Loading...
Human Resource Commission Packet 2008 10-15-08 UNITED CITY OF YORKVILLE HUMAN RESOURCES COMMISSION COMMITTEE MEETING 800 Game Farm Road / Yorkville, Illinois 60560 AGENDA Date: Wednesday, October 15, 2008 Time: 6 : 30PM Location: Kendall County Food Pantry 1204A Deer Street, Yorkville, IL 60560 Call to Order: Establish a Quorum: Introduction of Guests : Citizen Comments : Approval of Minutes: September 17, 2008 Mayor' s Report: 1 . City Sponsorship Policy 2. Mayor' s Fundraiser Event 3 . Follow-up Foreclosure Seminar 4. HRC Vacancy Staff Reports: Committee Reports: New Business: 1 . Proposed Human Resources Commission 2009 Meeting Dates 2. Request for Sponsorship — Gold Star Performance Company 3 . Request for Sponsorship — Honor Flight Chicago Old Business: 1 . Historical Street Naming Procedures Items for Next Meeting Agenda: Additional Business: Adjourmnent: DRAFT United City of Yorkville Human Resources Commission DRAFT Minutes Wednesday September 17, 2008 City Council Conference Room Call to Order: The meeting was called to order at 6:30 pm by Robin Frisch, Chairman Committee Members Present: Robin Frisch, Chairman Dana Jones Scott Gengler Barb McClish Cecelia Sanders Joan Knutson Rose Spears, City Council Liaison Bart Olson, City Staff Liaison; Sgt. Barry Groesch;; Minutes for correction/Approval: The minutes of the August 20, 2008 meeting were corrected as follows: Remove Public Library from heading. Dana Jones asked if the staff had received many calls on flooding problems. Bart Olson responded that water damage appeared to be limited in the city. Old Business: Holiday Under the Stars Since Glory was not able to be present we reviewed her letter concerning Holiday Under the Stars. She proposed that the HRC staff a booth collecting hats, mittens, scarves, and socks which will then be donated to the Kendall County Food Pantry. Robin moved and Scott seconded the plan to staff such a booth. Robin will check with Glory to see what we should do, and suggested that we work in shifts. Rose suggested that we contact local not for profits to provide cider, etc. for sale, thus freeing the city from having the expense of providing these items. Churches, etc. could then have the profit from the sale of various food and beverages. Barry asked about an open fire at the park, mentioning that a bonfire to cook kettlecorn would be a nice addition. Bart will find out what the policy is about an open fire. Rose will take it up with the council. Dana asked about time to get publicity out, and Rose said that Glory will get information out to organizations. Robin stated that this would be a win-win situation because food and beverages would be provided, the city won't have to do it, and not for profits will make some money. Dana asked about Gold Star Dance Academy having a booth for the students to make money for nationals. We discussed what would be for profit (businesses) or not for profit, if the children would benefit, but not the actual business. Bart said it would be up to staff to decide who could participate and sell things. Since it is only a 4 hour event, it is limited. HRC Webpage Bart showed us the new HRC web site developed by Scott and Bart. Robin thanked them for doing this work which is very nice. Bart said to let Scott or him know if we want any additions or changes made. Glory and Bart have access to the website and can make any changes. Robin asked about getting permission to use photos. Bart' suggested adding names so people would know who is participating. Rose suggested putting in brief background information about the people. Food Pantry We discussed the new facility for the Kendall County Food Pantry. Barry told us about the new refrigerator which is 3 times the size of the old one. It can be used as a refrigerator or a freezer. The estimate for utilities is between $600 and $700 per month which county churches will pay. Painting has been done, and shelving received from the Unified Supply auction is in. Another person who was bidding against Maria didn't realize that, and offered to donate more shelves. It will cost $2000 to have everything put in. There is also an open refrigerator about 50 feet long like the ones displaying meat in the grocery stores. Martin plumbing installed a new toilet. Home Depot gave some paneling. The area for displaying clothing is large. The heavy rains damaged the office area, and some ceiling tiles will have to be replaced. The roof will be taken care of. Some rusty pipes were cleaned and painted by Tom McClure (?) Fred Davis of Four Seasons Landscaping will do some work with help. Barry and Rich Hart will rip out the old bushes. Fred is making sketches of the landscaping plans. The flag pole will have to be moved. The driveway has been sealed. Signs were donated by Action Graphics. Rose suggested we advertise to get helpers like those who helped build the new parks. Barry suggested that those who have to do community service will do some of the work, and they will be supervised. Parking will be a problem and we discussed some possibilities. Barry is working on getting some carts. Dana mentioned that ComEd will contribute and equal amount if an employee makes a contribution. Rose complimented Barry on the work he has done. He mentioned that the Farm Bureau was upset about the negative comments concerning their facility, so Maria will do a press release thanking them for the years that they donated space. It was suggested that we hold our next meeting at the Kendall County Food Pantry's new facility. Volunteer Opportunities Brochure Barb reported on the pamphlet which is about half completed. She wondered if she should add environmental information such as where to dispose of electronics, batteries, ink cartridges, etc. This was approved as a great idea. New Businesss: Resources For Residents Who Have Their Water Shut-off Robin has done some research into what other states do about helping people who need assistance paying utilities. People can add $ 1 to their water bill for this, but it would be difficult for people who pay electronically. We discussed Shop and Share days like the Jewel has. Cecelia said maybe the Kendall County Record would print coupons. Rose suggested that we distribute the coupons at Holiday Under the Stars. Cecelia will check with banks to see if they will be willing to include the coupons in their statements. Additional Business Cecelia brought up the historical street naming. Some signs are up, but there has been no official recognition of the people being honored. There is a complicated procedure involving applications which are reviewed by the HRC. The city then takes the form and checks with the county to see if the name can be used. The Post Office has to OK the name also. The brown signs have to be ordered, but there was no money in the budget. The HRC wants a dedication with the press, the honoree and families invited. Glory is working on a story about this but she needs some information. C/p, Reviewed By: A^ Agenda Item Number J= A Mayor ■ ' VRy �� � ® Legal ❑ EST. , 1636 Finance ❑ Tracking Number 0� IN y City Administrator ❑ �O Police ❑ <CE `��� Human Resources ❑ Parks and Recreation ❑ Human Resources Commission Agenda Item Summary Memo Title: City Sponsorship Policy Agenda Date: October 15, 2008 Synopsis: Presentation of policy amendment, which will eliminate any conflict between Park Board and HRC Action Previously Taken: Date of Action: August 2008 Action Taken: Postponed until Oct, for presentation of 2006 policy HRC Action Requested: Discussion Submitted by: Mayor Burd (memo from Bart Olson) Administration Name Department Agenda Item Notes: Memorandum To: Human Resources Commission EST. 1 ` " ' ; 1836 From: Bart Olson, Assistant City Administrator 94 CC : Brendan McLaughlin, City Administrator Date: October 9, 2008 Subject: Sponsorship policy The sponsorship was last discussed at the August HRC meeting. The purpose of the request was to clean up some language within the policy that was ambiguous to how the HRC approved requests of waivers for park rental fees. The draft policy presented at that meeting, and the same one in the packet tonight, addresses that issue; the Park Board has the authority to waive park rental fees. During the August meeting, it was noted that the draft policy was based off of an incorrect version of the policy. When I had created the draft policy, I took a 2005 resolution and amended it — when, in fact, the City Council had approved an amended policy in 2006. The 2006 policy sought to give the Commission authority to approve sponsorship requests, but the City Code (excerpt attached) expressly forbids the HRC to expend municipal funds. On the draft policy attached, I have highlighted and inserted a comment-box on the areas in which the 2006 policy was different than the 2005 policy. These areas are the same areas that will need to be addressed in a future sponsorship policy amendment. tED CITY United City of Yorkville RA"(-K' C H A'N&6:i EM IBM Sponsorship Policy L 0 P 7<CE r�Y What is Sponsorship? Sponsorship is an effective marketing and communication tool used by many businesses,organizations and government agencies,regardless of their size. Sponsorships are not donations,The City expects ice,spo_nsorship___ ----- Deleted:, will provide a measurable return or benefit for the residents or businesses of Yorkville. - Deleted:i Deleted:lnetr The general aim of sponsorship is to raise the profile of the sponsoring organization,to sell products or services and to reach particular target audiences. Sponsorship also promotes a positive awareness of the organization with residents,customers,potential customers and the community. Sponsorships are structured in the form of direct financial assistance,or"in kind"sponsorship,which involves the sponsor providing equipment or resources. In kind maybe limited due to available equipment,manpower,or other City required events,work,or projects. The affected Department for the resource allocation will be monitored or determined by the Department Head. Waiver of park rental fees are not considered soonsorships,and are not covered under this policy. For all requests for waiver of park rental fees,please contact the United City of Yorkville Parks and Recreation Depai nnent. Sponsorship Guidelines The United City of Yorkville receives a number of sponsorship requests,which unfortunately makes it difficult for us to accept or sponsor every event. We have outlined a series of guidelines to help with the selection of sponsorship events. Guidelines are updated annually and may change from year to year based on the mission and goals of the City Council. All sponsorship requests and proposals shall be submitted to the Human Resource Commission for review with a recommendation to City Council. Sponsorship amounts are awarded on a first _ --- comment[113011:Rasoimmnzoo6- come,fits(served basis,based on available funds within the fiscal year budget. Amounts will not be more than 27 authorizes the HRC to approve y g aponsoBhips,which contradictoN 6-3 $250.00 for any single event'. This policy does not apply to events in which the City is a_ joint partner,such as the of the municipal code 4"of July or Rivei*ont Festival. -- comment laol):-per year,per ' organization". Sponsorship Categories if you would like the United City of Yorkville to consider support for your charity,arts,community,social or health,education or sporting activities,you will need to submit a sponsorship request forni. Our main criteria is A —= Deleted:ter me direct benefit for the residents or businesses of Yorkville. What we will not sponsor_ Political or campaign activities Deleted:sponsorsh;ps Individuals or private events benefiting one individual Events that contravene,,gaming_rules or regulations - - ------ ---- ---------- - Deleted:s Events or irganizations that do not fulfill the City's missions or goals _._-- Deleted:o Events or Wganizanons that do not serve or benefit Yorkville residents or businesses -- Deleted:o For Profit events HRC Revised 08-1]-05 CCAnrover10913-05 nraR8-13-08 1 REQUEST FORM FOR SPONSORSHIP FROM THE UNI'FEll CITY OF YORKVILLE PLEASE NOTE: All requests trust be received by fire CiO• Clerk. United Cifv of Yorkville, 800 Game Fmvn Road, Yorkville, LL 60560. at (east 60 days prior to your event.for sabnnabill to the Yorkville Hummf Resent ce Commission (HRC), which bleats or the third Wednesday a(each moo[h ,_ _ _ _ Deleted F' ]'r vlv Requests are limited to $250 Per year. per organization r 1 ehifl f Sepo Pb`be 15 l tee i theCi9 office Ime v pal It f 3r , ro be eoueulered at Event: Uate/fune: / Location: the full HRC mewing. Name of Organization: Address: City: State Zip Phone: (_� Fax: Fluail: Name of Contact Person/Title: Approximately how many Yorkville residents does your organization serve each year? What is the purpose of your organization? How does your organization benefit the Yorkville community? \\'hat 's the history ofvomprnlect / event? Please attach cxamples ofpast brochures and Ilveis What is the budget frn' vour oroicct / cvcnL Who is the ma'or sponsor? What benefits will the City,l;eceite for sbalsarina voul troect / Cent? Whxt marketing / promotional oppot tumhes_will this proiecl / evull ue nc�nd fn wh tt ve/pes' Is the ong cation registered as not iot wpht ' If so w hat is the not ior-nrotit status? Is your event considered to be (please check all that apply): —Fine Arts _Spurts Community _Scouting Religion-based Other non-profit Who will benefit from the funds raised? _Youth _Adults _Seniors _Disabled persons Please cheek one.' Ceshpr __ br Ktnd' If cash, amount requuYtc[L_$ -' Formatted: Font: Bold If "ht Kind. ' are you in need of staff? _Yes No If yes, number of hour _ Tune:_ If "In Kind. " are you in need of building space? Yes No If yes, number of hours Tine: Name of facility/park to be used: PLEASENOTE: If requesting sball time of use of k,, both are subject to anailabelity on the dale you have chosen. DEPOSIT FEES WILL NOT BE WAIVED. IF FACILITIES ARE RETURNED TO SAME CONDITION AS BEFORE USE, 100% DEPOSIT REFUND WILL BE RETURNED WITHIN 10 BUSINESS DAYS. Fm O(rec/HRC use only �omment [B03]: Depends on how 1 HRC Utecotnnieudatiot}. Date: $ a' `in kind" the code/resolution incongruence is Pate Received Building/facility Requested: _ settled Requested Facility/Park. Available Not Available Signed: Deleted Applies ed Deleted OFFICE;¶ �_j Requested Staff: _Available _ Not Available Signed: Date Approved by City Council: Date Not Approved: Reason: HRC Revised 08-17-05 CC Approved 09-130.5 Draft 8 13 08 2 United City of Yorkville EST ,` ^ / :x1836 Sponsorship Policy <ALE What is Sponsorship? Sponsorship is an effective marketing and communication tool used by many businesses, organizations and government agencies, regardless of their size. Sponsorships are not donations. The City expects its sponsorship will provide a measurable return or benefit for the residents or businesses of Yorkville. The general aim of sponsorship is to raise the profile of the sponsoring organization, to sell products or services and to reach particular target audiences. Sponsorship also promotes a positive awareness of the organization with residents, customers, potential customers and the community. Sponsorships are structured in the form of direct financial assistance, or "in kind" sponsorship, which involves the sponsor providing equipment or resources. In kind may be limited due to available equipment, manpower, or other City required events, work, or projects. The affected Department for the resource allocation will be monitored or determined by the Department Head. Waiver of park rental fees are not considered sponsorships, and are not covered under this policy. For all requests for waiver of park rental fees, please contact the United City of Yorkville Parks and Recreation Department. Sponsorship Guidelines The United City of Yorkville receives a number of sponsorship requests, which unfortunately makes it difficult for us to accept or sponsor every event. We have outlined a series of guidelines to help with the selection of sponsorship events. Guidelines are updated annually and may change from year to year based on the mission and goals of the City Council. All sponsorship requests and proposals shall be submitted to the Human Resource Commission for review with a recommendation to City Couneil._Sponsorship amounts are awarded on a first come, first served basis, based on available funds within the fiscal year budget. Amounts will not be more than $250.00 for any single event. This policy does not apply to events in which the City is a joint partner, such as the 4d' of July or Riverfront Festival. Sponsorship Categories If you would like the United City of Yorkville to consider support for your charity, arts, community, social or health, education or sporting activities, you will need to submit a sponsorship request form. Our main criteria is a direct benefit for the residents or businesses of Yorkville. What we will not sponsor: Political or campaign activities Individuals or private events benefiting one individual Events that contravene gaming rules or regulations Events or organizations that do not fulfill the City' s missions or goals Events or organizations that do not serve or benefit Yorkville residents or businesses For Profit events HRC Revised 08-17-05 CC Approved 09-13-05 Draft 8-13-08 1 REQUEST FORM FOR SPONSORSHIP FROM THE UNITED CITY OF YORKVILLE PLEASE NOTE. All requests must be received by the City Clerk, United City of Yorkville, 800 Game Farm Road, Yorkville, IL 60560, at least 60 days prior to your event.for submittal to the Yorkville Human Resource Commission (HRC), which meets on the third Wednesday of each month. Requests are limited to $250 per year, per organization Event: Date/Time: / Location: Name of Organization: Address: City: State Zip Phone: Fax: L ) - Email: Name of ContactPerson/Title: Approximately how many Yorkville residents does your organization serve each year? What is the purpose of your organization?__ How does your organization benefit the Yorkville community? What is the history of your project / event? Please attach examples of past brochures and flyers What is the budget for your project / event? Who is the major sponsor? What benefits will the City receive for sponsoring your project / event? What marketing / promotional opportunities will this project / event create, and in what venues? Is the organization registered as not-for-profit? If so, what is the not-for-profit status? Is your event considered to be (please check all that apply): _Fine Arts _Sports _Community _Scouting _Religion-based _Other non-profit Who will benefit from the funds raised? _Youth _Adults _Seniors Disabled persons Please check one: Cash or ` In Kind" If cash, amount requested: $ If ` In Kind, " are you in need of staff? _Yes No If yes, number of hours Time: If '7n Kind, " are you in need of building space? _ Yes No If yes, number of hours Time: Name of facility/park to be used: PLEASE NOTE: If requesting staff time or use of building facilities/park, both are subject to availabilig) on the date you have chosen. DEPOSIT FEES WILL NOT BE WAIVED. IF FACILITIES ARE RETURNED TO SAME CONDITION AS BEFORE USE, 100% DEPOSIT REFUND WILL BE RETURNED WITHIN 10 BUSINESS DAYS. For Office/HRC use only HRC Recommendation: Date: $ or "in kind" Date Received: Building/facility Requested: Requested Facility/Park: _Available Not Available Signed: Requested Staff: _Available Not Available Signed: Date Approved by City Council: Date Not Approved: Reason: HRC Revised 08-17-05 CC Approved 09-13-05 Draft 8-13-08 2 STATE OF ILLINOIS ) )ss COUNTY OF KENDALL ) RESOLUTION NO. 2006- .c RESOLUTION ADOPTING UNITED CITY OF YORKVILLE SPONSORSHIP POLICY WHEREAS, the City Council of the United City of Yorkville established a policy for sponsoring worthy events under predetermined guidelines by its Resolution 2005-35 passed by the City Council on June 28, 2005 and amended by Resolution 2005-58 passed by the City Council on September 13, 2005 ; and WHEREAS, the City Council desires to update the policy by authorizing that the Human Resource Commission shall have authority to approve requests, and to set a limit of $250 per year per organization which is consistent with the previously approved request form, and WHEREAS, a copy of said updated policy and request form is attached hereto and incorporated herein as Exhibit "A" and said Exhibit A shall supersede and replace the policy and related request form attached to Resolution 2005-35, and as amended by Resolution 2005-58 and become the Sponsorship Policy (and related form) of the United City of Yorkville. NOW THEREFORE, upon Motion duly made, seconded and approved by the majority of those members of the City Council voting, the UNITED CITY OF YORKVILLE hereby adopts the updated Sponsorship Policy (and related request form) attached hereto and incorporated by reference herein. This resolution is effective immediately upon passage. JAMES BOCK JOSEPH BESCO VALERIE BURD ` PAUL JAMES DEAN WOLFER MARTY MUNNS ROSE SPEARS JASON LESLIE Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this Day oft, e .— , A.D. 2006. MAY Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this c day of���. A.D. 2006. ATTEST: v CITY CLERK Prepared by: John Justin Wyeth City Attorney United City of Yorkville 800 Game Farm Road Yorkville, IL 60560 United City of Yorkville EST. P ®n . . 1836 Sponsorship Policy What is Sponsorship? Sponsorship is an effective marketing and communication tool used by many businesses , organizations and government agencies, regardless of their size. Sponsorships are not donations, the City expects their sponsorship will provide a measurable return or benefit for the residents or businesses of Yorkville. The general aim of sponsorship is to raise the profile of the sponsoring organization , to sell products or services and to reach particular target audiences. Sponsorship also promotes a positive awareness of the organization with residents, customers, potential customers and the community. Sponsorships are structured in the form of direct financial assistance, or "in kind" sponsorship, which involves the sponsor providing equipment or resources. In kind may be limited due to available equipment, manpower, or other City required events, work, or projects. The affected Department for the resource allocation will be monitored or determined by the Department Head . Sponsorship Guidelines The United City of Yorkville receives a number of sponsorship requests, which unfortunately makes it difficult for us to accept or sponsor every event. We have outlined a series of guidelines to help with the selection of sponsorship events. Guidelines are updated annually and may change from year to year based on the mission and goals of the City Council. All sponsorship requests and proposals shall be submitted to the Human Resource Commission for approval. The Human Resource Commission shall report all approved sponsor ships to the City Council. Sponsorship amounts are awarded on a first come, first served basis, based on available funds within the fiscal year budget. Amounts are also limited to $250 per year, per organization. This policy does not apply to events in which the City is a joint partner, such as the 4th of JUly or Riverfront Festival. Sponsorship Categories If you would like the United City of Yorkville to consider support for your charity, arts, community, social or health, education or sporting activities you will need to submit a proposal. Our main criteria is for the direct benefit for the residents or businesses of Yorkville. What we will not sponsor Political or campaign sponsorships CC Revised 03128/06 CC Approved 03128106 Events that contravenes gaming rules or regulations Events or Organizations that do not fulfill the City's missions or goals Events or Organizations that do not serve or benefit Yorkville residents or businesses For Profit events What the United City of Yorkville should know about you Please include the following information with your written proposal: ® Event description ® Event detail (date/time/place) ® Contact Person ® What is the purpose of your organization? ® How does your organization benefit the Yorkville community? Category of your event/organization ® Specific sponsorship request (e.g. , in kind , City facility/park, staff) ® Non-for Profit Status, if applicable Please submit proposals for event sponsorship to: United City of Yorkville C/o Sponsorship Request 800 Game Farm Road Yorkville, IL 60560 2 CC Revised 03/28/06 CC Approved 03/28/06 REQUEST FORM FOR SPONSORSHIP FROM THE UNITED CITY OF YORKVILLE PLEASE NOTE: All requests must be received by the City Clerk, United City of Iorkville, 800 Game Farm Road, Yorkville, IL 60560, at least 60 days prior to your event for submittal to the Yorkville Human Resource Commission (HRQ, which meets on the third Wednesday of each month. For exantple: if your event is to be held on September 15 1h, your request should be in the City of no later than June 30"r to be considered at the July HRC meeting. Requests are limited to $250 per year, per organization Event Date/Time: / Location: Name of Organization Address City State Zip Phone: (_) _ - Fax: (___) _ - Name of Contact Person/Title / Approximately how many Yorkville residents does your organization serve each year? What is the purpose of your organization? How does your organization benefit the Yorkville community? Is your event considered to be (please check all that apply): Fine Arts _Sports _Community _Scouting _Religion-based _Other non-profit Who will benefit from the funds raised? Youths _ Adults — Seniors — Disabled persons Please check one: _Cash or _"In Kind" If cash, amount requested: $ If "In Kind," are you in need of Staff? _Yes No If yes, number of hours Time: OR _Building space Name of City facility/park to be used PLEASE NOTE: If requesting staff time or use of building facilities/park, both are subject to availability on lire date you have chosen. DEPOSIT FEES WILL NOT BE WAIVED, IF FACILITIES ARE RETURNED TO SAME CONDITION AS BEFORE USE, 100% DEPOSIT REFUND WILL BE RETURNED WITHIN 10 BUSINESS DAYS. For Office/HRC use only HRC Approved: Date: $ or _"in kind" OFFICE: Date Received: Building/facility Requested: Requested Facility/Park: _ Available _ Not Available Signed: Requested Staff: _ Available _ Not Available Signed: Date of Notice to by City Council: Date Not Approved Reason: CC Revised 03/28/06 CC Approved 03/28/06 C/r` Reviewed By: Agenda Item Number J= ¢ P 00 Mayor Legal El esr 1 lass Finance ❑ 0 Tracking Number � y City Administrator El 20 Police ❑ <LE !V Human Resources ❑ Parks and Recreation ❑ Human Resources Commission Agenda Item Summary Memo Title: Mayor' s Fundraiser Event Agenda Date: October 15, 2008 Synopsis: Presentation of a Mayor' s event for regional Mayors to raise funds for charitable causes Action Previously Taken: Date of Action: N / A Action Taken: HRC Action Requested: Submitted by: Mayor Burd Administration Name Department Agenda Item Notes: Mayor Burd will provide a verbal update at the meeting. CITJ&, Reviewed By: Agenda Item Number J� 0 Mayor $ Legal ❑ yD � EST , 1836 Finance ❑ y City Administrator ❑ Tracking Number Police ❑ LE '`��� Human Resources ❑ Parks and Recreation ❑ Human Resources Commission Agenda Item Summary Memo Title: Follow-up foreclosure seminar Agenda Date: October 15, 2008 Synopsis: Discussion on foreclosure seminar held this year, a potential follow-up seminar, and the current economic conditions as it relates to foreclosure. Action Previously Taken: Date of Action: N / A Action Taken: HRC Action Requested: Discussion Submitted by: Mayor Burd Administration Name Department Agenda Item Notes: Copies of materials handed out at the first foreclosure seminar are attached to this tracking document. Additionally, the City still operates a Financial Resource line at 630-553-4350 x2535 for people who need a list of area professionals in the field of foreclosure Prevention. E United City of Yorkville ' s FREE Foreclosure Prevention Seminar Understanding Your Mortgage Presented by: Pete LaMontagna, Vice President-Loan Officer Yorkville state Bank of Illinois (630) 553-2636 plamontag na(d,)stbkil.com www.stbkil.com I. Introduction A. Yorkville State Bank of Illinois B. Pete LaMontagna, VP/Loan Officer C. Importance of Understanding Your Mortgage II. Common Types of Residential Mortgages A. Fixed Rate Mortgage B. Adjustable Rate Mortgage (ARM) C. Second Mortgages and Home Equity Credit Lines III. Common Payment Options A. Principle & Interest B. Interest Only C. Negative Amortization IV. Other Information to Consider A. Escrow Options B. Mortgage Insurance (PMI) C. Pre-payment Penalties V. Closing Comments r Ott • lit I IF >� . tw r . own fe IF ME his III FIJI, ar � u>x r A h7 t Fill,I m it�u ;x 'YO IMi IF x$'{AwF.�"4Ar FI f BAfts *„ Wr Y s ♦ t B 1 '.� H¢ ryq WfV4` Pra : IF IF, yl � 4x '�<�FM r F FFF, Fr I U. s M1 ,s3s'„Sys; saakt3x k FA {, ov 6 47n Y� �u S IF r 1. gr IF '.'gre.... 1 a» r° tr.n :.. , ,I$ ' g, � ., � t�'ol +•^ ' ai xq i {� How the Fannie Mae Foundation can help. } I f you're like most Americans, homeownership is a majorpart of - I I I I . I I •• I • • . • 1 " the American dream. The Fannie Mae Foundation can help you" understand the steps you will need to take to reach that dram. . • • • "IF A Or, if you alte¢dy own your own home, we can help you keep that dream alive. Y 1 = y 1 I I I i . 1 • I / I / 11 �> ..Homeownership is a big responsibility, one that you will need to . accept for many years. It is worth the effort, though. WhetTeryou are thinking about buying a home oralready own one, the#Fannie Mae Foundation can help. We are a nonprofit organization that, among other activities, provides useful in formation to Americans I • too - about homeownership. L i • • • 1 1 III 11 I I • 1 I • 1 • I 1 1 • • • III I • • • I / I 1 II . • I 1 . • / I , !,N low Fie � � C A I • � ir�. t gWWq t w What is predatory lending and how can it affect you ? ost lenders are trustworthy—but unfortunately, some lenders are not. They sometimes direct borrowers away money over time. Then the loan becomes even more difficult to repay. If you can't make the payments, you could lose the items from loans with more affordable interest rates. Instead, you purchased or used to secure the loan. they offer loans that carry very high interest rates, questionable fees, and unnecessary charges. These practices are considered predatory lending. Most often, the victims of predatory lenders are low- and moder- ate-income persons, minorities, and the elderly. But anyone— A predatory lender maybe a large company with a name youluxptY f@ including you—can be misled by a predatory lender. You may want to consolidate credit-card debt or bu our first home. If you Or it may be a small company or a loan broker you've never heard ` already own your own home, you may want to make repairs to it. of. But predatory lenders have many of the same traits They your reasons for a loan may be good, but if you agree to an unfair • offer loans based solely on the equity in a home, not an tai , loan, you could lose your home! borrower's ability to repay the loan; r • charge unusually high interest rates for loans; z r Here is an example of what can happen if you're not careful: • add excessive points to a loan without lowering the inter The Smiths had always dreamed of buying their own home. They tR rate; { lem • n{ were in their early 30's and had a household income of$48,000 ¢ include excessive fees and year. They had experienced some credit problems in the past but • tack on unnecessary costa, such as prepaid single-pre m7t X #r 3 . had paid their bills on time for two years. Still, they were afraid credit life insurance. ' that theirpreuious credit problems would make it impossible to qualify fora mortgage at ¢ bank or credit union. They were With or without these extra charges, yan happy to get a letter fro m ABC Quick Credit that offered "easy" find it difficult or even impossible to ' mortgages for everybody. repay the loan. If you fall behind ke'S \ _ your payments, more cbargeaztt€F ' Q After talking to the folks at ABC, the Smiths felt confident that be added. Or the lender may sy �,` i they were getting agreat deal. They didn't bother to check with gest that you refinance the loa�,n # , lower your monthly payment: But.,tla other lenders to see if they could get a more favorable interest rate. Instead they went with ABC. The friendly loan officer told them unpaid payments may be added to tlte. {" t � he had helped many others in theirsituation. Getting the mortgage new loan amount, costing you even more '; , t . WAS easy—they received a $90,000 adjusta ble-rate mortgage, 2 `#h 3 F1111 y::;. 711 111 i• illl • , • . •-• 111 • How can you get the best loan ? but at an interest rate of 15pereent with 7points. And, as a condition of Shop around for the best loan for your situation. Ask in the ABC loan, they also had topurchase credit life insurance for$500. places where you feel comfortable, such as a bank, credit union, or a local nonprofit housing or consumer credit-counseling If they had shopped around, the Smiths would have realized that agency. To confirm current interest rates, look in the business they would have qualified fora better loan-a fixed-rate mortgage or real estate section of your local newspaper. Call more than at 8pereent with 2points and no credit life insurance. The ABC one bank, savings and loan, or mortgage company. The chart loan officerhad said to trust him-and, unfortunately, that's just below shows how various interest rates for a 30-year, fixed-rate what the Smiths did. mortgage can affect your monthly loan payment. At the end of the first year the mortgage interest rate went up ' ' 12% i 13% 1' 14% 15% 699 2 percentage points to 17percent-and their mortgage payment $ 20,000 $120 $133 1 $1471 $161 ; $176 $190 i $206 : $221 i $237 p $253 increased by $145 a month! The Smiths quickly fell behind in a0000° ' 180 200 379 220 : 241 : 263 j 286 p 309 i 332 ' 355 ? 40,000- 240 i 266 294 ! 322 i 351 : 381 : 411 i 442 : 474 506 theirpayments. They tried toget help, but it was too late. They 50,000 1 300 333 367 i 402 1 439 1 476 514 553 [ 592 [ 632 lost their home. 60,000. 360 [ 399 440 ? 483 i 527 1 571 617 : 664 j 711 i 759 70,000- $ 420 466 i 514 [ 563 667 720 ? 774 [ 829 p 885 80,000 1 480 532 ii 587 i 644 : 702 i 762 823 : 885 E 948 : 1,012 90,000 1 540 1 599 660 724 790 857 926 1 996 i 1,066 i 1,138 100,000 i 600 i 665 i 734 805 i 878 1 952 i 1,029 i 1,106 1 1385 ' 1,264 110,000 i 660 i 732 807 : 885 : 965 : 1,048 1,131 : 11217 i 1,303 : 1,391 120,000 i 719 798 881 966 : 11053 ': 1,143 : 1234 1,327 i 1,422 : 1,517 130,000 '. 779 865 i 954 i 1,046 : 1,141 1 1238 i 1,337 i 1,438 : 1,540 1,644 140,000 i 839 `. 931 i 1,027 : 1,126 : 1,229 1,333 1,440 : 1,549 1,659 : 1,770 150,000 2 899 998 i 1,101 i 1207 E 1,316 i 1,428 i 1,543 S 1,659 i 1,777 i 1,897 M +; it• ❑ Loan Amount ❑ Interest Rate ❑ Monthly Payment d' 'k. ® Borrow only the amount you need and can afford to repay. You may be encouraged to borrow more than you need. So before deciding on a loan, be clear about how you will use the money and how you plan to pay it back. If you are already M a t 4 5 111 All, 111 i• 111 in debt and having problems making your payments, you unless you are paying more for a lower interest rate. For probably shouldn't borrow more money. Instead, try to example, if the loan amount is $70,000, the loan fees should negotiate a payment plan with your current lenders. not exceed $3,500 ($70,000 x .05 = $3,500). However, there are some situations that may cause the loan fees to be higher. If • Understand exactly you're not sure, ask a trusted advisor such as a nonprofit how much the entire ,� housing counselor. loan will cost. Review �f a v�r the complete payment •v fo I �d Read every word in a loan document, and check schedule. Be sure to find everything for accuracy. Don't accept loan terms just out how much you will because the lender says they are "standard." Make sure you have paid in total when understand the reason for—and effect of—every loan term a« before you sign. the final payment is 4 1 �., made. Above all, beware " Do not be pressure into signing for a loan you can't of loans with one large P "balloon" payment at the afford. But if you do get pressured into end. If you have difficulty making the final payment when it signing for a loan you can't afford, act is due, you may have to refinance the loan to make the balloon fast. You have a legal right to cancel, ^A w: payment. If your original loan does not guarantee a new loan or "rescind," a loan contract when rL with reasonable rates, the refinanced loan can cost you even your home is used as security for Mi more money because of additional points and fees. home-equity loan. But must � generally cancel the loan in writing SIGNRTURE • Make sure that the loan fees are reasonable. In most within three business days of signing cases, loan fees should not exceed 5 percent of the loan amount the loan documents. 7 ��t , . . w . . :. ,III , What can you do to avoid a predatory lender ? • Watch out for loan offers from someone who calls you Avoid loans that include extras you don't need. Loans n �j on the telephone or comes to your should not include unnecessary costs like prepaid single. Y door without an invitation. Throw premium credit life insurance. Predatory lenders may s away mail from companies offering to require that you purchase a credit life insurance policy as a g y condition of getting a loan. This is not necessary. These • arran e a loan for you. Advertisements a ■ promising easy money should be viewed extras will be added to the total cost of your loan and make �r =+ with caution. Remember if an offer your payments higher. sounds too good to be true, it probably is. 2ev Never sign an agreement that you don't • Be wary of high-pressure sales pitches, such as claims completely understand. And don't. that an offer is good only for a limited time. If the offer is take a lender's word that an agree- good—and legitimate—today, it should still be good tomorrow. ment is "standard." If the agree- Take time to check it out. ment seems unreasonable, or uses terms unfamiliar to If you're thinking about consolidating your debts into a you, ask for a complete copy of ® home-equity loan, talk to a local nonprofit housing or the loan agreement. Get a second consumer credit-counseling agency first. These agencies �� '11 g g y g opinion from someone you trust before have your best interests in mind. They may be able to help you you sign the loan agreement. Bring it to work out credit arrangements to avoid debt consolidation your advisor or local nonprofit housing or altogether. If debt consolidation is the most appropriate choice, consumer-credit counselor to review it. A glossary is also avail- they can help you select the best available options. Without able on page 12 to help you better understand lending terms, their assistance, you may choose a bad loan and end up losing your home. Make sure you find out about the nonprofit agency's Fill in all blank spaces. If an answer is not required, write reputation before you work with it. Check with your local "N/A" (Not Applicable) in the blank. Do not sign a document Better Business Bureau and state consumer protection agencies until you have completed every space. Someone could fill in the first. Also check the Web site www.ftc.gov for useful information. blank later and make you responsible for something without your knowledge or agreement. 4 8 R Are all loans or credit cards with high Where can you get help ? interest rates predatory ? on may get helpful information and guidance from a local o, not necessarily. It is fairly common for bank, department nonprofit housing or credit-counseling agency. Start by look- store, and gasoline credit cards to have high interest rates. Ying in the yellow pages of your local telephone book. Many of These cards usually have an interest-free grace period, so you these agencies provide free services or charge only a nominal fee. Your local Legal Services or Legal Aid organizations may also provide valuable assistance. Advisors there will review loan m agreements. They can also provide guidance if you want to file a complaint against a lender. Your Legal Services or Legal Aid organizations are listed in the business section of your telephone book. ' a:r ,• : . ;:. ' `CAN RNSWER � �' Tw®SE �IESYIQNSp - will not pay any interest if you pay your bill in full every month. �'��° A, ® 14 ��13j� u And interest rates for a mortgage, home equity, auto, or personal �' �P�`. ° 4' *- " T loan are usually considerably lower. The interest rate for your x ,i loan may vary based on the lending institution, type of loan, and 3 ILI your personal credit history. Plan to contact at least three lend- ing institutions to compare their interest rates and loan options. COMPtglH You may also want to check the real estate or business section of ? As •�1- P l your local newspaper—or use popular search engines on the World I ®I�,, . ¢ Wide Web—to check current interest rates. f'J it d`p ,,.�. 5 • IIIIIg r 10 11 w . ,•, viii , iii ;.. Glossary of Loan Terms ore information from the Fannie Mae Foundation. Balloon loan: This is a short-term loan with low monthly payments that are f you want information about how to buy a home, the Fannie Mae not enough to pay off the entire loan amount, so a balloon, or lump-sum payment Foundation has free guides you can order. They are described is due at the end of the loan term. This type of loan may have a provision to ''- below. You can also get information on the Fannie Mae refinance when the balloon payment is due. )undation's Web site: www.fanniemaefoundation.org. Closing (or settlement): A meeting at which the sale of a property is finalized ' The buyer pays the mortgage, and closing costs are also paid Knowing and Understanding Your Credit. This Closing costs: Fees required by the lender at closing. The fees can vary among 'ending guide explains why having good credit is so .: g institutions, but may include the application fee, origination fee, points, important when you want to buy a home and gives appraisal fee, title search, title insurance, etc. If you are unsure about any of the ;4¢A fees, ask for clarification. helpful tips on how to improve your credit and Foreclosure: The legal process through which a mortgaged property or home maintain good credit. To receive free copies of this may be sold when a loan is in default. guide in English, Chinese, Korean, and Vietnamese, i n Equity: The difference between the current market value of a property and the call 1-800-605-5200. For a free copy of the guide amount the homeowner owes on the property. Spanish, call 1-800-541-6300. Fee: Any charge added to a loan. Opening the Doorto a Home of YourOwn. This Home-equity loan: A loan based on the equity that a borrower has in his or her easy-to-read guide explains the home buying process, home. including information on financing and mortgages. Interest, The fee paid to borrow money. It is a percentage of the amount borrowed To receive the copies of this guide in English, Chinese, ^ ?�IIIY1d" Points (or loan discount points): A one-time charge by a lender to lower the Korean, Vietnamese, Russian, Haitian Creole, Polish, interest rate on a loan. Each point is equal to 1 percent of the loan amount. For or Portuguese, call 1-800-688-HOME (4663). For a free example, one point on a $100,000 mortgage would cost $1,000. copy of the guide in Spanish, call 1-800-782-2729. Prepayment penalty. A penalty some lenders charge for paying a loan off early. Check to see if a loan has a penalty and how long it will be in effect. If you Choosing the Mortgage That's Right for You. This = ; n plan to make payments before they are due, or think you our sell se might home y guide will help you learn more about shopping for - - before the loan is paid off, a penalty could be costly to you. the right mortgage. To receive a free copy of this Principal: The amount of money borrowed. guide in English, call 1-800-688-HOME (4663). For a t Refinancing: The process of paying off one loan with the proceeds from a new free copy of this guide in Spanish, call 1-800-782-2729. loan secured by the same home or property. 12 13 Borrowing Basics: What You Don't Know Can Hurt You is provided as a public service by the Fannie Mae Foundation. It is not offered, nor should it be relied upon, as legal advice.. Consult your, legal advisor for assistance with legal problems. The Fannie Mae Foundation creates affordable homeownership and housing opportunities through innovative partnerships and initiatives that build healthy, vibrant communities across the United States.'The Foundation isl;specially committed to improv- - ing the quality of life'for,the people of its hometown, Washington, ;! DC, and to enhancing the livability of the city's neighborhoods. ll Ilk IkI °7 ;i i 2VIIIIII In I PP lkll f t � x .. r t > ., `. t c ��`:. it 5 ,��`<iy r t ,r r msi kil: ,., '. , 3•. i � � E E k� 'fit( a Li , s[ SkIll FannieMa� ` > M> c ossri2�o ; r� � r , � � r ��, a, r`FOUNDA`1`I01�, v � � ,� © 2003 F2nnxe 1�4ae Founc�ationh� ,,. ki ;t^"r r r�iTlgii$� TeSeTVet� ry � " a .ice ►" --, a a qx _ ` ,'mss m 9 ml OF I leer Ir rj 1, 711k t' 1,4 Ir ere re 3 Mml 1 T3 M fz ele m a — � ® SOLD • A _ - _ eI 1 71 eel lef L- } ze= z eI Ir le3 s t� A ee — f • r• STEP • • - • • • • 1 111 • • . • � . • • • • • • • • • • • • • • • • • • • • . 69 12- 1 91 • • • . 19 6 666 19 61 1 Wlk What is a mortgage loan ? mortgage requires you to pledge your home as the lender's security for repayment of your loan. The lender agrees to hold the title to your property (or in some states, to hold a lien on your title) until you have paid back your loan plus interest. If you do not repay your mortgage loan, the lender has the right to take possession of your house and sell it in order to satisfy the mortgage debt. PRINCIPAL AND INTEREST. All mortgages have two features in common. The first feature is the mortgage principal, which is the actual amount of money you borrow. So, if you take out a $70,000 mort- gage, your mortgage principal is $70,000. The second feature is the mortgage interest, which is the money you pay for use of the money you borrow. How much interest you pay over the life of your loan depends on a number of factors —which you will learn about shortly. The interest you pay on your mortgage can be deducted from your taxes, which is one of the many benefits of homeownership. ARIDRTIzmm. Over time, you will repay your mortgage gradually through regular, monthly payments of principal and interest. The ;.: amounts of these payments are calculated to let you own AAoRTIZATION your home debt-free at the end of a fixed period of time. M During the first few years, most of your payments will = z be applied toward the interest you owe. During the final years of your loan, your payment amounts will be applied MINTERES PKINCIFA almost exclusively to the remaining principal. This type of repayment method is called amortization. When you sell your home, you will be required to pay back any re- maining principal balance due on your mortgage loan to your lender. 4 / I I I I • • • I • • I k 7 u v DOWN : k Y REPAYMENT r PAYMENT ULI TERM fL r t t How large a down payment can you afford ? our down payment will reduce the amount you'll need to bor- row. So, the more cash you put down, the smaller the size of your loan. And the smaller your mortgage payments will be. Lenders often view mortgages with larger down payments as more secure because you have more of your own money invested in the property. Saving enough money for the down payment is usually the hardest part of getting ready to buy a home, especially if you're a first-time buyer. It often takes many years to do. FIVE PERCENT DOWN PAYMENTS ARE POSSIBLE. In the past, mortgage lenders expected home buyers to make a down payment amounting to at least 20 percent of the purchase price of the home. Today, however, lenders recognize that 20 percent of the sales price is a tremendous amount of cash for most buyers, particularly first-time buyers. So, now, most lenders will offer you mortgage loans with as little as 5 percent down. Some may even offer 3 percent down. Putting less than 20 percent down often means you will be required to purchase private mortgage insurance. Private M 3 F C4, mortgage insurance protects the lending institution in �I SS�i1cc case you fail to make payments on your mortgage. Its cost will be added to your monthly mortgage payments and to . { your closing costs. This insurance helps you buy your home years sooner than you ordinarily would have been able to because you don't have to save a 20 percent down payment. Some types of mortgages for which you put less than 20 percent down do not require private mortgage insurance. These include loans insured by the federal government such as an FHA loan or a 8 t • 1 • } • • • 1 / 1 ' / • . / r� S0. HOW MUCN MONEY 00 YOU HAVE SAVED FOR A DOWN PAYOAENT1 You may have more than you know. Use the Down Payment Calculator Work Sheet below to prepare a list of all your present assets. (Your mortgage lender will also request this list when you apply for your loan. ASSETS AVAILABLE FOR BOWN PAYMENT UPCOMING NEW NINE EXPENSES savings�Aacount ' Moving Expenses Iz Checking Account_ New Home Repairs, Cash Qalue of Life Flome Decorating Tnsuranrs ' Major Appliance Proceedsfrom Sale ofCurrent: pm.Cbasea FTome, if Applicable;; Gift from Relative * Estimated Closing Costs at . Settlement.(usually 3 - 6% of your loan amount) other major Purchases Other Assets That i;an,Be - Sold to Obtain )ids in Next Six Months Unrelated to New some (car, ete-) A: Total EEquid Assets B. Cash Needs For Next Six Available $ Months in New Some •* $ A. - B. = Total Down Payment Available: $ * Some mortgages put a limit on how large a gift you can use for your down payment. Check with your lender to determine exact amounts and appropriate forms to complete. ** Remember, lenders may require you to have two months of mortgage payments in reserve when you go to closing. Be sure to consider this in your cash needs for the next six months. With a maximum down payment in mind, you now can figure out the next factor that will affect your monthly mortgage payments - the amount you borrow. B 'j / I • ' I • / • I • ' I I I I I I I i J 1 11 • 1 . 1 • 111 / 1 1 / / 1 1 / • 1 / 1 1 / ' / 1 1 i 1 ' 1 / 1 1 / / • • 1 1 • 1 ' 1 1 • / ' • ' 1 1 16 4� 1 1 1 • 1 1 1 ' 1 Iry IV -IIv VI I IV IV IV IV 1 ' I • 1 ' 1 1 1 1 1 / r I I I I / / • r I / I 1 1 / III ' I 1 / • I • ' II I I / I ♦ • ' I I I I ' / I ' / / I I I • I I I r and moderate-income home buyers that allow as much as 33 percent of their gross monthly income to be used toward housing expenses and 38 percent for total debt. However, to be conservative, let's calculate your allowable housing expense at 28 percent of income and your allowable total debt expense at 36 percent of income. So, how much can you spend? It's easy to get an idea by completing the exercises below. CALCULATE YOUR MONTHLY INCOME. First, you'll want to calculate the total gross (before-tax) monthly income for you and your co-borrower, if you have one. Be sure you include all the income your household receives on a regular basis, indicating any monies received under each item listed. GROSS MONTHLY INCOME WORK SHEET -'' ITFA) - BIRAIWER CI • B/OROWER TBTAI Base $shpldyment Income Park rlSme/SecorizYJob lucome ' $onuse6� - '� T�'iDlitm16a1Dn8* Drvidends/Ihterest AlimonylChi'ld Support i Tlnempldyiiient Gompen6ation Pension/Social5ecur ty 8shelite - Public Assistance/Food Stamps !' Veterari6 $enefits 4 Other Income Total Gross Monthly Income $ • If your overtime, bonuses, or commissions do not fall into 12 equal monthly payments, be sure to divide them so as to spread this income over 12 months. You will need a two-year history of receipts for this income to count. 10 was am After you know your gross monthly income, multiply it by 28 percent to get your maximum allowable housing expense. 1. Your Total Gross Monthly Income $ 2. Multiply by 28 Percent x .28 3. Equals Your Maximum Allowable Monthly Housing Expense $ CALcuuin Youit LONowTERM DEBT. Next, you'll need to consider the long- term debt that your household owes. Any installment or revolving debts (such as credit card and store accounts) that will take more than ten months to pay off are considered long-term debts and should be included. Other debts may include car payments, student loans, alimony, or child support payments. Total your existing monthly payments on long-term household debts below. Be sure to disclose all the long-term debts of each co-borrower. HOUSEHOLD LONG TERM MONTflLV DEBTS ALLOWABLE NONTOLY ROOBINI EXPENSE �a-"- LBX6TEAY "MONTHLY DEBT * (Please enter.the minimum monthly payment required on each of your outstanding debts) � f1Y9a 07E@�.P�..e$��E'E.o�.'4�`antlf�����i�a•'� ����..,_.r � th�e�„� $ ,."v��tiex -Yer 'i.?.$ 1"r �.� ��� L's ••.�>��a� ... '`,. •�,i�'�"'p Add all the debts (1-7) above to calculate your'tgtal monthly debt payments - $ * Note: Ongoing monthly living expenses you pay for in cash such as utility payments; grocery bills; entertainment expenses; and health, life, medical, and car insurance are not considered long-term debts for mortgage loan qualifying purposes. it mat a Is the amount of the monthly debt payments you just calculated more or less than what a lender, will allow? That's easy to find out. To calculate your maximum monthly allowable debt, com- plete this exercise: 1. Your Total Gross Monthly Income $ ------------ 2. Multiply by 36 Percent x .36 3. Equals Your Maximum Allowable Combined Housing and Monthly Debt $ ---------- You can easily see if the actual long-term debt you have is more or less than the 36 percent amount you are allowed. Simply compare your sum total in the Long-Term Monthly Household Debts Work Sheet on page 11 to the 36 percentage figure you just calculated. If your long-term monthly debt is greater than 36 percent of your monthly income, you may have to pay off some debts before applying for a mortgage loan. DOUBLEmCBECK YOUR FIGURES. Now that you've calculated your income and debt ratios, let' s double-check your figures. Your monthly housing expense (including mortgage principal and interest, property taxes, hazard insurance, and, if applicable, mortgage insurance) should total no more than 28 percent of your gross monthly income. Your total long-term monthly debt (including your housing expenses and all other debt) should ` total no more than 36 percent of your gross monthly income. Check the figures you calculated against the chart on age 13. As you review these figures, remember that p " payment amounts are flexible and your allowable monthly paym can be increased somewhat depending on your situation. 12 g 1 . ALLOWABLE 180SI ANNUAL INCBNE : ALLOWABLE WUN3ULM 00181N11 EXPENSE :'- ➢WABLt LANk ?ERN MONTHLY.DEBT 25000 _ . Sea 3Q QQk 1. " mp 35,OOD _ ,'.- c01z e o :, i 4 "L50, e . 4Q QQQ say 1;200 45,p0a ' 1 Q5Q z, , 50 000 c 1187 t '"� r c = Ir 1;504 - 55000 1 ; 1,203 ; ,, ,' , '1;;850 , fi000Q ; t4Q0 4 j r 9c r r 1`000 ,85AQ0 _JJ _ r., . , _ ; 4,5� , , , �>r , r . . , .. _ . .. .-x'950 c 70000 .,';; -` 1033 e r, F ` °070- 75 000 ; '> .� 2 90004 i.dfiZ ^ ' JJ2 400 85000 :. . . ., . � . , : 1x883 ; . „, c ". ' `. '' r.- �r 2550 00000 _ : 21ll9 , �;- c x 27Q0 J. 05000 - t00r00R 12333 - _ Q00 ` .130 000 3,033 —d _ ; 00, , This chart shows about how high your monthly housing expenses and your long-term monthly debt can be based on your income. "Allowable monthly housing expense" includes mortgage principal and interest, property taxes, hazard insurance, and, if applicable, mortgage insurance. 4 £ Ax p, : ` 7J J 13 How low an interest rate can you expect ? 3 f you've ever shopped for a credit card or a car loan, you know that getting the best interest rate is a very important part of your shopping decision. The same is true when you shop for a mortgage. As with any other loan, the lower your interest rate, the lower your monthly payments. Or, another way to look at it is the lower the interest rate, the more buying power ti s z you'll have. With lower rates, you can borrow more money " ... for approximately the same monthly payment. Here are some points to keep in mind when you compare interest rates among loans: SNORTER TERM LOANS OFFER LOWER INTEREST RATES. Keep in mind that each type of mortgage loan may carry a different interest rate. As a general rule, the shorter the term of the loan, the lower the interest rate you will pay. So, a 15-year fixed-rate mortgage usually has a lower interest rate than a 30-year fixed-rate mortgage. A FIXED VERSUS AN ADJUSTABLE INTEREST RATE. Also keep in mind that you can choose a mortgage with an interest rate that is fixed for the entire term of the loan or an interest rate that adjusts during the loan term. A fixed-rate loan gives you the security of knowing that your interest rate will never change during the entire term of the loan. An adjustable-rate mortgage loan (called an ARM) has an interest rate that will vary during the life of the loan, with the possibility of both increases and decreases to the interest rate and consequently to your mortgage payment. An ARM frequently offers a lower initial interest rate than a fixed- rate mortgage. However, when comparing interest rates between ARMs and fixed-rate mortgages, you need to know the adjustable- rate mortgage's interest rate caps. There is a cap or limit for how 14 mail much the interest rate can increase over the life of the loan, and a cap for how much the interest rate can increase at each adjustment date. These caps tell you the maximum interest rate you could be required to pay during each �IkED adjustment period and over the life of the loan. PAYING DISCOUNT "POINTS" CAN LOWER YOUR INTEREST RATE. In the special vocabulary of mortgage lending, "points" is a difficult term for many home buyers to understand. "Points" are often used to describe a type of fee lenders charge. (The full term to describe this fee is "discount points.") Simply put, a point is a unit of measure that means 1 percent of the loan amount. So, if you take out a $100,000 loan, one point equals $1,000. If you take out a $50,000 loan, one point equals $500. Discount points represent additional money you can pay to the lender at closing. In return, the lender will provide you a lower interest rate on your loan. For example, you are shopping for a 30-year mortgage loan. A lender quotes you an interest rate for a 30-year, $50,000 mortgage at 7 112 percent with no discount points. If you like that rate, you can choose not to pay any discount points at closing and pay 7 1/2 percent interest. If you want to pay less interest, ask the lender to quote you an interest rate with you paying one, two, or three dis- count points. Usually, for each point you pay for a 30-year loan, your interest rate is reduced by 1/8 (or . 125) of a percentage point. So, if you pay one discount point at closing on a $50,000 loan ($500), you could lower your interest rate from 71/2 percent to 7 3/8 per- cent. If you pay two discount points ($1,000 on a $50,000 loan), you could lower your interest rate from 7 1/2 percent to 7 1/4 percent. If you pay three discount points ($1,500 on a $50,000 loan), you could lower your interest rate from 7 1/2 percent to 7 1/8 percent. Remember, these are just examples. For a true comparison, you 15 need to call lenders. When you call lenders to shop rates, it is important to compare the same combination of interest rates and points quoted by each lender. A good example to help you compare rates is to ask lenders for quotes for a loan with no discount points. You can often get a better idea of what the basic interest rate is at zero discount points. Then, you can ask to see how the interest rate is reduced for each additional discount point you pay. How do you decide if you want to pay more discount points and a lower interest rate, or fewer discount points and a higher interest rate? First, you should know that you can sometimes negotiate with the seller of a property to pay some of the points on your loan. Second, keep in mind that the discount points you pay are tax deductible. Third, realize that you will need more cash at closing if you decide to pay points. And finally, remember that you have to pay for your points all at once, whereas you only pay interest on your loan as long as you have your house. So if you will be living in your house for only a short period of time, you may decide it is preferable not to pay points. INTEREST RATE WCPINS. While you shop for a loan, interest rates can change frequently. So it's important to ask if the mortgage lender will offer you a rate lock-in. This can guarantee you a specified interest rate, provided the loan is closed within a set period of time. When you apply for your mortgage, you should have a good idea of when you want to close on your house. If your lock-in period expires before you go to closing, your lender is not obligated to give you the same interest rate you had locked in earlier. So, it is important to lock in for a period that will cover the time until your expected closing date. Locking in a quoted rate when rates are rising may save you thousands of dollars in interest over the �e life of the loan. If rates are falling, it may be best to wait until the last possible moment before locking in. ANNUAL PERCENTAGE RATE (APR). This percentage figure includes interest plus points and closing costs and spreads them over the life of the loan. The APR gives your "effective rate of interest" and must be disclosed to you according to federal truth-in-lending laws. NOW TO CALCULATE LOAN PAYMENTS AT DIFFERENT INTEREST RATES. The following table should help you calculate the principal and interest charges you can expect for a wide range of interest rates and loan amounts. To use this table, find the loan rate on the left side and the term of the loan at the top. At the intersection is the monthly payment for a loan of $1,000 at the given rate and term. Multiply this figure by the number of thousands of dollars you're thinking of borrowing to calculate the monthly payment for your loan. (For example, for a 30-year fixed-rate loan of $70,000 with a 7.5 percent interest rate, multiplying $7.00 times 70 gives you a monthly payment of $490.) MONTHLY EQUAL MONTHLY PAYMENTS TO AMORTIZE SItOOD INTEREST RATE ' 15 YEARS - ;. 20 YEARN '. : _ '-- . 9A YEARR`:� : 55°/n o tT0'1$ � ,",T, .., ate � , �80 >• ter. o --.w. -.�-�h_^ :; 6.5% ' _ ° r;lEZ2 � a. - Lrca. '�R" T '1 Ze,a�*,c � ""„-6y� z ±..; ^� . -,7.0°k 01 10.5% 11-0% g.— 7137 :sir `tef� iz'fD"i3�*.r 4 rT � y ;„ c The table shows how much you'll pay monthly (principal and interest) for every $1,000 you borrow. Taxes and insurance payments are not included in these monthly payments. 17 How short a repayment term can you handle ? 4 he most popular mortgage - the 30-year fixed-rate loan - gives you a full 30-year repayment schedule. If you make every monthly payment as scheduled (without prepayments or missed payments) , you will own your home debt-free 30 years from the day your first mortgage payment is due. Thirty years sounds like a long time - and it is! But by extending payments over 30 years, you keep your monthly housing costs. low. If you can afford higher monthly payments, you can select a mortgage repayment schedule that is shorter: there are 20-year, 15-year, and even 10-year fixed-rate mortgages available from most mortgage lenders. SNORTER REPAYMENT PERIOD MEANS You WILL OWE LESS INTEREST. The length of your mortgage repayment period will directly impact your monthly mortgage payments. For the same mortgage principal amount, you will find that the shorter the repayment period, the higher your monthly payment will be, but the total interest you pay over the life of the loan will be less. On the other hand, the longer your repayment period, the lower your monthly payment will be, but the total interest you'll pay over the y life of the loan will be more. 7b see how the length of a repayment period affects both your monthly payments and the total interest you pay over the life of the loan, consider the chart on page 19. It shows the total lifetime interest payments on a $100,000 loan with a 7.5 percent interest rate. You can easily see how much more total interest you pay when you stretch your payments out over a longer period of time. As you can see, selecting a loan term involves striking a balance between how low you want your monthly mortgage payments to be versus how quickly you want and can afford to own your home debt-free. is j TOTAL INTEREST PAID ( AT 7 . 5 % ) OVER LIFE OF 5100 , 000 LOAN Ell i r , ri Now , how much can you afford ? f you've done the exercises in this guide, you now know how much you can afford to spend on monthly mortgage payments (28 percent of your gross monthly income) . You also know whether your present debts and projected housing costs are within a comfortable range (36 percent of gross monthly income). You've compared your monthly housing allowance to the monthly loan payments for the mortgage amount you are L thinking of borrowing. You've been able to do this by using the Monthly Loan Payment Table on page 17, which all `. helps you see how large a mortgage loan you can afford. You've looked at your available assets and considered how much money you'll need to put aside for closing, moving, and settling-in costs. How much of the remainder of these savings are you willing to spend on your down payment? Once you've made this decision, you can add your expected down payment to the maximum mortgage loan amount for which you hope to qualify. The total should be the maximum price you can comfort- ably afford to pay for a home. Once you know that maximum price, it's time to start shopping for the mortgage loan that's right for you. Let's move on to Step II of this guide — Selecting A Mortgage That Is Right For You. 29 i n w 11 d i : .f ) '.ty VV : u r IV '.:" . -. IL IV I Ve ZI VV c x . r r rl'Iz"ere are dozen 's of daffereizt types "af Er L mortgage products auaalable; 'When• `shoppirig for 'a : horree,` take the aime to shop for ;, the ;type of: mortgage that ivall bestsuat your lifestyleazid. your .finanoaal . needs.` IV " r a }. MU U41 How do you choose the right mortgage ? here is a wide selection of mortgages available in today's mar- ket, and you should narrow the field by considering your particular situation.Your choice of mortgage will be influenced by questions such as • How many years do you expect to live in your new home? • How important is it to be free of mortgage debt before facing your children's college bills or planning for your own retirement?. • How comfortable are you with the certainty of a fixed mortgage payment versus a payment that can change over time? Advantages of fixed - rate mortgages . f you expect to live in your home for many years, the interest rate of your loan may be your primary consideration. You may want a fined-rate mortgage that will ensure that your interest rate will remain the same for as long as you have your loan. If you decide that you like the stable, predictable payments of a fixed-rate loan, then you must choose from a variety of repayment nu terms — 15, 20, and 30 years are the most common. Here are some points to compare about various fixed-rate loans: A 30-YEAR FIXED-RATE MORTGAGE is the easiest fixed-rate loan to Low qualify for. Its longer term gives you the best chance to MONTgLY PAYMENT keep monthly mortgage payments low and use the extra cash for other purposes. A 20-YEAR FIXED-RATE MORTGAGE amortizes principal and interest over a 20-year period, 10 years sooner than the traditional 30-year mortgage. It offers you the opportunity to own your home debt-free much more quickly. Yet, the monthly payment is only somewhat higher than for the 30-year mortgage loan. 22 A 15-YEAR FIXED•RATE MORTGAGE offers a lower interest rate than a 30-year or 20-year mortgage and will save you a significant amount of interest over the life of the loan. You will build up equity in your home quickly, which can allow '`� H16HER you to move to a more expensive home sooner. If you're MoNTH�Y nearing retirement, this shorter-term mortgage allows you pAYMEN to own your home sooner. The benefits of a 15-year mort- gage come with a price — your monthly mortgage payment will be considerably higher than for the 30-year mortgage. Advantages of adjustable - rate mortgages (ARMS ) . f you're confident that your income will increase steadily over the years, or if you plan to move in a few years and aren't concerned with potential rate increases, then you may want to consider an ARM. ARMS feature an interest rate that moves up and down as market conditions change. Although an ARM usually offers a lower initial interest rate, your mortgage payments change periodically (usually once or twice a year). Interest rate changes typically are subject to two caps, one for each adjustment period and one for the life of your loan. For example, a typical ARM that adjusts annually may have a per adjustment cap of 2 percent and a lifetime cap of 6 percent. Because ARMs offer lower initial interest rates, initial monthly payments will be lower, so you may be able to qualify for a larger mortgage amount. However, you will likely be required to come up with more than a 5 percent down payment (usually at least 10 percent). Of course, if interest rates go down, your payment will decrease as well. Some ARMs offer you the chance to convert to a fixed-rate loan (for a fee) within a certain period of time. The interest changes on an adjustable-rate mortgage are always 23 tied to a financial index. A financial index is a readily publishable rate — for example, the financial index for many credit cards is the prime rate. The three most popular types of ARMs are: TREAsuRY4NDEXED ARMS, indexed to six-month, one year, or three-year Treasury bills or securities. Depending on which of these three indexes you choose, your interest rate will adjust once every six months, once each year, or once every three years. CD-INDEXED ARMS, which adjust to a Certificate of Deposit (CD) index. Rate adjustments typically occur every six months, with a per adjustment cap of 1 percent and a lifetime cap of 6 percent. COST OF FuNDs-INDEXED ARMS, indexed to the actual costs a particular group of lending institutions pays to borrow money. Lenders using this index can adjust mortgage rates monthly, every six months or annually. The most popular index of this type is the Cost of Funds Index for the 11th Federal Home Loan Bank District of San Francisco. When comparing ABMs that have different indexes, you should Q�X look at how the index has performed recently. Some indexes MOW� are widely published in newspapers, making them easy TREASURY IN�E to track. Mortgage lenders are required to provide you with information on how to track the index and to provide a 15-year history of the index they use. Remember, though, that past performance cannot predict future performance of the index or the direction your interest rate may go. Other types of ARMS . ARMS WITH AN INmAt FIXED 'ERIOD, You may wish to look into a special type of adjustable-rate mortgage that doesn't adjust your interest rate until several years after you take out the loan. These loans offer you several years of fined payments before there is an interest rate 24 v • / • , aA • • / 1 / • • / • • • • • . / • 1 1 1 • . • 1 • r , -IT IT v IT IT IT ITT It w TT ez IT IT I IT IT • • • / / II II meet all the refinance conditions or think the balloon term may be up before you are ready to move, this type of loan may not be appropriate for you. Other types of mortgages to consider. SPECUU LOAN PeoGRAme Special loan programs often exist to help first- time buyers. With some of these programs, you may be able to accept a gift from a relative or to borrow a portion of the money you will need for the down payment and closing costs from a local nonprofit organi- zation or government agency. With others, you may be able to get a grant or other funds that you will not have to repay and can use to cover some of these costs. If you don't qualify for a mortgage based on some of the traditional underwriting factors described earlier, you may want to find lenders who offer special mortgage loans SQEG�p� like these. These loans allow you to use a greater percentage of e6ats`s your income toward monthly housing expenses and will not require you to have two months of cash in reserve at closing. If you don't have a traditional credit history, you can show you have a good credit history using your rent and utility receipts. GOVERNMENNINSORED LOANS. You may want to consider the mortgage plans offered by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or the Rural Housing Service (RHS). Properties purchased under these programs must meet certain m;mmum standards and possible loan limits. FHA-insured loans offer very low down payments (3 to 5 percent). VA-guaranteed mortgages with no down payment are available to qualified veterans. You must get a certificate of eligibility from the Department of Veterans Affairs for a VA loan. The guaranteed rural housing program offered by the RHS is for people who meet certain income requirements and wish to buy a home in a rural area. This govern- ment-guaranteed loan requires no down payment. 20 A` `:: : . . A _ i .. i su6lyn j?Pa.�a'. puv 'SrldQ pb�atau�v�oa t 11 sun4Ivt�OSSV uvo�:puu sHuinvs 'saiu�idxuoa 'a�v �giozu yv uvop a�vr9� iout A . AAA A D ion o`oys �vw no N �. ,.: AA F, :. .- r. A `. o- x- 9 a A. a x t 4 Y ,` 'A, 1 AAA LldI AA ` A A A r. ` "v .t . . " ' . y � . Ap -.5 s STEP Where do you look for a mortgage loan ? ortgage loans of • mortgage• • • . savings• • loan associations, commercial• banks, federal• credit • • other financial institutions. These financial institutions can be found in the Yellow Pages under "mortgages." The real �. P z3ti F estate section of your local newspaper includes• comparative mortgage rate charts • may even offer • • . • 4 , that can • helpful • • • � ( may also use popular World Wide Web to locate mortgage lenders and current interest rates. Your real estate agent will also know about local they offer. Fs hx • • 1 • • 1 1 • . .? ��' �, i,,. her — 11` / all 1 ' ' • 1 • 1 ev Ic 61 11C 16 vI 16 1 1 1 1 1 • • 1 / ' ' . • • • . • • • • • • 1 / / / • • 1 • • 1 1 • 1 • • • • 1 • • . 1 1 . IV VI VI IV / • . • • . 1 1 • 1 • . / 1 • • • • • • / / FIXED RATE MORT9 A BE CflRIPARISON SHOPPING CHAR T L1111111 L11111r - - .111111 1 -. t . Company name/ phone number: Loan officer name? 2. Mortgage type: 3. Interest rate and points: Interest rate quoted on _/_/_ is? (day) (month) (year) How many points quoted? Annual percentage rate? 4. Interest rate lock-ins: Upon application? At approval? Lock-in costs? Effective how long? Lower lock-in if rates drop? 5. Minimum down payment required: Without mortgage insurance With mortgage insurance If mortgage insurance is required: Upfront costs? Monthly premiums? Can it be financed? 6. Prepayment of principal: Is there a penalty? Duration of penalty? Extra principal payments allowed? 7. Loan processing time: How many days estimated from: Application to approval? Approval to closing? 8. Closing costs: Application/origination fee Credit report fee Lender's attorney fee Document preparation fee Transfer taxes Appraisal fee Survey fee Title search/title insurance Any other closing costs quoted? 30 w u• k, CHECKLIST OF FIRED RATE MORTGAGE SHOPPING TERMS . • . • . . . I 1 . . . . . . • . : • : � . • ADJUSTABLE RATE MOR T G A G E E 1 R1 , A R I S I N S R I ' lEllfl L LfllFl 2 LEIIEI 2 1 . Financial index and margin: Treasury, Cost of Funds, Certificate of Deposit, or other? What is the margin over the index used by the lender to calculate the fully indexed rate? 2. Initial interest rate: 3. Adjustment interval: What is the interest adjustment interval i (six months, one year, three years, etc.)? 4. Rate caps: Lifetime interest cap? Periodic interest cap? 5. Payment caps: 5. Conversion to fixed-rate loan: When can the loan convert? How is the new converted rate determined? Are there any conditions under which a conversion option will not be offered to me? Is there a conversion fee? 32 q CHECKLIST OF AOJHSTABLEIRATE MORTGAGE SHOPPING TERMS 91 1 In fI If I 91 19 Ir I • I I • 1 . . . 1 . 1 I } rft - I . 1 1 . • 1 I _ R - . 1 • • 1 • • I . 1 - • . r • r • r • • • • • • . - • I I I . . Ir . • 1 • I • 1 1 I I • 1 • • • • . . I . • . . • - I - • . . . . • . • . . . • - • . • . • . . • • • u • 1 • • ' . I I 1 • . • 1 • . . • • • 1 I 11 • I - 1 . r • • • . 1 I . . . . . 1 . • • 1 . . . 11 I . . . • 1 • . 1 . 1 1 • 1 • . I I - 1 . 1 U • I k i 1 . . • I - . I 1 1 q i.a i � v � x < fi t After you ' ve gathered information . fter you've gathered your information and talked to several mortgage lending institutions, you'll want to compare the terms and options that look most promising. You may see from filling out the Mortgage Comparison Shopping Chart that one lender is quoting the lowest interest rates, but another charges less in upfront costs payable at closing. Still, y r ; another lender has the most liberal lock-in policy. Only you know which features address your situation AV e to the best advantage. Once you decide that, you will Want to schedule an appointment with a loan officer to start filling out your mortgage application. Feel free to bring this guide along to your appointment in case you want to refer back to any of the information you have read. Good luck! 34 If you want our otherguides, call the Fannie Mae Foundation toll free. he Fannie Mae Foundation wants to help more Americans better understand what it takes to finance a home and how the mortgage process works. If, after reading this brochure, you are still not sure if now is the right time to get a mortgage, call for Opening the Door to a Home of Your Own. It gives you ten questions to ask yourself to determine if you're ready to buy a home. For your free copy, call 1-800-688-HOME. And if you have friends, relatives, of neigh- bors whom you would like to help with 4 information on the home-buying process, please tell them to call us at 1-800-688- HOME. We would be happy to send them their own personal copies of Opening the Door to a Home of Your Own or Choosing the Mortgage That's Right for You - at no cost. If you or someone you know wants to under- stand why having good credit is so important when you want to buy a home, call for Knowing and Understanding Your Credit. This helpful guide will give you tips on how to improve your credit and maintain good credit. To receive free copies of this guide in English, Chinese, Korean and Vietnamese, call 1-800-605-5200. For a free copy of the guide in Spanish, call 1-800-541-6300. 30 Knowing and Understanding your Credit Old Second National Bank Knowing & Understanding Credit The better your credit , the better your interest rate and borrowing terms will be on : ➢ Home Loans ➢ Car Loans ➢ Personal Loans ➢ Credit Cards ow ' s Credit Measured7 Credit is measured by CREDIT REPORTS compiled by 3 national credit-reporting agencies : Trans Union, Experian, Equifax What Information is on a Credit repo • Identifying Information (name, address , date of birth, SS# , etc) • Credit Information (specific details about loans , credit cards , etc) *Public Record Information (judgments , tax liens , bankruptcy, etc) •Inquiries (names of companies who have obtained your report) What is a Credit Score ? • A credit score is used to statistically predict how likely an individual is to repay a new loan based on experience with millions of consumers . • A credit score is used by a lender because it is a fast, objective way to evaluate a credit report . • Experian : 1 - 888 -EXPERIAN or • Credit score ranges vary by scoring model, but the higher the score the better . How to order a credit report • Equifax : 1 -800-685- 1111 or • Trans Union Corporation : 1 -800-916-8000 or How to Understand Your Credit Several types of organizations , including the banks represented here today, are available to help you understand your credit report . You can also get assistance from local housing assistance agencies within the city or county in which you live . How to Correct Errors • Follow the instructions on the credit report you receive • Call the agency to resolve the error • Write the agency to resolve the error • Agencies must resolve within 30 days Credit Score Factors Positive: Negative: • On-time payments Late payments • Long period of established Short period of established credit history credit history • Installment (mortgage and Collections accounts, vehicle loans) judgments, bankruptcy, foreclosure, repossession • Fewer credit card lines Several credit card lines with lower balances and and/or balances at or available credit above maximum amount available Taking Control of Credit • Pay loans first • Pay off credit cards monthly • Remind yourself that credit cards are loans • Charge less than the maximum amount available on your credit card • Only apply for the credit you need • If you can not pay off the entire balance of the credit card monthly, pay more than the minimum balance • Use your credit card to establish good credit • Look for ways to cut your expenses or increase your income • Keep track of bills and past due notices Getting Help • If you are having problems paying your debts , call your creditor to discuss your options • Call in an expert • Stay away from " credit repair" companies Establish a Budget • List your income • List your expenses • Compare income and expenses • Set priorities and make changes so that your income will be greater than your expenses • How to obtain your credit information » Discuss with lender when applying for credit » Resources available to obtain a copy of your report • How often to review your credit » ANNUAL CHECK- UP • Prevent Identity Theft » " Watches " and "Protection " available through creditors and insurance companies • Correcting/disputing errors and omissions » Must be done with Credit Reporting Agencies w C� Ck- • C4- 0 4mo ck- • ® ANN' O � H C� 4� W •iy a o � 4t powo ci Important Loan documents and Disclosures Good Faith Estimate The lender is required to give this to you within 3 days of application. This document will spell out the best estimate of the costs associated with your loan. The lender is required to show all the fees they may charge as well as other 3rd parties involved in the loan transaction. Truth in Lending (TIL) This is another document that the lender is required to give within 3 business days of application. Among other things, it discloses the annual percentage rate (APR), which reflects the cost of your mortgage as a yearly rate. This rate may be higher than the interest rate stated in your mortgage because the APR includes any points, fees and other costs of credit. The TIL statement also sets forth the other terms of the loan, including the finance charge, the amount financed , and the total payments required. You will also get a final TIL at closing based on the actual numbers not estimates. The Note This is your promise to repay the loan. A legal document obligating a borrower to repay the loan at a stated interest rate during a specified period of time, the mortgage note is secured by a mortgage. The terms of the loan are set forth , including the date on which your payments must be made and the location to which they must be sent. The note also details the penalties that will be assessed if you default and warns you that the lender can "call' the loan (require full repayment before the end of the loan term) if you fail to make the required payments, sell the home without prior written consent of the lender, or if you otherwise violate the terms of your note or mortgage. The Mortgage This is the legal document that pledges a property to the lender as security for payment of debt. The mortgage restates the basic information contained in the note as well as the date of the final scheduled payment. It states the responsibilities of the borrower to pay principal and interest, taxes and insurance in a timely manner; to maintain hazard insurance on the property without lapse; and to adequately maintain the property and not allow it to deteriorate. The mortgage also states that if the borrower fails to comply with these requirements , the lender can demand full payments of the loan balance. It also states that if the borrower defaults, the lender can foreclose on the property, sell it, and use the proceeds to pay off the outstanding loan, accrued interest, and the foreclosure costs. The borrower will receive anything left over after any liens (legal claims against a property) and second (or third) mortgages are paid. Hud-1 Settlement Statement This document is prepared by the settlement agent who conducts the closing. This document itemizes all closing cost related to the transaction. It has a buyer side and seller side. This document is to be made available to the borrower 24hours before closing. Both buyer and seller sign it. Hud-1A This document is the some as the Hud-1 but is used for refinances and only has a borrower side. The Deed It is a document that transfers ownership from the seller to the buyer. Right to Cancel This is a form used for refinances. Legally you have 3 business days to review your loan documents and cancel the transaction before the loan can disburse. Each borrower is to receive 2 copies of this form at closing. If there are 2 borrowers it only takes 1 to cancel. Elders face poverty as they grow older -- Part 3 -- A Portrait of Poverty in Oregon Page 1 of Elders face poverty as they grow older story by Theresa Novak In 58 years together, Francis and Tom Pickett have never thought of themselves as poor. The couple endured the Dust Bowl and World War II. They had a son and a daughter. Francis taught music to elementary school students, kept house and raised her children. Tom farmed, built bridges and worked hard to keep the family fed and sheltered. "We learned how to get along on nothing," Francis said. "We never lived high and handsome. We just knew how to manage. " At 93 , the Picketts still live on their own in a modest apartment near the Corvallis library. For a long time they beat the odds against the single biggest factor that transforms a financially comfortable 65-year-old into a destitute 85-year-old: Time. "A lot of people become poor just because they outlive their money," said Becky Weidanz of the Governor's Commission on Senior Services. Many recently retired Oregonians start off financially secure because they are supported by a combination of savings, pensions, Social Security and other assets. Many.still enjoy good health at 65 or 70. In contrast, people in their late 70s and beyond often have had their assets eroded over time, especially by medical expenses. Among this group, poverty rates are higher than among people who are more recently retired. So it was with the Picketts. Francis Pickett's work as a teacher brought her limited Social Security and pension benefits. So when a lifetime of heavy work sent Tom to the hospital 12 years ago for back surgery, the Picketts needed more than their Medicare health insurance provided. They had to turn to Medicaid, a program for low-income people, to help cover their high http://eesc.orst.edu/ageomwebfile/edmat/html/em/em8743/part3/eldersface.html 2/19/20( Eld°rs face poverty as they grow older -- Part 3 -- A Portrait of Poverty in Oregon Page 2 of medical costs. They accepted the aid with gratitude-and a few qualms. "It's hard to live like this out of someone else's pocket, but we never figured on living this long," Francis Pickett said. With the future of Social Security uncertain, the Picketts are concerned about what will happen when their 55-year-old daughter reaches retirement age. It is a concern shared by a nation that anticipates an enormous drain on Social Security and Medicare and Medicaid funds when the large population born between 1946 and 1964 reaches retirement age. "With the number of elderly Americans set to double by 2030, the baby boom will become the senior boom," President Bill Clinton said in his 1999 State of the Union Address. "Today, Social Security is strong," Clinton noted. "But by 2013, the trust fund will be exhausted, and Social Security will be unable to pay out the full benefits older Americans have been promised." Despite widespread publicity about the threat to Social Security's solvency, most Baby Boomers are counting on its continued availability. Wiedanz said it is a common myth that many Baby Boomers are establishing Individual Retirement Accounts (IRAs) so they won't need to depend solely on Social Security for their post-retirement income. "We found that simply wasn't true," Wiedanz said. Only about 10 percent of Baby Boomers are setting aside money through IRAs or other savings or investments. In fact, one-quarter of Americans believe their best financial strategy to prepare for retirement is to buy lottery tickets, not long-term savings or investment, according to a 1999 national survey by the Consumer Federation of America. With so many people apparently relying on Social Security, losing that fund would be devastating to older Americans. According to the Washington, D.C.-based Center on Budget and Policy Priorities, Social Security is the primary buffer from poverty for 46.7 percent of the elderly population who otherwise would fall below the federal poverty level. In dollars, the federal poverty level stands at less than $8,240 year for a single person over 65-about $640 a month. The poverty rate for an elderly couple is about $ 11 ,000 a year. http://eese.orst.edu/ageomwebfile/edmat/html/em/em8743/part3/eldersface.html 2/19/20( Elders face poverty as they grow older -- Part 3 -- A Portrait of Poverty in Oregon Page 3 of How do 17 percent of older Oregonians end up with incomes below the federal poverty level? They may have stories similar to that of Evelyn Duncan. Born in 1908, Evelyn Duncan married during the Depression. She and her husband had four children. Evelyn Duncan was a wife and mother. She didn't drive, handle money, or learn how to type. After her husband died in 1971 , Evelyn survived on Social Security and a small inheritance. When the inheritance ran out, Evelyn joined the ranks of Oregon's low-income elderly. Accustomed to being the head of her family, not a dependent, Evelyn didn't want to ask her children for help. "She never complained about anything," said James Duncan, her 55-year-old son. "It just wasn't done when she was growing up." Duncan, a former Boeing engineer, helped his mother obtain medical and.housing benefits for low-income seniors. She now lives in an elder care facility where she enjoys her surroundings. As Duncan became more familiar with the effort required to secure basics for elders such as his mother, he became increasingly involved in senior issues. Duncan now serves as head of the 17-member Portland/Multnomah Commission on Aging. The group helps seniors live more comfortable, secure lives. They work to change laws and regulations on behalf of the elderly. Becky Werhli, the executive director of Elders in Action, said the nonprofit agency has served the greater metropolitan area of Portland as a publicly funded agency for more than 30 years. For example, the agency is working with the Portland City Council to preserve apartments in downtown Portland as elderly housing. "Oregon is at the head of the nation (where help to elders is concerned)," Werhli said. "No doubt about it." For example, Oregon leads the nation in providing community-based care for frail seniors. As a result, over the past decade the state's nursing home population has dropped despite an increase in the senior population. http://eesc.orst.edu/agcomwebfile/edmati html/eni/em8743/part3/eldersface.html 2/19/20( Elders face poverty as they grow older -- Part 3 -- A Portrait of Poverty in Oregon Page 4 of Seniors do not pay state taxes on Social Security income. Unlike other Oregonians, they can deduct all of their dental and medical expenses on their tax returns. Duncan said increased activism by all Oregonians on behalf of seniors would pay off eventually for everyone. "We all have to help on this," he said. "We're all getting old. " http://eesc.orst.edu/ageomwebfile/edmat/html/em/em8743/part3/eldersface.html 2/19/20( I 1 4. IF v 1t 7 t t, It it �. 4 t Al ) -, It tt It y y I k.I IF 1 . \ "'- `� '. � Hsi { ' 1 1 - . '. :. d 1 f { I t�� wJyM1v `sii�t++x Y n - t }° t� q t � { S t It le I OtI IV 17 "tt IV ILL IR Vt It VV L j _ it IV ' 1 44 .. 0 . 'here: 'are dozens Af different yges of mortgage products auaitable ' UVhen shopping• for a hnnie, take. the time to shopor the type of" murEga� ' that toi.11 bestsuat your ltfestyle. and.your fcnaixcaad nereds r. 1`e ". ) k _ t t It IF I It 1 - J . a f { t I P.It It I IF { t i K'A elm Al SoYEAt FixEDuRATE MORi6A8E offers a lower interest rate s w- than a 30-year or 20-year mortgage and will save you a significant amount of interest over the life of the loan. You r will build up e q ui ty in y our home q uickl y ` which can allow you to move to a more expensive home sooner. If you're .. HIGHER nearing retirement, this shorter-term mortgage allows you MONTHLY to own your home sooner. The benefits of a 15-year mort- PAYMEN gage come with a price — your monthly mortgage payment will be considerably higher than for the 30-year mortgage. Advantages of adjustable - rate mortgages (ARMs) , f you're confident that your income will increase steadily over the years, or if you plan to move in a few years and aren't concerned with potential rate increases, then you may want to consider an ARM. ARMS feature an interest rate that moves up and down as market conditions change. Although an ARM usually offers a lower initial interest rate, your mortgage payments change periodically (usually once or twice a year). Interest rate changes typically are subject to two caps, one for each adjustment period and one for the life of your loan. For example, a typical ARM that adjusts annually may have a per adjustment cap of 2 percent and a lifetime cap of 6 percent. Because ARMs offer lower initial interest rates, initial monthly payments will be lower, so you may be able to qualify for a larger mortgage amount. However, you will likely be required to come up with more than a 5 percent down payment (usually at least 10 percent). Of course, if interest rates go down, your payment will decrease as well. Some ARMS offer you the chance to convert to a fixed-rate loan (for a fee) within a certain period of time. The interest changes on an adjustable-rate mortgage are always I I i I L < . t • / 1 h • 1 11 1 � vl� � a lx � : � 1 i I I 1 ' 11 1 . / • 1 1 1 11 I • . . 1 • • . i . 111 t / _ I • - / 1 1 1 . 11 . 1 / 11 1 It ! i • 1 1 • 11 1 1 1 11 � i I • 1 1 11 • / / . 1 / 1 1 \ . i 1 1 . 1 - It / ti 1 • . 11 1 I Elk _ meet all the refinance conditions or think the balloon term may be up before you are ready to move, this type of loan may not be appropriate for you. Other types of mortgages to consider. SPECUU Lour PROC40A . Special loan programs often exist to help first- time buyers. With some of these programs, you may be able to accept a gift from a relative or to borrow a portion of the money you will need for the down payment and closing costs from a local nonprofit organi- zation or government agency. With others, you may be able to get a grant or other funds that you will not have to repay and can use to cover some of these costs. If you don't qualify for a mortgage based a on some of the traditional underwriting factors described earlier, you may want to find lenders who offer special mortgage loans ��65 like these. These loans allow you to use a greater percentage of re ; - your income toward monthly housing expenses and will not require you to have two months of cash in reserve at closing. If you don't have a traditional credit history, you can show you have a good credit history using your rent and utility receipts. GoVER NWINSUREU LOANS. You may want to consider the mortgage plans offered by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or the Rural Housing Service (RHS). Properties purchased under these programs must meet certain minimum standards and possible loan limits. FHA insured loans offer very low down payments (3 to 5 percent). VA-guaranteed mortgages with no down payment are available to qualified veterans. You must get a certificate of eligibility from the Department of Veterans Affairs for a VA loan. The guaranteed rural housing program offered by the RHS is for people who meet certain income requirements and wish to buy a home in a rural area. This govern- ment-guaranteed loan requires no down payment. much the interest rate can increase over the life of the loan, and a cap for how much the interest rate can increase at each adjustment date. These caps tell you the maximum interest rate you could be required to pay during each FAXED adjustment period and over the life of the loan. 207 HILLCREST AVE YORKVILLE, IL 60560 _ C= PHONE: (630) 553-9000 FAX: (630) 553-9089 PRIMUS REALTY vorlcville@cbprimus.com vvww.cbprimus.com Ervin 011ko to IndependoMy UVnoe and opeMiod DOES A SHORT SALE OR FORECLOSURE APPLY TOME? WHAT TO CONSIDER Short sales must be qualified and approved by the loss mitigation department of the lender or lenders involved. A qualified Short Sale must be justified with cause. A few examples of justifiable cause are: • Illness of a borrower or co-borrower that qualified for the loan and because of such illness can not continue to make payments. This example would, of course need to be accompanied by a doctor's statement of permanent or long term disability. • Death of a co-borrower who originally qualified for the loan. • Divorce or legal separation accompanied by legal documentation and attorney's correspondence. • Involuntary loss of job or a significant modification in pay with documentation from employer and recent and past check stubs as verification. • Illness of a family member wherein the borrower or co-borrower are the only ones that can provide care, again a doctor's statement would be required. Situations that would (may) effect proper qualification. The important thing to remember is that they must be qualified and proven in writing to the lender or lenders. Frivolous reasons will not be approved by the bank. A few examples that would not quality are: • If you quit your job or were fired for just cause. • Refinanced or acquired a loan with an accelerating payment, high interest rate or negative amortization. • Ran your credit cards up to the max and can't afford all your monthly payments. • Bought a new car or other large purchase and can't make all your payments. • Decided to separate from a spouse or significant other co-mortgagor without a divorce or legal separation, you would probably not qualify for a Short Sale. The lender would likely foreclose, but each case is weighed on its own merit. You may want to contact the lender and explain your unique situation. Source: MainStreet Organization of Realtors 02/13/08 022308b 207 HILLCREST AVE YORKVILLE, IL 60560 Wiwi PHONE: (630) 553-9000 FAX (630) 553-9089 PRIWS REALTY v2rkvi11ec8ubndmus.com Eem om«Is Lmaeps"andyOwned and Owmani w .ebprimusxom SHORT SALE CHECKLIST • Power of Attorney: Original signed, notarized Power of Attorney • Copy of Driver' s License or Photo ID • Seller(s) social security numbers • Name of the lender, or lenders, account numbers, and phone and fax numbers: (Be sure to get the specific fax number to which the Power of Attorney gets sent to and the specific fax number where the short sale package gets sent to.) • Last two years income tax returns • Bank statements for last 2 months • Paycheck stubs for the past month • Repair itemization • List of monthly bills for seller(s) (Financial Information Form - attached) • Listing agreement from Real Estate Broker • Hardship letter that is signed and dated by homeowner describing how and why they got in this situation; • Sales contract (if available) For recommendations of real estate professionals and attorneys that have experience in assisting in this type of situation/transaction; please feel free to contact: Lisa Nelson, Managing Broker (630) 553-9000 X128 022308a Date: Owners Names: Address: City: State: Zip: Phone(s): E-mail Address(es): MMM NOTES: Income Net Pay (Wages) _ Overtime Pay _ Commission Bonuses Interest/Dividend Income Alimony/Child Support Rental Income Other: Other: Total Income Savings Bank Accounts (totals) IRA/KEOGH Accounts 401K/Pension Plans Other: Other: Total Savings Vehicles Auto 1 Auto 2 Auto 3 Boat RV Total Vehicle Value Page 1 of 2 ® a a I =SEEN S I Monthly Expenses Detail Mo;<gage #1 ' Electric Mortgage #2 _ Water & Trash Equity Line of Credit Gas / Heat School Loan Phone 1 Car Payment #1 Phone 2 _ _ Car Payment #2 Phone 3 Credit Card Cable ( Satellite TV Credit Card Internet Related Fees Credit Card Dues _ Health Insurance Groceries Life Insurance Dues / Church / Clubs Auto Insurance Parking / Transportation Other Insurance Auto Fuel & Maintenance Medical Allimony ( Child Support Dental Entertainment / Dine Out Spending Subscriptions Misc Misc Misc _ Misc: Misc: _ Misc: Totals Totals ig a • m me B FINANCIAL SUMMARY B e B B • e • This Form Completed By: Signature: Date: Page 2 of 2 CUSTOMER SERVICE COUNSELING SERVICES FINANCING TRANSACTION ASSISTANCE r � D,DxfSrfi 9 q .. , ° , COLDWC�L1. = BAN!(C�R THE COLDWELL BANKER® � BUYER SERVICES GUA NTEE� i Buyers) , Buyer(s) Address Phone Home Office Mobile E-Mail This Caldwell Banker Buyer Services Guarantee is the commitment that ColdweB Banker and your Coldwell Banker Sales Associate will perform the services stated below as pmt of your representation agreement. e e � Property Previews Property Disclosure Baseld on your own criteria and needs, we will preview targeted We will review with you all inspection reports and other documents properties in a timely and diligent way. I will do this both on the Debarring to the condition of the property and disclose all physical Internet, as well as by personally viewing properties myself, in order defects of the property that are known to us. to help you make a decision in the quickest way possible. Review of Written Seller Disclosure Home Showings We will thoroughly review with you the sellers written disclosure Once we fully understood your homebuyer requirements, we will statement to enable you to accept or specify the remedy for each fault focus our attention to showing you those homes on the market that disclosed. Remedies for any disclosed faults should be addressed in are in the right location and at the right price, the offer to purchase. Coldwell Banker Concierge"' Caldwell Banker Home Protection Plan We will provide you with personal-assistance and referrals before, We will explain to you the option of a home protection plan to during and after you purchase your property to help make your move reduce your risk of repair after purchasing a property as easy and pleasant as possible. Home Inspections Personal and Timely Response We will recommend that you obtain professional building and termite We will return your phone call or e-mail within 24 hours or loss and inspections and provide you with the names of reputable inspectors. provide you with a weekly update on your search for a property. Home Inspection Remedies We will work with you to request the seller to remedy the items you specify after your review of the building and termite inspection reports as your offer to purchase specifies. Financing Pre-Approval We will offer to arrange a pre-qualification or pre-approval e appointment with a reputable lender to identify your range of affordability and to increase your negotiating strength. Negotiation Strategy We will prepare a negotiation strategy for the property you have Estimate of Closing Costs and Funds Required selected, including a written Competitive Market Analysis and advice We will provide you with a preliminary estimate of closing costs and on the initial price and terms to offer where permitted. down-payment requirement anticipated in the mansaction. Offer Presentation Good-Faith Estimate From Lender We will endeavor to present your purchase alter directly to the seller You will benefit from our experience in working with financial in the presence of the listing associate. hrsfitutions to expedite your getting a prompt good-faith estimate from a fender. Pre-Settlement Inspection We will accompany you on a thorough walk-through of the property (if one is provided for in the sales contract) before closing, and we a will assist you in dealing with any problems discovered during the walk-through. Coldwell Banker HomeBuyer Guidebook We will provide you with a copy of our HomeBuyer Guidebook and Closing the Sale explain how you can use it as a road map through the home-buying We will monitor and inform you of the progress of the purchase Process. agreement, including the satisfaction of all contingencies and condftiorta during the entire transaction. Buyer Counseling Session After the Sale We will conduct a buyer counseling session to discuss your needs and goals and to plan the search for your property. We will contact you immediately after the closing to follow up o0 remaining details or service needs. Buyer Representation We will discuss in detail the nature of your buyer representation HEMISIM choices s s well is other issues and alternatives. We will also present and explain to you the representation agreement and the special coldwellbanker.com — Personal Retrievers serolces and benefits it offers. We will register you with our Personal Retriever, a unique online feature of our award-winning Web site that provides you with e-mail Home Evaluation notification of new Caldwell Banker listings that meet your specific We will discuss the positive and negative features of a property that requirements. may affect its value and future resale. silo rid Caldwell Rocket t pedal h tile sell 2 its a lord abme, colf oof Called m wi maialc rile ixpnsrntanon ugreement Please beep In mind that state and laol codaless and pa - ' : c t. i 'n Ionic . A Itcli lercloolcoo most he pieserted by you In rasa' to the Offm Manager yoi also agree to provide Coldv.ell Banker Jlh all llonm'n it, (ol rect hesnmion withill a2+hour proodfollmJng the delivery of the mnnfnatlon notice. If the representation ugranent wall crai is rmnnated, the rumination prnhwons of(lie repiesunaarn ogrcrrnent shall apply. ::^.uvn Ucee evict tare s�l�sssonmv Date m a a.eox tie wig ran nAU...pry....AsAwa a.Al ar.un.m.. I I. L.e.mh.rnyv dwh..w.n.x nAw w u.NVry A ..L.e+pr».hwy � yiwxeAa¢Pownw�4�nomvira na.pmeAih aa^M'e rem.nor[Aa�o�aw�w.nwa�o�p.�w�n��� em�.q�m.aowsuap�a� 1SZ50.A KNOW YOUR LENDER MORTGAGE BANKER OR MORTGAGE BROKER 1 . What is the difference? Mortgage Banker or lender works for a lending institution such as a bank that work to sell and process mortgages and other loans they originate. A wide variety of loan types are available, but all are originated at the lending institution. The loans can be kept by the bank or sold to the secondary market/investor. Mortgage Brokers are individuals that are paid fees to bring the lenders and borrowers together. They work with several different lenders or investors to place the mortgages depending upon the situation. The mortgage broker' s fee is dependant upon the best deal he can obtain for the lender/investor. 2. Which is better? There are good and bad Bankers and Brokers just like every profession. Reputation Ask around about the bank or broker. Family, Friends, Coworkers, Neighbors, Chamber of Commerce, Better Business Bureau Stability & Tenure How long has institution been in business? How long has banker or broker been working? Options Available Are several options available? Are they steering you towards a certain product that you may not want or is right for your situation? Is it just one transaction? Are you going to need additional services or products? Who am I borrowing the money from? Local in house institution or an investor that may sell the loan several times over time? Who makes the loan decisions? Does it matter? Loan Servicing Who do you call with questions or problems? How long does it take to get an answer to questions? Where do you send the payments? Can payments be made in person? What happens if payments are late or need restructuring? Buying and Financing real estate is one of the largest financial decisions anyone makes. Shop around. Get several offers meaning rates and terms. Don't assume you are getting the best deal for you. Are you comfortable with the individual you are working with? Is the individual and institution trustworthy? COMMUNICATION is KEY at all times . Are Calls returned timely by all parties? Be open and honest in all situations. Be proactive. Let your lender know if you are having problems. If you wait to long the options available are reduced. Banks and Brokers typically can offer similar products so make sure you choose what is best for you situation. OMB NO. 2502-0266 n ir A B. TYPE OF LOAN: U.S. DEPARTMENT OF HOUSING B URBAN DEVELOPMENT 1.❑FHA 2.❑FMHA 3. ❑CONV. UNINS. 4. ❑VA 5. ❑CONV. INS. 6. FILE NUMBER: T LOAN NUMBER: SETTLEMENT STATEMENT 3 B. MORTGAGE INS CASE NUMBER: C. NOTE: This form is famished to giveyou a statement of actual settlement costa Amountspaitl le and bythe settlement agent are shown. Items marked "[POC]" were paid outside the dosing; theyare shown here for inkrmationalpurposes and are not included in the total& rn ma team D. NAME AND ADDRESS OF BORROWER: E. NAME AND ADDRESS OF SELLER: F. NAME AND ADDRESS OF LENDER: G. PROPERTY LOCATION: H. SETTLEMENT AGENT: I. SETTLEMENT DATE: PLACE OF SETTLEMENT J. SUMMARY OF BORROWER'S TRANSACTION K. SUMMARY OF SELLER'S TRANSACTION 100. GROSS AMOUNT DUE FROM BORROWER: 400. GROSSAMOUNT DUE TO SELLER: 101. Contract Sales Price 1 401. Contract Sales Price 102. Personal ProipeOy 402. Personal Property 103. Settlement Char es to Borrower Line 1400 403. 104. 404. 105. 405. Adjustments For Items Paid By Seller in advance Arlustmenfs For Items Paid By Setlerin advance 106. Ci /Town Taxes to 406. Cit /TOwn Taxes to 107. Count Taxes to 407. County Taxes to 108. Assessments to 408. Assessments to 109. 409. 110. 410. 111. 411. 112. 412. 120. GROSSAMOUNT DUE FROM BORROWER 420. GROSSAMOUNT DUE TO SELLER 200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER: 500. REDUCTIONS IN AMOUNT DUE TO SELLER: 201. Deposit or earnest mon2y 501. Excess Deposit See lnskudions IT Pdnd al Amount of New Loans 502. Settlement Charges to Seller Line 1400 203. Existin loan s taken subject to 503. Exislin loans taken subject to 204. 504. Payoff First Mortgage 205. 505. Payoff Second Morl a e 208. 506. 207. 507. 208. `'(iS 209. 509, Adjustments For Items Unpaid By Seller Adjustments For Items Unpaid By Seller 210. CithnTown Taxes to 510. Cil rrmn Taxes to 211. Count Taxes to 511. County Taxes to 212. Assessments to 512. Assessments to 213. 513. 214. 514. 215. 515. 216. 516. 217. 517. 218. 518. 218. 519, 220. TOTAL PAID BY/ OR BORROWER 520, TOTAL REDUCTION AMOUNT DUE SELLER 300. CASH AT SETTLEMENT FROMITO BORROWER: 600. CASH AT SETTLEMENT TO/FROM SELLER: 301. Gross Amount Due From Borrower (line 120) 601, Gross Amount Due To Seller Line 420) 302. Less Amount Paid By/For Borrower (Line 220) ( ) 602. Loss Reductions Due Seller (Line 520) 303. CASH ( FROM) ( TO ) BORROWER 0.00 603. CASH ( TO) ( FROM) SELLER 0.00 The undersigned hereby acknowledge receipt of a completed copy of pages 182 of this statement 8 any attachments referred to herein. Borrower Seller L. SETTLEMENT CHARGES 700. TOTAL COMMISSION Based on Price $ @ 6.0000 % FAD FROM FNOFROM E7Moxdn of Commission (Fne700) as Follows: BORROWERS sFDERs 701. $ t0 FUNDSAT FUNDSAT .. 702. $ to SETTIEMFNi SETTIFMENT 703. Commission Paid at Settlement 704. to 800. ITEMS PAYABLE IN CONNECTION WITH LOAN 801, Loan Origination Fee 1.0000 % to 802. Loan Discount % to 803. Appraisal Fee to 804. Credit Report to 805. Lentlar's Ins e'I" Fee to 806. Mortgage Ins. App. Fee to 807. Assumption Fee to 808. 809. 810, 811. 900. ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE 901. Interest From to @ $ /day ( days %) 902. MIPTotlnsfor L8e0LOan for monlhsto 903. Hazard Insurance Premium for 1,0 yearsto 904. 905. 1000. RESERVES DEPOSITED WITH LENDER 1001. Hazard insurance months a $ Der month 1002. Mortgage Insurance months @ $ per month 1003. CI frown Taxes months @ $ per month 1004. County Taxes months @ $ per month 1005. Assessments months @ $ per month 1006. months 0 $ per month 1007. months @ $ per month 1008. months @ $ per month 1100. TITLE CHARGES 1101. Settlement Or Closing Fee to 1101 Abstract or Title Search t0 1103. Title Examination to 1104. Title Insurance Binder to 1105. Dooament Pre aration to 1106. Notary Fees to 1107. Attorney's Fees to intlutles above item numbers 1108. Title Insurance to intlutles above item numbers' 1109. Lender's Coverage $ 1110. Owners Coverage $ 1111. 1112. 1113, 1200. GOVERNMENT RECORDING AND TRANSFER CHARGES 1201. Recording Fees: Deed $ Mortgage $ Releases $ 1202. City/Count TaxlStamps: Deed 7 Mortgage 1203. State Tax/Stamps. Revenue Stamps mortgage 1204. 1205. 1300. ADDITIONAL SETTLEMENT CHARGES 1301. Survey to 1302. Pest Inspection to 1303. 1304. 1305. 1400. TOTAL SETTLEMENT CHARGES Enter on Lines 103, Section J and 502, Section K 0.00 sy onaCNO1 MUs si Ms tl siaw=imm Wleeae rwdil W e oompdM C apap 2 efts MSPe9e5ldemaM1 Settlement Agent Certified to be a true copy. (enTZl A. U.S. DEPARTMENT OF HOUSING & URBAN DEVELOPMENT SETTLEMENT STATEMENT ope ono ram ra na�ua�w�nm say d: NAME AND ADDRESS OF BORROWER: NAME AND ADDRESS OF LENDER: PROPERTY LOCATION: SETTLEMENT AGENT: PLACE OF SETTLEMENT: SETTLEMENT DATE: LOAN NUMBER: JTCHARGES M. DISBURSEMENT TO OTHERS 800. ITEMS PAYABLE IN CONNECTION WITH LOAN 1501. 801. Loan OT (nation Fee i.0000% to 802. Loan Discount % to 1502. 603. A sisal Fee to 804. Credit Report to 1503. 805. Lenders In edion Fee to 808. Mort a eins. . Fee to 1509. 807. Assum (ion Fee to 808. 1505. 809. 810. 1508. 811. 812. 1507, 813. 508. 815. 816. 1509. 817. 818. 1510. 819. 820. 1511. 900. ITEMS REQUIRED BY LENDER TO BE PAID IN AD VANCE 901. Interest to $ /da 1512. 902. MIP Tolins. for LifeOfLoan for months to 903. Hazard Insurance Prem for 1.0 rto 1513. 904. 905, 1 1514. 1000. RESERVES DEPOSITED WITH LENDER 1001. Hazard Insurance months A $ per month 1520. TOTAL DISBURSED 0.00 1002. Normans Insurance months 90 $ per month (enteron line 1603) 1003. City/Town Taxes months 0 $ 2er month 1004. County Taxes months A $ car- month 1005.Assessments months $ r month 1006. months $ per month 1007. months $ er month 1008. months a $ per month 0.00 T100, TITLE CHARGES ERROR ERROR ERROR ERROR ERROR ERROR 1101. Settlement or Closing Fee to ERROR This document is not valid ERROR 1102. Abstract or Title Search to ERROR sincethe HUDAA Option ERROR 1103. Title Examination to 1104. Title Insurance Binder to ERROR on the HUD-1 option ERROR tt 05. Document Pre aration to ERROR screen was not Xd or ERROR 1106. Note Fees to ERROR this transaction isasale. ERROR 1107.Attorneys Fees to ERROR ERROR ERROR ERROR ERROR ERRO includes above lem numbers: 1108. Tihe lburanee o includes above Item numbers: 1109. Lender's Coverage $ wners overage 1111. 1112. N. NET SETTLEMENT 1113. 1114. 1115 1600. Loan Amount $ 1118. 11127 1601. Plus Cash/Check from 1118. Borrower $ 0.00 1200. GOVERNMENT RECORDING AND TRANSFER CHARGES 1201. Recording fees Mortgage IS Releases$ 1602. Minus Total Settlement 1202. Ci /Count Tax/Stam s: Mortgage $ $ 1203. Slate TaxStam s: Mortgage $ Charges(line 1400) 1204. 1205. 1603. Minus Total Disbursements $ 0.00 1300 ADDITIONAL SETTLEMENT CHARGES to Others (line 1520) 1301. Surve 1302. Pest Inspection 1604. Equals Disbursements to Borrower (after expiration 1304. 1305. of any applicable rescission 1400. TOTAL SETTLEMENT CHARGES (enter on line 1602) period required by law) $ 0.00 ThavooWPxG hff h oopnw ,,rmwp maaomnmm crovadvzsmemems.y mismmmn r&men to won. CertDed to be a true copy. Borrower Settlement Agent Farm HUD-tA (2194) ref. RESPA In WN (41412) GOOD FAITH ESTIMATE CASTLE EANN N.A. Application 02/19/2008 Applicants: Stanley Smith Property Address: 123 Pre-Approval, Yorkville, IL 60560 Proposed Loan: Conv 30 Yr Fixed Rate in the amount of $164 ,000 . 00 , in 360 payments , at the initial rate of 6. 0000004 . The information provided below reflects estimates of the charges which you are likely to Incur at the settlement of your loan. The fees listed are estimates - the actual charges may be more or less. Your transact ion may not involve a fee for every item listed. The numbers listed beside the estimates generally correspond to the numbered lines contained in the HUD-1 or HUD-1A Settlement Statement which you will be receiving at settlement The HUD-1 or HUD4A Settlement Statement will show you the actual cost for items paid at settlement ESTIMATED CLOSING COSTS HUD Amount Description 803 $ 300. 00 Appraisal Fee 804 $ 22 .00 Credit Report - 813 $ 45 .00 *Underwrting fee 814 $ 8 .50 *Flood Cart 815 if 175 . 00 *Processing Fee 816 $ 325. 00 *commitment 1101 $ 600.00 *Settlement or Closing fee 1102 $ 3. 00 State of Illinois Title Policy £ee 1101 $ 350 . 00 Attorney's fees 1108 if 600 . 00 Title Insurance 1112 $ 20. 00 *Courier fee 1201 $ 90 . 00 Recording fees 1205 $ 40 . 00 *Assignment § 2 ,578 .50 Total - - - ESTIMATED PREPAID ITEMS 901 $ 410 . 00 *Interest 15 days) @ $27 .3333 903 $ 600 . 00 Hazard Insurance Premium (P.O.C. ) if 10010 . 00 Total These estimates are provided pursuant to the Real Estate Settlement Procedures Act of 1974, as amended (RESPA). Additional Information can be found In the HUD Special Information Booklet, which is to be provided to you by your mortgage broker or lender, if your application is to pureness residential real property and the Lender will take a that lien on the property. TRANSACTION SUMMARY Estimated Payment: Purchase Price $ 205 , 000 . 00 Less Adj Loan Amt $ 164, 000. 00 Principal & Interest $ 983 . 26 Refinance Payoffs $ 0. 00 Less Cash Deposits $ 0.00 Taxes & Assessments $ 341 . 67 Est Closing Costs $ 2,518 .50 Less Other Financing $ 20 ,000.00 Hazard & Flood Insurance $ 50 . 00 Est Prepaid Items $ 1,010 .00 Less Amt Pd by Seiler $ 0 .00 Mortgage Insurance $ 0 .00 Less Other Credits $ 0 . 00 Other $ 0 . 00 Total Costs $ 208,588 . 50 Total Credits $ 184 , 000 .00 Total $ 1,374 . 93 Cash Required if 24,588 .50 Items with (*1 are shown on the Truth-in-Lending Disclosure as Finance Charges . Authorized Official Stanley Smith Date - Date Data Date ®®Sg1718910) VMP MORTGAGE FORMS-(822)521-7281 '10199 FEDERAL TRUTH-IN-LENDING DISCLOSURE STATEMENT 02/19/2008 ---------- Borrowers ---I Application # Loan # Stanley Smith CASTLE BANK N . A. 606 COUNTRYSIDE CTR YORKVILLE, IL 60560 Property 123 Main Street -- 123 Pre-Approval Yorkville, IL 60560 Yorkville, IL 60560 . FINANCE — _..-'—_-_..... . . _. _ . _ ._ [ANNUAL Amount Pinanced� Total of Payments CENTAGE CHARGE E The amount of credit The amount you will have provided to you or on pa id after you have made st of your credit The dollar amount the your behalf. all payments as scheduled arly rote. credit wilt cost you. 6 . 0699% (e) $191, 599 . 73 (e) $162 , 376 . 50 (e) $353 , 976 . 23 (a ) Please refer to the "Good Faith Estimate" for an itemization of Amount Financed. --- - --'---- Your Payment Schedule Will Be: - -- --� I 359 payments monthly of $983 . 26 (e) beginning January 1, 2006 1 payment of $905 . 89 (e) due on December 1, 2035 I II I I II � I i � I Security Interest: 723 Pre-Approval, York ilia e property located at: IL 80560 i Late Charge: If payment is 15 days late, you will be charged 5.00% of the payment. i Prepayment: If f part y of the,gn char gill y not have to pay a penalty. If you pay off early, you will not be entitled to a refund o Assumption: Someone buying your home cannot assume the remainder of the mortgage on the original terms. This Obligation: will NOT have a demand feature. Insurance: You may obtain property insurance from anyone you want that is acceptable to Lender. See your contract documents for any additional information about nonpayment, default, any required repayment in full before --� e schedu th led date, prepayment refunds and penalties. emeanssn_estimate—_ - — I (We) hereby acknowledge receiving a completed copy of this disclosure. Stanley Smith Date Date Date Date (s 5788 (99111.01 VAR MORTGAGE FORMS-(900)521-0291 11189 C/p` � EBf. -- .. , 1836 Foreclosure Prevention Resources <LE �Vy` Financial Institutions : The First National Bank 1459 Cannonball Trl., Yorkville, IL 60560 Darald Nelson, Commercial Loan Officer Office: 630-553-1542 Cell: 815-228-2380 Fax: 630-553-2306 Email: dnelson(i ,firstnationalyorkville.com Castle Bank 109 W. Veterans Pkwy., Yorkville, IL 60560 Barbara Hogan, Mortgage Loan Officer Office: 630-553-6333 ext. 7221 Fax: 630-553-6422 Email: bhotan(&castlebank.com Yorkville State Bank of Illinois 98 E. Schoolhouse Rd., Yorkville, IL 60560 Pete LaMontagna, Vice President-Loan Officer Office: 630-882-6793 Cell: 630-802-8940 Fax: 630w882-6796 Efax: 630-839-2917 Email: plamontaEna(astbkil.com Old Second National Bank 102 E. Van Emmon St., Yorkville, IL 60560 John Stephenson, Vice President Office: 630-385-6671 Cell: 630-742-2542 Fax: 630-553-3644 Email: istenhenson(&oldsecond.com Old Second National Bank 26 W. Countryside Pkwy., Yorkville, IL 60560 Jocelyn Herren, Vice President-Residential Lending Office: 630-385-6694 Cell: 630-675-9865 Fax: 630-618-3966 Email: iherren(&oldsecond.com Additional Resources : Law Offices of Daniel J. Kramer 1107A S . Bridge St., Yorkville, IL 60560 Daniel J. Kramer, Attorney at Law Office: 630-553-9500 Fax : 630-553-5764 Coldwell Primus Realty 207 Hillcrest Ave., Yorkville, IL 60560 Lisa Nelson, Broker Office: 630-553-9000 Direct Line: 630-553-9862 Email : lnelsonaa0primus.com Kendall County Health Department 811 W. John St., Yorkville, IL 60560 Dr. Amaal Tokars, Human Services Administrator Office: 630-553-9100 ext. 8097 Fax: 630-553-9506 Email: atokarsaco.kendall.il.us Flex Your Power - Residential Energy Saving Tips Page 1 of Free and Low Cost Recommendations • Replace standard incandescent light bulbs with compact fluorescent light bulbs (CFLs) and save 75% of lighting costs. • Unplug electronics, battery chargers and other equipment when not in use. Taken together, these small items can use as much power as your refrigerator. • Take steps to cut water use such as installing faucet aerators, low-flow showerheads, and low-flush toilets. As much as 19% of California electricity is used to pump, transport and treat water. + A 5° higher setting on your air conditioning thermostat will save about 10% on cooling costs. s Always buy ENERGY STAR qualified appliances and equipment - they're up to 40% more efficient. Find rebates and incentives in your area using our rebate finder. • Turn your water heater down to 1200 or the "Normal" setting when home, and to the lowest setting when away. Water heating accounts for about 13% of home energy costs. • Reduce air conditioning costs by using fans, keeping windows and doors shut and closing shades during the day. • Turn off unnecessary lighting and use task or desktop lamps with CFLs instead of overhead lights. • Enable "power management" on all computers and make sure to turn them off at night. A laptop computer uses up to 90% less energy than bigger desktop models. • When possible, wash clothes in cold water. About 90% of the energy use in a clothes washer goes to water heating. • Run your dishwasher and clothes washer only when fully loaded. Fewer loads reduce energy and water use. • Make sure your dryer's outside vent is clear and clean the lint filter after every load. When shopping for a new dryer look for one with a moisture sensor that automatically shuts off when clothes are dry. • Test for air leaks by holding a lit incense stick next to windows, doors, electrical boxes, plumbing fixtures, electrical outlets, ceiling fixtures, attic hatches and other locations where there is a possible air path to the outside. If the smoke stream travels horizontally, you have located an air leak that may need caulking, sealing or weather stripping. http ://www.fypower.org/res/tools/energy_tips.html 2/19/20( Financial Stress : How Financial Stress Affects Your Health and How To Avoid It Page 1 of Financial Stress : How It Affects You and What You Can Do Break Free From Financial Stress By Elizabeth Scott, M , S., About.com updated : November 19, 2007 Abeut.com Hnal±h's '?isea,�_ aid Condition cortcnt :s rcvicwed by Steven Gans MD Research has shown' that over half of all workers have money problems 3 y and that financial stress is linked to health problems' like depression'. =i With congress passing legislation in 2005 that makes it harder to wipe honey concerns can present away credit card debt, many several challenges to your Americans are feeling the crunch of health . ;c)iStockphoto .com financial stress. Anxiety over money can negatively affect health in several ways : • Unhealthy Coping Behaviors: People experiencing financial stress can be more likely to numb their anxiety by drinking smoking, overeating and practicing other unhealthy coping behaviors'. This in turn leads to more stress. • Less Money For Self-Care: With less money in the budget, people who are already under financial stress tend to cut corners in areas like health care to pay for basic necessities like food . Small problems can go unchecked and turn into larger problems. This also leads to more stress. • Lost Sleep: When under financial stress, people often experience trouble sleeping', which can add up to a sleep defecit, impairing immune functioning and cognitive abilities, causing additional moodiness, and more. • Unhealthy Emotions: Credit card debt can cause unhealthy emotions that can take a toll on health . People can experience anxiety, frustration and a sense of hopelessness as the debt piles up and increasing amounts of money are needed just to pay the interest. This causes additional stress, which compounds with the stress from poor coping and sell neglect, to become a menacing amount of stress. http://stress.about.com/od/financialstress/a/finaDcialstress.htm?p=1 2/19/20( Reviewed By: Agenda Item Number J= ®^n Mayor MA b14 Esr _, lass Legal ❑ t Finance ❑ 0 y City Administrator ❑ Tracking Number 20 Police ❑ LE `��? Human Resources ❑ Parks and Recreation ❑ Human Resources Commission Agenda Item Summary Memo Title: HRC vacancy Agenda Date: October 15, 2008 Synopsis: Presentation from Mayor Burd on recent HRC vacancy. Action Previously Taken: Date of Action: N / A Action Taken: HRC Action Requested: Submitted by: Mayor Burd Administration Name Department Agenda Item Notes: City Code excerpt is attached, which outlines how HRC members are appointed. Chapter 6 HUMAN RESOURCES COMMISSION 2-6-1 : COMMISSION ESTABLISHED: There is hereby established a citizens' commission , which shall be known as the City of Yorkville Human Resources Commission , for the purpose to assess and identify problems within the community which affect the social welfare of the citizens and with the goal of improving the quality of life for all of our citizens and the general welfare of this community. Said Commission shall from time to time report on its activities and make recommendations to the Mayor and City Council . (Ord . 1998-1 , 1 -22-1998) 2-6-2 : COMPOSITION ; APPOINTMENT ; TERMS OF OFFICE : A. The members of the Human Resources Commission shall be composed of seven (7) residents of the City, one of whom shall be appointed chairman . The appointments to the Commission shall be made by the Mayor, with the advice and consent of the City Council . In addition to the seven (7) members, the Mayor or his/her designee shall serve as an ex officio member. B. The term of office to this Commission shall be for a period of three (3) years. However, members appointed at the onset shall be for the following terms: three (3) members shall serve for two (2) years, two members shall serve for three (3) years and two (2) members to serve for one year. (Ord . 1975-19, 10-9-1975; amd . Ord . 1998-1 , 1 -22-1998) C. After the expiration of the member's initial term, all successors shall be appointed for three (3) years. (Ord . 1975-19, 10-9-1975) D. The Commission shalt meet on a monthly basis unless approved by the Commission and the Mayor, with proper notification of a cancellation or meeting date change. E. The Commission shall submit in writing an annual report summarizing their activities and recommendations to the Mayor and City Council . (Ord . 1998-1 , 1 -22-1998) 2-6-3 : EXPENDITURES : The Human Resources Commission shall be authorized to expendno Municipal funds; provided , however, the Commission may recommend to the City Council such expenditures and appropriations as it deems expedient or advisable. (Ord . 1975-19, 10-9-1975) Reviewed By: Agenda Item Number J� 0 Legal ❑ NB #1 leas eEST. 1 Finance ❑ Engineer ❑ Tracking Number ®i y City Administrator ❑ Consultant ❑ �tE `�`, ❑ Agenda Item Summary Memo Title: Proposed HRC 2009 Meeting Dates Meeting and Date• HRC — October 15, 2008 Synopsis : Council Action Previously Taken: Date of Action: Action Taken: Item Number: Type of Vote Required: N/A Action Requested: HRC approval Submitted by: Meghan Gehr Administration Name Department Agenda Item Notes : See attached memo. O� Memorandum Esr. _ aas To: Human Resources Commission From: Meghan Gehr, Administrative Assistant CC: yy�=p Date: October 7, 2008 kE Subject: 2009 Meeting Schedule The Clerk' s Office is in the process of publishing the City' s master meeting list for 2009. Listed below is a tentative schedule for the Human Resources Commission meetings for 2009. Please discuss this schedule at the October 15, 2008 Human Resources Commission meeting and let me know if these dates meet with your approval. It is important that the meeting schedule be approved now so that 2009 dates for other City meetings can be scheduled. Thank you! Human Resource Commission 3`d` Wednesda - 6 :30 m January 21 July 15 February 18 August 19 March 18 September 16 April 15 October 21 May 20 November 18 June 17 December 16 `0��D C(py Reviewed By: Agenda Item Number J� j O00 Legal ❑ NB #2 Finance EST 1836 F-1 Engineer ❑ -��_ Tracking Number O I®i ra y City Administrator ❑ �1z ; �0 Consultant ❑ M�N CE Agenda Item Summary Memo Title: Request for Sponsorship — Gold Star Performance Company Meeting and Date: HRC — October 15, 2008 Synopsis: Council Action Previously Taken: Date of Action: Action Taken: Item Number: Type of Vote Required: Council Action Requested: Submitted by: Name Department Agenda Item Notes: REQUEST FORM FOR SPONSORSHIP FROM THE UNITED CITY OF YORKVILLE PLEASE NOTE: All requests must be received by the City Clerk, United City of Yorkville, 800 Game Farm Road, Yorkville, IL 60560, at least 60 days prior- to your event for submittal to the Yorkville Human Resource Commission (HRC), which meets on the third Wednesday of each month. For example: if your event is to be held on September 15`t', your request should be in the City office no later than June 30`r' to be considered at the July HRC meeting. Requests are limited to $250 per year, per organization 11 %my Event Ca C1oon `s r Date/Timer: � / Location: V toek Lv Name of Organization C26A �tQC t'�.0 0CMCIOCC t Ld AD11"U Address LDoo E Vzkr'ans E '4ucACV , lk4L State -1L Zip Irk D Phone: &W 5�53- �Zt v 2 Fax: (_) _\- Name of Contact Person/Title `Dcm k \ ico `> / Q-n u kr�Q Ikv�y , viv�o 'v�9 ,ShPS Approximately how many Yorkville residents does your organization serve each year. : AC 41 D Vie` to a< eUrn What is the purpose of your organization? CP i l l ifl How does your organization benefit the Yorkville community? *.Aa-C Nnut ks aISA ]A S, % n Cumt Yet 6l i e V ` °t4i� \ S r +Ar cc? isivtr� - °}o ihe \ S ncA PQ-c Vocrnarlce . c Is your event considered to be (please check all that apply): — c"O NCB hr>t1GdAS _ Fine Arts ZSports Community ---Scouting --Religion-based _Other non-profit Who will benefit from the funds raised? Youths ^✓ Adults _ Seniors _ Disabled persons � v Please check one: Cash or "In Kind" If cash, amount requested: $ c� If "In Kind," are you in need of Staff? Yes No I£ yes, number of hours Time: OR wilding space Name of City facility/park to be used PLEASE NOTE: If requesting staff time or use of building facilities/park, both are subject to availability on the dateyou have chosen. DEPOSIT FEES WILL NOT BE WAIVED. IF FACMITIES ARE RETURNED TO SAME CONDITION AS BEFORE USE, 100% DEPOSIT REFUND WILL BE RETURNED WITHIN 10 BUSINESS DAYS, For Office/HRC use only HRC Approved: Date: $ or _"in kind" OFFICE: Date Received: Building/facility Requested: Requested Facility/Park: _ Available _ Not Available Signed: Requested Staff: _ Available . Not Available Signed: Date of Notice to by City Council: Date Not Approved Reason: CC Revised 03/28/06 CC Approved 03/26/06 Become a business sponsor and gain great advertising advantages! If you have been a business 2009 sponsor in the past we thank Gold Star Academy you for your support and hope that you will choose to continue of Dance your sponsorship. Performance Company If you haven't been a sponsor Business Sponsor Program we would welcome the chance to expand your advertising opportunities while helping our dancers realize their goal for a successful 2009 season. Please take the time to review _ „� ' ti,w' ACV.$ the different levels of sponsor- . . �N •� ship and choose one that fits your business needs. i Gold Star Academy of Dance 608 E. Veterans Parkway Suite C www.goldstaracademyxAm Yorkville, IL 60560 Phone: 630-553-3262 2009 Gold Star Performance Company Business Sponsor Program Business Sponsor Form Please return with your donation to: Platinum Level Sponsor: Silver Level S onsor Gold Star Academy of Dance $500 and up $100-$249 606 E. Veterans Parkway, Ste C Platinum level recognition in all newsletters and *Silver recognition in all newsletters and recital Yorkville, IL. 60960 recital programs programs *Recognition on Gold Star website Homepage *Silver plate recognition Gold Star Sponsor Or call (630) 553-3262 and Sponsor Link Plaque *Platinum Plate recognition on Gold Star *Recognition on Gold Star website Homepage Sponsor Plaque *Business name displayed on t-shirts worn at *Entertainment provided by Gold Star Dance Nationals Performance Company at a business function/ *Business name on sign displayed at all Name: event and a press release distributed to local newspapers thanking you for your support performance company functions Business Name: *Business name displayed on t-shirts worn at Nationals *Business name on sign displayed at all Bronze Level Sponsor Address: Performance Company functions $25-$99 *Recognition in all newsletters and recital Gold Level Sponsor programs $250-$499 *Recognition on Gold Star website Homepage *Gold level recognition in all newsletters and *Business name on sign displayed at all Phone Number: recital programs performance company functions *Gold plate recognition on Gold Star Sponsor Plaque E-mail/Business Internet Address: *Recognition on Gold Star website Homepage and Sponsor Link *Press release distributed to local newspapers thanking you for your support *Business name displayed on t-shirts worn at Nationals *Business name on sign displayed at all Donation Amount: performance cornpany functions Form of Payment: Check# Cash Checks should be made payable to Gold Star Fundraising Thank you! {Aun-ktr Qkne-s Reviewed By: Agenda Item Number J� - Legal ❑ NB #3 EST. 1836 Finance ❑ Engineer El Tracking Number �O L � < � uJ City Administrator ❑ y1 �na at �O Consultant ❑ <tEc����` ❑ Agenda Item Summary Memo Title: Request for Sponsorship — Honor Flight Chicago Meeting and Date: HRC — October 15, 2008 Synopsis: Council Action Previously Taken: Date of Action: Action Taken: Item Number: Type of Vote Required: Council Action Requested: Submitted by: Name Department Agenda Item Notes: REQUEST FORM FOR SPONSORSHIP FROM THE UNITED CITY OF YORKVILLE PLEASE NOTE: All requests must be received by the City Clerk, United City of Yorkville, 800 Game Farm Road, Yorkville, IL 60560, at least 60 days prior to your event for submittal to the Yorkville Human Resource Commission (HRC), which meets on the third Wednesday of each month. For example: if your event is to be held on September 15'h, your request should be in the City office no later than June 30`x' to be considered at the July FIRC meeting. Requests are limited to $250 per year, per organization Event: HONOR FLIGHT CHICAGO Date/Time VARIES — CONTINUOUS Location: CHICAGO, IL TO WASHINGTON, DC Name of Organization HONOR FLIGHT CHICAGO Address 2001 WEST CHURCHILL STREET City: CHICAGO State: IL Zip: 60647 Phone: (773) 227-VETS Name of Contact Person/Title: MARY PETTINATO, VICE PRESIDENT (773) 868-6600 OR ROSE SPEARS, ALDERPERSON (630) 553-8371 Approximately how many Yorkville residents does your organization serve each year? SEE ATTACHED What is the purpose of your organization? SEE ATTACHED How does your organization benefit the Yorkville community? SEE ATTACHED Is your event considered to be (please check all that apply): _ Fine Arts _Sports XX Community _Scouting _Religion-based XX Other non-profit Who will benefit from the funds raised? Youths XX VETERAN ADULTS _ Seniors Disabled persons Please check one: XX Cash or _"In Kind" If cash, amount requested: $ 250.00 If "In Kind," are you in need of Staff? _Yes No If yes, number of hours Time: OR _Building space Name of City facility/park to be used PLEASE NOTE: If requesting staff time or use of building facilities/park, both are subject to availability on the date you have chosen. DEPOSIT FEES WILL NOT BE WAIVED. IF FACILITIES ARE RETURNED TO SAME CONDITION AS BEFORE USE, 100% DEPOSIT REFUND WILL BE RETURNED WITHIN 10 BUSINESS DAYS. For Office/HRC use only HRC Approved: Date: $ or _"in kind" OFFICE: Date Received: Building/facility Requested : Requested Facility/Park: — Available _ Not Available Signed : Requested Staff: _ Available _ Not Available Signed: Date of Notice to by City Council : Date Not Approved Reason: CC Revised 03/28/06 CC Approved 03/28/06 REQUEST FOR SPONSORSHIP FROM THE UNITED CITY OF YORKVILLE DATE : September 30 , 2008 SUBMITTED BY: Rose Spears, Alderperson Ward 4 EVENT: Honor Flight Chicago Chicago to Washington , DC DATE/TIME : Continuous NAME OF ORGANIZATION : Honor Flight Chicago 2001 West Churchill Street Chicago , IL 60647 773-227-VETS Attn : Mary Pettinato , Vice President 773-868-6600 PURPOSE OF ORGANIZATION : Honor Flight Chicago is dedicated to honoring our Chicagoland veterans by flying them to their Veterans Memorial built in Washington , DC in their honor. The Honor Flight Chicago organization is currently honoring our country's most senior heroes , our World War II veterans. It is our privilege to honor and serve our WWII veterans. HOW DOES THE ORGANIZATION BENEFIT THE YORKVILLE COMMUNITY? Honor Flight Chicago has and will continue to benefit the Yorkville Community by flying Yorkville veteran residents to their memorial site in Washington , DC. Honor Flight Chicago has just completed its fourth flight to Washington , DC on September 18th . To date, two Yorkville veteran residents as well as twelve Kendall County veteran residents have been honored and visited their Washington , DC Veterans Memorial. TYPE OF EVENT: Community — Non-Profit WHO WILL BENEFIT: World War 11 Veterans REQUESTING : Cash Donation of $250.00 `�rpD C/py Reviewed By: Agenda Item Number J� s ®n Mayor bB esr . teas Legal ❑ Finance ❑ Tracking Number �� y City Administrator ❑ Police ❑ CE !V� Human Resources F-1 Parks and Recreation ❑ Human Resources Commission Agenda Item Summary Memo Title: Historical Street Naming Procedures Agenda Date: October 15, 2008 Synopsis: Discussion on Historical Street Naming Policy Action Previously Taken: Date of Action: N / A Action Taken: HRC Action Requested: Discussion Submitted by: Bart Olson Administration Name Department Agenda Item Notes: CITY J� W i ®� Memorandum To: Human Resources Commission EST. \ leas From: Bart Olson, Assistant City Administrator 4 CC: Brendan McLaughlin, City Administrator O� Date: October 9, 2008 Subject: Historical Street Naming Procedures CE At the September HRC meeting, Cecelia Sanders discussed holding a historical street sign dedication ceremony for a past recipient in the immediate future. Without that item on the agenda, the Commission was forced to postpone their recommendation on the Historical Street Naming Policy until tonight's meeting. I have attached the resolution approving the Historical Street Naming policy, as well as several policy documents that have been circulated by the various HRC members and staff members tasked with helping administer the Historical Street Naming policy. The resolution, policy documents, and minutes from previous meetings do not outline details of a dedication ceremony. In speaking with the HRC' s City Council liaison, Alderman Spears, I gathered that the Commission has discussed a ceremony in the past but nothing had been finalized, nor has a ceremony taken place (other than the presentations at the Founding Fathers celebration event for Yorkville ' s 50"' anniversary). For future ceremonies, I recommend that the committee establish tasks that can be completed by HRC members, and produce a recommendation to the Mayor and City Council should additional assistance (staff or funds) be requested. STATE OF ILLINOIS ) ) ss COUNTY OF KENDALL ) RESOLUTION NO, 2002 RESOLUTION ESTABLISIIING A CITY POLICY ON STREET NAMES L . The following general guidelines for selection of street names shall be used: A. Selection of street names shall be recommended by the Yorkville Human Resource Commission. Final approval is by the Yorkville City Council. B. Street names may be selected from a list submitted to the City Council by the Yorkville Human Resource Commission. The list of street names shall consist of .names of individuals, families, important events, historical locatiori, or companies who have contributed to the historical heritage of the United City of Yorkville, whose general reputation shall have been above reproach. C. Developers may alternately propose for considerationby the City'Council, street names that meet the specific guidelines outlined, or choose street names from the pre-established historical list. D. Developers must use a minimum of one name from the recommended list unless determined otherwisenrequired by the City Council. C�3 IL More specific guidelines to the selection of street names shall be as follows: A. Names existing at the time of this adoption shall generally remain unchanged except in cases of duplicate names. M. Names chosen shall, insofar as possible, have the following characteristics: A. Have recognized spelling from the pronunciation unless a proper name. B. Avoid hyphenated names. C. Avoid obvious connections with advertising gimmicks. W. Thoroughfares generally a part of or extensions of existing thoroughfares, shall take the same name as the existing thoroughfares. V. All street names will be reviewed by the City Engineer, KenCom, and the U.S. Post Office to avoid duplications. Page I of 2 VL Thoroughfares in new subdivisions or re-subdivisions shall be chosen in accordance with this policy. VII. All resolutions or parts of resolutions in conflict with this resolution are hereby repealed. VIII. This resolution shall be in full force and effect from and after its passage as provided by law. MIKE ANDERSON k JOSEPH BESCO Q VALERIE SURD PAUL JAMES LARRY KOT MARTY MUNNS ROSE SPEARS RICHARD STICKA APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this day of of 2002. MAYOR PASSED by the City Council of the United City of Yorkville, Kendall. County, Illinois this day of of 2002. ATTEST: CITY CLERK Page 2 of 2 Open Letter to the Community United City of Yorkville ' s Human Resource Commission 804 Game Farm Road Yorkville, IL 60560 The Human Resource Commission of the United City of Yorkville has been asked to spearhead a street naming process for the City. Due to growth, many new roads will need to be named. We believe that there are many people in our community who could be honored by the City by naming a street in their honor. The Human Resource Commission is asking for community members to nominate deserving citizens, living or deceased for this honor. Guidelines are listed below: I . Streets should be named after a citizen or family, whether living or deceased; important event; historical location or company. 2. If living, the person being recognized should be consulted. If deceased, the family should be consulted. 3. In order to be considered, persons should have lived in the city or have made a major historical contribution to the community. Major contribution is defined as a significant contribution to the community, which has enriched or improved the community and the people living in the community. 4. This person's general reputation shall have been above reproach. 5. This major contribution could be accomplished through financial means, active work or leadership in the community. 6. In order to be considered, a person must have completed the contribution for which he or she is being recognized, 7. Any citizen of the United City of Yorkville or from outside the community can nominate a person's name as a street name, 8. Compilation of the list of names will be ongoing, new names will be added to the recommended list at least annually. 9. All nominations will be reviewed by the Human Resource Commission, which will make recommendations to the City Council. 10. All street names will be reviewed by the City Engineer, KenCom, and the U.S. Post Office to avoid duplications. 11 . Developers must use a minimum of one name from the recommended list unless determined otherwise by the City Council, 12. Priorities may change, based on recommendations from the Human Resource Commission. 13. Decisions regarding street names will be made by the Yorkville City Council and its decisions will be considered final, Street Name Nomination Person being Nominated Last known Address: Phone Number: Reason for being nominated: Name of Nominator: Phone Number: Nominator Address: Annual Renort — Human Resource Commission — 8/27/02 — Page # 7 Crcild �I ° bul�1yn' teal) Yer� United City of Yorkville � �h r� YYlursl�a l � 65T. 1836 County Seat of Kendall County Rose Spears 800 Game Farm Road 0® ' �° �� N Yorkville, IL 60560 Werman Ward 4 Phone: 630-553-4350, ext. 6002 I Z. �� Fax: 630-553-7575 DATE: October 4, 2002 TO: Larry Kot FROM: Rose Spears RE: Street Name Nominees On October 3, 2002, the following individuals have been reviewed and recommended by the Human Resources Commission for consideration to have streets named after them in accordance with the United City of Yorkville's policy. Identa Austin Joyce Barrett Jo Anne Behrens Tom Cross Gerald Dalton *J. Dennis Hastert *Dwayne (Bud) Hayden Dallas Ingemunson Elden Madden *John Marshall Richard Undesser -I have attached a copy of the completed nominating form and specifics for each of the recommended nominees in order for the Public Works Committee to review. Names denoted with an asterisk indicate additional, specific documentation is currently being compiled. Upon completion, I- will forward copies to you for review by the Public Works Committee. We are currently developing a routing form for each of the nominees in order to keep an accurate record of the nominees being reviewed by the Human Resources Commission, Public Works Committee, City Council, City Engineer, KenCom and the U. S. Post Office to avoid duplication. This form should be finalized by the end of next week. I will provide you with copies for each of the above-fisted nominees. Please do not forward the names to the City Engineer, Ken Com or the U.S. #'ost Office until the form is attached. It will avoid confusion. If you have any questions, please call me. I 03/03 UNITED CITY OF YORKVE LE HISTORICAL STREET NAMES PROCEDURES Submit completed "Open Letter to the Committee" nominating form. Human Resources Commission (HRC) will contact nominator and/or nominee for additional information, if required. The HRC' s Committee on Historical Street Names will send a letter to the nominee requesting a personal interview. The HRC will review all submitted forms. The HRC will forward their recommendations to the Public Works Committee. The Public Works Committee will review and submit their recommendations to the Committee of the Whole. The selected candidates will be approved by the City Council during their semi-monthly public meeting. The City Clerk will send a form letter the United City of Yorkville's Engineering Department, KenCom and the United States Post Office (Yorkville Branch) for verification that there is not an existing local street with the same name. This letter will request verification and return of the completed form within 14 days. A letter will be send to the selected candidate (individual or family) with copies to the nominator(s). A non-priority list will be available for all developers and potential developers that are required to choose the name(s) on the list for their specific development(s). As pubic record, the City Clerk will keep copies of all documentation. A copy of all documentation will be available at the Yorkville Public Library. Open Letter to the Community United City of Yorkville' s Human Resource Commission 804 Game Farm Road, Yorkville, IL 60560 The Human Resource Commission of the United City of Yorkville has been asked to spearhead a street naming process for the City. Due to growth, many new roads will need to be named. We believe that there are many people in our community who could be honored by the City by naming a street in their honor. The Human Resource Commission is asking for community members to nominate deserving citizens, living or deceased for this honor. Guidelines are listed below: I . Streets should be named after a citizen or family, whether living or deceased, important event; historical location or company 2. If living, the person being recognized should be consulted. If deceased, the family should be consulted. 3 . In order to be considered, persons should have lived in the city or have made a major historical contribution to the community. Major contribution is defined as a significant contribution to the community, which has enriched or improved the community and the people living in the community. 4. This person's general reputation shall have been above reproach. 5 . This major contribution could be accomplished through financial means, active work or leadership in the community. 6. In order to be considered, a person must have completed the contribution for which he or she is being recognized. 7. Any citizen of the United City of Yorkville or from outside the community can nominate a person's name as a street name. 8 . Compilation of the list of names will be ongoing, new names will be added to the recommended list at least annually. 9 . All nominations will be reviewed by the Human Resources Commission, which will make recommendation to the City Council. 10. All recommended street names will be reviewed by the City Engineer, KenCom, and the U.S . Post Office to avoid duplications. 11 . Developers must use a minimum of one name from the recommended list unless determined otherwise by the City Council. 12. Priorities may change, based on recommendations from the Human Resources Commission. 13 . Decisions regarding street names will be made by the Yorkville City Council; and, its decisions will be considered final . STREET NAME NOMINATION Person being Nominated: Last known Address: Phone Number: (� _ Reason for being nominated: Name of Nominator: Phone Number: Nominator Address: UNITED CITY of YORKVILLE • �4l Qp i County Seat of Kendall County Q 800 Game Farm Rd. I. Yorkville, IL 60560 E. 630-553-4350 • �a ��LNOEO IN � Dear The Human Resources Commission of the United City of Yorkville has accepted the opportunity of providing names for selected streets in the new and proposed additions to our city. The policy has been established by our City Council to name these new streets after prominent citizens or families from our area. This is being done in a effort to provide recognition to those who have made a significant difference in our, community. Your name has been submitted for consideration. The purpose of this letter is to let you know our Committee, Rose Kahle and Elden Maden, has received your name and would like to meet and talk with you about the possibility of naming a street in honor of you or your family. We are making an effort to talk to each person nominated in an effort to develop a comprehensive list. After the interview, your name will once again, be presented for consideration by the Human Resources Commission. After reviewing all of the data, a final recommendation will be made by the Human Resources Commission to the City Council. Once the names are submitted and accepted by the City Council, they will be placed on a non- priority list. Developers and potential developers will be required to choose some of the names on the list to name some of its streets. If your name is on the list we will make an effort to notify you when your name is selected. Please call Rose Kahle at 630-553- 1232 or Elden Madden at 630-553-7632 to set up an appointment for us to meet with you. Thank you for your contribution to our community and for the opportunity to speak with you. Respectfully, Elden Madden Committee on Historical Street Names Human Resources Commission DATE: TO: CZZ Yorkville, IL FROM: Public Works Committee United City of Yorkville RE: Verification of Existing Street Names In accordance with Item V of the United City of Yorkville' s Resolution No. entitled "Resolution Establishing a City Policy on Street Names", the following name(s) has (have) been recommended to have a Yorkville street named after him/her (them). This (these) name(s) is (are) submitted to you for verification in order to avoid any duplication of the United City of Yorkville' s current street names. Recommended Street Name: Reviewed.-. Verified, currently not a street name Reviewed: Do NOT use, duplicate street name Signed: KenCom Date Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do NOT use, duplicate street name Signed: KenCom Date Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do NOT use, duplicate street name Signed: KenCom Date Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do NOT use, duplicate street name Signed: KenCom Date Please verify the United City of Yorkville's existing street names and check the appropriate section listed above for each name. Please complete this form and return it to the following address within 14 days: United City of Yorkville Attention: 800 Game Farm Road Yorkville, IL 60560 Thank you for your assistance. DATE: TO: Engineeritv De Umte of Yorkville FROM: Public Works Committee United City of Yorkville RE: Verification of Existing Street Names In accordance with Item V of the United City of Yorkville's Resolution No. entitled "Resolution Establishing a City Policy on Street Names", the following name(s) has (have) been recommended to have a Yorkville street named after him/her (them). This (these) name(s) is (are) submitted to you for verification in order to avoid any duplication of the United City of Yorkville' s current street names. Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do NOT use, duplicate street name Signed: UCofY Engineering Dept. Date Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do NOT use, duplicate street name Signed: UCofY Engineering Dept. Date Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do NOT use, duplicate street name Signed: UCofY Engineering Dept. Date Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do NOT use, duplicate street name Signed: UCofY Engineering Dept. Date Please verify the United City of Yorkville's existing street names and check the appropriate section listed above for each name. Please complete this form and return it to the following address within 14 days: United City of Yorkville Attention: 800 Game Farm Road Yorkville, IL 60560 Thank you for your assistance. DATE: TO: United States Post Office Yorkville, IL FROM: Public Works Committee United City of Yorkville RE: Verification of Existing Street Names In accordance with Item V of the United City of Yorkville's Resolution No. entitled "Resolution Establishing a City Policy on Street Names", the following name(s) has (have) been recommended to have a Yorkville street named after him/her (them). This (these) name(s) is (are) submitted to you for verification in order to avoid any duplication of the United City of Yorkville' s current street names. Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do NOT use, duplicate street name Signed: U. S. Post Office/Yorkville, IL Date Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do NOT use, duplicate street name Signed: U. S. Post Office/Yorkville, IL Date Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do NOT use, duplicate street name Signed: U. S. Post Office/Yorkville, IL Date Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do NOT use, duplicate street name Signed: U. S. Post Office/Yorkville, IL Date Please verify the United City of Yorkville' s existing street names and check the appropriate section listed above for each name. Please complete this form and return it to the following address within 14 days: United City of Yorkville Attention: 800 Game Farm Road Yorkville, IL 60560 Thank you for your assistance. 03/03 DRAFT Letter to Approved Nominee Date Name Street Address City, State Zip Dear This is to inform you, a United City of Yorkville street will be named in honor of , in recognition of the achievements (insert individual or family name) and contributions performed which has enriched or improved the community and the people living in the community. It is truly an honor to be privileged to have such an outstanding individual/family be a major part of the milestone that built this community . We would like to extend our sincere congratulations on behalf of the City Council, the Human Resources Commission and the entire community. Respectfully, UNITED CITY OF YORKVILLE City Council Human Resources Commission cc : Nominator Nominator (copy all nominators) * * * DRAFT * * * Name of Nominee: NOMINATION OF STREET NAMES CHECK LIST City office received nominating form. Date (1) Clerk will enter name in Book #1 . (2) Clerk will make 2 copies of the original, received nominating form. (3) Clerk will mail postcard to nominator (Form 2-03) to acknowledge receipt of form. Received by HRC Committee to review for completion. Date Reviewed by HRC. If additional information is required, place in holding Book #2. Date Committee member assigned for research. Date (assigned committee member's name) Committee member completed personal or phone interview with nominator. Date (Nominator 's name) Re-submitted updated nominating form to HRC. Date HRC reviewed all updated, completed nomination material. Date In order to prevent duplication of street names within the City, HRC submitted Date recommended (Form 3-03) qualified name to Public Works for review by: (a) City Engineering Department (b) United City of Yorkville Post Office (c) Ken Corn Contingent on acceptance of the above; name is submitted to the Committee of the Whole. Date Upon COW consensus, name is submitted to the City Council for voting purposes. Date HRC sends letter (Form 4-03) to nominee/family for approval signature along with a Date request the signed letter be returned to HRC. Contingent of above, when the signed approval letter is received, the name is added to Date the master list that is maintained at City Hall. The name is also copied in the nominee street name binder located at the public library (Form 5-03). All documentation is attached to the nomination form and placed in Book 93 . Date Name has been selected. Date Location of Nominee' s Named Street: Date Form 1- 03 * * * DRAFT * * * NOMINATION OF STREET NAMES POST CARD Dear This note is in reference to your nomination of for consideration of having a United City of Yorkville street named in his/her honor. We are in receipt of your nomination and have placed it in the nomination process. Please note, this process may take several months to complete. Thank you for participating in this meaningful process. Respectfully, United City of Yorkville Human Resource Committee 800 Game Farm Road Yorkville, IL 60560 Form 2-03 (label for post card) * * * DRAFT * * * NOMINATION OF STREET NAMES MEMORANDUM DATE: TO: Public Works Committee FROM: Human Resource Commission RE: Street Name Nominee The following name(s) has/have been reviewed and is/are being recommended by the Human Resource Commission to be placed on the official fist of potential street names for the City of Yorkville. Each name presented has been through the following process: Nomination was received by the United City of Yorkville _ Nomination was submitted to the HRC Committee to review for completion. _ Committee member assigned for research: _ The HRC member completed personal or phone interview with nominator for additional information, if necessary. _ HRC reviewed all completed nomination materia' and determined that the nominee would be recommended It is now the Public Works Committee' s responsibility to contact the following groups to verify this name is not a duplicate of any United City of Yorkville street name. (a) United City of Yorkville' s Engineering Department (b) Yorkville Post Office (c) Ken Com When this is completed, please forward the name to the Committee of the Whole. Respectfully, Human Resource Commission Form 3-03 * * * DRAFT * * * (date) UNITED CITY OF YORKVILLE Human Resource Commission Nominee Name Nominee Street Address City, State, Zip Dear (nominee) Congratulations! The United City of Yorkville has voted to include the following name on its list of potential street names: Nominee: Proposed Street Name: Reason for Nomination: We are very pleased to bestow the honor in naming a City street in your name (or the name of a member of your family). The purpose of this letter is to obtain your approval signature to allow the name to be used for a 'City street name. Please grant your permission to allow the United City of Yorkville to use your name for a City street by signing and returning this letter to the following address : United City of Yorkville Attn: Human Resource Commission 800 Game Farm Road Yorkville, IL 60560 Signature: Name: (pmt) Form 4-03 ®°0e0 C/p® United City of Yorkville Memo a "' " 800 Game Farm Road 1836 Yorkville, Illinois 60560 III Telephone: 630-553 -4350 ®® Fax: 630-553 -7575 < LE TO: Human Resource Commission FR: Glory Spies RE: Historical Street Naming Project and Procedure update and overview DATE: October 16, 2005 Based on my conversation with Sylvia Kurtz of the United City of Yorkville Human Resource Commission I have updated the Historical Street Naming Project and have completed the following: # 1—Drafted a letter to the nominating individual in place of a postcard (stating nomination has been received) #2—Drafted a letter to the nominated individual/family #3—Drafted a letter stating more information is needed 44—Drafted a letter informing nominator/nominee name has not been recommend as a historical name #5—Drafted a congratulations and permission letter #6—Drafted a letter stating developer has chosen that name #7—Updated citizen nomination form #8—Updated HRC checklist #9—Updated verification form that is sent to KenCom, post office and city engineering department (form will only include one street name at a time instead of multiple names, once all three forms are received by above, the forms will be stapled and placed in the book and kept with original submission). #10—Updated Historical Street Name checklist All information submitted is a draft and subject to review by the Human Resource Commission. ®AL United City of Yorkville Memo 800 Game Farm Road 1636 Yorkville, Illinois 60560 �g� ® . Telephone: 630-553 -4350 K Fax: 630-553 -7575 <!E Date Name Address City, IL Zip RE: Submission of Name, Historical Street Name Nominee Dear As you are aware, the Human Resource Commission (HRC) of the United City of Yorkville, has accepted the responsibility of receiving nominations of individuals who have made a significant contribution to the Yorkville community for our Historical Street Naming Project. We are writing this letter on behalf of your submission of as a nominee for this project. This project recognizes prominent citizens or families from our community by naming a street in their honor. At this time we would like to thank you for your submission. When determining if a nominee should be approved for a historical street name, the Commission reviews the following criteria: *The nominee's general reputation should have been above reproach. *Major contributions to the community including leadership, financial support or community involvement which have enriched or improved the community and the people living in the community for generations to come. •A nominee must have also completed the contribution for which he/she is being recognized. ^It is recommended that the nominee reside or has resided in the United City of Yorkville or have made a major historical contribution to the community. At this time we are reviewing your nominee' s qualifications for submission as a Historical Street Name. After reviewing the criteria, we will make a determination as whether your nominee should be added to the list of names to be used for future streets in the United City of Yorkville. We will notify you shortly of our decision. Please direct any questions to Glory Spies at (630) 553-8564. Sincerely, United City of Yorkville Human Resource Commission 9/05 ®°��eo C`P United City of Yorkville Memo T 800 Game Farm Road ; ,ass Yorkville, Illinois 60560 Telephone: 630-553 -4350 o� q Fax: 630-553 -7575 ALE Date Name Address City, IL Zip RE: Submission of as a United City of Yorkville Historical Street Name Dear The Human Resource Commission (HRC) of the United City of Yorkville, has accepted the responsibility of receiving nominations of individuals who have made a significant contribution to the Yorkville community for our Historical Street Naming Project. This project recognizes prominent citizens or families from our community by naming a street in their honor. We would like to inform you that your name (or the name of a family member) has been submitted by for consideration to the United City of Yorkville Historical Street Naming Project. When determining if a nominee should be approved for a historical street name, the Commission reviews the following criteria: *The nominee' s general reputation should have been above reproach. *Major contributions to the community including leadership, financial support or community involvement which have enriched or improved the community and the people living in the community for generations to come. •A nominee must have also completed the contribution for which he/she is being recognized. •It is recommended that the nominee reside or has resided in the United City of Yorkville or have made a major historical contribution to the community. At this time we are reviewing your qualifications (or family member' s qualifications) for submission as a historical street name. After reviewing the criteria, we will make a determination if your name (or family member' s name) should be added to the list of names to be used for future streets in the United City of Yorkville. We will notify you shortly of our decision. Please direct any questions to Glory Spies at (630) 553-8564. Sincerely, United City of Yorkville Human Resource Commission 9/05 3 clpy United City of Yorkville Memo Am 1836 800 Game Farm Road 1 06 ' - Yorkville, Illinois 60560 Telephone: 630-553 -4350 Fax: 630-553 -7575 <LE A>'d Date Name Address City, IL Zip RE: Submission of Name, Historical Street Name Nominee Dear We are writing this letter on behalf of your submission of as a nominee for the United City of Yorkville Historical Street Naming project. We are sorry to inform you that at this time we cannot recommend your submission as an official historical street name for the United City of Yorkville based on the information that you had provided to us. However, we would still like to consider your recommendation. In order to proceed in a timely manner, we would like for you to submit more information about your candidate. When submitting information, please share in detail the contribution or contributions that your nominee has made for the betterment of the Yorkville community. Please note specific events, months/years of service, and major contributions when resubmitting your information. Specific information will aid the Commission in making a final determination. When determining if a nominee should be approved for a historical street name, the Human Resource Commission reviews the following criteria: *The nominee's general reputation should have been above reproach. •It is recommended that the nominee reside or has resided in the United City of Yorkville or have made a major historical contribution to the community. •Major contributions to the community including leadership, financial support or community involvement which have enriched or improved the community and the people living in the community for generations to come. •A nominee must have also completed the contribution for which he/she is being recognized. Once again, we ask that you review the criteria above and resubmit the qualifications of your nominee. Upon receipt, the Human Resource Commission will re-examine all information and will let you know if your nominee meets the requirements of the Commission. Thank you for your time and attention in this matter. Please direct any questions to Glory Spies at (630) 553-8564. Sincerely, United City of Yorkville Human Resource Commission 9/05 'A e United City of Yorkville Memo a °" 800 Game Farm Road `\ 1898 Yorkville, Illinois 60560 Telephone : 630-553 -4350 Fax: 630-553 -7575 <LE ®�0' Date Name Address City, IL Zip RE: Submission of as a United City of Yorkville Historical Street Name Dear We are writing this letter on behalf of your submission of as a nominee for the United City of Yorkville Historical Street Naming project. We are sorry to inform you that at this time we cannot recommend your submission as an official historical street name for the United City of Yorkville based on the information that you had provided to us. When determining if a nominee should be approved for a historical street name, the Human Resource Commission reviews the following criteria: *The nominee's general reputation should have been above reproach. *Major contributions to the community including leadership, financial support or community involvement which have enriched or improved the community and the people living in the community for generations to come. •A nominee must have also completed the contribution for which he/she is being recognized. •It is recommended that the nominee reside or has resided in the United City of Yorkville or have made a major historical contribution to the community. Based on the criteria set forth by the Commission, we feel that your nominee has not met the requirements for approval as a historical street name. Thank you for your time and attention in this matter. Please direct any questions you may have to Glory Spies at (630) 553-8564. Sincerely, United City of Yorkville Human Resource Commission 9/05 Cl; � 0,0 United City of Yorkville Memo 800 Game Farm Road 1836 Yorkville, Illinois 60560 [ r \ Telephone: 630-553 -4350 AiKw'CwttY . ®� Fax: 630-553 -7575 ®LLE Date Name Address City, IL Zip RE: Location of as a Historical Street Name in the United City of Yorkville Dear Congratulations! We are pleased to inform you that the name has been chosen for use as a historical street name in the United City of Yorkville by The location of this street will be in the subdivision, and a map of the area is enclosed if you would like to visit the site after its completion. Please note that the name has been chosen but the actual street sign will not appear until the builder is ready. It may take one to two months for the process to be completed. Also, historical street names are chosen at the discretion of the developers. Any available listed name may be chosen, and any available portion of the listed name may be used. Historical names/partial names are available for single-use only. Once again, we would like to extend our sincere congratulations in recognition of the achievements and contributions has made to the Yorkville community. Please direct all questions to Glory Spies at (630) 553-8564. Sincerely, United City of Yorkville Human Resource Commission 9/05 e6 I ®� � 0 United City of Yorkville Memo AA 800 Game Farm Road ; » 1836 Yorkville, Illinois 60560 Telephone : 630-553 -4350 Fax: 630-553 -7575 �4 ®�,d Date Name Address City, IL Zip RE: Submission of as a United City of Yorkville Historical Street Name Dear Congratulations! We are pleased to inform you that the United City of Yorkville and the Human Resource Commission have approved the nominated name for use as a historical street name within the city of Yorkville. In order to proceed with adding the name to the list of Approved Historical Street Names that is provided to developers of proposed subdivisions and/or developments within Yorkville, your permission is needed. We are requesting that you sign, and return the form that is provided at the bottom of this letter. Upon receipt, we will add as an eligible street name. Please note that historical street names are chosen at the discretion of the developers. Any available listed name may be chosen, and any available portion of the listed name may be used. As the names/partial names are selected, the list is updated. You will be notified when any portion of your name or you nominee' s name is selected for use, and the specific location. Please direct any questions to Glory Spies at (630) 553-8564. On behalf of the Human Resource Commission, we would like to thank you for taking the time to help us identify an individual who has greatly contributed to make our community a great place to live. Sincerely, United City of Yorkville Human Resources Commission Please return form to: United City of Yorkville, Attn: Human Resource Commission, 800 Game Farm Road, Yorkville, IL 60560. I hereby grant permission for use of the name as a historical street name in the United City of Yorkville city limits. Signature Date Printed name Relationship to nominee 9/05 _�0 C/Tjo pr Open Letter to the Community United City of Yorkville' s Human Resource Commission 800 Game Farm Road, Yorkville , IL 60560 The Human Resource Commission of the United City of Yorkville has been asked to spearhead a Historical Street Naming process for the City. Due to growth within the City, many new roads will need to be named. We believe that there are many people in our community who could be honored by the City naming a street in their honor. The Human Resource Commission is accepting names of deserving citizens, living or deceased for this honor. The following is a list of guidelines for names submitted to the Commission: 1 . Streets should be named after a citizen or family, whether living or deceased; important event; historical location or company. 2. If living, the person being recognized should be consulted. If deceased, the family should be consulted. 3 . In order to be considered, an individual should have lived in the city or have made a major historical contribution to the community. Major contribution is defined as a significant contribution to the community, which has enriched or improved the community and the people living in the community. 4. This individual(s) general reputation shall have been above reproach. 5. This major contribution could be accomplished through financial means, community service, active work, or leadership in the community. 6. In order to be considered, an individual must have completed the contribution for which he/she is being recognized. 7. Any citizen of the United City of Yorkville or from outside the community can nominate an individual(s) name as a historical street name. 8. Compilation of the list of names will be ongoing, new names will be added to the recommended list at least annually. 9. All nominations will be reviewed by the Human Resource Commission, which wilt make a recommen- dation to the City Council. 10. All recommended historical street names will be reviewed by the City Engineer, KenCom, and the U.S. Post Office to avoid duplications. 11 . Developers must use a minimum of ten percent with a minimum one name from the recommended list unless determined otherwise by the City Council. 12. Priorities may change based on recommendations from the Human Resource Commission. 13. Decisions regarding historical street names will be made by the Yorkville City Council; and, its decisions will be considered final. United City of Yorkville Historical Street Naming Nomination Mail to: United City of Yorkville, Attn: Human Resource Commission, 800 Game Farm Road, Yorkville, IL 60560 Name of nominated individual/family Last known address Phone number Reason for nomination Name of nominator Address Phone number E-mail if applicable 9/05 c®;y United City of Yorkville Memo ® 800 Game Farm Road Yorkville, Illinois 60560 EST. h 1836 Telephone: 630-553-4350 [ Fax: 630-553-7575 �tE Historical Street Name Checklist Name of Nominee: Name of Nominator: Nomination received Date 1. Coordinator will make eight copies, attach a checklist and give to Rose Spears. 2. Coordinator will put original copy in book. 3. Letter to nominator will be sent. Received by Human Resource Commission (HRC) to review. Date Date Reviewed by HRC. If additional information is required, place in holding book #2 and give to coordinator. A letter to nominator requesting more information will be sent. Resubmission of updated nominating form to HRC (only if more information needed). Date HRC reviewed all updated, completed nomination material. Date Date HRC approves or denies submission based on criteria set forth by commission. 1. If denied, letter to nominator/ nominee will be sent stating reason and place in book. 2. If approved, HRC will proceed with checklist. In order to prevent duplication of street names with the United City of Yorkville, Date coordinator has submitted verification forms to the following: 1. City of Yorkville Engineering Department 2. United City of Yorkville Post Office 3. KenCom Contingent on acceptance of the above and verification forms completed, name is Date submitted to the Committee of the Whole. Date Upon COW consensus, name is submitted to the City Council for voting purposes. 1. Approved 2. Denied Date Upon City Council Approval coordinator sent letter to nominee/family for approval signature. Date Upon receipt of approval letter from family, the name is added to the master list that is maintained at City Hall. The name is also copied and added to the nominee street name binder located at the library. Date All documentation is attached to the nomination form and placed in the approved book. Name has been selected (put name here) Date Date Location of street name (subdivision, development) 9/ 05 ®� o c/� � United City of Yorkville Memo 0� 800 Game Farm Road Yorkville, Illinois 60560 EST. I ` 1836 Telephone: 630-553 -4350 0 Fax: 630-553 -7575 <LE TO: Engineering Department United City of Yorkville FR: Glory Spies United City of Yorkville RE: Verification of as a Historical Street Name, United City of Yorkville In accordance with Item V of the United City of Yorkville's Resolution No. 2002-30 entitled "Resolution Establishing a City Policy on Street Names," the following name has been recommended as a Historical Street Name in the United City of Yorkville. In order to process as a historical street name, verification that the name is currently not being used is essential to avoid duplication. Please fill out the verification information below and return to Glory Spies. Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do not use, duplicate street name Signed: COY Engineering Department Date Thank you for your assistance. 9/05 United City of Yorkville Memo ® 800 Game Farm Road ° Yorkville, Illinois 60560 E81. 1836 Telephone: 630-553-4350 Fax: 630-553 -7575 �o TO: KenCom FR: Glory Spies United City of Yorkville RE: Verification of as a Historical Street Name, United City of Yorkville In accordance with Item V of the United City of Yorkville's Resolution No. 2002-30 entitled "Resolution Establishing a City Policy on Street Names," the following name has been recommended as a Historical Street Name in the United City of Yorkville. In order to process as a historical street name, verification that the name is currently not being used is essential to avoid duplication. Please fill out the verification information below and return to Glory Spies. Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do not use, duplicate street name Signed: KenCom Date Thank you for your assistance. Please fax to (630) 553-7575 or mail the verification to: Glory Spies RE: Historical Street Naming Project United City of Yorkville 800 Game Farm Road Yorkville, IL 60560 9 /05 9 r� e>rd United City of Yorkville Memo ® 800 Game Farm Road Yorkville, Illinois 60560 Est I�\ 1836 Telephone : 630-553-4350 I � Fax: 630-553-7575 X XmN taue(ry ®� TO: John Gorak, United City of Yorkville Post Office FR: Glory Spies United City of Yorkville RE: Verification of as a Historical Street Name, United City of Yorkville In accordance with Item V of the United City of Yorkville's Resolution No. 2002-30 entitled "Resolution Establishing a City Policy on Street Names," the following name has been recommended as a Historical Street Name in the United City of Yorkville. In order to process as a historical street name, verification that the name is currently not being used is essential to avoid duplication. Please fill out the verification information below and return to Glory Spies. Recommended Street Name: Reviewed: Verified, currently not a street name Reviewed: Do not use, duplicate street name Signed: United City of Yorkville Post Office Date Thank you for your assistance. Please fax to (630) 553-7575 or mail the verification to: Glory Spies RE: Historical Street Naming Project United City of Yorkville 800 Game Farm Road Yorkville, IL 60560 9/05 0 Cl United City of Yorkville Memo o ® 800 Game Farm Road Yorkville, Illinois 60560 EST. '� 1836 Telephone : 630-553-4350 M Fax: 630-553 -7575 <L� 19'4j Historical Street Name Checklist Name of Nominee: Name of Nominator: Nomination received Date 1. Coordinator will make eight copies, attach a checklist and give to Rose Spears. 2. Coordinator will put original copy in book. 3. Letter to nominator will be sent. Received by Human Resource Commission (HRC) to review. Date Date Reviewed by HRC. If additional information is required, place in holding book #2 and give to coordinator. A letter to nominator requesting more information will be sent. Resubmission of updated nominating form to HRC (only if more information needed). HRC reviewed all updated, completed nomination material. Date Date HRC approves or denies submission based on criteria set forth by commission. 1. If denied, letter to nominator/nominee will be sent stating reason and place in book. 2. If approved, HRC will proceed with checklist. In order to prevent duplication of street names with the United City of Yorkville, Date coordinator has submitted verification forms to the following: 1. City of Yorkville Engineering Department 2. United City of Yorkville Post Office 3. KenCom Contingent on acceptance of the above and verification forms completed, name is Date submitted to the Committee of the Whole. Date Upon COW consensus, name is submitted to the City Council for voting purposes. 1. Approved 2. Denied Date Upon City Council Approval coordinator sent letter to nominee /family for approval signature. Upon receipt of approval letter from family, the name is added to the master list that is maintained at Date City Hall. The name is also copied and added to the nominee street name binder located at the library. Date All documentation is attached to the nomination form and placed in the approved book. Name has been selected (put name here) Date Date Location of street name (subdivision, development) 9/05 141AId United City of Yorkville 's Human Resource Commission Historical Street Naming Project ly Checklist To: Historical Street Naming Project Coordinator Fr: Human Resource Commission Re: United City of Yorkville Historical Street Nomination The name has been reviewed and recommended by the Human Resource Commission (HRC), to be placed on the official list of potential street names for the the United City of Yorkville. The name has been through the following process. Nomination received by the United City of Yorkville Human Resource Commission Nomination was submitted to ,the HRC for review and completion HRC reviewed all completed nomination material Based on the information received, the HRC determined that the nominee would be recommended as a Historical Steet Name in the United City of Yorkville Verification that name is currently not being used by the following: the United City of Yorkville Engineering Department, Yorkville Post Office, and Kencom (to be completed by city employee) Confirmation of verification—information has been forwarded to the Committee of the Whole for discussion City Council vote / approval Date submitted by Human Resource Commission 9/ 05