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Joint Review Board Packet 2011 03-22-11 (Downtown TIF) AGENDA ANNUAL JOINT REVIEW BOARD OF THE UNITED CITY OF YORKVILLE FOR THE DOWNTOWN REDEVELOPMENT PROJECT AREA March 22,2011 United City of Yorkville, City Hall 1:30 p.m. 800 Game Farm Road, Yorkville,Illinois 1. Roll Call United City of Yorkville Kendall Township Kendall County Waubonsee Community College Dist.#516 Yorkville School Dist#115 Bristol-Kendall Fire Protection District Bristol Township 2. Call Meeting To Order 3. Motion to elect or re-elect Public Member 4. Motion to elect or re-elect Chairperson 5. Review of Annual Report for Downtown Redevelopment Project Area 6. Discussion 7. Adjournment NOTICE OF ANNUAL MEETING OF JOINT REVIEW BOARD Kendall Township Kendall County 9513 Walker Road 111 West Fox Street Yorkville,Illinois 60560 Yorkville,Illinois 60560 Waubonsee Community College Dist.#516 Yorkville School District#115 Route 47 at Waubonsee Drive 602 Center Parkway,#A Sugar Grove,Illinois 60554 Yorkville,Illinois 60560 Bristol-Kendall Fire Protection District United City of Yorkville 103 East Beaver Street 800 Game Farm Road Yorkville,Illinois 60560 Yorkville,Illinois 60560 Bristol Township 9075 Corneils Bristol,Illinois 60512 YOU ARE HEREBY NOTIFIED that a meeting of the annual Joint Review Board(s)to review the annual reports for the Fox Industrial Park,Downtown,and US Route 34/IL Route 47 Countryside Shopping Center Tax Increment Financing Redevelopment Project Areas will be convened on March 22,2011 at 1:30 p.m.at the United City of Yorkville,City Hall,800 Game Farm Road,Yorkville,Illinois 60560. PLEASE BE ADVISED that the Joint Review Board(s)shall elect or re-elect a public member as well as a chairperson. In accordance with the provisions of the Tax Increment Allocation Redevelopment Act(the"Act")(65 ILCS 5/11-74.1-1,et seq.),the Joint Review Board(s)shall review the annual report(s)for the Fox Industrial Park, Downtown,and the US Route 34/IL Route 47 Countryside Shopping Center Redevelopment Project Areas. /s/Jackie Milschewski,Village Clerk SECTION 2[Sections 2 through 5 must be completed for each redevelopment project area listed in Section 1.1 Name of Redevelopment Project Area: Downtown Yorkville Primary Use of Redevelopment Project Area*: Comb inationlMixed If"Combination/Mixed"List Component Types: Commercial/Residential Under which section of the Illinois Municipal Code was Redevelopment Project Area designated?(check one): Tax Increment Allocation Redevelopment Act X Industrial Jobs Recovery Law No Yes Were there any amendments to the redevelopment plan, the redevelopment project area, or the State Sates Tax Boundary?[65 ILCS 5/11-74.4-5(d)(1)and 5111-74.6-22(d)(1)] If yes, please enclose the amendment labeled Attachment A X Certification of the Chief Executive Officer of the municipality that the municipality has complied with all of the requirements of the Act during the preceding fiscal year. [65 ILCS 5111-74.4-5(d)(3)and 5/11-74.8- 22(d)(3)] Please enclose the CEO Certification labeled Attachment B X Opinion of legal counsel that municipality Is in compliance with the Act, [65 ILCS 5/11-74.45(d)(4)and 5/11-74.6-22(d)(4)] Please enclose the Lanai Counsel Opinion labeled Attachment C X Were there any activities undertaken in furtherance of the objectives of the redevelopment plan,Including any project implemented in the preceding fiscal year and a description of the activities undertaken? [65 ILCS 5111-74.4.5(d)(7)(A and B)and 5/11-74.6-22(d)(7)(A and B)] If yes, please enclose the Activities Statement labeled Attachment D X Were any agreements entered into by the municipality with regard to the disposition or redevelopment of any property within the redevelopment project area or the area within the State Sales Tax Boundary?[65 ILCS 5/11-74.4-5(d)(7)(C)and 5/11-74.6-22(d)(7)(C)] if yes,12lease enclose the Agreement(s)labeled Attachment E X Is there additional kftrmaWn on the use of all funds received under this Division and steps taken by the municipality to achieve the objectives of the redevelopment plan? [65 ILCS 5/11-74.4-5 (d)(7) (D) and 5111-74.6-22(d)(7)(D)] If ves.Please enclose the Additional Information labeled Attachment F X Did the munlelpalily's TIF advisors or consultants enter Into contracts with entities or persons that have received or are receiving payments financed by tax increment revenues produced by the same TIF? [65 ILCS 5/11-74.4-5(d)(7)(E)and 5/11-74.6.22(d)(7)(E)] H yes,please enclose the contract(s)or description of the contract(s) labeled Attachment G X Were there any reports or meeting minutes submitted to the municipality by the joint review board? [85 ILCS 5/11-74.4-5(d)(7)(F)and 5111-74.6-22(d)(7)(F)] If yes,please enclose the Joint Review Board Report labeled Attachment H X Were any obligations issued by municipality?[65 ILCS 5/11-74.4-5(d)(8)(A)and 5/11-74.6-22(d)(8)(A)] If Yes,Please enclose the Official Statement labeled Attachment I X Was analysis prepared by a financial advisor or underwriter setting forth the nature and term of obligation and projected debt service Including required reserves and debt coverage? [65 ILCS 5111-74.4-5 (d)(8) (B)and 5111-74.6-22(d)(8)(B)] If yes,please enclose the Anal Is labeled Attachment J X Cumulatively, have deposits equal or greater than $100,000 been made into the special tax allocation fund?65 ILCS 5111-74.4-5(d)(2)and 5111-74.6-22(d)(2) If yes,please enclose Audited financial statements of the special tax allocation fund labeled Attachment K X Cumulatively, have deposits of incremental revenue equal to or greater than $100,000 been made into the special tax allocation fund?65 ILCS 5111-74.4-5(d)(9)and 5(11-74.6-22(d)(9) If yes, please enclose a certified letter statement reviewing compliance with the Act labeled Attachment L X A list of all Intergovernmental agreements In effect in FY 2010,to which the municipality is a part,and an accounting of any money transferred or received by the municipality during that fiscal year pursuant to those Intergovernmental agreements.[65 ILCS 5/11-74.4-5(d)(10)] If yes,please enclose list only of the intergovernmental agreements labeled Attachment M I X Types include: Central Business District, Retail, Other Commercial,Industrial, Residential,and Combination/Mixed. SECTION 3.1 -(65 ILCS 5111-74.4-5(d)(5)and 65 ILCS 5111-74.6-22(d)(5)) Provide an analysis of the special tax allocation fund. Reporting Year Cumulative Fund Balance at Beginning of Reporting Period $ 49 575 Revenue/Cash Receipts Deposited In Fund During Reporting FY: %of Total Property Tax Increment $ 88,554 $ 194,898 98% State Sales Tax(ncrement 0% Local Sales Tax Increment 0% State Utilit y Tax Increment 0% Local Utility Tax increment 0% Interest $ - $ 3,551 2% Land/Building Sale Proceeds 0% Bond Proceeds 0% Transfers from Municipal Sources 0% Private Sources Other(identify source ; if multiple other sources, attach schedule) D% Total Amount Deposited in Special Tax Allocation Fund During Reporting Period is 88,550 Cumulative Total Revenues/Cash Receipts Is 198,449 100% Total ExpenditureslCash Disbursements(Carried forward from Section 3.2) $ 1 832 Distribution of Surplus IS _ Total Expenditures/Disbursements Is 1,832 NET INCOMEICASH RECEIPTS OVEW(UNDER)CASH DISBURSEMENTS 1 $ 86,719 FUND BALANCE, END OF REPORTING PERIOD 1 $ 136 294 -If there Is a positive fund balance at the end of the reporting period,you must complete Section 3.3 FY 2010 TIF Name: Downtown Yorkville SECTION 3.2 A(65 ILCS 5111-74.4-5(d)(5)and 65 ILCS 5111-74.6-22(d)(5)) ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND (by category of permissible redevelopment cost,amounts expended during reporting period) FOR AMOUNTS>;10,000 SECTION 3.2 B MUST HE COMPLETED Category of Permissible Redevelopment Cost[65 ILCS 5111-74.4-3(q)and 65 ILC5 5111-74.6.10(o)] ReportIno Fiscal Year 1.Costs of studies,administration and Professional services—Subsectlons 1 and a)(1) - Administrative Fees 1,632 - 2.Cost of marketing sites—Subsections 1.6 and(9 10 - - 1 3. Property assembly, demolition, site preparation and environmental site lmprovement costs. - Subsection 2,(o X2)and o 3 4. 3 - Costs of rehabilitation, reconstruction, repair or remodeling and replacement of existing public --buildings.Subsection 3 and(o X4) 5.Costs of construction of public works and im rovemenls.Subsection H and o 5 e - 6.Costs of removing contaminants required by environmental laws or rules(o)[e)-Industrial Jobs Recovery TIFs ONLY FY 201 D TIF Name-. Downtown Yorkville 7.Cost of fob training and retraining,Including"welfare to work"programs Subsection(q)(5),(0)(7) and(o)(12) 8,Financing costs.Subsection B and(o)(8) - - S S.Approved capital costs.Subsection and(o)(9) 10. Cost of Reimbursing school districts rot their Increased costs caused by TIF assisted housing projects.Subsection 7.5 -Tax Increment Allocation Redevelopment TIFs ONLY 11.Relocation costs.Subsection 8 and o 10 Mv- 12.Pa_wnents in lieu of taxes.Subsection 9 and o 11 3 13. Costs of Job trailing, retraining advanced vorationar or career education providers by other' taxing bodies.Subsection 10 and(a)(12) FY 2010 TIF Name, Downtown Yorkville 14. Costs of reimbursing private developers for Interest expenses incurred on approved redevelopment projects.Subsection 11)(A-E)and v 13 A-E 15. Costs of construction or new housing units for low Income and very low-Income households,. Subsection 11 F` Tax Increment Allocation Redevelopment TI Fs ONLY 113. Cost of day care services and operational costs of day care centers. Subsection(q) (11.5)- Tax Increment Allocation Redevelopment T1Fs ONLY TOTAL ITEMIZED EXPENDITURES g 1,834 FY 2010 TIF Name: Downtown Yorkville Section 3.2 B List all vendors, including other municipal funds,that were paid in excess of$10,000 during the current reporting year. —x There were no vendors, including other municipal funds, paid in excess of $10,000 during the current reporting period. Name Service Amount FY 2010 TIF Name: Downtown Yorkville SECTION 3.3-(65 ILCS 5111-74.4-5(d)(5)65 ILCS 11-74.6-22(d)(5)) Breakdown of the Balance In the Special Tax Allocation Fund At the End of the Reporting Period 165 ILLS 5111-74.4-5(d)(5)(D)and 65 ILCS 5111.74.6-22(d)(5)(D)) FUND BALANCE, END OF REPORTING PERIOD $ 136,294 [Amount of Original Issuance Amount Desi Hated 1. Description of Debt Obligations Total Amount Designated for Obligations 1 $ - is - 2.Description of Project Costs to be Paid Infrastructure $ 1$0,000 Total Amount Designated for Project Costs $ TOTAL AMOUNT DESIGNATED $ 150 000 SURPLUS'/(DEFICIT) 13,706 'NOTE: If a surplus is calculated,the municipafity may be required to repay the amount to overlapping taxing FY 2D10 TIF Name: Downtown Yorkville SECTION 4 155 ILCS 5111-74.45(d)(6)and 65 ILCS 5111-74.6-22(d)(6)] Provide a description of all property purchased by the municipality during the reporting fiscal year within the redevelopment project area. X No property was acquired by the Municipality Within the Redevelopment Project Area Property Acquired by the Municipality Within the Redevelopment Project Area Property(1)' Street address: Approximate size or description of property-_ Purchase price: Seller of property: Pro e (2): Street address: Approximate size or description of property, Purchase rice: Seller of property: Property(3): Street address: Ap2roximate size or description of property., Purchase price: Seller of property: Property 4 : Street address: Approx mate size or description of prope C. Purchase price: Seller of property: FY 2010 TIF Name: Downtown Yorkville SECTION 5-65 ILCS 5111-74.4-5(d) (7)(G)and 65 ILCS 5111-74,6-22(d)(7) (G) Please Include a brief description of each project. x No Projects Were Undertaken by the Municipality Within the Redevelopment Project Area Estimated Investmentfor Subsequent Fiscal Estimated Cost of 1111199 to Date Year the Total Project TOTAL: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 1: Private Investment Undertaken See Instructions) Public Investment Undertaken Ralio of PrivatetPubtic Investment 0 0 Project 2. Private Investment Undertaken(See Instructions Public Investment Undertaken Ratio of PrivalelPublic Investment 0 0 Project 3: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of PrtvatelPublic Investment 0 0 Project 4: Private Investment Undertaken See Instructicns) Public Investment Undertaken Ratio of Prtvate/Publlc investment 0 0 Project 5: Private Investment Undertaken See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 FY 2010 T1F Name: Downtown Yorkville Optional: Information In the following sections Is not required by law, but would be helpful in evaluating the performance of TIF In Illinois. SECTION 6 Provide the base EAV(al the time of designation)and the EAV for the year reported for the redevelopment project area Year redevelopment project area was Reporting Fiscal Year designated Base EAV EAV 611312006 $ - I $ 7,472,807 List all overlapping tax districts In the redevelopment project area. If overlapping taxing district received a surplus,list the surplus. X The overlapping taxing districts did not receive a surplus. Surplus Distributed from redevelopment Overlapping Taxing District project area to overlapping districts $ $ $ $ a - SECTION 7 Provide information about job creaiton and retention Description and Type Number of Jobs Number of Jobs (Temporary or Retained Created Permanent)of Jobs Total Salaries Paid $ $ - $ SECTION 8 Provide a general description of the redevelopment project area using only major boundaries: Optional Documents Enclosed Legal description of redevelopment project area Map of District FY 2010 Tlr Name: Downtown Yorkville Attachment B ��fl car United City of Yorkville ' 800 Game Farm Road �� '�6 Yorkville, Illinois, 60560 i�l �� Telephone: 630-553-4350 CERTIFICATION OF CHIEF EXECUTIVE OFFICER I, Valerie Burd, Mayor of the United City of Yorkville, Kendall County, Illinois, certify that the City has complied with all of the requirements of the Tax Increment Allocation Redevelopment Act, 65 ILLS 5/11--74.4-1 et seq. during the fiscal year ending April 30, 2010, in connection with the administration of the Downtown Tax Increment Financing District. Valerie Burd, Mayor Attachment C LAW OFFICE KATmxEN FIELD ORR & ASSOCIATES 53 WKIT JACKSON BLVO. SUITE 635 CNICACO,1WHOIS 60604 (3121 962-2 1 13 FAX:W.,3924127 KATHLEEN FIELD ORR JAMES W.BINNINGER kfo@kfoassm.com jwb@kfoossoc.com January 27,2011 Judy Barr Topinka, State Comptroller State of Illinois Building 100 West Randolph Street Suite 15-500 Chicago,Illinois 60601 Dear Ms.Topinka: I, James W. Binninger, acted as special "TIP Counsel for the United City of Yorkville, Kendall County, Illinois, in connection with the Downtown Tax Increment Finance Redevelopment Project Area. 1 have reviewed all of the information provided by the City Administration and to the best of my knowledge and belief find that the United City of Yorkville, Illinois, has complied with all of the applicable provisions of the Illinois Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et seq.)for the fiscal year ending April 30,2010. Very truly yours, KATHLEEN FIELD ORR&ASSOCIATES James W.Binninger ATTACHMENT C ATTACHMENT K UNITED CITY OF YORKVILLE.IL1JNO IS Fox Industrial,Countryside,and Downtown Special Tax Allocation Funds Schedule of Revenues,Expenditures and Changes in Fund Balance Year Ended April 30,2010 Fox Industrial Countryside Downtown Tax Increment Tax Increment Tax Increment Financing Financing Financing District District District Fund Fund Fund Revenues Property Tax $ 216,677 6,250 86,550 Investment Income 44 9,223 Total Revenues 216,721 14,473 88,550 Expenditures Community Development Administration Fees 1,220 999 1,831 Debt Service Principal 65,000 165,000 Interest 12,793 142,869 Total Expenditures 79,013 308,868 1,831 Net Change in Fund Balance 137,708 (294,395) 86,719 Fund Balance May 1 285,643 2,772,153 49,575 April 30 5 423,351 7-477,758 136,294 3 Attachment L United City of Yorkville, Illinois Report on Compliance With Illinois Public Act 85-1142 For the Year Ended April 30,2010 Wolf & Company LLP Certified Public Accountants INDEPENDENT AUDITOR'S REPORT Wolf Company LLP X-Air A Wolf Financial Group 4lem6er HEbULE L INDEPENDENT Ai ITO 'S REPORT ON CoMpLIAN CE The Honorable Mayor Members of the City Council United City of Yorkville,Illinois We have audited the basic financial statements of the United City of Yorkville, Illinois for the year ended April 30,2010,and have issued our report thereon dated January 18,2011, We have also audited the Village's compliance with the provisions of subsection (q) of Section 11-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act(IIlinois Public Act 85-1142) relating to the Fox Industrial, Countryside and Downtown Tax Increment Financing Districts. The management of the United City of Yorkville, Illinois is responsible For the City's compliance with those requirements. Our responsibility is to express an opinion on compliance with those requirements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether material noncompliance with the requirements referred to above occurred. An audit includes examining, on a test basis, evidence about the United City of Yorkville, Illinois' compliance with those requirements. We believe that our audit provides a reasonable basis for our opinion. In our opinion,the United City of Yorkville, Illinois complied, in all material respects,with the requirements of subsection (q)of Section 11-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act(Illinois Pub]icAct 85-1142). Oakbrook Terrace,Illinois January 18,2011 PKF1401 S.Meyers]toad,Suite 500 & Oakbrook Terrace, Illinois 60181-5204 A PK MbrmetlonM Wramber FI m 630AA5,450n rearm i 630.574.7818 fix 1 www.wolfcpa-nom SUPPLEMENTARY INFORMATION Wolf Company LLP '111VIV/ A%%Ir Financial Group 45emher INDEPENDENT AUDITOR'S REPORT ON_SUPPLEMENTARY INFORMATION The Honorable Mayor Members of the City Council United City of Yorkville,111inois We have audited the basic financial statements of the United City of Yorkville, Illinois for the year ended April 30,2010,and have issued our report thereon dated January 18,2011. The financial statements are the responsibility of the United City of Yorkville, Illinois' management. Our responsibility is to express an opinion on the basic financial statements based on our audit. Our audit was made in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts, and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Our audit was made for the purpose of forming an opinion on the basic financial statements of the United City of Yorkville, Illinois taken as a whole. The accompanying schedule of revenues, expenditures, and changes in fund balance of the Fox Industrial,Countryside and Downtown Tax Increment Financing District Funds is presented for purposes of additional analysis and is not a required part of the basic financial statements. The information in this schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the basic financial statements taken as a whole. 1/jo s t4P Oakbrook Terrace,Illinois v0 January 18,2011 PKF1901 S.Meyers Road.Suite 300 % Oakbrook Terrace,lllinois 6018I-5209 A PKF Intemdronal Member Plrrn 630.545.4500 main ► 630.674.7818 fur ► wvvw.w8lfepa.com