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City Hall on Butler Place in Park Ridge. (Photo from magazine file)
Park Ridge City Council held a public hearing Monday (Feb. 5) regarding two Special Service Areas (SSAs) that will fund half of the construction costs for two “green” alleys south of Uptown’s railroad tracks. It was unanimously approved to do so.
Unlike tax increment fund (TIF) districts, which freeze the amount of property taxes a taxing agency collects and use the surplus to fund redevelopment projects, SSA adds taxes to existing property tax bills. Masu. SSA 23-106 covers most of the land between Greenwood Avenue, Talcott Road, Arthur Street and Chester Avenue, while SSA 23-107 covers his eight parcels south of the railroad tracks, between Western Avenue and Aldine Avenue. It will be included.
The green alley is made of brick paving, which allows rainwater to percolate into the ground, reducing strain on the sewer system and resulting flooding. The Greenwood SSA alley would cost $498,320 and the alley near the railroad tracks would cost $357,200. Property owners will pay $249,160 and $178,600, respectively, with the city covering the remaining half.
If approved, both SSAs would last for five years. In Greenwood SSA, property owners pay no more than $2.423 per $100 of equalized assessed value, while Western SSA property owners pay more than $3.004 per $100 of equalized assessed value. It is not. According to a memo from city staff, property taxes will be lower, at least for the first year.
Public hearings on both SSAs will be held during the regularly scheduled April 15th Committee of the Whole meeting. After the public hearing, affected property owners have 60 days to file an appeal. If a majority of property owners sign, the SSA will not be adopted.
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