The Breakfast with the Mayor meeting held on December 8, 2024, in Orland Park, Illinois, focused on significant financial updates and community development initiatives. The meeting began with a discussion regarding the recommendation from auditors to write off $47 million in Tax Increment Financing (TIF) debt. The mayor clarified that this write-off does not eliminate the obligation to pay but rather transfers the debt to the general fund, acknowledging the challenges faced in recovering this amount.

The mayor expressed frustration over the long-standing issues related to the TIF, noting that the village had invested $150 million in development, resulting in a loss of $47 million. He highlighted that the inability to attract developers was partly due to a right of first refusal held by an apartment company, which restricted new development until 2021 or 2022. However, he announced that a new development plan has been approved, focusing on retail, restaurants, office space, and entertainment, with construction expected to begin next year.

In addition to the TIF debt, the village is also responsible for building a new metro lot and relocating utilities, which could cost an additional $3.5 to $4 million. The mayor estimated the total loss related to these projects at approximately $55 million, emphasizing the need to move forward despite these sunk costs.

The meeting also covered the property tax levy, which was approved with a slight reduction of 1%. This marks the second consecutive year of a tax cut and the third reduction in the last five years, a notable achievement compared to other taxing bodies in the area.

The mayor concluded the meeting by addressing questions from attendees, confirming that the recent audit was clean, with no significant red flags identified. He acknowledged some internal control issues related to the ERP system but noted that these had been addressed and resolved.

Overall, the meeting underscored the village's commitment to overcoming financial challenges while fostering new development opportunities for the community.