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Joint Review Board Packet 2011 03-22-11 (Fox Industrial TIF) AGENDA ANNUAL JOINT REVIEW BOARD OF THE UNITED CITY OF YORKVILLE FOR THE FOX INDUSTRIAL PARK 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 Fox Industrial 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.] Name of Redevelopment Project Area: Fox Industrial Parts Area Primary Use of Redevelopment Project Area*: Industrial If"Combination/Mixed"List Component Types: 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 Sales Tax Boundary?[65 ILCS 5/11-74.4-5(d)(1)and 5/11-74.6-22(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 compiled with all of the requirements of the Act during the preceding fiscal year.[65 ILCS 5111-74.4-5(d)(3)and 5111-74.6- 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 5111-74.4-5(d)(4)and 5111-74.6-22(d)(4)] Please enclose the Legal 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 acllvllles undertaken? [65 ILCS 5111-74.4-5(d)(7)(A and B)and 5111-74.6-22(d)(7)(A and B)] If ves.Please enclose the Activltles 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 5H 1-74.4-5(d)(7)(C)and 5111-74.6-22(d)(7)(C)] If yes,please enclose the Agreement(s) labeled Attachment E X Is there additional Information 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 5111-74.4-5 (d)(7) (D) and 5111-74.6-22(d)(7)(D)] if ves. Please enclose the Additional information labeled Attachment F X Did the municipallty'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 some TIF? [65 ILCS 5111-74A-5(d)(7)(E)and 5111-74.6-22(d)(7)(E)] If 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? [65 ILCS 5111-74.45(d)(7)(F)and 5111-74.6-22(d)(7)(F)] If yes.please enclose the Joint Review Board Report labeled Attachment M X Were any obilgatlons issued by municipality?[65 ILLS 5111-74.4-5(d)(8)(A)and 5111-74.6-22(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 obllgatlon and projected debt service Including required reserves and debt coverage? [65 ILCS Sf11-74.4-5 (d)(8) (8)and 5111-74.6-22(d)(8)(8)] If ves. Please enclose the Analysis 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 5/11-74.4-5(d)(9)and 5111-74.6-22(d)(9) If yes, please enclose a certified letter statement reviewing compliance with the Act labeled Attachment 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 5111-74.4-5(d)(10)] If yes.please enclose list only of the intergovernmental agreements labeled Attachment M X •Types Include:Central Business District, Retail, Other Commercial, Industrial, Residential,and Combination/Mixed. SECTION 3,1.(65 ILCS 5111-74.45(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 $ 285 643 Revenue/Cash Receipts Deposited in Fund During Reporting FY: %of Total Property Tax Increment $ 216,677 $ 869,750 98% State Sales Tax Increment 0% Local Sales Tax Increment 0% State Utility Tax Increment Ooh Local Utility Tax Increment 0% Interest S 45 S 21,506 2% Land/Building Safe Proceeds 0% Bond Proceeds 0% Transfers from Municipal Sources Ooh Private Sources Ooh Other(identify source ; if multiple other sources,attach schedule) 0% Total Amount Deposited in Special Tax Allocation Fund During Reporting Period I $ 216,721 Cumulative Total Revenues/Cash Receipts 1 $ 891,255 100% Total Expenditures/Cash Disbursements(Carried forward from Section 32) $ 79,013 Distribution of Surplus $ _ Total Expenditures/Disbursements $ 79,013 NET INCOMEICASH RECEIPTS OVERI(UNDER)CASH DISBURSEMENTS $ 137,709 FUND BALANCE, END OF REPORTING PERIOD $ 423,352 -If there is a positive fund balance at the end of the reporting period,you must complete Section 3.3 FY 2010 TIF Name: Fox Industrial 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 SPECWL TAX ALLOCATION FUND (by category of permissible redevelopment cost,amounts expended during reporting peri)d) FOR AMOUNTS>$10,000 SECTION 3.2 B MUST BE COMPLETED Category of Permissible Redevelopment Cost(65 ILCS 5111-74.4.3(q)and 65 ILCS 5111-74.6-10(o)] Winn Fl y€id You 1.Costs of studies,administration and professional services--5ubsediotss 1 and o 1 Rep Administrative Fees 1.22,D 5 1,220 2.Cost of Marketing site"ubsec6ons 1.6 and(o)(1-6) 3. Property assembly, demolition, site preparation and environmental site improvement c.sls. Subsection 2,(o X2)and(o)(3) 4. Costs orf rehablillation, reconstruction, repair or remodeling ancl replacement ot existing Pr&3c —i buildings.Subsection 3 and(o)(4) 5-Costs of construction of public works and Improvements.Subsection 4 and o 5 I - 6.Costs of removing contaminants required by environmental laws or rules(o)(6)-Industriel }Dbs. Recovery TIFs ONLY FY 2010 TIF Name:Fox Induslriel 7.Cost of job[raining and retraining,Including"welfare to work"programs Subsection{q}(5),(6)(7) and(o)(12) 8.Financing costs.Subsection B and(o)(8)Principal $5 Qtdt] Interest y 12,793 *� 77,753 9.Approved capital costs.Subsection 7 and(o)(9) e 10. Cost of Reimbursing school districts for their increased costs caused by TIF assisted housing projects,Subsection 7.5 -Tax Increment Allocation Redevelopment TIFs ONLY 11.Relocation costs.Subsection B and(a)(1 0 12.Payments in lieu of taxes.subsection 9 and o 11 i 13. Costs of job training, retraining advanced vocational or career education provided by o1mr taxing bodies.Subsection 10 and(o)(12) 1 FY 2010 TIF blame;Fox Industrial 14. Costs of reimbursing private developers for Interest expenses incurred on apprc-rev redevelo menl projects.Subsection 11)(A-E)and a 13 A-E d 15. Costa of construction of new housing units for tow income and very low-income househoki6 Subsection 11 -Tax Increment Allocation Redevelopment TIFs ONLY i 16. Cost of day care services and operational costs of day care centers.Subsection (q) (11.5) Tax Increment Allocation Redevelopment TIFs ONLY Y TOTAL ITEMIZED EXPENDITURES 1 $ 79.013 FY 2010 TIF Name;Fox industrial Section 3.2 B List all vendors, including other municipal funds,that were paid In excess of$10,000 during the current reporting year. There were no vendors,including other municipal funds, paid in excess of $10,000 during the current reporting period. Name Service Amount The Bank of New York Paying Agent $ 77,793 FY 2010 TIF Name: Fox Industrial 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 (65 ILCS 5111-74.4-5(d)(5)(D)and 65 ILCS 5111-74.6-22(d)(5)(D)) FUND BALANCE, END OF REPORTING PERIOD $ 423 352 Amount of Original Issuance Amount Designated 1,Description of Debt Obligations General Obligation Bonds Series 2002 $ 280,000 $ 215,000 Total Amount Designated for Obligations $ 280,0001 $ 215,000 2.Description of Project Costs to be Paid Total Amount Designated for Project Costs Is - TOTAL AMOUNT DESIGNATED $ 215,000 SURPLUS'1(DEFICIT) $ 208,352 NOTE: If a surplus Is calculated,the municipality may be required to repay the amount to overlapping taxing FY 2010 TIF Name: Fox Industrial SECTION 4 [65 ILCS 5111-74.4-5(d)(5)and 65 ILCS 5111-74.5-22(d)(6)] Provide a description of all property purchased by the mun[cipallty 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 Propert 7 : Street address: Approximate size or description of property: Purchase rice: Seller of property: Property 2 : Street address: Approximate size or description of property: Purchase rice: Seller of property: Property(3): Street address_ Approximate size or description of re Purchase price, Seller of property: Property 4 : Street address: Approximate size or description of ro Purchase price: Seller or property: FY 2010 TIF Name: Fox Industrial SECTION 5-65 ILCS 5/11.74.4-5(d)(7)(G)and 65 ILCS 5/11-74.6-22(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 Investment for Subsequent Fiscal Estimated Cost of 1111!39 to Date Year the Total project TOTAL: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Prtvate/Public Investment 0 0 Project 1: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 2: Private Investment Undertaken See Instructions) Public Investment Undertaken Ratio of PrivatelPublic Investment 0 0 Project 3; Private Investment Undertaken(See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 4: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 5: Private Investment Undertaken See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 FY 2010 TIF Name: Fox Industrial 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(at 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 5/10/2001 $ - is 5,367.644 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 $ $ SECTION 7 Provide Information about fob creation and retention Description and Irype 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 Dilly ma or boundaries: Optional Documents Enclosed Legal description of redevelopment project area Map of District FY 2010 TIF Name: Fox Industrial Attachment B cj �"� United City of Yorkville 800 Game Farm Road Yorkville Illinois 60560 0 h� - o Telephone: 630-553-4350 SUE 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 ILCS 5/11-74.4-1 et seq. during the Fiscal year ending April 30, 2010, in connection with the administration of the Fox Industrial Park Area Tax Increment Financing District. � -3 UAZQ- Valerie Burd, Mayor Attachment C LAW OFFICE Kxr*axHv FuRy ORR & AssocIATEs 53 WEST JAC KSON 2LVO. SUIT[Es3 CHICAGO,ILLINOIS a00104 is 30taI Ia FAX,13121 302-2127 KATHLEEN FIELD ORR JAMES W.BINNINGER kfb@kfoassoc.com jwb@kfoassoc.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 "rlF' Counsel for the United City of Yorkville, Kendall County, Illinois, in connection with the Fox Industrial Park Tax Increment Finance Redevelopment Project Area. I 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 5111-74.4-1 at seq.)for the fiscal year ending April 30,2010. Very truly yours, KATHLEEN FIELD ORR&ASSOCIATES �A3 dames W. Benninger ATTACHMENT C ATTACHMENT UNITED CITY OF YORKVILLE,ILLINOIS Fox Industrial,Countryside,and Downtown Special Tax Allocation Funds Schedule of Revenues,Expenditures and Changes in Fund Balance Year Ended A pril.30 2010 Fox industrial Countryside Downtown Tax Increment Tax Increment Taal Incramem Financing Financing Financing District District District Fund Fund Fund Revenues Property Tax $ 216,677 6,250 88,550 Investment Income 44 8,223 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 I 2B5,643 2,772,153 49,575 April 30 S 423,351 2477,759 136,294 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 Z A Ull'Financial Group blember CHEDULE L INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE The Honorable Mayor Members of the City Council United City ofYorkville,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 1]-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act(Illinois Public Act 65-1142) 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 (c)of Section 1 1-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act(Illinois Public Act 85-1 142). Oakbrook Terrace,Illinois January 18,2011 PKF1901 S.]Meyers Road.Suite 500 a Oakbrook Terrace, Illinois 60181-6209 A PK fntampdonar Mambar Firm 630.545.4500 mdiur 1 630.574.7818 fax . www-wolfcpaxvtn SUPPLEMENTARY INFORMATION Wolf Company LLP INDEPENDENT AUDITOR'S REPORT ON SUPPLEMENTARY INFORMATION 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 16,2011. 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. GJ� f � ��P Oakbrook Tee,Illinois January 18,2011 PKF1901 S.Meyers Road,Suite 500 . Oakbrook Terrace, Illinois 60181-5209 APK W NWmber Firm 630.645.4500 main - 630.674.7818far ■ wv wolfcpa.wm