New levy, food truck regulations on Sycamore City Council agenda
SYCAMORE – Sycamore City Council members will go over a second reading for their property tax levy option that would maintain the levy for the city’s general operations and help meet the city’s fire and pension obligations during their meeting next week.
The council had previously elected to move in the direction of a levy option that would maintain the levy for the general operations, which would result in a $6.46 increase on the tax bill for someone who owns a house valued at $200,000.
“The property tax levy is being presented as a second reading for action,” City Manager Brian Gregory said.
Gregory had said the city is estimating the consumer price index will be 2.1 percent with an increase in the equalized assessed valuation of 6.25 percent from last year’s EAV, which includes about $6.8 million in new construction. Although the city’s tax rate would be decreasing for the levy option city officials are pursuing, the tax bill would still be increasing because all property values are increasing, he had said.
The corporate levy, which the city’s levy is one component of, will also include the Sycamore Public Library’s levy. The increase for the same example resident would result in a tax bill increase of less than $1.
Gregory said the levy ordinances up for consideration will also include the ability for the city to abate bond issue series from 2012 and to partially abate a bond issue series from 2017. He said the city was previously able to lower the payments without extending the pay period for the 2017 series, which involves the refinancing for 1999, 2005, 2007 and 2009 bonds that were related to the police building addition in 2009.
Gregory said $155,000 was meant to be levied this time around for the 2017 series.
“That $155,000 is included in [the proposed tax levy], so that’s not in addition to,” Gregory said.
Gregory said the City Council will also have a first reading of a new chapter in city code regarding food truck regulations. He said he’s anticipating a vote for the regulations after the second reading that is scheduled for next month’s meeting.
The meeting is scheduled for 7 p.m. Monday at the Sycamore Center, 308 W. State St.