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Waukegan committee recommends tax‑levy figure, debates nonbinding bond inducement option
Summary
The committee recommended a proposed tax levy figure for 2025, discussed how debt service and abatement interact with property taxes, and approved a nonbinding inducement resolution that preserves an 18‑month window to consider issuing up to $10.5 million in bonds.
The Waukegan Finance and Purchasing Committee on Nov. 17 recommended a proposed aggregate tax levy for tax year 2025 and spent much of its discussion on how bond payments, abatements and home‑rule sales tax interact with the property‑tax levy.
Staff presented the proposed levy and noted the total levy “inclusive of debt service” as stated in the record: "37,270,341." The committee discussed a separate inducement resolution that would keep the city’s option open to evaluate issuing up to $10,500,000 in bonds…
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