Ordinance 2003-56 200300032747
Filed KENDALLQCOUNTY, dILLINOIS
PAUL ANDERSON
ORDINANCE NO. 2003- 56 09-10-2003 At 02:44 PM.
ORDINANCE 48,00
AN ORDINANCE ESTABLISHING
UNITED CITY OF YORKVILLE
SPECIAL SERVICE AREA NUMBER 2003-101 (WINDETT RIDGE)
BE IT ORDAINED BY THE CITY COUNCIL OF THE UNITED CITY OF
YORKVILLE,KENDALL COUNTY, ILLINOIS, AS FOLLOWS:
Section 1. Authori . The United City of Yorkville (the "Qty') is authorized,
pursuant to Article VII, Section 7(6) of the Constitution of the State of Illinois, and pursuant to
the provisions of the Illinois Special Service Area Tax Law, 35 ILCS 200/27-5 et seq. (the
"Act"), to establish special service areas for the provision of special governmental services in
portions of the City and to levy or impose a special tax and to issue bonds for the provision of
such special services.
Section 2. Findings, (a) The question of establishment of the area hereinafter
described as a special service area (the "Special Service Area") was considered by the City
Council of the City pursuant to "An Ordinance Proposing the Establishment of Special Service
Area Number 2003-101 in the United City of Yorkville and Providing for Other Procedures in
Connection Therewith," being Ordinance No. 2003-26, adopted on April 22, 2003. The
establishment of the Area was considered at a public hearing commenced on July 8, 2003, and
finally adjourned on July 8, 2003 (the "Public Hearing"). The Public Hearing was held pursuant
to notice duly published in the Kendall County Record, a newspaper of general circulation within
the City, on June 12, 2003, which was at least fifteen (IS) days prior to the Public Hearing, and
also pursuant to notice by mail addressed to the person or persons in whose name the general
taxes for the last preceding year were paid on each lot, block, tract or parcel of land lying within
the Area, Said notice by mail was given by depositing said notice in the United States mail not
less than ten (10) days prior to the date set for the Public Hearing. In the event taxes for the last
preceding year were not paid, said notice was sent to the person last listed on the tax rolls prior to
that year as the owner of said property. A certificate of publication of notice and evidence of
mailing of notice are attached to this Ordinance as Exhibit A and Exhibit B, respectively. Said
notices conform in all respects to the requirements of the Act.
(b) At the Public Hearing, all interested persons were given an opportunity to
be heard on the question of the issuance of bonds to finance a part of the cost of engineering, soil
testing and appurtenant work, mass grading and demolition, storm water management facilities,
storm drainage systems and storm sewers, site clearing and tree removal, public water facilities,
sanitary sewer facilities, erosion control measures, roads, streets, curbs, gutters, street lighting,
traffic controls, sidewalks, equestrian paths and related street improvements, and equipment and
materials necessary for the maintenance thereof, landscaping, wetland mitigation and tree
installation, costs for land and easement acquisitions relating to any of the foregoing
improvements, required tap-on and related fees for water or sanitary sewer services and other
eligible costs (collectively, the "Improvements"), on the question of the conditions for
participating in the Special Service Area as more particularly set forth herein, and on the
011.529577.3
question of the retirement of said bonds as due from time to time by a levy of a tax on real
property within the Area.
(c) After considering the data as presented to the City Council of the City and
at the Public Hearing, the City Council of the City finds that it is in the best interests of the City
and of the residents and property owners of the United City of Yorkville Special Service Area
Number 2003-100 that the Special Service Area, as hereinafter described,be established.
(d) There are no electors residing within the Special Service Area. All owners
of record of all taxable property lying within the Special Service Area have executed a waiver of
objection to the creation of the Special Service Area, the levy of the Special Tax as described
herein and the issuance of bonds and a consent to the creation of the Special Service Area_
(e) The Special Service Area is compact and contiguous as required by the
Act.
(f) An annual special tax based upon a special tax roll levied against each
residential lot and each parcel in the Special Service Area as herein described does not exceed
the tax rate or method proposed in the notice of public hearing referred to herein and such special
tax, taking into account the direct and indirect special service benefits to current and future
owners of property within the Special Service Area, bears a rational relationship between the
amount of tax levied against each lot, block, tract and parcel of land in the Special Service Area
and the special service benefit conferred.
(g) It is in the best interests of the City that the Special Service Area be
created for the financing of the Improvements within the Special Service Area, that the
Improvements be financed by the We of bonds, and that taxes be levied on real property within
the Special Service Area to retire the bonds and to cover costs and expenses connected with the
financing of the Improvements within the Special Service Area,
(h) It is in the best interests of the United City of Yorkville Special Service
Area Number 2003-100 that the furnishing of the Improvements proposed be considered for the
common interests of the Special Service Area and that the Special Service Area will benefit
specially from the Improvements.
Section 3. United City of Yorkville Special Service Area Number 2003-101
Established. A special service area to be known and designated as "United City of Yorkville
Special Service Area Number 2003-101" is hereby established and shall consist of the
contiguous territory legally described in Exhibit C hereto, and outlined on the map of a portion
of the City attached as Exhibit D hereto, which description and map are by this reference
incorporated herein and made a part hereof.
Section 4. Puroose of Area. United City of Yorkville Special Service Area Number
2003-101 is established to provide special services to the Special Service Area in addition to
services provided in the City generally. United City of Yorkville Special Service Area Number
2003-100 is also created so that bonds may be issued for the purposes aforesaid (the "Bonds"),
payable from taxes levied on real property in the Special Service Area in accordance with the
special tax roll established by this Ordinance. Such taxes shall be levied in addition to all other
City taxes so levied, provided no Bonds shall be issued in excess of the principal amount of
515,000,000 or at an interest rate to exceed the greater of nine percent (9%) per annum or 125%
of the rate for the most recent date shown in the 20 G.O. Bonds Index of average municipal bond
yields as published in the most recent edition of The Bond Buyer, published in New York, New
York, at the time the contract is made for the sale of the Bonds and the Bonds shall mature
within not more than forty (40) years from them date.
Section 5. Special Tax Roll for Bond Retirement. In lieu of an ad valorem tax to be
levied and extended for the payment of principal of and interest on any Bonds issued on behalf
of the Special Service Area, a special tax roll is hereby established. Such special tax roll shall be
used only for levying and extending taxes for the payment of principal of and interest on any
Bonds issued for the purposes set forth in Section Four hereof and the administration and
maintenance of the Special Service Area. The description of the special tax roll shall be as set
forth in the "United City of Yorkville Special Service Area Number 2003-101 Special Tax Roll
and Report" substantially in the form attached as Exhibit E hereto, which description is by this
reference incorporated herein and made a part hereof,
Section 6. Su2ercede Conflicting Ordinance. All ordinances or parts of ordinances in
conflict with the provisions of this ordinance are repealed to the extent of such conflict.
Section 7. Effective Date. This Ordinance shall be i.n full force and effect from and
after its passage and approval in the manner provided by law.
PASSED BY THE CITY COUNCIL OF THE UNITED CITY OF YORKVILLE,
KENDALL COUNTY, ILLINOIS this 12th day of August, 2003.
PAUL JAMES MARTY MUNNS
RICHARD STICKA WANDA O'HARE
VALERIE SURD ROSE SPEARS
LARRY KOT JOSEPH BESCO
PASSED AND APPROVED this day 2003.
Mayor
ATTEST:
[SEAL)
es��id skt
DrA k t >n U,
CERTIFICATE
OF PUBLICATION
I, Jeffery A. Farren, do hereby certify that I am the publisher of
the Kendall County Record, a weekly secular newspaper of
general circulation, regularly published in the City of Yorkville,
in the County of Kendall and the State of Illinois; and I hereby
further certify that the notice a copy of which is attached
hereto, in the matter of
Public Notice - United City of Yorkville Special Service Area
Number 2003-101
was published once each week for 1 successive weeks in
said Newspaper, the first insertion being on the 12th day of
June, 2003, and the last insertion being on the 12th day of
June, 2003, and we further certify that the said Kendall
County Record was regularly published continuously for more
than six months in the City of Yorkville in said County, next
preceding the first publication of said notice, and that we are
duly authorized to make proof of matters published in the said
Kendall County Record.
iven under my hand and seal at Yorkville, Illinois this
12th day of June, 2003.
tY*�- .ti.
..�....
1>►- Publisher
The Kendall County Record is a newspaper as defined in Act-
Chapter 100, Sections 1 and 5, Illinois Revised Statues.
wain the P t:f� L x�1
service area:0) levy levy ,shall be reared l the
the I o}a Number 2003-101 and by at West Line of said Northwest
Public Notice storm water, management levy of an annual tax least 51% of the owners of Quarter, 569.20 feet to the
fax ci the City in the proposed facilities, storm drainage established pursuant to a
systems and storm sewers, service d�t record of the land included center line of Illinois State
NOTICE OF HEARING special tax roll to pay the
UNITED CITY OF site clearing and tree removal, to produce revenues to interest on such bonds as it within the boundaries of the Route No.Ea thence South
YORIMLLE public water facilities,sanitary provide special municipal falls due and to discharge the City of Yorkville Special 36'00'00' East, along said
SPECIAL SERVICE AREA services to the proposed principal ty Service Area Number 2003- center line,1062.70 feat to the;
sewer facilities, erosion rind al thereof at maturity
NUMBER 2003-101 control measures, roads, special service area; the and to pay the costs of 101 is filed with the City Clerk southernmost comer of a tract'`,
TICE IS HEREBY streets,curbs, utters,street maximum rate of such taxes administration and of the City of Yorkville within described in a Warranty Deed
4 that on Jul 8,2003 at lighting, 9 to be extended In any year 60 days following the final from Edna Hatbesma to
Y li htin traffic controls, maintenance of the special
J p.m.at the Yorkville City sidewalks, equestrian paths within special in the propose al service area, said tax to be adjournment of the public Hannah Geiger recorded In
Hall,800 Game Farm Road, and related street service area which shall not levied upon all taxable hearing objecting to the Book 315 at Page 241 on
Yorkville,Illinois,a hearing will improvements,and equipment exceed the amount necessary property within the proposed creation of the special service December 27, 1957; thence
be held by the City of Yorkville and materials necessary for to produce a maximum annual special service area. for he provision bonds eof ispec al said center0li0ne,323.02 feet,,
to consider forming special tax levy of $1,000,000 in At the hearing, all
9 a p the maintenance thereof, accordance with the special interested rsons affected by services to the area or the thence North 56'20'00' East,
service area,to be called'City levy of taxes affecting the 755.43 feet; thence North
of Yorkville Special Service landscaping, wetland tax roll referred to below,and the formation of such special
Area Number 2003.101,' mitigation and tree installation, (ii)the issuance of special tax service area, including all area, no such area may be the 557'East Southwesterly line,feet is
consisting of the territory costs for land and easement bonds in an aggregate persons owning axable real the Southwesterly line, as
acquisitions relating to any of principal amount not to 9 created and no such bonds occupied,of the Oak H111 Farm
legally described in Exhibit 1 estate therein,may file written may be issued or taxes levied as shown in a plat recorded in
to this Notice. the foregoing improvements, exceed $10,000,000 at an objections to and be heard or imposed. Plat Book'5 on Page 16(now
The approximate street required tap-on and related interest rate of not to exceed orally regarding the formation State of Illinois: 'Slot 303') for the point of
location is the area generally fees for water or sanitary the greater of nine percent(9 of and the boundaries of the SS: beginning; thence South
depicted on the map of a sewer services and other %)per annum or 125%of the special service area, the County of Kendall: 49'38'57' West 525.07;
portion of the City,which map eligible costs. rate for the most recent date issuance of bonds and the This is to certify that we, thence south 56'20'00'West,
is attached as Exhibit 2 to this There will also be shown In the 20 G.O.Bonds levy of taxes affecting the James M. Olson Associates, 755.43 feet to said center line;
Notice. considered at the hearing the Index of average municipal area. The hearing may be Ltd., Illinois Registered Land thence South 35'lO'00'East,
The general purpose of the following alternative methods bond yields as published in adjourned by the City Council Surveyors,have surveyed that along said center line,484.85
formation of the City of of financing improvements the most recent edition of The without further notice other part of Section 9,Township 36 feel to its intersection with the
Yorkville Special Service Area Bond Buyer,published In New than a motion to be entered North Range 7 East of the center line of Legion Road;
Number 2003.101 is to York, New York, at the time upon the minutes of Its Third Principal Meridian thence South 35'00'00'East,
the contract is made for the
provide special municipal meeting fixing the time and described as follows: along said Illinois State Route
services to the area which sale of the bonds, and to place of its adjournment. Commencing at the Northwest No. 47 center line and said
may include:engineering,soil mature within thirty(30)years If a petition signed by at Corner of the Northwest center line extended 1925.22
testing and appurtenant work, from the date of their least 51% of the electors Quarter of said Section 9; feet;thence South 16'45'04•
mass grading and demolition, issuance. The bonds, it residing within the City of thence southerly along the East,126.93 feet to the line of
Yorkville Special Service Area a fence extended.from ,the
east;thence North 88'15'14;
T / East along said fence line and
flID r�T 1T1.']'T BID G` El its extension,3115.48 feat p
1_f 111 1 1 lHJ a point on the East Line of the
Southeast Quarter of
Concept Plan
Section 9, which is 1533
...e teat measured aor>D said Eaj;ii ;
Kendol: Cohnty I J I
Line, northerly
Southeast Comer of`s�q"'
"` YCrktrlliO, iJiirl0lS Southeast Quarter thence'`:
-• North 00'02'46'Wes(ajpng'='
qr p gig "Mm tae a_•- said Fast Line 445.77 feet to a`
f s ►1!SFNtX�!/G.Y[S — _ limestone montenem at the
Southeasterly comer of said
Oak Hill Farm;thence North
_ I 52'55'31' West, along the
Southwesterly line, as
occupied,Farm, 591.5 feet;t t
hence
North 16'53'04'West,along
\ \ 1 - said Southwesterly line, as
occupied, 655.46 feet to the
��• i, L' 1 point of beginning(excepting
:y 4• _ EXHIBIT 2 therefrom the 50 fool wide
right-of way conveyed to the
Fox and Illinois Union Railway
f i .Company recorded in Deed
Record 66 at Page 267)in all
in Kendall Township,Kendall
County,Illinois and containing
163.522 acres as shown by
*5 a the plat hereon drawn which is
t f a correct representation of
said survey.
Dated at Yorkville,'Illinois,
January 17,1990
James M.Olson
Illinois Registered Land
Surveyor No.2253
James M.Olson
11 �_ i Assoclates,Ltd.
107 West Madison Street
Yorkville,Illinois 60560
. v (630)553-0050
KCR-24-11
r
state of I111r1oi5= r
:5a
County of Kendall ;
Ltd_ Illinois
This is .o cer•t f,y that we , James M. olson rt�oofia �tian d 9.-,Tow Illinois
Re9i starers Latid Surveyors, have sur,reyed thai:_
3F+ Nortli Range 7 East of the Third Principal Meridian described as
talleti�s� Ocryencing at the Northwest Curntr O the Northwest Quarter
of said Sectflln 9; thence southerly along the Heat Line of said Horthwe5t
Quarter. C,6910 feet to the center lisle of Illinois State Route Ho.
47 ; thence South 35°OO'Co" past, along said center line,
1052.70 feet
to Lire 50uthej'nmost corner of a tract descried in a Warranty Deed from
Edna Nalbesma to Hannah Gelger recorded in Beak 115 at Page 241 on December
15'00'00" along said center line,
27 . 1957 -, 33.02
feet- tl encecllortho56i'20'00" East, 75S,43 feet, ther�c North 9"30'57"
East. 575 .07 °eet to the southwesterly line, as occupied, of the oalc
Hill Farm as .hawn in a plat recorded ln thence g5outln 49°389571b �s x
,,Slot 303") for the point of heginning;
525,07; thenc-: South 56 20 00 hest, 755,43 feet to saio cenfer ltaei
thence South '15"04'0+7" East, along said center line,
; thence South 35°UO'4Q"
its intarsectnn With the center line of Legion Road
East, along said Illinois State Route Ho. 47 center line and said center
tine extencipd . 1925.22 feet; thence South 1G,45'00" east, 26.93 f et
to the tine a ` a fence extended from the east;
East along 4ald fence line and its extension,
311`5.46 feet to a point
on the bast Line of the Southeast Quarter of said Svction 9, which 1s
1533_A4 feet -measured along said East LiNortnart erly ofWeQ SaLarleast
Corner of 50i southeast Quarter;
said Cast Lin,,. 445.77 feet to a llne5tane monurrrent at the snuthea5ttrly
rnrner r.)( pail Oa1c Hill Farm; thence North 52 55 31 west, along the
southN�sterly line . as occupied. of said Oak Hill Farm, 3591 ,35 feet;
the,Lce "forth 'F."53'04°' WPct, along said southwesterly line, as occupied ,
655. 46 feet t" the point of heginrlinq (excepting
therefrom the 50 foot
wide r•iaht-of way conveypci to the Fnx and Illinois sjnien .Railway Kermld�ll
recorded in Dried Recoril 66 at Page 287) all in Kendall Tuwnship,
Cukinty, !11 int'7 a Corr?�trrepregentat5an afrsai dasurvey.hy the plat hereon
drawn which
Dated aL Yorkville, Illinois January 17, 1990
'ref JAMES M. OLSON
J) l inoi 5 Registered I.ard 5urveYor NO. 2253
JAMES M, D1.SON A550CIATES, LTD.
107 West Madison Street
Yorkville, I11 tr.oi s GDS�Q
I70Ei1553-0050
L
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q Ilk
CI I lot, tt
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UNITED CITY OF YORKVILLE
SPECIAL SERVICES AREA NUMBER 2003-101
SPECIAL TAX ROLL AND REPORT
September 4, 2003
UNITED CITY OF YORKVILLE
SPECIAL SERVICE AREA NUMBER 2003-101
SPECIAL TAX ROLL AND REPORT
Prepared for Prepared by
UNITED CITY OF YORKVILLE DAVID TAUSSIG& ASSOCIATES,INC.
800 Game Farm Road 1301 Dove Street, Suite 600
Yorkville, IL 60560 Newport Beach, CA 92660
(630) 553-7575 (949) 955-1500
UNITED CITY OF YORKVILLE
SPECIAL SERVICE AREA NUMBER 2003-101
SPECIAL TAX ROLL AND REPORT
TABLE OF CONTENTS
Section Page
1. INTRODUCTION..................................................................................... ......................I
1I. DEFINITIONS........................................................................................................................1
111. SPECIAL SERVICE AREA DESCRIPTION..............................................................................3
A. BOUNDARIES OF SSA No. 2003-101 ............................................................................3
B. ANTICIPATED LAND USES.............................................................................................3
IV. SPECIAL SERVICES..............................................................................................................3
A. GENERAL DESCRIPTION................................................................................................3
B. ESTIMATED COSTS........................................................................................................4
C. ALLOCATION.................................................................................................................5
D. ALTERNATIVES, MODIFICATIONS,AND/OR SUBSTITUTIONS .......................................12
V. BOND ASSUMPTIONS..........................................................................................................12
VI. MAXIMUM PARCEL SPECIAL TAX....................................................................................12
A. DETERMINATION.........................................................................................................13
B. APPLICATION..............................................................................................................13
C. ESCALATION...............................................................................................................14
D. TERM..........................................................................................................................14
E. SPECIAL TAx ROLL AMENDMENT...............................................................................14
F. OPTIONAL PREPAYMENT.............................................................................................14
G. MANDATORY PREPAYMENT........................................................................................14
VII. ABATEMENT AND COLLECTION........................................................................................15
A. ABATEMENT ...............................................................................................................15
B. COLLECTION PROCESS................................................................................................15
C. ADMINISTRATIVE REVIEW..........................................................................................15
VIII. AMENDMENTS....................................................................................................................16
List of Exhibits
Exhibit A—Special Tax Roll
Exhibit B—Prepayment of the Maximum Parcel Special Tax
I. INTRODUCTION
Pursuant to the provisions of the Act and in accordance with the "Establishing
Ordinance" being Ordinance No. 2003-56 passed by the City Council of the United City
of Yorkville, County of Kendall, State of Illinois, on August 12, 2003 in connection with
the proceedings for Special Service Area Number 2003-101 (hereinafter referred to as
"SSA No. 2003-101"), this Special Tax Roll and Report of SSA No. 2003-101 (the
"Report") is herewith submitted and made part of the Establishing Ordinance.
II. DEFINITIONS
The terms used herein shall have the following meanings:
"Act" means the Special Service Area Tax Act, being 35 ILCS 200/27-5 et seq., as
amended.
"Administrative Expenses" means the following actual or reasonably estimated costs
permitted in accordance with the Act and directly related to the administration of SSA
No. 2003-101 and the Bonds as determined by the City or its designee: the costs of
computing the Special Taxes and of preparing the amended Special Tax Roll (whether by
the City or designee thereof or both); the costs of collecting the Special Taxes (whether
by the City, the County, or otherwise); the costs of remitting the Special Taxes to the
fiscal agent and/or trustee for any Bonds; the costs of the fiscal agent and/or trustee
(including its legal counsel) in the discharge of the duties required of it under the Bond
Indenture; the costs of the City or designee in computing the amount of rebatable
arbitrage, if any; the costs of the City or designee in obtaining ratings of the Bonds; the
costs of the City or designee in complying with the disclosure requirements of applicable
federal and state securities laws and of the Act, including, but not limited to, public
inquiries regarding the Special Taxes; the costs associated with the release of funds from
any escrow account or funds held pursuant to the Bond Indenture; and any termination
payments owed by the City in connection with any guaranteed investment contract,
forward purchase agreement, or other investment of funds held under the Bond Indenture.
Administrative Expenses shall also include amounts advanced by the City for any
administrative purpose of SSA No. 2003-101 including the costs of computing Special
Tax Bond Prepayment amounts, recording of lien satisfaction or other notices related to a
Special Tax Bond Prepayment or Mandatory Special Tax Prepayment, discharge or
satisfaction of Special Taxes; and the costs of commencing and pursuing to completion
any foreclosure action arising from and pursuing the collection of delinquent Special
Taxes and the reasonable fees of legal counsel to the City incurred in connection with all
of the foregoing.
"Administrator" means the designee of the City responsible for determining the Special
Taxes and assisting the City and the County in providing for the collection of the Special
Taxes, continuing disclosure, and any other administrative efforts related to SSA No.
2003-101.
"Bond Indenture" means the trust indenture and any supplemental indentures between
the City and the trustee named therein authorizing the issuance of the Bonds.
Special Tax Roll and Report page I
City of Yorkville Special Service Area No.2003-101 September 4,2003
"Bonds" means any bonds or other debt, including refunding bonds, whether in one or
more series, issued by the City and secured by the Maximum Parcel Special Tax for SSA
No. 2003-101, the proceeds of which will be used to finance inter alia, all or a portion of
the public improvements.
"Calendar Year" means the twelve-month period starting January 1 and ending
December 31.
"City" means the United City of Yorkville, County of Kendall, State of Illinois.
"Council" means the Mayor and City Council, having jurisdiction over SSA No. 2003-
101.
"County" means the County of Kendall,Illinois.
"Dwelling Unit" means a residential dwelling unit.
"Final Plat" means a final plat of subdivision approved by the City and recorded with
the County.
"Mandatory Special Tax Prepayment" means the Special Tax Bond Prepayment
required upon a reduction in the anticipated number of Dwelling Units as described more
fully in Section VI.G herein and calculated pursuant to Exhibit B herein.
"Maximum Parcel Special Tax" means the maximum special tax, determined in
accordance with Section VI that can be collected by the City in any Calendar Year on any
Parcel. Maximum Parcel Special Taxes means the amount determined by multiplying the
greater of the actual or anticipated number of Dwelling Units by the Maximum Parcel
Special Tax.
"Maximum SSA Special Taxes" means the Maximum Parcel Special Taxes plus any
additional special taxes levied, in accordance with any supplemental ordinances adopted
by the City,that can be collected by the City in any Calendar Year.
"Parcel" means a lot or parcel within the boundaries of SSA No. 2003-101 shown on a
Final Plat and/or PIN Map.
"Partial Special Tax Bond Prepayment" means that amount required to partially
prepay the Maximum Parcel Special Tax computed pursuant to Exhibit B herein.
"PIN Map" means an official map of the County Assessments Division or other
authorized County official designating parcels by permanent index number.
"Preliminary Plat" means the preliminary subdivision plat for SSA No. 2003-101
approved by the City, as may be amended.
Special Tax Roll and Report page 2
City of Yorkville Special Service Area No.2003-101 September 4,2003
"Residential Property" means all Parcels within the boundaries of SSA No. 2003-101
on which Dwelling Units have been, may be, or are anticipated to be constructed as
determined from the Preliminary Plat, or any Final Plat, as applicable.
"Special Tax" means the special tax to be extended in each Calendar Year on each
Parcel.
"Special Tax Bond Prepayment" means that amount required to prepay the Maximum
Parcel Special Tax computed pursuant to Exhibit B herein in order to fully release the
lien of the Maximum Parcel Special Tax.
"Special Tax Requirement" means that amount determined by the City or its designee
as required in any Calendar Year to pay: (1) the Administrative Expenses, (2) debt
service on any Bonds, (3) reasonably anticipated delinquent Special Taxes, (4) any
amount required to replenish any reserve fund established in connection with such Bonds,
(5) the costs of credit enhancement and fees for instruments that serve as the basis of a
reserve fund in lieu of cash related to any such Bonds, and less (6) available funds as
directed under the Bond Indenture.
"Special Tax Roll" means the Special Tax Roll included herein as Exhibit A, as may be
amended pursuant to Section VI.E.
III. SPECIAL SERVICE AREA DESCRIPTION
A. BOUNDARIES OF SSA N0. 2003-101
SSA No. 2003-101 consists of approximately one hundred seventy (170) acres
which is generally located east of the State Route 47 and Legion Road
intersection, a few miles south of State Route 71, the legal description for which
is attached as Exhibit D of the Establishing Ordinance.
B. ANTICIPATED LAND USES
SSA No. 2003-101 is anticipated to consist of two hundred seventy-seven (277)
single-family homes and approximately five and seven-tenths acres of
commercial development.
W. SPECIAL SERVICES
SSA No. 2003-101 has been established to finance certain special services conferring
special benefit thereto and which are in addition to the municipal services provided to the
City as a whole. A general description, estimated cost, and allocation of these special
services are set forth below.
A. GENERAL DESCRIPTION
The special services that are eligible to be financed by SSA No. 2003-101 consist
of certain public improvements with appurtenances and appurtenant work in
Special Tax Roll and Report Page 3
City of Yorkville Special Service Area No.2003-101 September 4,2003
connection therewith necessary to serve SSA No. 2003-101 (hereinafter referred
to as the "Eligible Improvements"). The Eligible Improvements are generally
described as follows:
• City sanitary sewer facilities including engineering, soil testing and
appurtenant work, mass grading and demolition, site clearing and tree
removal, erosion control measurers, wetland mitigation and tree
installation, underground repairs, costs for land and easement
acquisitions relating to any of the foregoing, required tap-on and
related fees for sanitary sewer services and other eligible costs;
• City water facilities including engineering, soil testing and appurtenant
work, mass grading and demolition, site clearing and tree removal,
erosion control measurers, wetland mitigation and tree installation,
underground repairs, costs for land and easement acquisitions relating
to any of the foregoing, required tap-on and related fees for water
services and other eligible costs;
• City road facilities including engineering, soil testing and appurtenant
work, mass grading and demolition, site clearing and tree removal,
erosion control measures, roads, streets, curbs, gutters, street lighting,
traffic controls, sidewalks, equestrian paths and related street
improvements, and equipment and materials necessary for the
maintenance thereof, landscaping, wetland mitigation and tree
installation, costs for land and easement acquisitions relating to any of
the foregoing improvements, and other eligible costs;
• City storm water management facilities including engineering, .soil
testing and appurtenant work, mass grading and demolition, storm
drainage systems and storm sewers, site clearing and tree removal,
erosion control measures, landscaping, wetland mitigation and tree
installation, underground repairs, costs for land and easement
acquisitions relating to any of the foregoing improvements, and other
eligible costs.
B. ESTIMATED COSTS
The estimated costs for the Eligible Improvements and the amounts anticipated to
be financed by SSA No. 2003-101 are presented in Table 1 on the following page.
Special Tax Roll and Report Page 4
City of Yorkville Special Service Area No.2003-101 September 4,2003
TABLE.I
ESTIMA'T'ED COSTS FOR ELIGIBLE MPROVEMENTS
Casts
AN tclpATFD Ta m
I TOTAL FINANCEDEV
Ptraf�� Rav r x coo SSA Na 203-101
Sanitary Sewer Facilities $981,483 $849,520
Water Facilities $866,000 $797,579
Road Facilities
Shared Section of Fairfax Way $28,500 $16,731
Remaining Road Facilities $7,707,671 $2,021,345
Storm Water Management Facilities $1,153,996 $1,044,744
Underground Repairs $126,000 $0
Grand Total $10,863,650 $4,729,919
C. ALLOCATION
Special taxes levied pursuant to the Act must bear a rational relationship between
the amount of the special tax levied against each Parcel within SSA No. 2003-100
and the special service benefit rendered. Therefore, the public improvements
anticipated to be financed by SSA No. 2003-101 as shown in Table 1 have been
allocated in accordance with the benefit rendered to the property therein, with
benefit estimated to be a fitnction of (i) the service or benefit area for said
improvements and (ii) the relative capacity for said improvements reserved for or
used by properties within the benefit area. A discussion of the relevant benefit
area(s) and measures of public facilities usage is detailed below.
1. BENEFIT AREA
The scope of the eligible public improvements is local in nature, and
therefore the benefit area includes only that property within SSA No.
2003-101 since the Eligible Improvements will be located within the SSA
No. 2003-101. The vast majority of these improvements will bring the
special services directly to the individual residential lots, and therefore
benefit is rendered to each Dwelling Unit. However, only a portion of the
Eligible Improvements benefits both the commercial and residential
property, and is therefore allocated accordingly between the two land uses
for such improvements. Further discussion for each of the major
categories of improvements and its related benefit area follows.
a. SANITARY SEWER AND WATER
All sanitary sewer and water improvements will benefit only the
residential property within SSA No. 2003-101. Given the
commercial property's location along State Route 47, it is
anticipated the commercial property will be required to pay for
connection to the existing sewer and water lines along said state
Special Tax Roll and Report Page 5
City of Yorkville Special Service Area No.2003-101 September 4,2003
route and will therefore not benefit from any of the sanitary sewer
and water improvements.
b. ROAD ALLOCATION
While all the road improvements benefit the residential property, a
small segment of the road improvements to be funded through SSA
No. 2003-101 will partially render benefit to the commercial
property. This section of improvements runs along the south side
on Fairfax Way commencing at the intersection of State Route 47
and Fairfax Way and extending easterly for approximately two
hundred feet (200'). The costs for this segment of road have been
identified from all other eligible road improvements in order to
allocate the costs accordingly between both the commercial and
residential property. All other road improvements anticipated to be
funded benefit only the residential property and have been
allocated accordingly.
C. STORM WATER MANAGEMENT
All storm water management improvements benefit both the
commercial and residential property. The allocation of the storm
water management improvement costs is discussed in Section
IV.C.2 below.
Furthermore, while certain Eligible Improvements will benefit the
commercial property, SSA No. 2003-101 will not finance with bond
proceeds the improvement costs attributable to such property. As shown in
the following tables, the commercial property is allocated its share of the
Eligible Improvements, but it will be funded by the developer, as the
current property owner, and will therefore not be taxed.
2. PUBLIC FACILITY USAGE
Once the benefit area has been established, the special services may be
allocated among the various properties within such area in accordance
with use. As is discussed in the following sections, commonly accepted
measures for public facility usage indicate that the benefit conferred by the
Eligible Improvements applies uniformly by land use type.
a. SANITARY SEWER AND WATER USAGE
The primary determinant of sanitary sewer and water usage is the
applicable population equivalent, or P.E. Household population is
the criteria commonly used to project sewer and water service
demand. Wastewater Engineering, Third Edition indicates that
residential wastewater flow rates are typically determined on the
basis of population density and the average per capita contribution
Special Tax Roll and Report Page 6
City of Yorkville Special Service Area No. 2003-101 September 4,2003
of wastewater. The Illinois Environmental Protection Agency's
criteria for water storage and distribution systems assume an
everyday use equal to 50 gallons per day per person. In addition,
an emergency capacity is set at 50 gallons per day per person. This
equates to 350 gallons per day for each single-family home given
the applicable IEPA P.E. factor of 3.5 for single-family homes.
b. ROAD USAGE
Road usage is typically computed on the basis of anticipated trip
generation. The Institute of Traffic Engineers publication Trip
Generation Sixth Edition, indicates average weekday trips per
single-family detached home of 9.57 trips.
Average weekday trips for commercial developments are
commonly expressed per 1,000 square feet of gross leasable area.
For shopping center development, average weekday trips equal
42.92 per 1,000 square feet of gross leasable area. However, a
significant percentage of these trips will be considered pass-by
(i.e.,trips made as an intermediate stops on the way from an origin
to a primary trip destination). This is particularly true for the
subject shopping center development given its location on State
Route 47 just south of U.S. Highway 45. Based upon data
contained in Trip Generation Fifth Edition, it is estimated that at
least thirty percent(30%) of the trips will be comprised of pass-by
traffic,resulting in a net trip factor of 30.04 per 1,000 square feet,
or 0.03004 trips per square foot of building.
The commercial site of SSA No. 2003-101 is estimated to have a
twenty-five percent (25%) floor-to-area ratio ("FAR"). To
determine the estimated building square footage, the gross land
area of 248,292 square feet (five and seven-tenths acres x 43,560
square feet to an acre) is multiplied by the 25% FAR resulting in
an estimated 62,073 of building square feet.
C. STORM SEWER USAGE
Storm sewer facilities are sized based upon estimated storm flows
which vary with the size of the tributary drainage area, slope, soil
type, antecedent runoff condition, and impervious ground cover. In
its "Urban Hydrology for Small Watersheds: TR-55" (the "TR-55
Manual"), the United States Department of Agriculture indicates
average "runoff curve numbers" for purposes of measuring storm
flows or runoff. The runoff curve equation estimates storm runoff
given a particular volume of rainfall.
The runoff curve numbers for fully developed urban areas
indicated in the TR-55 Manual vary by land use type, impervious
Special Tax Roll and Report Page 7
City of Yorkville Special Service Area No.2003-101 September 4,2003
area, and hydrologic soil group. Assuming generally uniform
antecedent runoff and hydrologic soil conditions within the SSA
No. 2003-101, storm flows will tend to vary with land use and the
associated impervious area.
Impervious ground coverage factors for residential development
varies by development density or the number of dwelling units per
gross acre, with gross acreage being exclusive of open space. The
gross density for the Residential Property in SSA No. 2003-100 is
two and two-tenths Dwelling Units to an acre, or 19,800 square
feet per lot which, according to the TR-55 Manual, would
categorize the Residential Property in SSA No.2003-100 as having
a development density of 1/2 acre. The TR-55 Manual indicates an
impervious ground coverage factor of twenty-five percent (25%)
for the development density category of 1/2 acre. Multiplying the
twenty-five percent factor by the average residential lot area of
approximately 19,800 square feet results in estimated impervious
ground area per single family lot of 4,950 square feet. As all lots
are anticipated to have approximately the same impervious area,
the storm flow and therefore usage of the storm sewer system is
not expected to vary in any material amount from single-family
home to single-family home.
With respect to the commercial property, the developer's engineer
has indicated that three percent of the overall benefit rendered from
the storm water management improvements can be allocated to the
commercial property since three percent of the storm flows is
attributable to such property.
Multiplying the preceding P.E., trips, impervious area, and household size
per single-family home or commercial building square foot, as applicable,
by the respective projected total yields the total P.E., trip generation,
impervious ground area, and percent allocation shown in Table 2 on the
following page.
Special Tax Roll and Report page 8
City of Yorkville Special Service Area No.2003-101 September 4,2003
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3. ALLOCATED COSTS
Dividing the estimated total cost for each respective category of Eligible
Improvements in Table 1 by the total P.E., trips, impervious area or
percent allocation, as applicable, in Table 2 results in Eligible
Improvement costs per P.E., trips, impervious square foot, or percent of
costs as shown in Table 3 below. Multiplying these "unit" costs by the
P.E., trips, impervious area, or percent allocable, as applicable, yields the
allocated Eligible Improvements shown in Table 4. The estimated Eligible
Improvements costs anticipated to be funded by SSA No. 2003-101 is
shown in Table 5.
As all the Eligible Improvements cannot be financed through SSA No.
2003-101, the portion of the on-site improvements to be financed with
bond proceeds are detailed in Table 5. All Eligible Improvements
attributable to the Residential Property that are not financed through SSA
No. 2003-101 will be funded by the developer and are categorized as
"Unfunded Residential"under"Developer's Equity"in Table 5.
TABLE 3
ALLOCATED ELIGIBLE IMPROVEMENT COSTS
PER P.E.,'TRti*,1 mnmytaus F, AND PERCENT. OF COSTS
I'U AW!MOVE T w J ALWAM COST
Sanitary Sewer Facilities $1,012.36/P.E.
($981,483/969.50 P.E.)
Water Facilities $893.24/P.E.
($866,000/969.50 P.E.)
Road Facilities
Shared Section of Fairfax Way $6.31/Trip
($28,500/4,515.56 Trips)
Remaining Road Facilities $2,907.58/Trip
($7,707,671/2,650.89 Trips)
Storm Water Management Facilities'
Percent Allocation $11,539.96/Percent of Costs
($1,153,996/100)
Impervious Square Foot $0.82/Impervious Square Foot
($1,119,376/1,371,150 Impervious Square Foot)
The storm water management facilities are initially allocated between the commercial property
and the residential property by the percent allocable to such land use.Then the percent allocable
to the residential property,or ninety-seven percent(97%), are calculated into impervious square
foot.
2 Total amount equals 97%of the Eligible ible Im rovement costs.
Special Tax Roll and Report Page 10
City of Yorkville Special Service Area No.2003-101 September 4,2003
ABLE 4
ALLOCATED EUGII3LE IMPROVEMENT COST$
PER INGLRPAIlILk HOME
Ak ATRn COST
CO WIti90AL PItOP)KR` Y
PUBLIC 7.MMO EMNT P��S��t� �.A.NIIIZY NO
g�$M:
Sanitary Sewer Facilities $3,543.26/SFH
($1,012.36/P.E.x 3.5 P.E./SFH') Not Applicable
Water Facilities $3,126.35/SFH
$893.24/P.E.x 3.5 P.E./SFH') Not Applicable
Road Facilities
Shared Section of Fairfax Way $60.40/SFH $11,768.89
($6.31/Trip x 9.57 Trips/SFH) ($6.31/Trip x 1,864.67 Trips)
Remaining Road Facilities $27,825.53/SFH
($2,907.58/Trip x 9.57 Trips/SFH') Not Applicable
Storm Water Management FacilitieS2
Percent Allocation Not Applicable $34,619.88
$11,539.96/Percent x 3 Percent)
Impervious Square Foot' $4,041.07/SFH Not Applicable
($0.82/Im ervious SF x 4,950 Im ervious SF/SFH')
Single-Family Home
7The storm water management facilities are initially allocated between the commercial property and the residential property by the percent
allocable to such land use.Then the percent allocable of costs with respect to the residential property, or ninety-seven percent(97%), are
calculated into impervious square foot.
3Total amount equals 97%of the Eligible Improvement costs.
TABLES
FI1NDjtG OF EIAGtSLE PUBLIC IMPROVEMENTS
D1; Wt. � Mum
GRA ND SSA No, COMMERCIAL UNFUNJDM
PUBLIC h1k FIMSNT ToTAt 2003-101 PttOURTY R MENUAL
Sanitary Sewer Facilities $981,483 $849,520 NA $131,963
Water Facilities $866,000 $797,579 NA $68,421
Road Facilities
Shared Section of Fairfax Way $28,500 $16,731 $11,769 $0
Remaining Road Facilities $7,707,671 $2,021,345 NA $5,686,326
Storm Water Management Facilities $1,153,996 $1,044,744 $34,620 $74,632
Underground Repairs $126,000 $0 $0 $126,000
Grand Total $10,863,650 $4,729,919 $46,389 $6,087,342
Special Tax Roll and Report Page 11
City of Yorkville Special Service Area No.2003-101 September 4,2003
D. ALTERNATIVES,MODIFICATIONS,AND/OR SUBSTITUTIONS
The description of the Eligible Improvements, as set forth herein, is general in
nature. The final description, specifications, location, and costs of improvements
and facilities will be determined upon the preparation of final plans and
specifications and completion of the improvements. The final plans may show
substitutes, in lieu or modifications to the Eligible Improvements in order to
accomplish the works of improvements, and any substitution, increase, or
decrease to the amount of public improvements financed shall not be a change or
modification in the proceedings as long as the allocation of the Eligible
Improvement costs actually funded by SSA No. 2003-101, using the preceding
methodology, is equivalent for each single-family home therein.
V. BOND ASSUMPTIONS
It is anticipated that certain of the Eligible Improvements will be financed through the
issuance of a single series of bonds. Total authorized bonded indebtedness is $8,000,000.
Bonds in the approximate amount of $7,000,000 are anticipated to be issued in August
2003. Issuance costs are estimated to be approximately five percent (5.00%) of the
principal amount of the bonds. The bond issue will include a reserve fund not more than
ten percent (10.00%) of the original principal amount of the bonds and approximately
three years of capitalized interest. The term of the bonds is 30 years, with principal
amortized over a period of approximately 27 years. Annual debt service payments will
increase approximately one and one-half percent (1.50%) annually.
The final sizing of the bonds may be modified as appropriate to meet the objectives of the
financing and prevailing bond market conditions. These modifications may include, but
are not limited to, changes in the following:
• Bond timing,phasing, and/or escrows;
• Capitalized interest period;
• Principal amortization(i.e., bond term and annual debt service payment);
• Reserve fund size and form; and
• Coupon rates.
Therefore, the actual bonded indebtedness, and consequently the amount of public
improvements financed by SSA No. 2003-101,may increase or decrease depending upon
these variables.
VI. MAXIMUM PARCEL SPECIAL TAX
As mentioned previously, the Eligible Improvements allocable to the commercial
property will not be financed with bond proceeds for SSA No. 2003-101. Therefore, this
land use will not be subject to the special tax. The discussion that follows applies only to
the Residential Property.
Special Tax Roll and Report page 12
City of Yorkville Special Service Area No. 2003-101 September 4,2003
A. DETERMINATION
When multiple land uses are anticipated, the Maximum Parcel Special Tax is a
function of(i) the relative amounts of the allocated Eligible Improvement costs
for such land uses and (ii) required Maximum Parcel Special Taxes. In this case
there is only one land use, single-family homes, and the allocated Eligible
Improvement costs are equal for each such home. Therefore, the Maximum Parcel
Special Tax will be equal for each single-family home.
The Maximum Parcel Special Tax is derived from the Maximum Parcel Special
Taxes which are equal to the sum of the estimated (i) maximum annual interest
and principal payments on the Bonds, net of projected earnings on the reserve
fund, (ii) contingency for delinquent Special Taxes, and (iii) estimated
Administrative Expenses. The derivation of the Maximum Parcel Special Tax is
shown in Table 6 below.
TABLE 6
MAXIMUM PARCEL PEGIAL TA
(LEVI M. CALENDAR YEAR 20041
COLLECTED CALENDAR YEAR 2005)
Maximum Parcel Special Taxes $547,075
Single-family Homes 277
Maximum Parcel Special Taxi $1,975
Per Single-Family Dwelling Unit
The required annual Maximum Parcel Special Taxes are based upon the bond
assumptions set forth in Section V above and an assumption of an average coupon
rate of 6.75%. The Maximum Parcel Special Tax per single-family home is
simply computed by dividing the Maximum Parcel Special Taxes by the number
of single-family homes. Therefore,the special taxes are proportional to the cost of
the public improvements and consequently the amount of the Maximum Parcel
Special Tax bears a rational relationship to the benefit that the special services
render to each Parcel within SSA No. 2003-100 as required pursuant to the Act.
B. APPLICATION
The Maximum Parcel Special Tax for a Parcel of Residential Property which is
not located within a Final Plat shall be calculated by multiplying the number of
expected single-family Dwelling Units for such Parcel, as determined from the
Preliminary Plat in effect as of September 30 preceding the Calendar Year for
which the Special Tax is being extended, by the applicable Maximum Parcel
Special Tax determined pursuant to Table 6, as increased in accordance with the
Section VI.0 below.
Special Tax Roll and Report Page 13
City of Yorkville Special Service Area No.2003-101 September 4,2003
C. ESCALATION
The Maximum Parcel Special Tax that has been levied in each subsequent
Calendar Year escalates one and one-half percent (1.50%) annually, rounded to
the nearest dollar, with such escalation commencing with Calendar Year 2006.
Note,that while the annual increase in the Maximum Parcel Special Tax is limited
to one and one-half percent (1.50%), which is consistent with the anticipated
graduated payment schedule for interest and principal on the Bonds, the
percentage annual change in the Special Tax extended may be greater depending
upon actual Special Tax receipts, capitalized interest, investment earnings, and
Administrative Expenses.
D. TERM
The Maximum Parcel Special Tax shall not be levied after Calendar Year 2031
(to be collected in Calendar Year 2032).
E. SPECIAL TAX ROLL AMENDMENT
Each Calendar Year, in conjunction with the abatement ordinance adopted by the
City, the City shall amend the Special Tax Roll to reflect the Maximum Parcel
Special Tax applicable to any new Parcels established by the County. The
amended Special Tax Roll shall be recorded with the County.
F. OPTIONAL PREPAYMENT
The Maximum Parcel Special Tax for any Parcel may be prepaid and the
obligation of the Parcel to pay the Maximum Parcel Special Tax permanently
satisfied pursuant to Section A of Exhibit B attached hereto, provided that a
prepayment may be made only if there are no delinquent Special Taxes with
respect to such Parcel at the time of prepayment. The Maximum Parcel Special
Tax may also be prepaid in part, provided that proceeds for any such prepayment
are sufficient to permit the redemption of Bonds in such amounts and maturities
deemed necessary by the Administrator and in accordance with the Bond
Indenture.
An owner of a Parcel intending to prepay the Maximum Parcel Special Tax, either
partially or in full, shall provide the City with written notice of intent to prepay.
Within 30 days of receipt of such written notice, the City or its designee shall
notify such owner of the amount of the Special Tax Bond Prepayment or the
Partial Special Tax Bond Prepayment, as applicable, for such Parcel and the date
through which the amount such amount shall be valid.
G. MANDATORY PREPAYMENT
If at any time the Administrator determines that there has been or will be a
reduction in the Maximum Parcel Special Taxes as a result of an amendment to
the Preliminary Plat, Final Plat, or other event which reduces the anticipated
Special Tax Roll and Report Page 14
City of Yorkville Special Service Area No.2003-101 September 4,2003
number of single-family Dwelling Units (i.e. 277 single-family homes), then a
Mandatory Special Tax Prepayment shall be calculated pursuant to Section B of
Exhibit B attached hereto. As required under the Bond Indenture, the City may
adopt a supplemental ordinance to provide for the levy of the Mandatory Special
Tax Prepayment.
VII. ABATEMENT AND COLLECTION
A. ABATEMENT
On or before the last Tuesday of December of each Calendar Year, commencing
with Calendar Year 2004 and for each following Calendar Year,the Council or its
designee shall determine the Special Tax Requirement and the Maximum Parcel
Special Tax authorized by the ordinance providing for the issuance of the Bonds
shall be abated to the extent the amounts so levied exceed the Special Tax
Requirement. The Maximum Parcel Special Tax applicable to each Parcel shall be
abated in equal percentages until the Special Tax remaining equals the Special
Tax Requirement. Abated in equal percentages means that the amount abated for
each Parcel, computed as a percentage of its applicable Maximum Parcel Special
Tax, is the same.
B. COLLECTION PROCESS
With the exception of the Mandatory Special Tax Prepayment, the Special Tax
will be billed and collected by the County in the same manner and at the same
time as general ad valorem property taxes. The lien and foreclosure remedies
provided for in Article 9 of the Illinois Municipal Code shall apply upon the
nonpayment of the Special Tax. The Council may provide for other means of
collecting the Special Tax, if necessary to meet the financial obligations of SSA
No. 2003-101.
The Mandatory Special Tax Prepayment shall be due prior to any development
approval, subdivision of land, conveyance, or other action that results in a
reduction in the Maximum Parcel Special Taxes. The Mandatory Special Tax
Prepayment shall be levied against the property on which the reduction has or will
occur. The Mandatory Special Tax Prepayment shall have the same sale and lien
priorities as are provided for regular property taxes. A Mandatory Special Tax
Prepayment shall not reduce the Maximum Parcel Special Tax for any Parcel.
C. ADMINISTRATIVE REVIEW
Any owner of a Parcel claiming that a calculation error has been made in the
amount of the Special Tax applicable to such Parcel for any Calendar Year may
send a written notice describing the error to the Administrator not later than thirty
(30) days after having paid the Special Tax which is alleged to be in error. The
Administrator shall promptly review the notice, and if necessary, meet with the
property owner, consider written and oral evidence regarding the alleged error,
and decide whether, in fact, such an error occurred. If the Administrator
Special Tax Roll and Report Page 15
City of Yorkville Special Service Area No.2003-101 September 4,2003
determines that an error did in fact occur and the Special Tax should be modified
or changed in favor of the property owner, an adjustment shall be made in the
amount of the Special Tax applicable to such Parcel in the next Calendar Year.
Cash refunds shall only be made in the final Calendar Year for the Special Tax).
The decision of the Administrator regarding any error in respect to the Special
Tax shall be final.
VIII. AMENDMENTS
This Report may be amended by ordinance of the City and, to the maximum extent
permitted by the Act, such amendments may be made without further notice under the
Act and without notice to owners of property within SSA No. 2003-101 in order to (i)
clarify or correct minor inconsistencies in the matters set forth herein, (ii) provide for
lawful procedures for the collection and enforcement of the Special Tax so as to assure
the efficient collection of the Special Tax for the benefit of the owners of the Bonds, (iii)
otherwise improve the ability of the City to fulfill its obligations to levy, extend, and
collect the Special Tax and to make it available for the payment of the Bonds and
Administrative Expenses, and (iv) make any change deemed necessary or advisable by
the City, provided such change is not detrimental to the owners of property subject to the
Maximum Parcel Special Tax.No such amendment shall be approved by the Council if it
violates any other agreement binding upon the City and unless and until it has (i) found
and determined that the amendment is necessary and appropriate and does not materially
adversely affect the rights of the owners of the Bonds or the City has obtained the consent
of one hundred percent (100.00%) of the owners of the Bonds and (ii) received an
opinion of a nationally recognized bond counsel to the effect that the amendment does
not violate the Act, and is authorized pursuant to the terms of the Bond Indenture and this
Report.
K:\Clients2\Yorkvdle\SSA2003-101(Wiseman Hughes)\SSA Report\Windett Ridge SSA Report 5.doc
Special Tax Roll and Report Page 16
City of Yorkville Special Service Area No.2003-101 September 4,2003
EXHIBIT A
SPECIAL TAX ROLL
CITY
UNITED ft�
SSA No. 200340
SPECIAL TAX ROLL
CALENDAR YEAR 2004 THROUGH CALENDAR YEAR.2031
Permanent Index Number
Levied Maximum Parcel 05-09'178-005
Calendar Special Tax Per Dwelling Units GRAND
Year TOTAL~
2004 $1.975.00 $547.075.00 $547.075.00
2005 $1.975.80 $547.075.00 $547.075.00
2000 $2.005.00 $555.385.00 $555.385.00
2007 $2.035.00 $503.095.00 $563.695.00
2008 $2.006.00 $572.282.80 $573.282.00
2809 $2.097.00 $580.809.00 $580.809.00
2810 $2.128.08 $589.456.08 $589.458.00
2011 $2.188.00 $598.320.00 $588.320.00
2012 $2'192.80 $807.184.00 $807.184.08
2013 $2.225.00 $016.325.00 $616.325.00
2014 $2'258.00 $025.480.80 $825.460.00
2015 $2.392.00 $034.884.00 $034.884.00
2016 $2.320.00 $044.302.00 $044.302.08
2017 $2.301.00 $053.897.00 $053.997.00
2818 $2.390.00 $683.092.00 $803.892.00
2019 $2.432.08 $073.004.00 $873.664.00
2020 $2.408.00 $083.030.00 $083.830.00
2021 $2.505.00 $693.885.00 $093.885.80
2822 Q2,543.00 $704.411.00 8704.411.80
2023 $2'581.00 $714.937.80 $714.937.00
2024 $2.020.08 $725.740.88 $725.740.00
2025 $2.058.88 $730.543.08 $730.543.00
2028 $2.099.00 $747.823.00 $747.023.00
2027 %2.739.00 $758'703.00 $758.703.00
2028 $2.780.80 $770.060.00 $770.000.00
2029 $2.822.00 $781.004.00 $781.884.00
2830 $2.884.00 $793.328.80 $793.328.00
3031 $2.907.00 $805.239.00 $805.239.00
EXHIBIT B
PREPAYMENT OF THE
MAXIMUM PARCEL SPECIAL TAX
UNITED CITY OF YORKVILLE
SPECIAL SERVICE AREA NO. 2003-101
PREPAYMENT FORMULA
All capitalized terms not defined in this Exhibit B shall have the meaning given to such terms in
the Report.
A. OPTIONAL PREPAYMENT OF THE MAXIMUM PARCEL SPECIAL TAX
Pursuant to Section VLF of the Report, the Maximum Parcel Special Tax may be prepaid
and permanently satisfied under the conditions set forth therein. The Special Tax Bond
Prepayment is calculated as follows.
1. Prior to the Issuance of Bonds
Prior to the issuance of any Bonds, the Special Tax Bond Prepayment for a Parcel
of Residential Property shall equal $17,076 per Dwelling Unit subject to changes
as described in Section IV.D of the Special Tax Roll and Report of SSA No.
2003-101. If at the time of the prepayment, the Parcel intending to prepay is not
located within a Final Plat, the prepayment amount shall be calculated by
multiplying the number of expected single-family Dwelling Units for such Parcel,
as determined from the Preliminary Plat by the applicable Special Tax Bond
Prepayment per Dwelling Unit.
2. Special Tax Bond Prepayment Subsequent to Issuance of the Bonds
Subsequent to the issuance of the Bonds, the Special Tax Bond Prepayment for a
Parcel means an amount equal to (a) the sum of(1) Principal, (2) Premium, (3)
Defeasance, and(4) Fees and (b) minus the Reserve Fund Credit, where the terms
"Principal," 'Premium," "Defeasance," "Fees," and 'Reserve Fund Credit" have
the following meanings:
"Principal" means the principal amount of Bonds to be redeemed and
equals the quotient derived by dividing (a) the then current Calendar Year
Maximum Parcel Special Tax for the Parcel intending to prepay by (b) the
corresponding Calendar Year Maximum Parcel Special Taxes for SSA No.
2003-101, (and excluding from (b) that portion of the Maximum Parcel
Special Tax for any Parcel(s) that has been prepaid), and multiplying the
quotient by the principal amount of outstanding Bonds.
"Premium" means an amount equal to the Principal multiplied by the
applicable redemption premium, if any, for any Bonds so redeemed with
the proceeds of any such prepayment. Any applicable redemption
premium shall be as set forth in the Bond Indenture.
B-1
"Defeasance" means the amount needed to pay interest on the Principal
to be redeemed until the earliest redemption date for the outstanding
Bonds less for any Special Tax heretofore paid and has not been or will
not be used for the Special Tax Requirement.
"Fees" equal the expenses of SSA No. 2003-101 associated with the
Special Tax Bond Prepayment as calculated by the City or its designee and
include, but are not limited to, the costs of computing the Special Tax
Bond Prepayment, the costs of redeeming the Bonds, and the costs of
recording and publishing any notices to evidence the Special Tax Bond
Prepayment and the redemption of Bonds.
"Reserve Fund Credit" shall equal the balance in the Reserve Fund (as
defined in the Bond Indenture)multiplied by the quotient used to calculate
Principal. Reserve Fund earnings to be applied toward the Special Tax
Requirement shall not be considered when computing the Reserve Fund
Credit.
The amount of any Partial Special Tax Bond Prepayment shall be computed
pursuant to the preceding prepayment formula substituting the portion of the
Maximum Parcel Special Tax to be prepaid for the Maximum Parcel Special Tax
when computing Principal. The amount of any Special Tax Bond Prepayment or
Partial Special Tax Bond Prepayment computed pursuant to this Section A.2 shall
not exceed the Bonds plus any Premium, Defeasance, and Fees as such terms are
defined herein.
The sum of the amounts calculated in Section A.1 shall be paid to the City, deposited
with the trustee, and used to pay for public improvements in accordance with the Bond
Indenture and to pay the Fees associated with the Special Tax Bond Prepayment. The
sum of the amounts calculated in A.2 shall be paid to the City, deposited with the trustee,
and used to pay and redeem Bonds in accordance with the Bond Indenture and to pay the
Fees associated with the Special Tax Bond Prepayment.Upon the payment of the Special
Tax Bond Prepayment amount to the City, the obligation to pay the portion of the
Maximum Parcel Special Tax which is prepaid for such Parcel shall be deemed to be
permanently satisfied, such portion of the Maximum Parcel Special Tax shall not be
collected thereafter from such Parcel, and in the event the entire Maximum Parcel Special
Tax is prepaid the Administrator shall cause a satisfaction of special tax lien for such
Parcel to be recorded within 30 working days of receipt of the Special Tax Bond
Prepayment.
B-2
B. MANDATORY PREPAYMENT
Pursuant to Section VLG of the Special Tax Roll and Report of SSA No. 2003-101, the
Maximum Parcel Special Tax must be prepaid if at any time the Administrator
determines there is or will be a reduction in the number of anticipated Dwelling Units
(i.e. 277 single-family homes). The Mandatory Special Tax Prepayment amount will be
calculated using the prepayment formula described in Section A.2 above with the
following modifications:
The amount by which the Maximum Parcel Special Taxes have been
reduced shall serve as the numerator when computing Principal; and
No Reserve Fund Credit shall be given.
The amount of any Mandatory Special Tax Prepayment shall not exceed the Bonds plus
any Premium, Defeasance, and Fees as such terms are defined in Section A above.
B-3
United City of Yorkville
EST 1836 County Seat of Kendall County
. , �
800 Game Farm Road
JJ w Yorkville, Illinois 60560
O t� d ` O Phone:630-553-4350
Fax:630-553-7575
LE
CERTIFIED COPY AFFIDAVIT
I, Jacquelyn Milschewski, City Clerk in and for the United City of Yorkville,Kendall County, State of
Illinois, and Legal Custodian of the records, files and seal of said City do hereby certify this is a full and
complete copy of the original document identified ash
filed in my office o �l�=a.�.. ��• -3
Dated this (� day of , 2003.
Jac q 1 Milsc wski, City Clerk
SEAL
° United City of Yorkville
ES,: 1836 800 Game Farm Road
-�� Yorkville, Illinois, 60560
o Telephone: 630-553-4350
O
Cry �Z Fax: 630-553-7575
<CE
September 10, 2003
This document is being Re-Recorded from Ordinance #2003-56, which was recorded
with the Kendall County Recorder of Deeds on September 10, 2003, document
#200300032634, in order to conform and add exhibits required and referenced by said
City Ordinance.
Traci Pleckham
Jnance Director
United City of Yorkville