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PROPOSED ORDINANCE
FOR THE LEVY OF TAXES FOR THE FISCAL YEAR 2014
WHEREAS, the Board of Commissioners and the Committee on Finance of the Board of Commissioners of Cook County, Illinois, has considered the subject of the Annual Tax Levy for the Fiscal Year A.D., 2014, and the several sums necessary to be levied to meet the needs and requirements of the County of Cook for said fiscal year, and has 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 2014, and which said Appropriation Bill is hereinafter set forth, together with an additional marginal column therein captioned: "AMOUNTS OF APPROPRIATIONS PAYABLE FROM THE TAX LEVY"; 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 are from time to time identified on the County real-estate tax rolls as new properties, 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 properties is recaptured.
THEREFORE, BE IT ORDAINED AND ORDERED BY THE BOARD OF COMMISSIONERS OF COOK COUNTY, ILLINOIS, that pursuant to its home rule powers, the sum of $727,792,195.00 which is to be collected from the Annual Tax Levy for the Fiscal Year A.D. 2014 of the County of Cook for the Corporate Fund purposes of said County, and for the Public Safety Fund purposes of said County, and for the Health Enterprise Fund purposes of said County, and for the payment of principal and interest on general obligation bonds of said County, and for Cook County Employees Annuity and Benefit Fund, and for the Election Fund: said sum being the total amount of appropriations heretofore legally made and contained in the Annual Appropriation Bill (hereinafter set forth in the Ordinance) for the Fiscal Year 2014 duly adopted by the Board of Commissioners of Cook County, on December 4, 2013 be and said sum of $720,483,542.00, plus a TIF value recapture sum of $1,908,472.00, an expiring incentives sum of $275,504 .00 and new-property value recapture sum of $5,124,677.00, is hereby levied on and upon all taxable property in the said County of Cook for the current Fiscal Year 2014. The specific amounts herein levied for the various purposes heretofore named are stated in this Ordinance, and Tax Levy, by being listed and itemized in the separate columns captioned: "AMOUNTS OF APPROPRIATION PAYABLE FROM THE TAX LEVY." The tax hereby levied for said Fiscal Year 2014 for said appropriations, to be collected from this Levy, being the aforesaid total, consists of the following specific amount levied for the various purposes hereinafter set forth:
Base Tax Expiring Expiring New Gross Tax Loss and
Levy TIF Incentives Property Levy Cost of
Collecting
Taxes
Corporate Purposes Fund
Base Tax Levy $12,146,790
Loss and Cost of Collecting Taxes ($368,100)
Expiring TIF $32,175
Expiring Incentives $4,645
New Property Value Capture $86,398
Total Corporate Purposes Fund $12,270,008
Public Safety Fund
Base Tax Levy $305,385,960
Loss and Cost of Collecting Taxes ($9,254,514)
Expiring TIF $808,930
Expiring Incentives $116,776
New Property Value Capture $2,172,158
Total Public Safety Fund $308,483,824
County Health Fund
Base Tax Levy $39,725,778
Loss and Cost of Collecting Taxes ($1,203,863)
Expiring TIF $105,229
Expiring Incentives $15,191
New Property Value Capture $282,562
Total County Health Fund $40,128,760
Bond and Interest Funds
Base Tax Levy $185,502,992
Loss and Cost of Collecting Taxes $0
Expiring TIF $491,375
Expiring Incentives $70,934
New Property Value Capture $1,319,451
Total Bond and Interest Fund $187,384,752
Employees Annuity & Benefit Fund
Base Tax Levy $137,898,511
Loss and Cost of Collecting Taxes $0
Expiring TIF $365,276
Expiring Incentives $52,731
New Property Value Capture $980,849
Total Annuity & Benefit Fund $139,297,367
Election Fund
Base Tax Levy $39,823,511
Loss and Cost of Collecting Taxes $0
Expiring TIF $105,487
Expiring Incentives $15,227
New Property Value Capture $283,259
Total Election Fund $40,227,484
Total Base Tax Levy $720,483,542
Total Expiring TIF $1,908,472
Total Expiring Incentives $275,504
Total New Property Value Capture $5,124,677
Gross Tax Levy $727,792,195
Total Loss and Cost of Collecting Taxes ($10,826,477)
Effective date: This ordinance shall be in effect
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