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PROPOSED ORDINANCE
FOR THE LEVY OF TAXES FOR THE FISCAL YEAR 2016
WHEREAS, the Board of Commissioners and the Committee on Finance of the Board of Commissioners of Cook County, Illinois, have considered the subject of the Annual Tax Levy for the Fiscal Year A.D., 2016, and the several sums necessary to be levied to meet the needs and requirements of the County of Cook for said fiscal year, and have recommended that this Ordinance for the Levy of Taxes be adopted; and
WHEREAS, the Board of Commissioners of Cook County, Illinois, approved, passed, and adopted the Annual Appropriation Bill of the County of Cook, for its Fiscal Year 2016, which said Appropriation Bill is hereinafter set forth and which contains a Revenue Estimate that includes an allocation of the 2016 Tax Levy by Fund together with additional columns captioned: "ANNUAL TAX LEVY", "APPROPRIATION ALLOWANCE FOR UNCOLLECTED TAXES" and "NET TAX LEVY FOR APPROPRIATION "; and
WHEREAS, Cook County and its taxpayers have benefited from Tax Increment Financing Districts (TIFs) by having the increment generated during the life of the TIFs invest in the specific area generating the increment; and
WHEREAS, the Cook County Board passed a Resolution on November 15, 2011 outlining that it is the policy of Cook County to recapture any property taxes at the termination of a TIF; and
WHEREAS, within the County of Cook, certain real-estate parcels, or a portion of the assessed valuation of certain real-estate parcels, are from time to time identified on the County real-estate tax rolls as deriving from new property, insofar as they were developed or substantially improved or are the subject of tax incentives that expired since the most recent assessment of real-estate taxes, the value of which has not heretofore been recaptured; and
WHEREAS, the interests of County taxpayers and the County itself are better served if the taxes on the additional value of said new property is captured.
THERE...
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