Normal Council to approve the flat rate property tax | Politics
NORMAL – Normal homeowners should pay the same property tax rate next year.
Normal city council will consider an order for the 2021 property tax levy on Monday, which is estimated at $ 13,381,652, an increase of $ 326,324 from last year’s levy.
Despite the tax increase, the tax rate is expected to remain unchanged at $ 1.4597 for 2022. The city’s equalized assessed value is estimated at $ 916,769,477, an increase of 2.5%.
“The city is in a strong financial position,” city communications director Cathy Oloffson said on Friday. âCity staff are doing what they can to keep the rate the same.
Ahead of Monday’s meeting, board members will participate in a working session to discuss possible uses of funds allocated by the US bailout.
City staff will bring ideas and options to the council to consider and get direction from the council on how to use the $ 10.8 million that will be used over the next two years, Oloffson said.
Council will also vote on a resolution to enter into a lease agreement with Enterprise Fleet Management to obtain 30 vehicles on a 12 month lease and four vehicles on a six month lease.
According to meeting documents, the leasing program reduces the city’s operating expenses for vehicles. This program was piloted last year when the city rented four pickup trucks and one van for six months.
After an âincredibly successfulâ first year, Oloffson said staff are now looking to expand the program.
The estimated cost of the 34 Ford F-150 4×4 SuperCab 2022 is $ 113,000, and after the lease expires, the sale proceeds are estimated at $ 117,000, city staff said.
A development agreement with O’Brien Automotive will also be put to a vote on Monday evening.
The company currently operates O’Brien Mitsubishi and O’Brien Hyundai, but O’Brien intends to expand its business and build a new facility for Genesis vehicles.
O’Brien plans to expand the existing Mitsubishi facility building and site at the corner of Fort Jesse Road and Veterans Parkway and convert them to Hyundai facilities.
Hyundai’s current facility on Greenbriar Drive would then be used for Mitsubishi sales and service. Ultimately, O’Brien would invest in building a new facility at 302 Landmark Drive, adjacent to the Fort Jesse location, which would be used for Genesis sales and service.
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Under the development agreement, O’Brien is required to invest a minimum of $ 7 million in total project costs, and any sales tax income generated that exceeds $ 435,000 per year will be refunded to O’Brien, up to $ 850,000 over the seven-year term of the agreement. .
âIt’s exciting that a local business has expressed a desire to make a significant investment in their property,â said Oloffson. âThis is a good example of the city that supports our local businesses, wants our businesses to stay and grow and appreciates their investment in the community. “
The sales tax refund obligation ends at $ 850,000 or seven years, whichever comes first. O’Brien also refrains from moving any of the brands during the term of the agreement.
If the current properties were in a corporate zone, O’Brien could have benefited from incentive packages, but given the company’s location outside the zone, city staff worked with management in the area. ‘O’Brien on how the city “might support their economic development goals,” according to meeting documents.
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Contact Kelsey Watznauer at (309) 820-3254. Follow her on Twitter: @kwatznauer.