SB Friedman provided technical assistance and advisory services to Uptown United to reconstitute Special Service Area (SSA) 34 along a mixed-use area spanning four Tax Increment Financing (TIF) districts in the City of Chicago.
Our scope of work included conducting a PIN-by-PIN review of tax code reports, Paid Indicator Reports, Cook County Assesor’s data and GIS shapefiles. We then assembled and analyzed property assessment information, including base equalized assessed value (EAV) by tax code and TIF district, to compare the tax impacts of several boundary and tax rate scenarios on the SSA budget, various property tax classes and individual properties. From this analysis, we created sample tax bills for prototypical properties and produced SSA PIN lists with taxpayer, delinquency and EAV information. In addition, we forecasted the future tax impacts of the TIF districts’ expirations on the SSA.
SB Friedman helped prepare the formal application materials required by the City, including a boundary exhibit and land use map, tax roll, and mailing list of taxpayers and owners. We also coordinated the title company research and the development of the district boundary legal description.
SB Friedman’s work helped to inform the final boundary and to refine the budget set by the SSA Advisory Committee and Uptown United staff. We also assisted in moving the Committee to a consensus regarding the appropriate SSA tax levy that balanced taxpayer support with revenue generation goals for proposed services.
Results: SSA 34 submitted its full application for a 15-year reconstitution in June 2014. The application was approved by City Council in December 2014.