The Park District of Oak Park is seeking a tax hike of 25 cents per $100 in Equalized Assessed Valuation (EAV) to fund general operating expenses and a 10-year capital improvement plan.
The referendum will generate roughly $2.9 million annually for the district, and will cost property taxpayers roughly $52 per $20,900 in EAV, or per $100,000 in market value. For instance, the owner of a $360,000 home would pay approximately $188 more annually.
The dollars would eventually be used to replace the $1.6 million village government provides the district annually. Money would also be put toward the capital improvement plan.
Investments outlined in the plan are weighted heavily toward the recreation centers and creating "master plans" for various parks. The capital program assumes that the village will provide the district with $2.46 million through 2007.
An Infrastructure Report found that the district is in need of $14 million in capital improvements and repairs. A consulting firm and a citizens committee appointed by both the village and park boards recommended that the park district seek financial independence from the village.