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Joint Review Board Minutes 2015 11-24-15Fiscal Year 2015 Annual Joint Review Board for TIF Districts Tuesday, November 24, 2015 3:00 p.m. Yorkville City Hall Conference Room 800 Game Farm Road,Yorkville, Illinois 60560 Committee Members in Attendance: Tom Lindblom,Deputy Chief—Bristol Kendall Fire Protection District City Officials in Attendance: Rob Fredrickson, Finance Director-United City of Yorkville Kathleen Field On, City Attorney—Kathleen Field Orr&Associates Bart Olson, City Administrator—United City of Yorkville Other Attendees: No other attendees Elect Chair Person Rob Fredrickson was nominated; seconded by Bart Olson;unanimously carried viva voce. Ms. On took roll and called the meeting to order at 3:02pm. Mr. Fredrickson opened the annual meeting by asking for approval of the minutes from the November 25, 2014 meeting as presented. Mr. Olson made a motion to approve; motion was unanimously carried viva voce. Annual Reports for U.S.Route 34 &IL Route 47 Countryside and the Downtown Redevelopment Project Areas: Mr. Fredrickson asked everyone to turn to page six for an overview. The US Route 34& IL Route 47 redevelopment area—commonly referred to as the Countryside TIF—had a negative beginning Fund Balance of$534,087. Revenues for the fiscal year ended 2015 are$9,295, which consisted primarily of property tax. The Fund had expenditures of$80,028,resulting in an ending Fund Balance of negative$604,820. Mr. Fredrickson then gave a brief summary of the Activities Statement, as presented on page 19 of the report, stating that the movie theater(NCG Cinemas)opened in November 2013 and then further discussed the developer incentives associated with the theater. As for Fiscal Year 2015 activities, a new day care center, called Lighthouse Academy, opened in the Countryside TIF District, and currently there are six remaining out lots for future development. Mr. Fredrickson then went on to talk about the 2014 Refunding Bond,which refunded a portion of the 2005 Countryside bonds. 1 Mr. Olson then presented a layperson's explanation of the Countryside bond issuances for the record. Over the course of the last ten years,the City sold the bonds for the project; tore down the Countryside Shopping Center; and then recently partnered with developers to build a movie theatre and day care center,which are now generating property taxes. Mr. Olson went on to say that that the City does expect incremental property taxes from these developments will be sufficient to meet bond repayments over the next couple of years. This is good because we've only got approximately fifteen years left on the actual TIF. Mr. Olson finished by saying that the TIF is on track; and if a couple more out-lots are built out, then once the TIF expires the taxing districts should see a significant bump in assessed value. Mr. Lindblom asked if there were any immediate prospects regarding the remaining outlots. Mr. Olson stated nothing has been finalized;however, the City has been meeting with potential developers. Mr. Fredrickson then moved on to the Downtown TIF on page 29 of the report. The TIF started the year with a beginning Fund Balance of$231,529. Revenues for the year totaled 60,218, again consisting mostly of property tax revenues. Total expenditures for the year were$52,651, resulting in a fiscal year ending Fund Balance of$239,096. As reported on the Activities Statement on page 42, a new restaurant called the Barley Fork opened in the Downtown TIF this year. In addition,the portion of the IL Route 47 project applicable to the downtown was completed in FY 2015 and will be paid back over the next nine years to the State. Also, in September of 2014,the City began the first phase of its Comprehensive Plan, which will evaluate the downtown area as a potential overlay district. Mr. Olson stated there are a couple of other things planned for Downtown TIF. The City will probably do a few aesthetic improvements Downtown and obviously, if anybody else comes to the City in the next few years that's looking for a new Development Agreement or TIF project, then we would consider it. The one thing with this—we might have talked about it as part of a past project—if we ever get to the point where we have a concrete project in front of us we would probably come back to the taxing entities at the time. The City is kind of mid-way through this TIF and its generated some increment but it really hasn't taken off like we expected it to because the first few years were part of the recession. So, there has been some request from time-to-time, even by the current developer that's down there,to think about extending the TIF or creating a new one near-by. Extending it would require an act of the State Legislature, and usually the State Legislature would require the City to ask all of the taxing bodies if they would allow it to be extended. So then it becomes like a new TIF and we would have to pitch it to you individually. That's something that if someone said, "Hey, I really want to do a mixed-use development but I can't do it unless this happens"we may have to come to the taxing bodies individually and say, "You get some involvement out at this time because the ten-year payback just isn't going to cut it—it has got to be another twenty years." If we don't want it, then you let the TIF expire and the project doesn't happen. Mr. Fredrickson said that was it for the TIF reports and asked if there was any other topic for discussion concerning the TIFs. No one did so he asked for a motion to adjourn the meeting. 2 Mr. Olson made the motion; Mr. Lindblom seconded it and motion was unanimously carried viva voce and the meeting was adjourned at 3:14 p.m. Minutes respectfully submitted by: Bonnie Olsem Administrative Secretary 3 Countryside TIF District