Title
TIF Surplus FY08 - Approval
History
During fiscal year 2008 and the first five months of fiscal year 2009, the Village received $3,399,527 in incremental property tax from the Orland Park Place TIF District and $51,460 in related interest income. After paying $1,586,371 to the developer to pay off the redevelopment note a year early and other expenses attributable to the TIF, there remains a $1,803,364 surplus. The Village anticipates additional legal and auditing fees during fiscal year 2009 that should not exceed $20,000. Therefore, $1,783,364 will be distributed 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. An additional surplus for any remaining funds will be distributed later in the year. This will be the final distribution due to the dissolution of the TIF that occurred at the end of 2008.
See attached for tentative distribution amounts. With the current distribution request included, the Village has distributed surplus of more than $8.7 million to taxing districts since the TIF District's inception.
Financial Impact
A budget amendment is requested for $1,783,364 to cover the distribution to the taxing districts
Recommended Action/Motion
I move to approve distributing the Orland Park Place TIF surplus to the other taxing districts in the amount of $1,783,364.
And
to approve a FY09 budget adjustment to the Special Tax Allocation Fund in the amount of $1,783,364.