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1. spatny
   Member

   From today's e-flash:

   New Property Tax Numbers and Revised Referendum Estimates—

   On September 17, 2008, Cook County Clerk's Office released the updated property tax rates for Riverside residents for tax payments due this fall. With this updated information, the Village is able to provide more accurate estimates of the impact of the November 4, 2008, referendum on property owners. The referendum question remains the same, utilizing information from last year's property taxes due to statutory requirements and election deadlines provided by law.

   The Village of Riverside referendum will increase property taxes paid in 2009 for a typical home (market value of $450,000) by $286. The average increase over the 4 years is $348 per year. The increase of the total tax bill would be 2.7% in 2009, or just over 3% over 4 years.

   The total revenue generated over the four years averages $930,000 per year and provides sufficient revenues to maintain current services and enhancements as previously discussed by the Village Board.

   "New tax information has just been released, so residents can have a more accurate estimate of the financial impact of the referendum," said Kevin Wachtel, Riverside Finance Director. "A typical homeowner will pay less than $290 in 2009, and $350 per year until 2012 to fund current services and others high priority services as identified by the community and Village Board. Previous estimates were over $400 per year, so this should be a welcome change. We encourage residents to make themselves aware of all issues surrounding the referendum. Riverside residents now have better information to make a fully informed decision when deciding whether to vote for the referendum."

   The faint aroma of performing seals wafts over Riverside once again. There is something here that is incorrect: If this typical (mythical) house pays less than $290. in the first year, and four year average is $350 per year, ($1400, total INCREASE over four years) than how can you reach that number by paying just $350. per year for the final three years? There is something fishy here... Math gurus please explain.

   Posted Monday Sep 22, 2008 16:33 #

2. ChrisHajer
   Member

   A new website from the village.

   Posted Wednesday Sep 24, 2008 10:56 #

3. ChrisHajer
   Member

   And, a citizen-run site, mentioned in the Landmark a few weeks ago:
   Vote "No" on the Riverside Tax Increase on Nov. 4

   Posted Wednesday Sep 24, 2008 10:58 #

4. spatny
   Member

   One of the greatest hindrances to evaluating the stewardship of the funds it already gets by this Village Board is its refusal to issue correct, truthful and total amounts of expenditures by project. How much, in total, was spent by the Village on the TOD process? The failed TIF Fiasco? The rezoning of the CBD, the residential code and the B1 district? Centennial Park (Plaza?) I mean all the costs - not just selected items. We need these numbers in oder to evaluate the competancy of the Village's present administration.

   We need to know why the Village decided to offer incentives to developers without clearly labeling them as such. For example, take a look at the sale of the alley that runs under the Village Center. The sale of that alley to the developer,for a paltry $15,000, made that whole project possible. Without it, that huge structure could never have been built. Yet it was sold for next to nothing. Why? If you assume you could park just ten cars on that space, even at the Village's give away price of $5K per space it should have brought at least $50K. But if you look at what, by its own figures, it will cost to provide those same ten spaces at the property purchased on Burlington, which will cost at least $25,000 per space when completed, it had a value of $250,000! And if you consider that the developer placed a garage floor below it and three floors of condos above it, that space may generate much more than half a million dollars in sales revenue for the developer. All this was known and decried by myself and others at the time the variances were being sought for that structure, yet the Village went ahead and sold the alley for a pittance. Why?

   Similarly, the granting of a fourth floor variance (from the code they had just spent many thousands to develop) will potentially result in close to an additional $5 million in sales if the condos ever sell.. Yet knowing all this, the Board gave the alley away. And now they cry for more money. I say, " No way, Jose!"

   Posted Wednesday Sep 24, 2008 15:45 #

5. Catherine
   Member

   Yes. I am glad the administration disclosed figures for consultant spends from 2004-2008 on its website, mislabeled Consultants Year to Date.

   Can someone link it up here? I don't know how to make those small links.

   Yet, as I also asked, it would be useful to have it by project and result. See the riversidetax.blogspot.com for a parsing of the numbers.

   Posted Thursday Sep 25, 2008 13:23 #

6. spatny
   Member

   The only way you can judge the veracity and efficiency of the Board's actions is if you get a COMPLETE list of the money they spent on each of the contentious projects. There is even double-talk about the potential cost of the parking, IF they create that at the Burlington property. (I see now it might also be for DEVELOPMENT, no doubt as a PUD.) We need to know ALL the costs: Buying the property, legal, demolition, rezoning, estimated cost of construction, signage and marking, engineering, landscaping, etc. And how many spaces will result. I'll bet it comes to more than $30K a space, and maybe considerably more. They only charged $5k a space to the VC for the parking buyout, so this amounts to a very substantial opaque incentive to the developer that was never approved at any public meeting. Their denial of this is why people don't want to give them more money.

   Posted Thursday Sep 25, 2008 17:30 #

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