve the distribution of the Orland Park Place TIF surplus to the other taxing districts in the amount of $2,285,931.