Title
AN ORDINANCE AUTHORIZING THE WRITE-OFF OF DEBTS RELATING TO THE MAIN STREET TRIANGLE TAX INCREMENT FINANCING DISTRICT
Body
WHEREAS, the Village of Orland Park, Cook and Will Counties, Illinois (the “Village”) is an Illinois home rule municipality; and
WHEREAS, in 2004, the Village established the Main Street Triangle (MST) Tax Increment Financing (TIF) District; and
WHEREAS, since 2004, only a few parcels of the MST TIF District have been redeveloped; and
WHEREAS, in the last few years, the Village has made progress in obtaining new redevelopment means to fulfil the 2004 vision for Downtown Orland Park; and
WHEREAS, at the October 7, 2024, Village Board Meeting, the Village Board approved Redevelopment Agreement and corresponding TIF Ordinances for the redevelopment of the remaining 9.15 acres of Downtown Orland Park; and
WHEREAS, as part of the original MST TIF Development, the Village’s General Fund and Home Rule Sales Tax Fund made loans to the MST TIF District to pursue certain improvements within the MST TIF District; and
WHEREAS, as of January 1, 2022, the net outstanding balance of those loans is $29,551,157; and
WHEREAS, as part of the original MST TIF Development, the Village’s Debt Service Fund made loans to the MST TIF District to pursue certain improvements within the MST TIF District; and
WHEREAS, as of January 1, 2022, the net outstanding balance of those loans is $17,676,147; and
WHEREAS, the MST TIF District is set to expire in 2029, and between now and 2029 there is no reasonable way that the MST TIF Fund can repay the Village’s General Fund, Home Rule Sales Tax Fund, and Debt Service Fund this outstanding balance; and
WHEREAS, instead of maintaining this uncollectable amount on the Village’s books, and as part of standard GASSB requirements, the Village’s auditor is recommending that the Village write-off these outstanding balances as part of the 2022 audit; and
WHEREAS, the Village desires to write-off the debt as an accounting...
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