Joint Review Board Packet 2017 12-12-17 (Downtown)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 Kendall Township
800 Game Farm Road 9513 Walker Road
Yorkville, Illinois 60560 Yorkville, Illinois 60560
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 Downtown Tax Increment Financing Redevelopment Project Area will be
convened on December 12, 2017 at 3:45 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 Downtown Redevelopment Project Area.
/s/ Beth Warren , City Clerk
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A G E N D A
ANNUAL JOINT REVIEW BOARD
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
DOWNTOWN REDEVELOPMENT PROJECT AREA
December 12, 2017 United City of Yorkville 3:45 p.m.
800 Game Farm Road
Yorkville, Illinois 60560
1. Call the Meeting to Order
2. Roll Call: United City of Yorkville
Kendall County
Kendall Township
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 Downtown Redevelopment Project Area
7. Questions, Comments from the Board
8. Discussion, deliberation and recommendation
9. Adjournment
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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.
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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
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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 $100,000 been made into the special tax
allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)]
If yes, The audit report shall contain a letter from the independent certified public accountant indicating compliance or
noncompliance with the requirements of subsection (q) of Section 11-74.4-3 labeled Attachment L
x
A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred
or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d)
(10)]
If yes, please enclose list only, not actual agreements labeled Attachment M
x
__X____
______
Downtown Yorkville
* Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
Commercial
Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one):
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FY 2017
TIF NAME:
Special Tax Allocation Fund Balance at Beginning of Reporting Period 253,703$
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 67,307$ 627,061$ 99%
State Sales Tax Increment 0%
Local Sales Tax Increment 0%
State Utility Tax Increment 0%
Local Utility Tax Increment 0%
Interest 2$ 612$ 0%
Land/Building Sale Proceeds 0%
Bond Proceeds 0%
Transfers from Municipal Sources 0%
Private Sources 0%
Miscellaneous Income 1,454$ 5,612$ 1%
All Amount Deposited in Special Tax Allocation by source
68,763$
Cumulative Total Revenues/Cash Receipts 633,285$ 100%
Total Expenditures/Cash Disbursements (Carried forward from
Section 3.2)
224,910$
Distribution of Surplus
Total Expenditures/Disbursements 224,910$
Net/Income/Cash Receipts Over/(Under) Cash Disbursements
(156,147)$
FUND BALANCE, END OF REPORTING PERIOD*97,556$
* 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.
Downtown Yorkville
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FY 2017
TIF NAME: Downtown Yorkville
Amounts Reporting Fiscal Year
Legal Services 11,154
Auditing Services - TIF Compliance Report 265
JRB Packet & Document Postage 39
Canoecopia Conference 750
Developer Incentive 20,558
Parking & Environmental Studies 37,920
70,685$
2. Annual administrative cost.
-$
3. Cost of marketing sites.
-$
-$
Paving of Downtown Parking Lots 18,321
Painting of Pump House 9,750
Improvements to Buildings 5,229
33,300$
IL Rte 47 Expansion 7,420
Downtown Streetscape Improvments 103,504
110,924$
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
-$
-$
-$
-$
-$
-$
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
-$
-$
-$
-$
-$
Earnest Money for Property Acquisition 10,000
10,000$
224,910$
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.
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FY 2017
TIF NAME:
Name Service Amount
HR Green Engineering Services 26,815.00$
Kathleen Field Orr & Associates Legal Services 11,154.00$
D Construction Parking Lot Paving 18,321.27$
Illinois Department of Transportation Downtown Streetscape Imprv 103,503.88$
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year.
Section 3.2 B
Optional: Information in the following sections is not required by law, but would be helpful in creating fiscal
transparency.
Downtown Yorkville
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FY 2017
TIF NAME:
FUND BALANCE BY SOURCE 97,556$
Amount of Original
Issuance Amount Designated
1. Description of Debt Obligations
Total Amount Designated for Obligations -$ -$
2. Description of Project Costs to be Paid
IL Route 47 Expansion 39,573$
Imperial Investments Redevelopment Phase 1 1,271,669$
Downtown Streetscape Improvements 30,000$
Total Amount Designated for Project Costs 1,341,242$
TOTAL AMOUNT DESIGNATED 1,341,242$
SURPLUS/(DEFICIT)(1,243,686)$
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
Downtown Yorkville
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FY 2017
TIF NAME:Downtown Yorkville
__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)]
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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)5,650,578$ -$ 5,650,578$
Public Investment Undertaken 209,565$ 1,341,242$ 1,550,807$
Ratio of Private/Public Investment 26 79/82 3 56/87
Project 1*: Landscaping
Private Investment Undertaken (See Instructions)-$ -$ -$
Public Investment Undertaken 24,063$ -$ 24,063$
Ratio of Private/Public Investment 0 0
Project 2*: IL Route 47 Expansion
Private Investment Undertaken (See Instructions)-$ -$ -$
Public Investment Undertaken 53,927$ 39,573$ 93,500$
Ratio of Private/Public Investment 0 0
Project 3*: Downtown Streetscape Improvement
Private Investment Undertaken (See Instructions)-$ -$ -$
Public Investment Undertaken 103,504$ 30,000$ 133,504$
Ratio of Private/Public Investment 0 0
Project 4*: Paving of Downtown Parking Lots
Private Investment Undertaken (See Instructions)-$ -$ -$
Public Investment Undertaken 18,321$ -$ 18,321$
Ratio of Private/Public Investment 0 0
Project 5*: Painting of Pump House
Private Investment Undertaken (See Instructions)-$ -$ -$
Public Investment Undertaken 9,750$ -$ 9,750$
Ratio of Private/Public Investment 0 0
Project 6*: 101 E Van Emmon (Imperial Investments)
Private Investment Undertaken (See Instructions)129,697$ -$ 129,697$
Public Investment Undertaken -$ 30,864$ 30,864$
Ratio of Private/Public Investment 0 4 18/89
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
Downtown Yorkville
Page 1 is to be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed.
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Project 7*: 210 Van Emmon Apartments (Imperial Investments)
Private Investment Undertaken (See Instructions)671,880$ -$ 671,880$
Public Investment Undertaken -$ 159,887$ 159,887$
Ratio of Private/Public Investment 0 4 18/89
Project 8*: 217 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)315,643$ -$ 315,643$
Public Investment Undertaken -$ 44,974$ 44,974$
Ratio of Private/Public Investment 0 7 1/55
Project 9*: 219 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)176,916$ -$ 176,916$
Public Investment Undertaken -$ 12,348$ 12,348$
Ratio of Private/Public Investment 0 14 17/52
Project 10*: 101 E Van Emmon & 219 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)384,817$ -$ 384,817$
Public Investment Undertaken -$ 87,910$ 87,910$
Ratio of Private/Public Investment 0 4 20/53
Project 11*: 211 - 215 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)1,075,512$ -$ 1,075,512$
Public Investment Undertaken -$ 251,774$ 251,774$
Ratio of Private/Public Investment 0 4 25/92
Project 12*: 201 - 209 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)1,595,404$ -$ 1,595,404$
Public Investment Undertaken -$ 376,492$ 376,492$
Ratio of Private/Public Investment 0 4 19/80
Project 13*: 102 E Van Emmon (Imperial Investments)
Private Investment Undertaken (See Instructions)1,154,508$ -$ 1,154,508$
Public Investment Undertaken -$ 272,628$ 272,628$
Ratio of Private/Public Investment 0 4 23/98
Project 14*: 202 - 210 Van Emmon & 306 - 308 Heustis Apartments & Townhomes (Imperial Investments)
Private Investment Undertaken (See Instructions)146,202$ -$ 146,202$
Public Investment Undertaken -$ 34,792$ 34,792$
Ratio of Private/Public Investment 0 4 18/89
Project 15*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
PAGE 2 **ATTACH ONLY IF PROJECTS ARE LISTED**
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SECTION 6
FY 2017
TIF NAME:
Year redevelopment
project area was
designated Base EAV
Reporting Fiscal Year
EAV
6/13/2006 5,745,902$ 5,853,783$
___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
Downtown Yorkville
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
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15
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Unit Code 047/035/30
Attachment D
Activities Statement
Downtown Yorkville
The Downtown TIF district was created in 2006 to help facilitate mixed use development in the
downtown area. Over the last several fiscal years, the City has entered into several agreements with
Imperial Investments for the redevelopment of several buildings in the downtown area.
The downtown portion of the IL Route 47 expansion was completed in fiscal year 2015. This expansion is a
joint project between the City and the Illinois Department of Transportation (IDOT), and includes various
roadway and infrastructure (water, sanitary sewer, storm sewer) improvements on Route 47, from just south
of Kennedy Road through its intersection with IL Route 71. The cost of the project that is applicable to the
Downtown TIF district is approximately $100,000, which will be paid to the State over a period of ten years.
In the current fiscal year the installation of new streetlights in the downtown area was substantially
completed, with partial grant funding provided by the State of Illinois Integrated Transportation Enhancement
Program (ITEP). Also in the current fiscal year the City began the process of acquiring the former Old
Second Bank building at 102 East Van Emmon Street, which was completed in early May of 2017 (FY
2018). Additional TIF District projects in Fiscal Year 2017 included the paving of several downtown parking
lots; pump house painting; and a parking & environmental study.
Looking ahead to the upcoming fiscal year, the City will continue to develop the downtown area as a formal
overlay district, in accordance with the recommendations of the recently updated Comprehensive Plan.
Additional projects for Fiscal Year 2018 include the environmental remediation of the area around the
playground site within Riverfront Park and the paving of several lots in the downtown area.
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UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
FINANCIAL AND COMPLIANCE REPORT
FOR THE FISCAL YEAR ENDED
APRIL 30, 2017
18
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
19
INDEPENDENT AUDITORS’ REPORT
20
21
FINANCIAL STATEMENTS
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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
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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.
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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.
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