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Palos Park approves $130,000 short-term loan to local library amid county tax delays
Summary
The Village of Palos Park approved an intergovernmental agreement to loan $130,000 to the Palos Park Public Library after county delays in distributing property taxes. Council debated interest and repayment structure and voted to authorize the loan.
The Village of Palos Park Board of Commissioners voted Jan. 26 to approve an intergovernmental agreement (IGA) providing a $130,000 short-term loan to the Palos Park Public Library to cover operating needs while Cook County delays distribution of second-installment 2024 property-tax receipts.
Village Manager Beam told the council the loan was requested because the county’s delayed tax distribution left the library without funds: “Today, the village has received about 40% of its property tax receipts… Today, the library has not received any,” Beam said. The manager presented Resolution 2026-R-01 to authorize execution of the IGA and said staff expected the…
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