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HomeMy WebLinkAbout78-0524 Special Service Area 2 3" 4- RESOLUTION AUTHORIZING AN AGREEMENT WITH CARL WALKER AND ASSOCIATES, INC. WHEREAS, City of Elgin Special Service Area Number 2 has heretofore been formed for the purpose of constructing and maintaining a parking structure including land acquisition and related street improvements; and WHEREAS, Carl Walker and Associates, Inc. has submitted its writ- ten proposal to provide necessary professional engineering services; and WHEREAS, it is necessary and desirable to accept said proposals: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN ACTING AS THE GOVERNING BODY OF CITY OF ELGIN SPECIAL SERVICE AREA NUMBER TWO: That Richard L. Verbic, Mayor, and Marie Yearman, City Clerk, be and are hereby respectively authorized and directed to accept said pro- posal and attest thereto on behalf of City of Elgin Special Service Area Number 2; a copy of said proposal is attached hereto and made a part hereof by reference. s/ Richard L. Verbic Richard L. Verbic, Mayor Presented: May 24, 1978 Adopted: May 24, 1978 Vote: Yeas 6 Nays 1 Recorded: Attest: s/ Marie Yearman Marie Yearman, City Clerk . r August 14, 1978 MEMORANDUM TO: Leo I . Nelson, City Manager FROM: James H. Bolerjack, Jr. , Finance Director RE: Financing Civic Center Parking Lot and Refinancing South Grove Property. The financing for the Civic Center Lot and the South Grove Avenue property should be undertaken very soon. Disbursements will be needed for the parking lot and the interest rate for the South Grove Avenue property is presently set at 8% with a final payment of $173,618.41 due in October, 1981. It would be economical and beneficial to the City to combine these two projects into one larger issue of unsecured General Obligation Notes. A maturity schedule is attached for ,your consideration. Civic Center Parking Lot Engineering on the Civic Center Parking Lot is now complete. Accord- ing to Carl Walker & Associates, Inc. the projected cost will be $134,873. Although this cost is higher than originally estimated, it means that the debt should be scheduled until 1986 rather than 1985. If Carl Walker & Associates, Inc. original revenue projections were accurate, it also means that the lot should be made to generate more revenue. As I mentioned in my memorandum of March 22nd revenues could be increased, if needed, by allowing employee parking permits on Monday thru Friday and not be valid on Saturdays. This could be done in early 1979 with the following projected results: Annual adjust- 50 Annual Carl Walker ment for 31 Employee Revenue for Revenue Parking Mo. Permit 50 Total Projections Meters Fee Rate Spaces Revenue 1st Year 40,946 1,554 50 @ $20 12,000 54,500 50 @ $25 15,000 57,500 50 @ $30 18,000 60,500 2nd Year 48,861 1,554 50 @ $20 12,000 62,415 50 @ $25 15,000 65,415 50 @ $30 18,000 68,415 3rd Year 56,730 1,554 40 @ $20 9,600 67,884 40 @ $25 12,000 70,284 40 @ $30 14,400 72,684 2. The 3 year projected expenditures compared with revenues at the $25 per month rate would be as follows: Operating Debt Total Expenditure Total Period Costs Service Requirements Revenues Surplus 1978 $ 2,000 7,475 9,475 10,000 525 (4 mos. ) 1979 41,000 17,150 58,150 57,500 (650) 1980 43,000 21,600 64,600 65,415 815 1981 45,000 20,775 65,775 70,284 4,509 $131,000 67,000 198,000 203,199 5,199 While the projected revenues and expenditures are very close in the early years, it seems that Carl Walker & Associates, Inc. projections are very conservative. If the Civic Center parking Lot is under-utilized to the extent Carl Walker & Associates Inc. , projected, the City should take immediate action by instituting the employee permit parking. The employee permit parking should not be undertaken until after the 1978 Christmas season. It may also be desirable to lease these spaces for only 11 months since the lot would be better utilized in December. The number of spaces and months leased would depend on how well the lot was used. From the revenue projections by Carl Walker & Associates, Inc. and myself the Civic Center Lot will finance the development and conversion of the Civic Center Lot to an attendant operation. Payment for this develop- ment could then be scheduled over several years with the debt retired from the operation of this lot. However, as I mentioned in my memo of March 22, 1978 general parking meter fees should be increased to help replace the current revenue lost to the parking system from this lot. It was recommended that prime meter loca- tions should be 10¢ per hour with the other meter fees being 5it per hour. This would be more compatable with the attendant fee structures of the Civic Center Lot and the Plaza Parking Deck. It would also be a deterent to employee's parking in prime parking spaces. The net loss of revenue to the parking system from the Civic Center Lot would be approximately $20,000 per year. The increase from the proposed meter fee structure would be about $35,000 per year. The additional $15,000 per year of net revenue would pay the one time cost for converting the meters, provide monies for an adequate meter replacement program along with covering increased operating costs as a result of inflation during the next few years. With the parking fees remaining the same for over 30 years, it is easy to understand the need for increased parking rates at this time. More details out- lining the various areas and other changes will be made later in August. Many 3. of the physical changes should not take place until the meters from the Civic Center Lot are available. These newer style meters in the Civic Center Parking Lot are less costly to make rate changes. South Grove Avenue Property By refinancing the debt for the South Grove Avenue Property at 5.5% the City would save approximately $16,000 through October, 1981 which is the current final payment date. This represents the difference between the 8% currently being paid and a new rate of 5.5%. An extension of time is also proposed to allow the City a more selective choice in finding a buyer. The only risk involved is a possible early payment penalty. In other words, if the debt were paid off early because of the City selling the property the following penalties could be incurred. Before Debt Remaining % Penalty Amount 8/31/79 220,000 8 17,600 8/31/80 200,000 7 14,000 8/31/81 180,000 6 10,800 8/31/82 160,000 5 9,000 8/31/83 140,000 4 5,600 8/31/84 120,000 3 3,600 8/31/85 100,000 2 2,000 8/31/86 80,000 1 850 12/31/86 80,000 0 0 Therefore if the debt was called after August 1, 1980 the City would still save money. However in addition to this the City can also invest the money until payment is required which will mean additional investment earn- ings of approximately $700 to $1,000 per year. Since the rental income presently received barely exceeds the $2,706,20 per month paid, the present investment opportunity is non-existent. The payment of interest and/or principal twice each year means that rentals can be accumulated and invested for extended periods of time. RECOMMENDATION To save money and provide for the conversion of the Civic Center Parking Lot, it is recommended that proposals be solicited from the local banks for this financing. The date for receiving the money and paying the existing debt should take place on August 31, 1978. • COMBINED DEBT SCHEDULE General Obligation Notes Issued August 31, 1978 Principal Payments on December 31 of each year. South Grove Property Civic Center Parking Lot Combined Totals Interest paid twice. Interest Interest Interest Principal @5.5% Total Principal @5.5% Total Principal @5.5% Total 1978 $ 5,000 $ 4,125 $ 9,125 $ 5,000 $ 2,475 $ 7,475 $ 10,000 $ 6,600 $ 16,600 1979 20,000 12,100 32,100 10,000 7,150 17,150 30,000 19,250 49,250 1980 20,000 11,000 31,000 15,000 6,600 21,600 35,000 17,600 52,600 1981 20,000 9,900 29,900 15,000 5,775 20,775 35,000 15,675 50,675 1982 20,000 8,800 28,800 15,000 4,950 19,950 35,000 13,750 48,750 1983 20,000 7,700 27,700 15,000 4,125 19,125 35,000 11,825 46,825 1984 20,000 6,600 26,600 20,000 3,300 23,300 40,000 9,900 49,900 1985 20,000 5,500 25,500 20,000 2,200 22,200 40,000 7,700 47,700 1986 80,000 4,400 84,400 20,000 1,100 21,100 100,000 5,500 105,500 TOTALS $ 225,000 $ 70,125 $295,125 $135,000 $ 37,675 $172,675 $360,000 $107,800 $ 467,800 COMMITTEE OF THE WHOLE MEETING July 6, 1977 The Committee of the Whole Meeting was called to order by City Manager, Leo Nelson on Wednesday, July 6, 1977 at 7:00 P.M. , in the Council Conference Room of City Hall. Members Present: Councilman Barnes, Beckmann, Gilliam, Hill, Strattan, West and Mayor Verbic. Absent: None . Also present were: City Manager, Leo Nelson; City Clerk, Marie Yearman; and members of staff. Proposed LDUT. Street Improvements . The Council reviewed the State 's proposal to improve the following: Business U.S. 20, Illinois 25 East to U.S. 20 Bypass - Resurfacing of the entire street surface between the limits noted and some minor drainage improvements which would include a couple of drainage structures and connecting storm sewers; Business U.S. 20, Airlite Drive East to McLean Blvd. - The pavement will be widened and resurfaced from the standard 20 feet to the standard 24 feet; U.S. 20 By-Pass, McLean Blvd. East to Ludlow Place - The installation of a barrier median within the stated limits, widening of the two exit ramps at McLean to two lanes each, with the addition of traffic signals and there may be some minor curb and gutter work on McLean as part of this work. Leo Nelson advised the Council he would like more detailed plans to see if some curb and gutter improvements could be included where needed. Councilman Barnes asked if this meant they put in curbs. Mel Dahl stated it would only cover minor drainage and resurfacing. Mr. Nelson stated he was only asking for the Council's approval to send the letter back indicating approval and when they meet with them the other problems could be pointed out. Mayor Verbic thought it would be nice if the area on Larkin, especially in front of the Jewel-Osco, could include curb and gutters. The Council agreed the proposals should be re- turned to I.D.O.T. reflecting approval. I.D.O.T. Safety Improvement - Dundee, Summit, Gifford. The proposal consists of minimal roadway work, some curb and gutter, most of it being at Gifford Street where it is proposed to make Gifford Street a right turn only east bound on Summit. Vehicles would not be permitted to go north from Gifford onto Dundee, nor would vehicles be permitted to go south on Gifford from the intersection and a traffic signal modernization. Leo Nelson did not feel that what they are proposing to do would interfere with what is proposed for the North End Bridge. Mel Dahl thought the work would fit in well with the work planned for the intersection. The Council approved this proposal. Century Oaks Sanitary Sewer Project. The Council was advised there are 13 locations where the residents have filled in the side drainage ditches. Mel Dahl stated the filled in ditches have been graded so that the water either ponds or flows along the edge of the road sur- face. So instead of the water flowing away from the pavement to the ditch the water is flowing along the edge of the roadway. July 6, 1977 Mr. Dahl proposed to rent a piece of equipment and an operator, at a cost of about $1,200.00 to $1,600.00, to open and clean these ditches. Councilman Barnes asked whose responsibility it was to maintain these ditches. Leo Nelson stated it was the citys and he hoped the residents would want to keep them clean. Mr. Dahl stated that each ditch would eventually have grass in it and could be referred to a grassed waterways on each side of the road- way. The Council gave Mr. Dahl permission to proceed with this project. River Bluff Street Lights . Leo Nelson reminded the Council that several years ago the Council and Staff met with residents on River Bluff Road and Brook Street regarding their old ornamental street light system, which was not operating. At the same time the City was checking cost figures for alternative systems, the City electrical personnel repaired the existing system. Once the system was working the City heard nothing further from the residents . The system has failed again and should be abondoned because even if it was repaired, it would still be very unsafe due to the deterioration of the entire system. Mr. Nelson further stated the City had obtained 4 alternative systems and asked if the Council would like to have these residents in to discuss the lighting. Mayor Verbic stated he had received several calls and he was of the opinion the residents wanted the City to furnish the system, so it might be best to have them come in. Councilman Barnes asked what the procedure was in any other neighborhood. Leo Nelson stated the City has only replaced any that have been knocked down or damaged and have never done an entire system. The Council agreed to a meeting with the residents. Senior Citizen Special Event Bus Charter Policy. Ray Moller stated that in response to a number of senior citizen organizations requesting transportation to attend social and recreational events in the City during evening hours, the following policy was designed subject to the Council's approval: I. Such service would only be provided on weekdays after 6:00 P.M. and on Saturdays after 5:00 P.M. 2. Those individuals utilizing such a service must be 65 years old or older and be able to verify their age (RTA or VIP Card). 3. Those individuals utilizing the service must reside within the City of Elgin. 4. The destination of any trip must be within a 5 mile limit of the boundaries of Elgin. elk 5. A maximum of 4 pick-up points within the City would be allowed. July 6, 1977 6. A minimum of 20 passengers must be insured prior to the authorization of service. 7. Arrangements for service must be made one week prior to the scheduled date of the event. 8. Any bus utilized to provide such service must be returned to the bus garage by 10:30 P.M. 9. Individual users of the service would be charged 1 senior citizen token or 15c for each leg of the trip. (30c or 2 tokens for round trip) . 10. A maximum of 2 such special trips per month would be allowed. 11. A maximum of 2 buses per event would be made available. 12. Special transportation of the type described would be provided only if vehicles and manpower were available. 13. Such transportation would be provided only on those days that the City's regular transit system is in operation. Councilwoman Strattan asked if there had been any survey of the new hours made in Willow Lake Estates . Mr. Moller said there had been no survey made but he did talk to the bus drivers in that area . Leo Nelson stated a survey could be made giving them a choice of time. The Council agreed that a survey should be made. Service Adjustments on McLean Blvd. and North State Street Bus Routes. Ray Moller pointed out the McLean route operates from 6:20 A.M. to 9:50 A.M. and from 1:20 P.M. to 4:50 P.M. on weekdays during the school year. This level of service is basically serving the students. McLean Blvd. is one of the heaviest traveled streets in the City and has a mix of land uses adjacent to it, an ex- pansion of the hours and period of service would increase the route's potential for satisfying the travel needs of non-student trip takers. Mr. Moller proposed running the McLean Bus from Robinwood Road to Forest back down to McLean from 6:20 A.M. to 6:20 P.M. five days a week and from 7:20 to 5:20 on Saturday, which would provide better service to the Century Oaks West area. The North State route hours could be changed to 10:15 A.M., 11:45 A.M., 1:15 P.M., 3:15 P.M., and 5:15 P.M. five days a week, which would provide bet- ter service to the Willow Lake Estates residents. Mr. Moller stated he would like to implement these changes in September and needed 45 days in which to obtain R.T.A. approval. Councilwoman Strattan asked if a survey had been made in Willow Lake Estates. Mr. Moller stated there had been no survey but he had spoken with the bus drivers on that route. Mr. Nelson said they could run a survey, but when you do this they say they will ride and then they don't but we could give them a choice of times. July 6, 1977 Councilman Hill pointed out the Willow Lake route makes a complete circle of the area while the McLean route just skims Century Oaks and there is no attempt to go through that subdivision, and he would like to see those people get bet- ter service. Mr. Moller said he would look into this . Councilman Barnes stated he did not believe there are a lot of bus riders out there. Councilman Hill stated he had kids he wished could ride the bus instead of driving to school. The Council did agree to have the proposal submitted to the R.T.A. Agreement for Entrance Signs for City. The Council reviewed a letter of agreement with Harry Wheeler for eight en- trance signs for Elgin, designed as per scale model which is in the possession of the Elgin Beautification Commission. The agreement called for a down pay- ment of $7,700.00, an additional $7,700.00 upon photographic proof of comple- tion of all 8 signs and the balance of $15,324.00 upon delivery of the signs . Leo Nelson stated he was bothered when it came to paying out money with nothing in return but understood that this firm was a small operation and probably did need the initial down payment. Mr. Nelson said Mr. Wheeler was willing to de- fer the second payment and have that amount included in the final payment. Councilman Barnes asked if funds had to be committee for the initial payment. Leo Nelson advised the Beautification Commission had commitments for 6 or 7 signs and were sure of getting funds for the 8th sign. There are letters on file in- dicating these pledges. The Council approved having this matter placed on the Council agenda. (7114 Proposed Parking Deck at Spring between Chicago and Highland. The Council reviewed three letters which were addressed to the proposed parking deck. Ruth C. Hawkins of 314 Plum Street, thought the Old Post Office site should be used and thereby save a large bundle of money. Leo Nelson stated this was impossible because the government grant of the land stipulated it must be used as a park. Robert Abate of the Elgin National Bank, wanted their property deleted because they own and maintain a parking facility. Robert Allanson, President of Wait-Ross-Allanson, stated he did not want to be included in this service district because he maintained a lot which provided 34 parking spaces on visitations and 56 for funeral parking. Mr. Allanson further felt parking in the downtown area, is a three way deal: City, because they participate in "sales tax" dollars, Merchant, because of the service of convenience to their customers and last to the persons using these parking spaces. Councilman Barnes asked if we were excluding residential property. Mr. Nelson stated no, because they could change their use and would be excluded from the district. Mr. Nelson also stated that Wait-Ross was the only one who merited any consideration and the Advisory Committee were sympathetic to this. Mayor Verbic said he would agree, he has provided parking space . Councilman Hill stated he thought it would be better to expand the district rather than sub- tract from it, pointing out that the financial institutions contribute to the July 6, 1977 parking problems and even though they were included in the Mall District, this District should include all financial institutions downtown. Councilman Gilliam felt only the Elgin National Bank should be included, it is unfair to tax again. Councilman Barnes said he had the feeling there was an undercurrent of people who are against it and maybe we will hear this at the Public Hearing. The Council agreed to set the hearing for August 3rd as a public hearing date. Councilmen Barnes, Strattan, West and Mayor Verbic agreed to exclude Wait-Ross- Allanson and include the Elgin National Bank. Elevator Inspection Program. Leo Nelson informed the Council that this portion of the Code should either be enforced or amended to delete the inspection. The main objection are establish- ments who have an annual maintenance contract to conduct those inspections being required to also pay the inspection fee for the city inspector. Chief VanDeVoorde suggested that if the present city inspector is not retained that someone in the Inspection Department be trained to do this. Mayor Verbic recalled that St. Joseph Hospital complained because the inspector they had pointed out different infractions than those of the city inspector. The Mayor thought someone from the Fire Department should inspect. Mr. Nelson stated that St. Joseph felt if they had a qualified maintenance contract this should suffice and those who did not have this should have the City do it. Councilman Hill suggested the inspection program be continued, exempting those with qualified service only as to fee. This would mean all elevators would still be inspected without a double fee. Councilwoman Strattan agreed with Councilman Hill but stipulated that should an infraction be found then they should pay the fee. Councilman West felt there should be some incentive so our inspector will not find fault inorder to earn his fee. Mr. Nelson stated the Council did not need to give an answer on this tonight. The Council requested the Staff to prepare some policy and bring the matter back. Proposed Plumbing Commission. Several contractors appeared before the Council requesting the creation of a plumbing commission. John Bero pointed out the City is currently operating with a code that is now well over one year past due in revision and updating. Such a commission would be of assistance dealing with water conservation and solar heating problems . Mr. Bero suggest that Larry Heckman, who is the City Plumbing Inspector, be appointed monitor of the Commission who would report to the Council. July 6, 1977 Councilman Gilliam asked how many members this Commission would require. Mr. Bero replied 5 or 6 people from the trade and homeowners. Councilman Beckmann thought by having experts in the field it might help the Council to make decisions. Councilman Barnes requested that they come in with a specific proposal. Councilman Hill thought the Commission should be comprised of other than just tradesmen, maybe 2 tradesmen, 2 city employees and 1 layman. Mr. Bero said they had no objection to this and they would work with the City to bring back a specific proposal. Adjournment. There being no further business to come before the Committee of the Whole, the meeting was adjourned at 10:30 P.M. Marie Yearma , City Clerk C r rPublic Hearing For Consideration of the Formation of Special Service Area Number Two August 3 , 1977 Mayor Verbic opened the public hearing at 8: 00 P.M. Mayor Verbic stated, the public hearing is to consider the formation of the City of Elgin Special Service Area Number Two to provide off-street parking in the Central Business District by the construction and operation of a multi - level parking facility. A special tax will be considered not to exceed an annual rate of $4 . 00 per $ 100.00 assessed valuation to be levied against the properties in the Special Service Area. At the hearing all persons effected will be given the opportunity to be heard. The hearing may be closed by the corporate authorities without further notice to another date by a motion to be entered upon the minutes of this meeting , fixing the time and place of this adjournment . In the event that a petition signed by at least 51% of the electors residing in the special service area and by at least 51% of the owners of record of the land included within the boundaries of the proposed special service area is filed with the City Clerk, within 30 days following the final adjournment of the public hearing objecting to the creation of the special service district for the levy or imposition of the tax proposed , the district may not be created and the tax may not be levied or imposed as proposed . Leo Nelson stated , several weeks ago we had a meeting in this room which was considered an informational meeting and I believe that many of the people here tonight were perhaps at that meeting. For those who were not we can briefly summarize this project. There are several exhibits mounted on the east wall and the proposed tax district is delineated on the map that is referred to by Engineer Bob Hogue. That is the district that was recommended by the Downtown Parking and Traffic Advisory Committee. The Downtown Parking and Traffic Advisory Committee is composed of people who are either property owners or merchants in the Central Business District . The Committee was formed several years ago to assist the firm of Barton-Aschman in developing a parking and traffic need study for the Central Business District . That was recommended to the City Council in 1975 . Out of that C plan a number one priority project is the project we are discussing tonight and that is the multi - level parking structure proposed for the area bounded by Highland and Chicago and immediately east of Spring Street. It anticipates the acquisition of the Labor Temple, the removal of that building from the site and a multi - leval parking structure to be constructed between Highland and and Chicago. It will include 350 parking spaces and about 15 ,000 square feet of commercial space along the first level fronting on Spring Street . The estimated cost of that project by Carl Walker and Associates is $2, 155,000, the City ' s contribution to that project , in addition to the property the City already owns would be $375 , 000 . Mrs . Ruth Hawkins , owner of property at 21 North Grove, suggested that the district boundaries be extended to include more properties or that the old Post Office site be converted into a parking lot . Mrs . Hawkins stated her taxes would increase 61% if the rate of $4 . 00 is imposed . Leo Nelson stated , the $4.00 maximum rate was discussed at the informational meeting as the maximum rate and that was for the tax that would be needed to retire the debt during the first year because the facility itself would not be constructed and therefore would not be generating any revenue. If the revenues are not generated as they are proposed the rate could be higher . Based on the projected revenues that Carl Walker and Associates developed , the tax rate would decline any where from $2. 26 to a maximum of $3 . 39 per hundred in the first year to 53C in the fifth year. The Post Office property was deeded to the City so long as the City continued to use that as open space or a park. That would be one of the problems that would have to be overcome to make what is now an attractive park area into a parking lot and I think some people might even object to that . Nevertheless , we have the problem of the gift from the Federal government but only so long as it is maintained as a park. The reason the district was created the way it was , the Committee that recommended the district felt that the properties that are now included in a special assessment for the Fountain Square Plaza Mall should not be included in this district and if you will notice the boundaries on the southwest edge, it intentionally excludes all properties that were included in the special assessment project . Mr . Pete Peterson stated , I do not believe that the maximum rate would ever be lowered , prices are not coming down. Mr . Nelson replied, we are talking about a special tax for this facility only, you can not levy this tax for any other purpose. Mr . Peterson stated, but you have to consider maintenance costs and part of the maintenance costs are going to have to come out of revenue. I don ' t think there is any businessman who can predicate the future of his business on this kind of a variable. If the professional people in the City of Elgin were to say, well if things work out alright fine, we will take the higher salary , but if things don ' t work out we will take the lower salary . -2- I don' t think you would predicate your salary on a variable between a $ 1 . 10 and $4 .00 and we are having to predicate our income on that same thing. Mayor Verbic stated , for the survival of the Central Business District and with the surveys that have been done in the past , everything indicates the need of additional parking in this area and this is the most logical place to have the parking . If we postpone the situation any longer costs will escalate and I think we have to do everything we can for the survival of the downtown district with the future that is facing us as far as competition . Harold Siegle stated, I feel we need this parking lot, its very important to our City and downtown. I have reservations about this parking lot and I note from the comments you fellows have reservations too. I think that with all the shortcomings concerning the Mall that I have talked about that all of us here, property owners and all , feel an inequity on the taxation. I think people adjacent to the Mall should pay a higher rate than people on the perimeter of the Mall . In fairness I think this is the way it should be assessed . In looking over my criticism of the City , I think the need is so great that we should support it , take our chances that the $4.00 that you start with may go down to $ 1 .50. I think they will produce revenue and lets all support this . Mr. William Brandis stated, no one has spoken for the residential property owners . I happen to own a piece of peoperty which is in this area and I don ' t see the possibility of raising the rent of my tenants enough to get it back. I do think the residential properties should be excluded as well as the Elks Club. I don ' t see the Elks Club benefiting in anyway. I may be wrong in stating that I never saw a taxpayer ' s organization run anything efficiently and I have a little concern about the City running property for business purposes . I think the government and the city own too much property today. Leo Nelson stated , the Committee recommended we include in the structure commercial space and we did not go into great detail because we did not know if the project was going to happen . If it does I think that we are all in agreement that the City does not want to be in the business of directly leasing or operating any private business . Our thought was to probably lease that out in total to some other organization who would in turn manage it in the private sector , not the public sector . Another option, if it could legally be done, would be to sell it on a condominium type basis . -3- • •. The reason your property is included, even though it is residentially used , it is commercially zoned. If it is left out of the district , for example, if there is a home within the district , zoned commercial , if it does not go into the district now it cannot be put into the district later . That property owner could potentially demolish the structure and put it to commercial use. Then that person would benefit from the project without paying. Mr . Brandis stated, this is commercial property and I wanted to put a commercial business in one section of it but the Zoning Board said no, you have to have one or the other . Mr . Frank Tofanelli stated, do you have any ideas about the tax exempt properties that are in this district ? Counsel Jentsch stated, if they qualify as a charitable organization they may be. The City has no authority to exempt any property. The taxes levied against all the real estate in the district will be in the same manner as the taxes are levied against real estate in the entire community. Mr. Earl Keeney stated he felt the merchants in the Mall should be included in the district because the Douglas Avenue merchants might be taxed for a mini -mall . Leo Nelson stated , assuming that this project goes and if we in a year or two look at the Douglas Avenue Mall , I think that is something that will have to be discussed concerning the equity of your paying a tax to this facility and also paying tax on a special assessment to extend the Mall . Councilman Barnes stated, if the Douglas Avenue merchants had gone ahead with the mini -mall then we would have had a problem in deciding whether or not to exempt them, but in a sense they voted themselves out, so maybe they voted themselves into this issue. Mr . Paul Zumkeller stated the deck would increase walking traffic throughout the downtown area and traffic would be improved with the proposed widening of Spring Street to five lanes . Mr. Frank Ciacco stated he did not think the district was created fairly and he did not think the City should be involved in private enterprise. Councilman Hill made a motion, seconded by Councilman West , to close the public hearing . Yeas : Councilmen Barnes , Beckmann, Hill , Strattan, West and Mayor Verbic. Nays : None. -4- Marie Yearan City Clerk '1 i \\ ^� ^❑ ALGONA Q 1 ALA (GON I JULIAN r ZW I J' f AVE. a JEFFERSON r ik JEFFE''SON 1ac � 1 1111•11111111111111111•1111111111111z ` DANIEL' /ENTERPRISE a-, I 1 \ AVE. PLUMST, a 1 I1 If If I1 II =I // cr SPECIAL SERVICE AREA FOR THE ` J ar: l PROPOSED CHICAGO AND SPRING ST. ` ""` o , PARKING DECKir i ,� F f 1i 1 [ s 1, ' ANN \' I I I I 11 /1 1 - �1 L _ �. a S 1 1 FRANKLIN < FRANK-UN 1-7MI { p:;,1 0 I \\ Y ...1 R 0 BLVD. El ,,, `4k. \ KIMBALL, �` °a o >- W [1 " 1�t1N k rte ` _- l I ; - t7 _ _ .e_ \\ ATE- z t- Off/ p zt- p �� �� `\ z ? PARK a c�z ��'• L�_ J ` (1.- , W of _ r L_ ___ \ L�.� 5 A. 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Oti :� )--.41_ \d„ ST �\ \ Scale: I = L_ \ F. t_11 \` r r F >-71r- ► \ —111 11 N\\ \� Certificate of Publication in the DAILY COURIER-NEI-VS EXHIBIT 1 ----=-- 7-15 NOTICE OFHEARLNG •;OF ILLINOIS IN CITY OF ELGSPECIAL SERVICE AREA NUMBER TWO ,p itUNiH lV NOTICE IS HEREBY GWEN that on August'3,1977,at 00 P.M. Council Chambers of the Municipal Building,150 Dexter Court,Elgin, t', a hearing will be held by the corporate authorities of the City of Elgin to' ?' OPLEY PRESS, INC., DOES HI R FBS' CERTIFY I sider forming a special service area consisting of the following dere , fl territory: `'.:i.t it is a corporation duly organized and existing under the laws of the State of PARCEL That part of the Northeast quarter of Section 14,Township 41 NortlllRange 8, East,in Elgin Township,Kane County,Dlhnols,described as follows:, . All of Block 2 of S.N.Dexter's Addition,Lot 316 the County Clerk's t it is the publisher of the Daily Courier-News, a secular daily newspaper printed division,and all of Towner and Wetmore's Subdivision;also ''ished in the City of Elgin, in Kane County, Illinois, and of general circulation • All of Block 17 of James T.Gifford's Plat,and Lot 317 of the County Clerk's`ity, County and State; and in Mc Henry enry County and portions of Cook and Subdivision;also 'Counties and in other Cities in Kane County; and that it is a newspaper as defined All of Block 20 of James T.Gifford's Plat,and all of the Assessor's Sub- , I division of Lot 6 of Block 26 of James T.Gifford's Plat;also •,ct to Revise the Law in Relation to \otices"—Ill. Revised Statutes, Chap. 100, All of Block 19 of James T.Gifford's Plat;also ^, 5 and 10. ! All of Block 16 of James T.Gifford's Plat,and Lot 318 of the County Clerk's Subdivision. a notice of which the annexed is a true copy has been regularly published in I And that PARC part of the Southeast quarter of Section 14,Township 41 North, Paper Q.i1t3. time each XX.XXX,X I Range 8 East,in Elgin Township,Kane County,Illinois,described as follows: for Lots 1,2,3,and 4 of Block 15 of James T.Gifford's Plat,and ....Z=1C.XX successive XXX XXX ; that the first publi- Lot 319 of the County Clerk's Subdivision. PARCEL tundthatp ;aid notice was on the .15th. day the Jul And that part of the Northeast quarter of Section 13,Township 41 North, of197.x..•, Range 8 East,in Elgin Township,Kane County,Illinois,described as follows: st publication thereof was on the 15th day of .. Jul 7 All of Block 3 of S.N.Dexter's Addition;also , 1971 , All ofBlock 9ofJamesT.Gifford's Plat;also ; ace of type in which each publication of said notice was printed was the same All otBlock lOofJames t.Gifford's Plat;also ' y of type used in the classified advertising in the newspaper in which said pub- All of Block 7 of James T.Gifford's Plat. • s made; PARCEL IV . - And that Dart of the SowlnvestKane rofSECTION 13,cribedTownship 41North, ,aid the Daily Courier-News has beer, regularly published in said City, County Range 8 East,In Elgin Township,Kane County,Illinois,described as follows: /All of Block 11 of James T.Gifford'sPlat,including the adjoining C.&N.W. for at least one year prior to the first publication of said notice. R.R.R.O.W.;also 'ITNESS WHEREOF, said The Copley Press, Inc., publisher as aforesaid, All of Block 6 of James T.Gifford's Plat;also All of Block i'2 of James T.Gifford's Plat,including the adjoining C.&N.W. :ed this Certificate of Publication by its Officer or Agent thereunto duly R.R.R.O.W. The approximate street location is the area bounded by Dexter Avenue this 19.ttiay of .. .July 197?... between Douglas Avenue and Center Street;Center Street between Dexter Avenue and Highland Avenue;Highland Avenue between Center Street and: - Geneva Street;Geneva Street between Highland-Avenue and DuPage Street; THE 1CO LEY POE 'I' DuPage Street between Geneva Street and Villa Street;Villa Street between i • _ 4 DuPage Street and Fulton Street;Fulton Street between Villa Street and South Spring Street to the right of way line of the Chicago and North Western By •,1"i..1:, \ ' 1....A t Railroad;then west along the alley running from Spring Street to the westerly • _) line of Lot 4 in Block 15 of J.T.Gifford's Plat;then north to Chicago Street; Chicago Street between the westerly line of Lot 4 in Block 15 of J.T.Gifford's ...BUS 1 L1@ S.,g,...Mgr.,.. Plat and Riverside Drive; Riverside Drive between Chicago.Street and Highland Avenue; Highland Avenue between Riverside Drive and Douglas.' e $ 5.3.55. Paid , 19 Avenue; Douglas Avenue between Highland Avenue and Dexter Court, as' shown on the attached map. , All interested persons affected by the formation of proposed City of-Elgin j-Special;Service Area Number 2 will be given an opportunity to be heard Folio 16.5 regarding the formation of and the boundaries of the special service Brea herein proposed and may object to the formation of the area and the levy of taxes affecting said area. The purpose of the formation of City of Elgin Special Service Area Number2, in general,is to provide-off street parking In the central business district by the construction and operation of a multi-level parking facility. A special tax will be considered at the public hearing not to exceed an annual rate of 54,00 per$100.00 of assessed evaluation, as equalized,to be levied against the property included in the special service area. At the hearing,all persons affected will be given an opportunity to be heard. The hearing may be adjourned by the corporate authorities without further notice to another date by motion to be entered upon the minutes of its meeting . fixing the time and place of its adjournment, In the event that a petition signed by at least 51%of the electors residing within the special service area and by at least 51%of the owners of record of the land includedgithin the boundaries of the proposed special service area is filed widt the City Clerk within 30 days following the final adjournment of the public hearing objecting to the creation of the special service district or the ' levy or imposition of the tax proposed,the district may not be created and the'I tax may not be levied or imposed as proposed, Dated this loth day of July,1977. MARIE YEARMAN City Clerk Excerpts from proceedings of the Board of Directors of The Copley Press, Inc., an Illinois corporation, at a meet- Gen. NO. ing of said Board held on April 1, 1975, at which a quorum was present. The following resolution was adopted. Resolved: That Certificates of Publication of legal notices, in accordance with the Illinois Revised Statutes, published in The Beacon-News at Aurora, Illinois; The (nrr+iftratr .uf Daily Courier-News at Elgin, Illinois; the Herald-News at Joliet, Illinois; The Daily Journal & The Sunday Journal at Wheaton, Illinois; The State Journal Register IN at Springfield, Illinois; the Addison News-Bulletin at Addison, Illinois; the Algonquin Township Life at DAILY COURIER-NEWS Algonquin, Illinois; the Bensenville Banner at Bensenville, Illinois; the Itasca Record at Itasca, Illinois; the ELGIN, ILLINOIS Carpentersville Star at Carpentersville, Illinois; the Cary-Grove News of Cary-Grove, Illinois; Dundee Review & town n country Highlander at Dundee, Illinois; Fox Valley World at Elgin, Illinois; McHenry County World of McHenry County, Illinois; Hoffman Estates Record of Hoffman Estates, Illinois; Lake Zurich Press of Lake Zurich, Illinois; Roselle Record of Roselle, Illinois; Schaumburg Record of Schaumburg, Illinois; Hanover Township Times & The Advertiser of Hanover Park, Illinois; The World of Will--Cook, The World of Tri-County, The World of Northern Will, all of Joliet, Illinois; may be signed on behalf of this Corporation and its Corporate Name and such Certificates may be certified by any of the duly elected officers of this Corporation or by any of the business managers, comptrollers, or auditors of any such newspapers, and that a copy of this Resolution, duly certified by the Secretary or an Assistant ;Secretary, shall be printed upon all Certificates of Publication of legal notices published by said newspapers, and shall be evidence of the authority of the officer or agent signing for and in behalf of the Corporation. The undersigned officer of The Copley Press, Inc., a corporation of the State of Illinois, does hereby certify that the foregoing is a full and true copy of a resolution adopted by the Board of Directors of said Corporation by unanimous action taken on April 1, 1975, and the same remains in full force and effect not having been revoked,cancelled or amended. Given under my hand and the seal of the Corporation, this 19titl day f JUly , 19 77 ASSISTANT SECR ARY SPECIAL SERVICE AREA NUMBER 2 ADDRESS LIST-1976* 13-154-001 "/St. John's Lutheran Church / 115 N. Spring, Elgin 002 V St. John's Evangelical Lutheran Society + Frank H. Volstorff 17 N. Grove, Elgin 003 St. John's Lutheran Church + 115 N. Spring, Elgin 004 William Brandes %Union National Bank and Trust 1 Fountain Square Plaza, Elgin 005 St. John's Lutheran Church + 115 N. Spring, Elgin 006 St. John's Lutheran Church + 115 N. Spring, Elgin 007 /Gordon Q. Vancil 101 N. Spring, Elgin 013 ✓First National Bank Trust No. 2385 6 S. Grove, Elgin 014 First National Bank,Trust No. 2385 • 6 S. Grove, Elgin 015 ye Saint Paul's Church + 220 Division, Elgin 016 Saint Paul's Church + 220 Division, Elgin • • 13-157-001 /,City of Elgin + 002 / First Methodist Church + 216 E. Highland, Elgin 13-159-001 ✓ Building Association 19 N. Spring, Elgin 002 City of Elgin + 003 City of Elgin + 004 ✓ Elgin Loan and Homestead Association Home Federal Saving and Loan 16 N. Spring, Elgin 005 / Episcopal Church of the Redeemer + 40 Center, Elgin /Home 006 Federal Savings and Loan 16 N. Spring, Elgin 007 City of Elgin + 008City of Elgin + 009 J Delwin and Jeanne Neil 216 E. Chicago, Elgin 010 Delwin and Jeanne Neil / 216 E. Chicago, Elgin 011 d Y.M.C.A. Association + * Taxes Paid in 1977 For The Year 1976 + Tax Exempt I 13-159-012 Y.M.C.A. Association + 220 E. Chicago, Elgin 13-160-001 / German Evangelical Church + United Methodist Church 19 Center St., Elgin 002 ✓ First Evangelical Church + 19 Center, Elgin 003 ,/Michael Cheperka 799 Diane, Elgin 004 City of Elgin + 005 City of Elgin + 006 v/First Congregational Church + 256 E. Chicago, Elgin 007 //Calvary Baptist Church + 270 E. Chicago, Elgin 008 Calvary Baptist Church + 270 E. Chicago, Elgin 13-301-001 ✓ James and Gladys Ozment 18 Lord St. , Elgin 002 / Dale and LaVerne Boose 21 S. Spring, Elgin 13-302-001 / Kerry Witt 118 S. 7th St. Dundee, Il., 60118 002 Kerry Witt 118 S. 7th St. Dundee, I1. 60118 003 Lora Siegle and Lillian Roth 222 Douglas, Elgin 004 y/ David R. Buhrow and Larry I. Prescott 205 E. Chicago, Elgin 005 Franklin Kramer Rt. 1, Box 156-A : / Parsons, Tenn. 38363 006 Edwin and George Groh 1124 Duncan, Elgin 007 V Edwin and Ellen Groh 1124 Duncan, Elgin 008 / aures Kiriaki Toufexis 217 E. Chicago, Elgin 009 Gani and Chrysanthi Sakolari 219 E. Chicago, Elgin 010 4//First National Bank Trust No. 3013 %Willard Land Company P.O. Box 785, Elgin - 2 - 13-302-011 ✓ A.G. and F.G. Ruffie %Anthony Ruffie 620 Center, Elgin 012 Y.W.C.A. + 220 E. Chicago, Elgin 013 J Elgin National Bank Trust No. 908 24 E. Chicago, Elgin 014 .‘//George and Ann Zwicky 363 Oriole Crystal Lake, I1. 60014 015 Elgin Elks Home Association 18 Villa Court, Elgin 13-303-001 /Illinois Bell Telephone 225 W. Randolph Chicago, I1. 002 Elgin National Bank Trust No. 217 %Gunner Carlson 273 E. Chicago, Elgin 003 Elgin National Bank Trust No. 217 /Arthur %Gunner Carlson 273 E. Chicago, Elgin 004 and Marge Cowell 1544 Maple Lane, Elgin 005 Illinois Bell Telephone 225 W. Randolph Chicago, Il. 006 Illinois Bell Telephone 225 W. Randolph Chicago, I1. 007 Illinois Bell Telephone 225 W. Randolph Chicago, I1. 008 Illinois Bell Telephone 225 W. Randolph Chicago, I1. 13-305-001 Gilbert Real Estate Trust 356 N. Spring, Elgin 13-306-001 /Elgin Elks Home Co. 18 Villa Court, Elgin 002 ✓Leath Realty 7111 N. Lincoln Ave. Chicago, Il. 004 vi Central National Bank Trust No. 18699 120 S. LaSalle Chicago, Ii. 60603 006 City of Elgin + 007 City of Elgin + - 3 - 13-502-011 /. and N.W. Railroad Company + 400 West Madison Chicago, I1. 60606 012 C. and N.W. Railroad Company + 400 West Madison Chicago, I1. 60606 013 C. and N.W. Railroad Company + 400 West Madison Chicago, Il. 60606 014 C. and N.W. Railroad Company + 14-279-001 /First National Bank of Elgin / 6 S. Grove, Elgin 002 ✓ Ackemann Brothers 168 E. Highland Ave. , Elgin 003 Ackemann Brothers 168 E. Highland Ave. , Elgin / 004 ✓ Paul Born and Paul F. Born III 500 Glenwood Trail, Elgin 007 /Nom Chang *y 111 Douglas, Elgin 008 ✓H..a.rry Siegle and Jerome Roth 222 Douglas, Elgin 009 V Douglas-Division Building Corporation 222 Douglas, Elgin 010 Furry Siegle and Jerome Roth 222 Douglas, Elgin 011 Ackemann Brothers 168 E. Highland Ave. , Elgin 012 /Mary Mulliken Rt. 1. 106 Shagbark Rd. , Elgin 013 Paul Born Jr. and Paul F. Born III 500 Glenwood Trail, Elgin 14-280-001 /Ben Corn 1011 N. Spring, Elgin 002 Chicago Title and Trust Trust No. 43948 Martin Krasnick, Evelyn Kapiar, Sibyl 521 Wing Park Blvd., Elgin 14-281-001 Ackemann Brothers 168 E. Highland, Elgin 002 ,Bernice Creedon et al 55 Center, Elgin 003 Bernice Creedon et al • 55 Center, Elgin 004 Ackemann Brothers 168 E. Highland, Elgin - 4- - 14-281-005 Ackemann Brothers 168 E. Highland, Elgin 006 Ackemann Brothers 168 E. Highland, Elgin 007 Ackemann Brothers 168 E. Highland, Elgin 14-282-004 V//First Federal Savings and Loan 005 / 28 N. Grove, Elgin / Clifford Juby 370 N. Silverbell Road Tucson, Az. 85705 006 V Richard and Sharon Pierce 250 S. Grove, Elgin 007 /Elgin National Bank 008 ✓ 24 E. Chicago, Elgin Elgin National Building Corporation 24 E. Chicago, Elgin 009 Elgin National Bank /Elgin E. Chicago, Elgin 010 ✓ Elgin National Bank Trust No. 987 24 E. Chicago, Elgin 011 Elgin National Bank 24 E. Chicago, Elgin 14-283-001 ✓ Frank Ciacco / R.R. 1, Box 129, Elgin ✓ 002 Oak Park National Bank Trust No. 9 791 003 / 2538 S. Wentworth Ave., Chicago, I1. 60616 Ruth Hawkins 314 Plum, Elgin 004 Frank Ciacco R.R. 1, Box 129, Elgin 005 Frank Ciacco R.R. 1, Box 129, Elgin 006 ‘/John and William Stickling Elgin National Bank 13 N. Grove, Elgin 007 v'Alta Stickling %John and William Stickling Elgin National Bank 24 E. Chicago St. , Elgin 008 Alta Stickling %John and William Stickling Elgin National Bank / 24 E. Chicago, Elgin 012 \./ Charles and Patricia Hine, Jr. 20 Douglas, Elgin 013 V L.S. Raushert and D.L. Kubiak 18 Douglas, Elgin - 5 - 14-283-014 Anthony Wbite 524 N. Clifton, Elgin 015 V Elgin National Bank Trust No. 889 24 E. Chicago, Elgin 016 i Union National Bank Trust No. 815 %Herbert and Mary Daniels � / 1 S. Grove, Elgin 017 V Franklin J. Kramer Rt. 1, Box 156-A Parsons, Tenn. 38363 018 )///James R. and Ruth Williams %First National Bank of Elgin Trust No. 2988 6 F.S.:p., Elgin 14-284-002 /Rosefla Menke 1062 Lakewood Road, Elgin 003 '/ Keeney's Sporting Goods 19 Douglas, Elgin 004 ✓ Oak Crest Residence Association 204 S. State, Elgin 007 V Lawyers Building Incorporated 5 Douglas Ave. , Elgin 008 / Union National Bank Trust No. 598 1 S. Grove, Elgin 009 Union National Bank Trust No. 598 1 S. Grove, Elgin 010 Elgin National Bank Trust No. 994 24 E. Chicago, Elgin 011 1// George and Sadie Lascoe 33 N. Jane, Elgin 012 ✓ Gilbert Real Estate Trust %Frank Fuller 356 N. Spring, Elgin 013 Union National Bank Trust No. 815 1 S. Grove, Elgin / Leath 014 Realty Company 7111 N. Lincoln Chicago, I1. 60646 . ,/ A1TN: A.J. Powell 015 ' Catherine Harwood 1300 Larkin Ave. , Elgin 016 ✓Carl Lindoefer and Ben G. Corn 55 Douglas, Elgin - 6 - 14-284-017 ,Union National Bank Trust No. 889 018 V 1 S. Grove, Elgin Peggy Harris 1100 N. Spring St. , Elgin 14-285-001 V William Fishburn ` / 165 E. Highland Ave. , Elgin 008 . V Elgin Federal 176 E. Chicago, Elgin 012 Home Federal Savings and Loan 16 N. Spring, Elgin 14-434-002 /Union National Building Corporation V/ 1 F.S.P. , Elgin 003Robert Schneff 2461 Highland Ave., Elgin 004 Gilbert Real Estate Trust %Frank Fuller 356 N. Spring, Elgin 005 V Jack and Sylvia Lisagor 102 N. Jane Dr., Elgin 006 Jack and Sylvia Lisagor 102 N. Jane Dr.,Elgin 007 First National Bank of Elgin Mortgage / 6 S. Grove, Elgin 008 t./Union National Bank and Trust 1 F.S.P. , Elgin 009 Union National Bank and Trust 1 Fountain Square Plaza, Elgin 010 Union National Bank and Trust 1 Fountain Square Plaza, Elgin 018 Union National Bank and Trust 1 Fountain Square Plaza, Elgin 019 City of Elgin + 14-502-003 ' C. and N.W. Railroad Company + • 400 West Madison Chicago, I1. 60606 - 7 - EXHIBIT 2 AFFIDAVIT OF SERVICE State of Illinois ) Counties of Cook and Kane ) SS . City of Elgin ) Marie Yearman , being first duly sworn on oath , deposes and says that she is the City Clerk of the City of Elgin , Illinois , and that she has served a copy of an Ordinance proposing establishment of a Special Service Area in the City of Elgin and providing for a Public Hearing to the property owners of record in Special Service Area Number Two by mailing a copy of said Ordinance certified mail to each property owner on the 22nd day of July, 1977 , mailed at the United States Post Office, Elgin , Illinois . Marie Yec man Subscribed and sworn to before me this 9,f,) day of-2y.,J4_,Ls 1977 . . �X� 9.��J :� \ J Notary Public July 7, 1977 MEMORANDUM TO: Marie Yearman City Clerk FROM: Erwin W. Jentsch Corporation Counsel SUBJECT: Special Service Area Number 2 The City Council is expected to pass an ordinance establishing a public hearing date for consideration of the formation of Special Service Area Number 2 at its meeting on July 13, 1977. By law notice by publication of the hearing must be given not less than fifteen days prior to the hearing, or by July 18, 1977. The form of the notice is included in the ordinance. The lengthy legal description requires that the Courier News be given as much notice as possible. Therefore, I suggest that you provide the paper with a copy of the proposed notice as soon as possible and then confirm the publication order on July 14, 1977. In addition to the notice by publication, notice must be given by mailing to those persons who pay the taxes on the property within the special service area. The Department of Community Development is preparing a list of such persons which I shall furnish to you upon receipt and review of it. Notices must be mailed no later than July 22, 1977. You should maintain a record of those persons to whom notices were sent. TELEPHUNt iIc/occ-Days, 4 at.Of f[ �t, 0okic.ki1.`= t 150 DEXTER COURT ELGIN , ILLINOIS 60120 PoN•iiB9 tt e` July 11 , 1977 Mrs . Grace Hornish Elgin Daily Courier-News 76 South Grove Avenue Elgin , Illinois 60120 Dear Grace: In accordance with our telephone conversation of today , I enclose herewith Notice of Hearing on August 3 , 1977, for a Special Service Area Number Two. By law notice by publication of the hearing must be given not less than fifteen days prior to the hearing, or by July 18 , 1977 . The ordinance creating the hearing will be before the Elgin City Council for passage on Wednesday, July 13 , 1977 . I thought that by giving you the publication material now it might help to meet the deadline. I will call you Thursday , July 14th and confirm that the ordinance did pass and it will be in order to make publication. Thank you for your assistance in this matter. Sincerely, Marie Yearman, City Clerk PROPERTY TAX INFORMATION PROPOSED CHICAGO AND SPRING ST. PARKING FACILITY The special service district established by the Elgin City Council for the proposed parking deck had a 1976 real estate assessed valuation of $4,387,580. With the expansion by Home Federal Savings and the improve- ment of otic r properties within the district, the assessed valuation should continue to increase, resulting in even lower tax rates than those projected below. A feasibility study was prepared by John Holm of Carl Walker & Associates which projected revenues and expenses for the construction and operation of this new parking facility. Since the completion of the study, the City Council decided to contribute $375,000 to the project in addition to the existing park- ing lot or over 1/3 of the project cost of $2,155,000. To keep the tax rate down, timing becomes very important as to when the bonds are authorized and how the bonds are scheduled as well as when the facility is open for business. According to Carl Walker & Associates there will be no revenue generated by the parking facility for seven to ten months after construct- ion is started, the first years taxes will only be for debt. Subsequent years would realize operating revenues so the support requirements are drastically reduced as projected below: Tax Levy Year Projected Year Payable Tax Rates Reason 1977 1978 $2.264 to $3. 395* Debt only 1978 1978 1979 1. 108 1979 Losses** 1979 1980 .822 1980 Losses** 1980 1981 .679 1981 Losses** 1981 1982 .535 1982 Losses** * Each month past July 1, 1977 that the bonds are issued will reduce this upper rate. ** This is the net of debt cost and net revenue projected by Carl Walker & Associates. The above rates should provide a reasonable cash flow to protect the bond holders as well as the City and those in the special service district who may make future improvements to their property. Even if the parking facility is completed by November, 1978, the District would have to provide the debt interest due on 1/1/78, 7/1/78 and 1/1/79 with very little revenue. These payments would be approximately $49,100 each or $98,200 to $147,300. If the facility is not open and rented until a later time, the District may also have to provide some money for an interest payment of $49,100 due on 7/1/79. Eventually this parking facility should pay its own way, but until the debt is retired, it will be a difficult task with the low "shoppers rates" . In any case it is a necessary project to help maintain and increase the vitality of downtown Elgin.