Joint Review Board Minutes 2011 10-25-11APPROVED 11/27/12
Fiscal Year 2011 Meeting of the Joint Review Board
Tuesday, October 25, 2011
1:30 p.m.
Yorkville City Hall Conference Room
800 Game Farm Road, Yorkville, IL 60560
Board Members in Attendance:
Jacqui Parisi, Business Manager – Yorkville CUSD 115
John Sterrett – Kendall County Associate Planner, Building and Zoning Dept.
Tom Lindblom, Deputy Fire Chief – Bristol Kendall Fire Department
City Officials in Attendance:
Bart Olson, City Administrator - United City of Yorkville
Krysti Barksdale-Noble, Community Development Director - United City of Yorkville
Rob Fredrickson, Finance Director - United City of Yorkville
Kathleen Field Orr, City Attorney – Kathleen Field Orr & Associates
Other Attendees:
Lynn Dubajic, Executive Director - YEDC
Tony Scott, Reporter – Kendall Record
Butch Konicek – Plano resident
Elect Public Member
Bart Olson, City Administrator of the United City of Yorkville – unanimously elected
Elect Chair Person
Krysti Barksdale-Noble, Community Development Director of the United City of Yorkville –
unanimously elected
Ms. Noble opened the annual meeting by asking for approval of the minutes from the last
meeting (March 22, 2011). The minutes were approved “as is” unanimously.
Annual Report for the Fox Industrial TIF:
City Attorney, Kathleen Field Orr, told the group that the Fox Industrial Park TIF would be
liquidated by the end of this year. The City Council approved the TIF in May of 2001 to help
repair streets and other infrastructure in the aging industrial park.
Mr. Fredrickson summarized that the fund balance (as of Fiscal Year End April 30, 2011) was
$569,790. Of this amount, $155,346 is reserved to pay the remaining debt service on the 2002
bonds; $20,000 is reserved for signage; and approximately $15,000 will be reserved for
administrative costs associated with the proposed TIF closing.
Two ordinances we handed out relating to the Fox Industrial TIF. The first proposed ordinance
will declare a surplus for the Fox Industrial TIF, in which the City will turn over surplus
proceeds to the County, and the County will disseminate the proceeds back to the taxing districts.
As to the timing on when the taxing districts will receive this surplus, Mr. Fredrickson stated that
he did not know, but is waiting on an answer from the County Treasurer. The second proposed
ordinance would dissolve the TIF, effective December 31, 2011.
Mr. Lindblom asked when the City will get the money for the County. Ms. Orr stated that
typically all redevelopment project costs must be paid before you can close out a TIF. However,
in this instance there is enough money to make a provision for final payment of any outstanding
costs. Currently there are two outstanding items: a sign that City has to pay for and final debt
service payments for the 2002 bond. Because these provisions can be made, Ms. Orr stated that
there is no reason to hold off the closing of this TIF. Ms. Orr further explained that the
ordinances that were being distributed are on the agenda tonight for the City Council meeting.
Under the assumption that the City Council passes these ordinances, Mr. Fredrickson is prepared
to issue a surplus check tomorrow and get it to the County. Both Ms. Orr and Mr. Fredrickson
have left questions for the County Clerk and Treasurer as to when the surplus will be distributed,
and will let the other taxing districts know pending a response from the County. Ms. Orr went
on to say that this would be the first of two surpluses for the Fox Industrial TIF, because in 2012
after receiving the 2011 taxes, the City would authorize a second declaration of surplus to remit
any remaining proceeds back to the taxing districts via the County Treasurer. She concluded by
stating that for your next levy, i.e. 2012, there will be no Fox Industrial TIF.
Ms. Parisi asked when the last debt service payments would be due. Mr. Fredrickson said there
is a interest payment due on June 30, 2012; and a final interest and principle payment due on
December 30, 2012.
Annual Report for the Countryside TIF
Mr. Fredrickson referenced page 24 in the TIF packet to show the current (as of April 30, 2011)
fund balance amount of $2,178,550. This entire amount is reserved for debt service. The
outstanding balance on the bonds is currently $3.19 million, which leaves a deficit of a little over
$1 million.
Annual Report for the Downtown TIF
Mr. Fredrickson stated ending fund balance for fiscal year 2011 was $209,760. Of this amount
$200,000 is reserved for the IL Route 47 Expansion Project, which is scheduled to begin next
spring. This project will start just south of Kennedy Road and continue until its intersection with
IL Route 71, which will encompass the Downtown TIF area. He added that in fiscal year 2011
this TIF had a property tax allotment of approximately $75,000, which was added to fund
balance.
Ms. Noble asked if there were any other items to discuss or any questions about the TIF’s. Ms.
Orr added that the law prescribes when you are going to dissolve a TIF, taxing districts have to
be given notice in November of the year that it happens so you can start planning for the dollars
and cents we just explained. The City will be sending copies of the ordinances dissolving the
TIF and the declaration of surplus to each of the taxing districts, which will go out after passage
of the ordinances. Ms. Orr concluded by stating that she believes the City has given the taxing
districts adequate notice of the dissolution of the TIF, pursuant to State Statute.
Ms. Noble then asked for a motion to adjourn; it was seconded; and the meeting adjourned at
1:50 p.m.
Minutes respectfully submitted by:
Bonnie Olsem