Oak Park is hosting its annual meeting to review its three tax increment financing districts tonight at village hall.
Representatives from all taxing bodies (school districts 97 and 200, township, library, etc.) that receive property tax levies from Oak Park are invited to attend, and the meeting is open to the public.
The meeting is focused on the 2008 activity of the village’s TIFs.
Oak Park’s audit for that year was more than six months late, which is why the meeting for 2008 is just coming up now, said Chief Financial Officer Craig Lesner. The village hopes to get its 2009 audit done on time, by the end of June.
Combined, the TIFs have $21.34 million in debt, which is attributable to the village purchasing two downtown buildings from a developer in 2006 ($7.6 million) and expanding its Holley Court garage ($13.7 million). The TIFs have a fund balance of $14.8 million, according to Lesner.
Some expenses paid for using TIF money in 2008 include $652,731 for various “consulting and economic development studies,” a $500,000 “developer payment” to Whiteco Residential and $1.86 million toward rebuilding the 100 block of N. Marion Street.
The meeting is scheduled at 6:30 p.m. Wednesday at village hall, 123 Madison.