FINANCE AND ADMINISTRATION
MINUTES
Monday, March 24, 2008
Minutes of a regular meeting of the Finance and Administration Committee of the City of O’Fallon, held in the Mayor’s Conference Room, City Hall, 255 S. Lincoln, O’Fallon, Illinois on March 24, 2008. CALL TO ORDER: Time: 5:30 p.m.
ROLL CALL: |
MEMBERS: |
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Chairman West |
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True - |
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Grogan |
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Drolet J.- |
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Medford |
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STAFF LIASON: |
Dean Rich |
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Walter Denton |
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Pam Funk |
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Alderman Albrecht |
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Alderman Reckamp |
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Alderman Schmidt |
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Alderman N.Drolet |
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Approval of the minutes from February 25, 2008
Item A: Tax Levy Ordinance Limit: Director of Finance reported the County Clerk has adjusted the City of O’Fallon Tax Levy to reflect a reduction for the 2006 Multiplier and will not require an Ordinance as we are Home Rule. The City received proposals from two contractors to do a Property Tax study. As the result of the finding of a 1994 law that establishes St. Clair County and Cook County as the only two in Illinois to have their own stand-alone assessor, the City’s legal advisor recommended against spending the money. As much as the City disagrees with the current assessment process, it has come to the conclusion there are no legal options. Staff will continue to work with the St. Clair County Assessor
to try and improve the process.
Item B: Economic Development- TIF: The developer and City Staff have met with affected school districts on three occasions. Due the current political climate, the schools do not believe they could support any TIF. The current proposal offers the affected school districts a 10% refund which would equate to a 40% increase in property tax revenues from the affected area over 23 years. Staff believes this a more than fair offer as there are no residential units involved in the process and more than 90% of TIF’s state-wide do not provide any relief to school districts. The inducement resolution expresses an interest in developing a TIF for the affected area. The “But For” is that the area is
undermined and will require economic development assistance to reach its full potential. The inducement authorizes a study to determine the extent of assistance needed, the affects on government units, the infrastructure supported and the potential return to the City. This TIF has one goal- increase good jobs for the City of O’Fallon.
Motion to move to Council by Medford, Second by Grogan. All Ayes.
ADJOURNMENT: 6:14 p.m. PREPARED BY: Dean Rich
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