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1995 intergovernmental agreement

1995 intergovernmental agreement

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Published by wednesdayjournal
These are documents cited by Steve Hoke at the Monday night River Forest board meeting relating to a 1995 intergovernmental agreement between the village and Dist. 90.
These are documents cited by Steve Hoke at the Monday night River Forest board meeting relating to a 1995 intergovernmental agreement between the village and Dist. 90.

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Published by: wednesdayjournal on Jan 26, 2011
Copyright:Public Domain

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01/26/2011

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MEETINGOUTLINEAugust3,1995IntroductionbyVillagePresidentA.Purposeof MeetingB.Explanationof TIFFundingSchoolBoardPresentationf FinancialDilemmaDiscussionof Intentof ProposedActions:A.Directavailablefundbalanceo District90whilemaintainingthenecessaryontrolovertheannuallowofTIFincrementalr&enueto assurehat:l.Debtservicewillbepaid;2.ThenewVillagecomplexwillbecompleted;3.FutureTIFprojectscanbefundedifdesired.B.ImproveDistrict90financialsituationwithoutincreasedaxburdenC.Distributetothegreatestextent possibleTIFincrementalrevenueothecommunity.D.Avoiddeclaring,surplusundertheTIFActtherebyrequiringthereturnof thedeclaredsurplusstatesalesaxincrementto thJIlinoisDepartmentofRevenueandtheproportionalreturnofthedeclaredsurplus propertytaxincrementoalltaxingbodies.E.Attemptto changestate awtospecificallyreferencehisdistributionundertheTIFAct.F.Continuethetraditionof broadbasedcommunifysupportfor qualitypubliceducation.G.N_opecificoversightauthoritybytheVillageBoardonthe exactusof thefundsotherthanall dollarswillbeuredintheEducationFund.
 
MINUTESSPECIALMEETINGAugust3,1995Thespecialmeeting oftheBoard ofEducationofSchoolDistrict1190,Cook County, Illinois, andthe River ForestVillage Board ofTrustees,wascalled toorder intheRoosevelt School auditorium,7560Oak Avenue,River Forest,Illinois, on August3,1995, at 7:35p.rn.The following River ForestVillageBoardMemberswerepresent:Mr. FrankParj-s, PresidentTrustee DillonTrusteeGrahamTrustee HeppesTrustee SullivanTrustee RiderTrustee RigasAlso present: Mr. Charles Biondo, VillageAdministratorMr. Terry Barnicle, BoardAttorneyThefollowingRiver Forest Board ofEducationMembers\4rereDresent:Mrs. Nancy McCracken, PresidentMrs. Carlotta Lucchesi, Vice PresidentMr.PhilipP. 0rDonnell, SeeretaryMrs. CarolynLangAlsopresent: Dr. TyraL. Manning,SuperintendentMr. JohnBarryr DirectorofSchool OperationsMrs. Patricia Cleveland, RecordingSecretaryPresident Parisstated that thepurposeofthe meetingwasto discuss an intergovernmental agreementbetweentheVillageBoardand theSchool Boardwhich would allowthedistributionof available funds fromtheVillageIsTIFDistricttoSehoolDistrict90.Mr.Biondointroduced the VillageBoard MembersandDr.ManningintroducedtheBoardofEducation MembersDresent.President Paris outlined theTax IncrementFinanceActbrieflyandexplainedthatfunds aregeneratedby propertytax revenuesand salestaxrevenues within the districtwhich encompassestheLakeStreet business corridor.Whenthe TIFdistrict wascreated sevenyearsago, the assessedvalueofpropertywithin the district wasfrozen at a baseyearfor 20years.Ifthose assessed valuesincreaser any additionaltaxrevenuesabovethebase1eve1gointotheTIF fund,instead oftheloca1taxingbodies.
 
Minutes(2)August3,1995
President Parispresentedtheposition ofthe Ri-ver ForestVillageBoardbyrecommending that anagreementwith theRiver ForestBoard of Education wouldpermitthe Villagetodistribute excessfunds frourTIF revenueswhile maintainingcontrol over theannual flow ofTIF incrementalrevenue toassurethatthefollowing responsibilities aremet:
1.)
3.
Debtservicepaidfor bondsnow outstanding.New Village complex completedasplanned.Future TIFprojectsfunded if desired.Onlyaftermeeting all of theirownfinancialresponsibilitieswould theVillage be cornmitted torelease fundsto theSchoolDistrict.PresidentMcCrackenvoicedbetween thetwoBoardsandtaxdollars in theVillagecommunity.Dr. Manning discussed theForest Public Schools andprojectedshortfallbythe
her appreciati-on forthecollaborationthe opportunity to worktogethertokeeptobenefitboththe children andthe
financialpositionoftheRiverthe stepstaken recentlyto remedyaL998-99schoolvear.In 1993-94 schoolyear,theBoard appointed Strategic Planningrepresentativesdrar^m from the community to studythefinancialstatus ofthe districtamongothercharges. Mr. Dan Lupianochaired theFinancialPlanActionTeamwhich dida completestudy of thedistrict finances and wrote the District90Storywhich states thattheDistrictisspendingmore than it istakingj.nandhas done soforseveralyealsWiththerecomnendations of theStrategic Planning Finance PlanAction Team andtheDistri-ct Finance and OperationsCorumittee,theBoard of Educationputa referendumontheApril,1995,ballot requestingan increase to$2.7Ofrom$2.145in theEducati-on Funds to operate theDistrict throughtheyear 2000.The failure ofthereferendumprompted cutsin districtprogramswhile attemptingtomaintain a highlevelof educational servicesto thosechildren the districtismandatedto serve,5-13yearolds.Projections signal that reserveswill be depletedby the1998-99schoolyear.President Parispointedout thattheSchoolDistricthaslost$1,400,000in taxrevenues becauseof the TIF Districtand hefeltthat thisopportunityto assistthe School Districtshouldbe taken.

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