Aldermen OK alteration to tax-sharing payment for River Oaks West developer

2014-05-11T00:00:00Z Aldermen OK alteration to tax-sharing payment for River Oaks West developerGregory Tejeda Times Correspondent
May 11, 2014 12:00 am  • 

CALUMET CITY | Aldermen voted in favor of an altered payment to the developer who revamped the River Oaks West shopping strip a decade ago to take into account a pair of stores that were added in 2012.

Under the agreement reached by Kimco Realty Corp. and municipal government in 2004, the city is supposed to share with Kimco half of its portion of state sales taxes and home rule sales taxes. That agreement runs through 2014, and the final payment is likely to be made later this year.

But City Treasurer Gerald Tarka wrote in a memorandum to the City Council that the arrival of Party City and Ross Dress for Less stores created more tax revenues, meaning the payments previously made for 2012 were not complete.

“From time to time, we have stores close their doors and new stores occupy these various spaces,” Tarka wrote. “We have to pay per the agreement from the time of their occupancy.”

Based on figures provided to the city by the Illinois Department of Revenue, the city owes Kimco $68,637.01 for its portion that was generated between April and December 2012. Aldermen voted 7-0 on Thursday, without discussion, to approve that payment.

In other business, the City Council voted to approve a $150,000 transfer of funds from the city’s special service operating fund to the corporate fund that covers the daily expenses of municipal government. The transfer ensures that the Police Department finished the previous fiscal year on April 30 with its portion of the city budget balanced.

The council also approved a $3,000 payment to Business Management Agents and a $2,388 payment to Leaf, both for copier leases. Business Management Agents provided copier services for the 3rd Ward office, while Leaf provided similar services to the 7th Ward office.

A $2,807.33 payment was approved by aldermen to the U.S. Postal Service for a mailing on behalf of the 2nd Ward office.

The council voted in favor of a $2,000 payment to allow City Clerk Nyota Figgs to attend the International Institute of Municipal Clerks’ Conference May 18-22 in Milwaukee.

Copyright 2014 All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Follow The Times

Latest Local Offers

Featured Businesses



Should the Indiana attorney general's office compel all Lake County municipalities to merge E-911 dispatch services?

View Results

Illinois Newsletters