Joint Review Board Packet 2017 12-12-17 (Countryside)NOTICE OF ANNUAL MEETING OF JOINT REVIEW BOARD
Kendall County Bristol-Kendall Fire Protection District
111 West Fox Street 103 East Beaver Street
Yorkville, Illinois 60560 Yorkville, Illinois 60560
United City of Yorkville Bristol Township
800 Game Farm Road 9075 Corneils
Yorkville, Illinois 60560 Bristol, Illinois 60512
Waubonsee Junior College #516 Yorkville School Community Unit #115
Route 47 at Waubonsee Drive 602-A Center Parkway
Sugar Grove, Illinois 60554 Yorkville, Illinois 60560
YOU ARE HEREBY NOTIFIED that a meeting of the annual Joint Review Board to review
the annual report for the US Route 34/IL Route 47 Countryside Redevelopment Project Area will be
convened on December 12, 2017 at 3:30 p.m. at the United City of Yorkville City Hall, 800 Game Farm
Road, Yorkville, Illinois 60560.
PLEASE BE ADVISED that the Joint Review Board shall elect or re-elect a public member as
well as a chairperson. In accordance with the provisions of the Tax Increment Allocation Redevelopment
Act (the “Act”) (65 ILCS 5/11-74.1-1 et seq.), the Joint Review Board shall review the annual report for
the US Route 34/IL Route 47 Countryside Shopping Center Redevelopment Project Area.
/s/ Beth Warren , City Clerk
This page intentionally left blank.
A G E N D A
ANNUAL JOINT REVIEW BOARD
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
US RTE 34 & IL RTE 47 COUNTRYSIDE REDEVELOPMENT PROJECT AREA
December 12, 2017 United City of Yorkville 3:30 p.m.
800 Game Farm Road
Yorkville, Illinois 60560
1. Call the Meeting to Order
2. Roll Call: United City of Yorkville
Bristol Township
Kendall County
Yorkville School District #115
Waubonsee Community College District #516
Bristol-Kendall Fire Protection District
3. Motion to elect or re-elect a Public Member
4. Motion to elect or re-elect a Chairperson
5. Minutes for Approval
6. Review of Annual Report for the US Rte 34 & IL Rte 47 Countryside Redevelopment
Project Area
7. Questions, Comments from the Board
8. Discussion, deliberation and recommendation
9. Adjournment
This page intentionally left blank.
Table of Contents
Minutes of the Fiscal Year 2016 Joint Review Board .............................................................................. 1
US Route 34 & IL Route 47 (Countryside) TIF Report .......................................................................... 3
Certification of Chief Executive Officer ................................................................................................. 14
Legal Council Opinion ............................................................................................................................ 15
Activities Statement ................................................................................................................................ 16
Audited Financial Statements ................................................................................................................. 17
Auditor Compliance Letter ..................................................................................................................... 25
This page intentionally left blank.
ANNUAL JOINT REVIEW BOARD OF THE
UNITED CITY OF YORKVILLE
US RTE 34 & IL RTE 47 COUNTRYSIDE AND
DOWNTOWN REDEVELOPMENT PROJECT AREAS
Tuesday, November 22, 2016 3:00pm
City Hall Conference Room
800 Game Farm Rd., Yorkville, IL
Call Meeting to Order
The meeting was called to order at 3:05pm by City Attorney Kathy Orr.
Roll Call
Attorney Orr took roll call as follows:
United City of Yorkville
City Administrator Bart Olson
Interim Assistant City Administrator Erin Willrett
Finance Director Rob Fredrickson
Community Development Director Krysti Barksdale-Noble
Kendall Township
no representative
Kendall County
Andrez Beltran
Kendall County Forest Preserve
David Guritz
Waubonsee Community College Dist. #516
Darla Cardine
Yorkville School Dist. #115
Pat Browne
Bristol-Kendall Fire Protection District
Tom Lindblom
Bristol Township
no representative
Motion to Elect or Re-elect Public Member
Ms. Orr called for a motion to elect a Public Member. So moved by Tom Lindblom and
seconded by David Guritz to elect Erin Willrett as Public Member.
1
Motion to Elect or Re-elect Chairperson
A motion was then made by Mr. Lindblom and seconded by Mr. Guritz to elect a
Chairperson. City Administrator Bart Olson was chosen to be Chairperson.
Minutes for Approval
The minutes from last year's meeting on November 24, 2015 were approved on a
unanimous voice vote following a motion by Mr. Guritz and second by Mr. Beltran.
Review of Annual Report for US Rt. 34 & Il Rt. 47 Countryside and Downtown
Redevelopment Project Areas
Rob Fredrickson presented figures and a summary of the Countryside TIF. Mr. Olson
added that bond service payments are being made since the NGC Theater was built. If
bond payments are able to be completed with outlot development, the bond can be closed
out early. Many types of development are being pursued at this time.
A summary and review of figures of the Downtown TIF's were also presented by Mr.
Fredrickson. Three to four redevelopment agreements were approved for the downtown,
however, only one is generating money at this time. The current TIF in the downtown
ends in 2029 which is not enough time to incentivize a developer to coordinate a major
redevelopment project. The City Council reviewed this recently and determined that
$500,000 would first be needed for environmental cleanup. TIF extensions are done by
the State and are a maximum of 12 years. Other government bodies must approve before
the State will consider the extension. If the extension is desired, Mr. Olson said action
must be taken. He will put all this information in writing and send to each member of the
Review Board. Attorney Orr will prepare a Resolution in hopes that there will be support
from the Board.
There was no further business and the meeting adjourned at 3:30pm.
Respectfully transcribed by
Marlys Young, Minute Taker
2
3
SECTION 2 [Sections 2 through 5 must be completed for each redevelopment project area listed in Section 1.]
FY 2017
Name of Redevelopment Project Area (below):
Primary Use of Redevelopment Project Area*:
If "Combination/Mixed" List Component Types:
Tax Increment Allocation Redevelopment Act
Industrial Jobs Recovery Law
No Yes
Were there any amendments to the redevelopment plan, the redevelopment project area, or the State Sales Tax Boundary? [65
ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)]
If yes, please enclose the amendment labeled Attachment A
x
Certification of the Chief Executive Officer of the municipality that the municipality has complied with all of the requirements of the
Act during the preceding fiscal year. [65 ILCS 5/11-74.4-5 (d) (3) and 5/11-74.6-22 (d) (3)]
Please enclose the CEO Certification labeled Attachment B
x
Opinion of legal counsel that municipality is in compliance with the Act. [65 ILCS 5/11-74.4-5 (d) (4) and 5/11-74.6-22 (d) (4)]
Please enclose the Legal Counsel Opinion labeled Attachment C x
Statement setting forth all activities undertaken in furtherance of the objectives of the redevelopment plan including any project
implemented and a description of the redevelopment activities.? [65 ILCS 5/11-74.4-5 (d) (7) (A and B) and 5/11-74.6-22 (d) (7) (A
and B)]
If yes, please enclose the Activities Statement labeled Attachment D
x
Were any agreements entered into by the municipality with regard to the disposition or redevelopment of any property within the
redevelopment project area or the area within the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (7) (C) and 5/11-74.6-22 (d)
(7) (C)]
If yes, please enclose the Agreement(s) labeled Attachment E
x
Is there additional information on the use of all funds received under this Division and steps taken by the municipality to achieve the
objectives of the redevelopment plan? [65 ILCS 5/11-74.4-5 (d) (7) (D) and 5/11-74.6-22 (d) (7) (D)]
If yes, please enclose the Additional Information labeled Attachment F
x
Did the municipality's TIF advisors or consultants enter into contracts with entities or persons that have received or are receiving
payments financed by tax increment revenues produced by the same TIF? [65 ILCS 5/11-74.4-5 (d) (7) (E) and 5/11-74.6-22 (d) (7)
(E)]
If yes, please enclose the contract(s) or description of the contract(s) labeled Attachment G
x
Were there any reports or meeting minutes submitted to the municipality by the joint review board? [65 ILCS 5/11-74.4-5 (d) (7) (F)
and 5/11-74.6-22 (d) (7) (F)]
If yes, please enclose the Joint Review Board Report labeled Attachment H
x
Were any obligations issued by the municipality? [65 ILCS 5/11-74.4-5 (d) (8) (A) and
5/11-74.6-22 (d) (8) (A)]
If yes, please enclose any Official Statement labeled Attachment I and Attachment J MUST be Yes
x
An analysis prepared by a financial advisor or underwriter setting forth the nature and term of obligation and projected debt service
including required reserves and debt coverage? [65 ILCS 5/11-74.4-5 (d) (8) (B) and 5/11-74.6-22 (d) (8) (B)]
If attachment I is yes, Analysis MUST be attached and labeled Attachment J
x
Has a cumulative of $100,000 of TIF revenue been deposited into the special tax allocation fund? 65 ILCS 5/11-74.4-5 (d) (2) and
5/11-74.6-22 (d) (2)
If yes, please enclose Audited financial statements of the special tax allocation fund
labeled Attachment K
x
Cumulatively, have deposits of incremental taxes revenue equal to or greater than $100,000 been made into the special tax
allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)]
If yes, The audit report shall contain a letter from the independent certified public accountant indicating compliance or
noncompliance with the requirements of subsection (q) of Section 11-74.4-3 labeled Attachment L
x
A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred
or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d)
(10)]
If yes, please enclose list only, not actual agreements labeled Attachment M
x
__X____
______
US Rte 34 & IL Rte 47 - Countryside
* Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
Commercial
Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one):
4
FY 2017
TIF NAME:
Special Tax Allocation Fund Balance at Beginning of Reporting Period (549,946)$
SOURCE of Revenue/Cash Receipts:
Revenue/Cash
Receipts for
Current
Reporting Year
Cumulative
Totals of
Revenue/Cash
Receipts for life
of TIF % of Total
Property Tax Increment 215,360$ 401,658$ 9%
State Sales Tax Increment 0%
Local Sales Tax Increment 0%
State Utility Tax Increment 0%
Local Utility Tax Increment 0%
Interest -$ 378,778$ 9%
Land/Building Sale Proceeds 0%
Bond Proceeds -$ 3,506,099$ 82%
Transfers from Municipal Sources 0%
Private Sources 0%
Other (identify source _____________; if multiple other sources, attach
schedule) 0%
All Amount Deposited in Special Tax Allocation by source
215,360$
Cumulative Total Revenues/Cash Receipts 4,286,535$ 100%
Total Expenditures/Cash Disbursements (Carried forward from
Section 3.2)
161,168$
Distribution of Surplus
Total Expenditures/Disbursements 161,168$
Net/Income/Cash Receipts Over/(Under) Cash Disbursements
54,192$
FUND BALANCE, END OF REPORTING PERIOD*(495,754)$
* If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
SECTION 3.1 - (65 ILCS 5/11-74.4-5 (d)(5)(a)(b)(d)) and (65 ILCS 5/11-74.6-22 (d) (5)(a)(b)(d))
Provide an analysis of the special tax allocation fund.
US Rte 34 & IL Rte 47 - Countryside
5
FY 2017
TIF NAME: US Rte 34 & IL Rte 47 - Countryside
Amounts Reporting Fiscal Year
Legal Services 1,004
Auditing Services - TIF Compliance Report 265
JRB Packet Postage 13
1,282$
2. Annual administrative cost.
-$
3. Cost of marketing sites.
-$
-$
-$
-$
1. Cost of studies, surveys, development of plans, and specifications. Implementation and administration
of the redevelopment plan, staff and professional service cost.
SECTION 3.2 A- (65 ILCS 5/11-74.4-5 (d) (5) (c) and 65 ILCS 5/11-74.6-22 (d) (5)(c))
Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6-10
(o)]
PAGE 1
ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND
(by category of permissible redevelopment project costs )
4. Property assembly cost and site preparation costs.
5. Costs of renovation, rehabilitation, reconstruction, relocation, repair or remodeling of existing public or
private building, leasehold improvements, and fixtures within a redevelopment project area.
6. Costs of construction.
6
-$
-$
Paying Agent Fees 659
Principal 26,457
Interest 132,770
159,886$
-$
-$
-$
11. Cost of reimbursing school districts for their increased costs caused by TIF assisted housing
projects.
12. Cost of reimbursing library districts for their increased costs caused by TIF assisted housing projects.
10. Capital costs.
7. Costs of eliminating or removing contaminants and other impediments.
8. Cost of job training and retraining projects.
9. Financing costs.
PAGE 2
SECTION 3.2 A
7
-$
-$
-$
-$
-$
-$
161,168$
17. Cost of day care services.
TOTAL ITEMIZED EXPENDITURES
13. Relocation costs.
14. Payments in lieu of taxes.
15. Costs of job training, retraining, advanced vocational or career education.
16. Interest cost incurred by redeveloper or other nongovernmental persons in connection with a
redevelopment project.
SECTION 3.2 A
PAGE 3
18. Other.
8
FY 2017
TIF NAME:
Name Service Amount
BNY Mellon Paying Agent 51,250.00$
Amalgamated Bank Paying Agent 108,635.96$
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year.
Section 3.2 B
Optional: Information in the following sections is not required by law, but would be helpful in creating fiscal
transparency.
US Rte 34 & IL Rte 47 - Countryside
9
FY 2017
TIF NAME:
FUND BALANCE BY SOURCE (495,754)$
Amount of Original
Issuance Amount Designated
1. Description of Debt Obligations
General Obligation Bonds Series 2005 3,525,000$ -$
General Obligation Refunding Bonds Series 2014 1,235,000$ 1,798,868$
General Obligation Refunding Bonds Series 2015A 1,475,000$ 1,982,505$
Total Amount Designated for Obligations 6,235,000$ 3,781,373$
2. Description of Project Costs to be Paid
Total Amount Designated for Project Costs -$
TOTAL AMOUNT DESIGNATED 3,781,373$
SURPLUS/(DEFICIT)(4,277,127)$
SECTION 3.3 - (65 ILCS 5/11-74.4-5 (d) (5d) 65 ILCS 5/11-74.6-22 (d) (5d)
Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period by source
US Rte 34 & IL Rte 47 - Countryside
10
FY 2017
TIF NAME:US Rte 34 & IL Rte 47 - Countryside
___X___
Check here if no property was acquired by the Municipality within the
Redevelopment Project Area.
Property Acquired by the Municipality Within the Redevelopment Project Area.
Property (1):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (2):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (3):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (4):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Provide a description of all property purchased by the municipality during the reporting fiscal year within the
redevelopment project area.
SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)]
11
TIF Name:
1
TOTAL:11/1/99 to Date
Estimated Investment
for Subsequent Fiscal
Year
Total Estimated to
Complete Project
Private Investment Undertaken (See Instructions)6,296,978$ -$ 6,296,798$
Public Investment Undertaken 1,800,000$ -$ 1,800,000$
Ratio of Private/Public Investment 3 1/2 3 1/2
Project 1*: Kendall Crossing
Private Investment Undertaken (See Instructions)6,296,978$ -$ 6,296,798$
Public Investment Undertaken 1,800,000$ -$ 1,800,000$
Ratio of Private/Public Investment 3 1/2 3 1/2
Project 2*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 3*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 4*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 5*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 6*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
1. NO projects were undertaken by the Municipality Within the Redevelopment Project Area.
2. The Municipality DID undertake projects within the Redevelopment Project Area. (If selecting this option,
complete 2a.)
2a. The number of projects undertaken by the municipality within the Redevelopment Project Area:
LIST the projects undertaken by the Municipality Within the Redevelopment Project Area:
*PROJECT NAME TO BE LISTED AFTER PROJECT NUMBER
Select ONE of the following by indicating an 'X':
SECTION 5 - 20 ILCS 620/4.7 (7)(F)
PAGE 1
FY 2017
US Rte 34 & IL Rte 47 - Countryside
Page 1 is to be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed.
12
SECTION 6
FY 2017
TIF NAME:
Year redevelopment
project area was
designated Base EAV
Reporting Fiscal Year
EAV
2/15/2005 1,528,166$ 2,557,242$
___X___
SECTION 7
Provide information about job creation and retention:
Number of Jobs
Retained
Number of Jobs
Created
Description and Type
(Temporary or
Permanent) of Jobs Total Salaries Paid
-$
-$
-$
-$
-$
-$
-$
SECTION 8
Provide a general description of the redevelopment project area using only major boundaries:
Optional: Information in the following sections is not required by law, but would be helpful in evaluating the
performance of TIF in Illinois. *even though optional MUST be included as part of complete TIF report
Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area
US Rte 34 & IL Rte 47 - Countryside
List all overlapping tax districts in the redevelopment project area.
If overlapping taxing district received a surplus, list the surplus.
Overlapping Taxing District
Surplus Distributed from redevelopment
project area to overlapping districts
Check if the overlapping taxing districts did not receive a surplus.
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
Enclosed
previously provided
previously provided
Optional Documents
Legal description of redevelopment project area
Map of District
13
14
15
Unit Code 047/035/30
Attachment D
Activities Statement
US Rte 34 & IL Rte 47 Countryside
In November of 2013 a new 30,000 square foot multiplex movie theater, called NCG Cinemas, opened
within the Countryside TIF district. Pursuant to the development agreement, the developer of the movie
theater will receive TIF incentives totaling $2 million. Of this amount, $1.8 million was paid (from
remaining 2005 bond proceeds) upon the opening of the new theater. The remaining $200,000 will be
paid from amusement tax receipts out of the City’s General Fund, of which $96,442 has been paid as of
April 30, 2017. In addition, the developer will also receive a 50% rebate of amusement tax receipts for a
period of ten years.
Fiscal year 2015 saw the opening of a new 10,450 square foot day care center, called Lighthouse
Academy. In April of 2017 (Fiscal Year 2017) the City entered into an inducement resolution with
Kendall Hospitality LLC, regarding a planned $8.8 million hotel and convention center development to be
located within the TIF district, as part of the Kendall Crossing Development. This new four-story
Holiday Inn Express hotel is expected to open in the Fall of 2018, and will include over 90 rooms and a
12,000 square foot banquet facility.
In January of 2014 the City completed a partial refunding of the 2005 Countryside bonds, in order to
mitigate the fund’s negative equity position and ease cash flow constraints in subsequent fiscal years. In
July of 2015 (Fiscal Year 2016) the City refunded the remaining principal on the 2005 Countryside
Bonds, which should result in net present value interest savings of approximately $135,000. As of April
30, 2017, outstanding principal for the 2014 and 2015A (refunded the 2005 bonds) bonds was $1.235
million and $1.449 million, respectively. During the current fiscal year the TIF district paid $159,227 in
principal and interest on the outstanding debt.
16
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
FINANCIAL AND COMPLIANCE REPORT
FOR THE FISCAL YEAR ENDED
APRIL 30, 2017
17
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT .............................................................................................. 1
FINANCIAL STATEMENTS
Balance Sheet .............................................................................................................................................. 2
Statement of Revenues, Expenditures and Changes in Fund Balance ....................................................... 3
Notes to the Financial Statements ............................................................................................................... 4
INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GENERALLY ACCEPTED AUDITING STANDARDS ............................................................... 5
18
INDEPENDENT AUDITORS’ REPORT
19
20
FINANCIAL STATEMENTS
21
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
Balance Sheet
April 30, 2017
Downtown
TIF
Cash and Investments $- 119,224
Receivables - Net of Allowances
Accounts - 56
Prepaids - 618
Total Assets - 119,898
Liabilities
Accounts Payable 761 22,342
Due to Other Funds 494,993 -
Total Liabilities 495,754 22,342
Fund Balances
Nonspendable - 618
Restricted - 96,938
Unassigned (495,754)-
Total Fund Balances (495,754)97,556
Total Liabilities and Fund Balances - 119,898
Countryside
TIF
LIABILITIES
FUND BALANCES
ASSETS
The notes to the financial statements are an integral part of this statement.
2
22
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Fiscal Year Ended April 30, 2017
Downtown
TIF
Revenues
Taxes
Property Taxes $215,360 67,307
Interest - 2
Miscellaneous - 1,454
Total Revenues 215,360 68,763
Expenditures
General Government
Administration Fees 1,281 -
Professional Services - 304
Legal Services - 11,154
TIF Incentive Payout - 20,558
Capital Outlay
Project Costs - 71,970
Property Acquisition - 10,000
Downtown Streetscape Improvement - 103,504
Route 47 Expansion - 7,420
Debt Service
Principle Retirement 26,315 -
Interest and Fiscal Charges 133,572 -
Total Expenditures 161,168 224,910
Net Change in Fund Balances 54,192 (156,147)
Fund Balances - Beginning (549,946)253,703
Fund Balances - Ending (495,754)97,556
Countryside
TIF
The notes to the financial statements are an integral part of this statement.
3
23
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
Notes to the Financial Statements
April 30, 2017
4
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The operations of Countryside and Downtown Tax Incremental Financing Districts are accounted for
through special revenue funds of the United City of Yorkville, Illinois. It applies the following
policies:
Basis of Accounting
The financial statements are prepared on the modified accrual basis of accounting under which revenue
is recognized when it becomes both measurable and available, and expenditures generally are
recognized when the liability is incurred.
24
25
This page intentionally left blank.