From Voters in Action:
The Woodstock District 200 School Board.
There is a D200 School Board meeting tonight and it was suggested that I forward the “Expected Return Analysis” to you along with these points.
Failure to act could result in additional increased property taxes for the next 35 years.
BULLET POINTS:
Joe Tirio
- D200’s lawyers were asked to examine the Lakewood TIF and found it to be unlawfully constructed.
- The board was asked to vote to bring this issue to court. The board decided to table the issue after a member of the leadership of the Village of Lakewood made comment.
- While Lakewood claims to intend that the 100 unit “affordable housing” development will be earmarked for seniors and the disabled, if that is not the case or they develop another housing project, D200 would carry the burden of educating those children with very little compensation from the TIF.
- As an example, a typical 100 unit housing development could cost D200 taxpayers as much as $720,000 per year (for up to 35 years) in education costs.
- We believe that the statute of limitations to contest the TIF will expire on January 27, 2016.
At the very least, the School Board could require that the Village of Lakewood agree to a tolling agreement if the negotiations are to continue and that, in the absence of such an agreement, the board should have no choice other than to press on with the suit.
Joe Tirio
Voters In Action
Was a link to or a chart of an expected return analysis intended to be included in the article?
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No clue if its the intention here but municipalities are notorious for creating low income housing on the fringes of their district.
School districts refer to apartments with kids as tax losers…they property taxes don’t generate enough revenue to educate the children.
Might be some exceptions to that.
The creation of a TIF district containing apartments with children worsens the situation.
TIF district revenue going to the village of Lakewood and the children going to Woodstock District 200 even worsens that situation for Woodstock District 200 taxpayers outside the village of Lakewood.
What was the Woodstock District 200 school board thinking by not initially opposing the TIF district.
– Camille Goodwin, term 2013 – 2017
– Carl Gilmore, term 2013 – 2017
– Russ Goerlitz, term 2015 – 2019
– Paul J Meyer, term 2013 – 2017
– Jerry Miceli, term 2015 – 2019
– William Nattress, III, term 2015 – 2017
– David Shinherr, term 2015 – 2019.
Lakewood can say the apartments are earmarked for seniors and disabled, but that’s just talk, not a legal document prohibiting them from doing so, and even if it was a legal document, maybe someone could find a way to invalidate it.
don’t believe much of anything Lakewood says it will do!!
double check all documents if you do!!
Right you are, Mark.
Also, they could do a senior housing project now and then do 500 low income family homes next year. The tif
Link to the page with info including the return analysis, copy of the proposed suit and more:
http://www.votersinaction.com/tif-enlightenment.html
TIF TRUTHS:
TIFs can be complicated, but these simple truths are very easy to understand.
1. TIFs take money from taxpayers and give it to developers.
2. The developers are under no obligation to give the funds back to the taxpayers.
3. The developers are under no obligation to ensure that the project creates any sort of benefit for the community.
It’s time to replace these board members in 2017.
Who’s up?
The terms of four Woodstock District 200 board members expire for the April 4, 2017 Consolidated General Election: Camille Goodwin, Carl Gilmore, Paul Meyer, and William Nattress III.
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Looking at taxpayer IOU’s for Woodstock District 200 in the fiscal year 2015 (FY 2015) Comprehensive Annual Financial Report (CAFR):
Bond Debt Service: $210,041,392
Technology Loans Debt Service: $475,394
Capital Lease Debt Service: $410,058
District portion of TRS unfunded pension liability: $5,413,718
State portion of TRS unfunded pension liability: $211,213,921
IMRF unfunded pension liability: $6,073,459
Unfunded retiree healthcare liability: $4,240,350
Total Taxpayer IOUs for District 200: $437,868,292
Local taxpayers are responsible for the debt service, District portion of the TRS unfunded pension liability, & the IMRF unfunded pension liability.
State taxpayers are responsible for State portion of the TRS unfunded pension liability.
Not sure who is responsible for the unfunded retiree healthcare liability, which is found on page 53 of the CAFR (page 81 of the pdf).
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Sorted from highest to lowest:
State portion of TRS unfunded pension liability: $211,213,921
Bond Debt Service: $210,041,392
IMRF unfunded pension liability: $6,073,459
District portion of TRS unfunded pension liability: $5,413,718
Unfunded retiree healthcare liability: $4,240,350
Technology Loans Debt Service: $475,394
Capital Lease Debt Service: $410,058
Total Taxpayer IOUs for District 200: $437,868,292
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Sorted by Type of IOU:
Pensions: $222,701,098
Bonds / Loans / Leases: $210,926,844
Retiree Healthcare: $4,240,350
Total Taxpayer IOUs for District 200: $437,868,292
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The reported cost to educate a child statistics does not include State payments to the TRS (teacher and administrator) pension fund.
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Debt Service is the total principal + interest payments scheduled.
Bond Debt Service is the total principal + interest payments from the school district to bond holders that is scheduled.