Joint Review Board Downtown TIF Packet 2018 12-11-18NOTICE 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 9925 B State Route 47
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 11, 2018 at 3:05 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 11, 2018 United City of Yorkville 3:05 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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Table of Contents
Minutes of the Fiscal Year 2017 Joint Review Board .............................................................................. 1
Downtown TIF Report ............................................................................................................................... 3
Certification of Chief Executive Officer ................................................................................................. 15
Legal Council Opinion ............................................................................................................................ 16
Activities Statement ................................................................................................................................ 17
Redevelopment Agreement (4th Amendment) – Imperial Investments, LLC ......................................... 18
Audited Financial Statements ................................................................................................................. 40
Auditor Compliance Letter ..................................................................................................................... 47
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ANNUAL JOINT REVIEW BOARD
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
DOWNTOWN REDEVELOPMENT PROJECT
Tuesday, December 12, 2017 3:45pm
City Hall Conference Room
800 Game Farm Rd., Yorkville, IL
Call Meeting to Order
The meeting was called to order at 3:45pm by City Attorney Kathleen Orr and she
explained the order of the meeting.
Roll Call
Attorney Orr took roll call as follows:
Kendall County
Andres Beltran
United City of Yorkville
City Administrator Bart Olson
Waubonsee Community College
Darla Cardine
Sarah Orth
Bristol-Kendall Fire Protection District
Tom Lindblom
Bristol Township
no representative
Yorkville School Dist. #115
Dean Romano
Others Present:
City Attorney Kathleen Orr
City of Yorkville Finance Director Rob Fredrickson
City of Yorkville Assistant City Administrator Erin Willrett
City of Yorkville Community Development Director Krysti Barksdale-Noble
Kendall County Record Reporter Tony Scott
Motion to Elect or Re-elect Public Member
Ms. Orr called for a motion to elect a Public Member. So moved by Bart Olson and
seconded by Dean Romano to elect Erin Willrett, Assistant City Administrator as Public
Member. Unanimous voice vote approval.
1
Motion to Elect or Re-elect Chairperson
A motion was made by Mr. Beltran and seconded by Mr. Romano to re-elect Mr. Olson
as Chairperson. Mr. Olson then assumed chairing the meeting.
Minutes for Approval
The minutes from last year's meeting on November 22, 2016 were approved on a
unanimous voice vote following a motion by Mr. Lindblom and second by Ms. Willrett.
Unanimous voice vote approval.
Review of Annual Report for the Downtown Redevelopment Project Area
Mr. Olson turned the floor over to Mr. Fredrickson who gave a brief overview of the
report. Mr. Fredrickson presented the Fund Balances at the beginning and end of Fiscal
Year 2017 as well as expenditures and revenue. The ending Fund Balance was $97,556.
The report also lists public and private undertakings since the TIF’s inception.
Questions, Comments from the Board
Mr. Olson commented that an extension for this TIF had been requested; with some of
the taxing bodies approving and others not. There are several projects planned for the
downtown and he will send details to the JRB members. Some infrastructure
improvements will also be made. He said the school district has requested a project-
focused presentation and he will send the details to all taxing bodies.
Discussion, Deliberation and Recommendation
Ms. Orr said the law requires this meeting be held when this report is filed with the State
Comptroller. She said the Comptroller is not accepting reports at this time even though
the due date was October 31, 2017. Regardless, Ms. Orr had recommended moving
forward with this meeting to avoid any penalties.
There was no further business and the meeting adjourned at 3:55pm on a motion by Ms.
Willrett and second by Mr. Lindblom. Unanimous voice vote approval.
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 2018
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 (labled 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). If Attachment I is answered yes, then the Analysis
must be attached and (labeled Attachment J).
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, then 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 $100,000 been made into the special tax
allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)]
If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or
noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L).
x
A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred
or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d)
(10)]
If yes, please enclose the list only, not actual agreements (labeled Attachment M).
x
Please utilize the information below to properly label the Attachments.
Downtown Yorkville
X
______
* Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
Commercial
Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one):
4
FY 2018
TIF NAME:
Special Tax Allocation Fund Balance at Beginning of Reporting Period 97,556$
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 76,186$ 703,247$ 47%
State Sales Tax Increment 0%
Local Sales Tax Increment 0%
State Utility Tax Increment 0%
Local Utility Tax Increment 0%
Interest -$ 612$ 0%
Land/Building Sale Proceeds 0%
Bond Proceeds 0%
Transfers from Municipal Sources 800,000$ 800,000$ 53%
Private Sources 0%
Miscellaneous Income -$ 5,612$ 0%
All Amount Deposited in Special Tax Allocation Fund 876,186$
Cumulative Total Revenues/Cash Receipts 1,509,471$ 100%
Total Expenditures/Cash Disbursements (Carried forward from
Section 3.2)
1,655,047$
Transfers to Municipal Sources
Distribution of Surplus
Total Expenditures/Disbursements 1,655,047$
Net/Income/Cash Receipts Over/(Under) Cash Disbursements
(778,861)$
FUND BALANCE, END OF REPORTING PERIOD*(681,305)$
* 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
5
FY 2018
TIF NAME:
Amounts Reporting Fiscal Year
Legal Services 24,539
Auditing Services - TIF Compliance Report 260
Developer Incentive 22,727
Public Meeting Notices & Postage 2,812
Engineering Services 22,487
Downtown Overlay District 40,033
Environmental Audit 1,800
Administrative Costs 30,284 144,942$
2. Annual administrative cost.
-$
3. Cost of marketing sites.
-$
Acquisition of Property - 102 E. Van Emmon 1,162,649
1,162,649$
Improvements to Buildings 10,542
10,542$
IL Rte 47 Expansion 7,420
Soil Remediation - Riverfront Park 329,494
336,914$
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 the constructuion of public works or improvements.
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 )
Downtown Yorkville
6
-$
-$
-$
-$
-$
-$
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
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.
7
-$
-$
-$
-$
-$
-$
1,655,047$
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 2018
TIF NAME:
Name Service Amount
Kathleen Field Orr & Associates Legal Services 22,852.75$
Engineering Enterprises, Inc.Engineering Services 21,678.75$
Farr Associates Downtown Overlay 40,033.13$
Imperial Investments, LLC Acquisition of Property 362,649.00$
Terracon Consultants Soil Remediation 329,494.11$
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year.
Section 3.2 B
Optional: Information in the following sections is not required by law, but would be helpful in creating fiscal
transparency.
Downtown Yorkville
9
FY 2018
TIF NAME:
FUND BALANCE BY SOURCE (681,305)$
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 32,153$
Imperial Investments Redevelopment Phase 1 1,271,669$
Downtown Streetscape Improvements 30,000$
Total Amount Designated for Project Costs 1,333,822$
TOTAL AMOUNT DESIGNATED 1,333,822$
SURPLUS/(DEFICIT)(2,015,127)$
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
Downtown Yorkville
10
FY 2018
TIF NAME:Downtown Yorkville
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):Old Bank Building
Street address:102 East Van Emmon Street
Approximate size or description of property:14,000 square feet
Purchase price:1,170,000.00
Seller of property:Imperial Investments
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:
X
14
TOTAL:11/1/99 to Date
Estimated Investment
for Subsequent Fiscal
Year
Total Estimated to
Complete Project
Private Investment Undertaken (See Instructions)5,650,579$ -$ 5,650,579$
Public Investment Undertaken 216,985$ 1,333,822$ 1,550,807$
Ratio of Private/Public Investment 26 1/24 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 61,347$ 32,153$ 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
Select ONE of the following by indicating an 'X':
SECTION 5 - 20 ILCS 620/4.7 (7)(F)
PAGE 1
FY 2018
Downtown Yorkville
Page 1 is to be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed.
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
12
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 19/58
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 19/94
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**
13
SECTION 6
FY 2018
TIF NAME:
Year redevelopment
project area was
designated Base EAV
Reporting Fiscal Year
EAV
6/13/2006 5,745,902$ 5,897,142$
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:
Enclosed
previously provided
previously provided
Optional Documents
Legal description of redevelopment project area
Map of District
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
Overlapping Taxing District
Surplus Distributed from redevelopment
project area to overlapping districts
Check if the overlapping taxing districts did not receive a surplus.
-$
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 the complete TIF report
Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area
List all overlapping tax districts in the redevelopment project area.
If overlapping taxing district received a surplus, list the surplus.
Downtown Yorkville
14
15
16
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 completed the process of acquiring the former Old
Second Bank building at 102 East Van Emmon Street, which closed in May 2017. Additional TIF District
projects in Fiscal Year 2018 included the remediation of soil at the Riverfront Park site; improvements to the
old bank building; and continued work on the downtown overlay district.
Other TIF related activities in Fiscal Year 2018 included the creation of a second TIF in the downtown area,
for the purposes of facilitating performance of the original redevelopment area. The new TIF is comprised of
underperforming parcels from the original TIF, in addition to some new parcels, which expanded the overall
size of the redevelopment area. By establishing a second TIF, these underperforming parcels now have a
greater period of time to generate increment. Furthermore, TIF’s that share a boundary may also distribute
funds between them. The new downtown TIF was formally created in May of 2018.
Looking ahead to the upcoming fiscal year, the City will be working on a Neighborhood Design Guidelines
in the old residential areas of the downtown, which may be used in conjunction with a façade rehabilitation
program in the future. Additional projects for Fiscal Year 2019 include sidewalk replacement in the west
alley and the implementation of the downtown signage program.
17
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UNITED CITY OF YORKVILLE
KENDALL COUNTY, ILLINOIS
ORDINANCE NO.2017-55
AN ORDINANCE OF THE UNITED CITY OF YORKVILLE,KENDALL COUNTY,
ILLINOIS,APPROVING FOURTH AMENDMENT TO THE REDEVELOPMENT AGREEMENT
FOR THE DOWNTOWN YORKVILLE REDEVELOPMENT PROJECT AREA
Imperial Investment,LLC)
Passed by the City Council of the
United City of Yorkville,Kendall County,Illinois
This 14`"day of November,2017
Published in pamphlet form by the
authority of the Mayor and City Council
of the United City of Yorkville,Kendall
County, Illinois on March 5,2018.
18
Ordinance No. 2017- ;s-
AN ORDINANCE OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY,
ILLINOIS, APPROVING FOURTH AMENDMENT TO THE REDEVELOPMENT
AGREEMENT FOR THE DOWNTOWN YORKVILLE REDEVELOPMENT PROJECT
AREA (Imperial Investments, LLC) WHEREAS, the United City of Yorkville, Kendall County, Illinois (the "City") is a duly organized and validly existing non home-rule municipality created in accordance with the Constitution of the State of Illinois of 1970 and the laws of the State; and, WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act of the State of Illinois, 65 ILCS 5/11-74.4-1, et. seq., as from time to time amended (the "TIF Act") the Mayor and City Council of the City (collectively, the "Corporate Authorities") are empowered to undertake the development or redevelopment of a designated area within its municipal boundaries in which existing conditions permit such area to be classified as a "blighted area" or a "conservation area" as defined in Section 11.74.4-3(a) of the TIF Act; and, WHEREAS, pursuant to its powers and in accordance with the requirements of the TIF Act, the Corporate Authorities, pursuant to Ordinance Nos. 2006-46, 2006-4 7, and 2006-48, respectively, adopted on June 13, 2006, approved a redevelopment plan and project (the "Redevelopment Plan") setting forth a plan for the development, redevelopment and revitalization of a redevelopment project area; designated a redevelopment project area known as the Yorkville Downtown Redevelopment Project Area (the "Redevelopment Project Area"); and adopted tax increment allocation financing for the Redevelopment Project Area; and, WHEREAS, Imperial Investments, LLC, an Illinois limited liability company (the "Developer") advised the City that it desired to complete various projects on certain properties Ordinance No. 2017-5 '5
19
within the Redevelopment Project Area for which it needed financial assistance from the City; and, WHEREAS, in order to provide the requested financial assistance and as authorized by the TIF Act, on April 23, 2013 the City and Developer entered into a Redevelopment Agreement for the Downtown Yorkville Project Area (the "Original Agreement"); thereafter, the Original Agreement was amended on January 8, 2013 (the "First Amendment"), April 9, 2013 (the "Second Amendment"), and on July 18, 2013 (the "Third Amendment"); and, WHEREAS, on January 8, 2013, the Corporate Authorities, pursuant to the Business District Development and Redevelopment Law of the State of Illinois, 65 ILCS 5/11-74.3-1, et.
seq., as from time to time amended (the "BDD Act"), after a public hearing, designated the Redevelopment Project Area as a "business district" in accordance with the BDD Act and thereafter imposed a retailers' occupation tax and service occupation tax of one percent (1 %) in the Redevelopment Project Area to pay costs incurred in connection with the planning, execution and implementation of the goals and objectives as set forth in a business district plan for the Redevelopment Project Area; and, WHEREAS, the Developer has now submitted a proposal to the City to undertake additional improvements to the Redevelopment Project Area at the properties commonly known as 220 Bridge Street (the Old St. Joe's building) and 222-224 Bridge Street (the old Kendall County Record building) for office uses as permitted by the City's Zoning Code (the "Project"); and, WHEREAS, the Developer has advised the City that it is unable to proceed with the Project without additional financial assistance from the City available as a result of the Ordinance No. 2017- 5 5 20
designation of the Redevelopment Project Area as a "redevelopment project area" under the TIF
Act and a "business district" under the BDD Act; and,
WHEREAS, in order to induce the Developer to proceed with the projects as set forth in
the Original Agreement, First Amendment, Second Amendment, and Third Amendment, and to
proceed with the Project, the Corporate Authorities have determined that it is in the best interests
of the City to provide additional financial incentives to the Developer in accordance with the
terms of a fourth amendment between the parties.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Council of the
United City of Yorkville, Kendall County, Illinois, as follows:
Section 1. That the recitals in the preambles to this Ordinance are incorporated into this
Section 1 as if fully set forth herein.
Section 2. That the Fourth Amendment to the Redevelopment Agreement for the
Downtown Yorkville Redevelopment Project Area by and between the City and Developer,
attached hereto and made a part hereof, is hereby approved and the Mayor, City Clerk, and City
Administrator are hereby authorized to execute and deliver said Agreement and undertake any
and all actions as may be required to implement its terms on behalf of the City.
Section 3. This Ordinance shall be in full force and effect from and after its passage and
approval as provided by law.
Passed by the City Council of the United City of Yorkville, Kendall County, Illinois, this
Eday of }/a vevnbtv,A.D.2017.
CITY CLERK OrdinanceNo.2017-55
21
CARLO COLOSIMO Abst{1 i'v, KEN KOCH
JACKIE MILSCHEWSKI ARDEN JOE PLOCHER
CHRIS FUNKHOUSER
.
JOEL FRIEDERS
SEAVER TARULIS ALEX HERNANDEZ _y_
APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois,
c9<)18 this J7 day of fe8/ZUA,e'( , A.D. �-
AGJ}q-t�
CITY CLERK Ordinance No. 2017- 5 5 22
FOURTH AMENDMENT TO THE REDEVELOPMENT AGREEMENT FOR THE
DOWNTOWN YORKVILLE REDEVELOPMENT PROJECT AREA
(Imperial Investments, LLC)
THIS FOURTH AMENDMENT (the "Fourth Amendment") to the Redevelopment Agreement for the Downtown Yorkville Redevelopment Project Area dated April 23, 2012, as amended January 8, 2013, April 9, 2013 and July 18, 2013, by and between the United City of Yorkville, Kendall County, Illinois, a municipal corporation {hereafter the "City") and Imperial Investments, LLC, an Illinois limited liability company (hereafter the "Developer''), is dated this ao,s d7 day of �UA-R-Y ,� WIT NE SSE TH:
WHEREAS, by Ordinance No. 2006-46 adopted by the Mayor and City Council of the City (the "Corporate Authorities") on June 13, 2006, the Downtown Yorkville Tax Increment Financing Redevelopment Project and Plan (hereinafter the "Redevelopment Plan") was approved, which project and plan covered some of the oldest properties of the City constituting a significant portion of the City's historic Downtown; and, WHEREAS, by Ordinance No. 2006-47 and No. 2006-48 adopted by the Corporate Authorities on June 13, 2006, the City designated approximately 200 acres of land containing 114 buildings as a "redevelopment project area" (the "Yorkville Downtown Redevelopment
Project Area") and adopted tax increment financing pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et seq.) (hereinafter referred to as the "Act"); and, WHEREAS, as authorized by the Act, on April 23, 2013, pursuant to Ordinance No. 2012-06, the Corporate Authorities entered into the Redevelopment Agreement for the 23
Downtown Yorkville Redevelopment Project Area (the "Original Agreement") with the
Developer in order to induce the development and redevelopment of certain properties within the
Yorkville Downtown Redevelopment Project Area; and,
\VHEREAS, pursuant to the Original Agreement, the City agreed to reimburse the
Developer for Redevelopment Project Costs as specifically identified therein for the following
four (4) Projects:
1.Cobblestone Bakery, Project No. 1;
2.Follies Theater, Project No. 2;
3.Follies Box Office, Project No. 3; and,
4.Van Emmon Apartments, Project No. 4; and,
WHEREAS, on January 8, 2013, the Original Agreement was amended (the "First
Amendment") to add the following additional redevelopment projects (the "Additional Projects")
and provide additional incentives as set forth in the First Amendment to the Original Agreement:
1.209 South Bridge Street;
2.The parking lot immediately to the north of 209 Bridge Street;
3.213 South Bridge Street; and,
4.An expansion of the Cobblestone Bakery Project No. l; and,
WHEREAS, on April 9, 2013, the Original Agreement was again amended (the "Second
Amendment") to include new redevelopment projects at 102 E. Van Emmon Street (the "Bank
Property") and a parking lot located at the northeast corner of West Van Emmon Street and the
west alley (the "Parking Lot"); and on July 18, 2013, was again amended (the "Third
Amendment") to further enhance the Yorkville Downtown Redevelopment Project Area by 24
undertaking the demolition of a portion of a utility station owned by the City and replacing the favade on the portion remaining and creating a pedestrian walkway; and, WHEREAS, once again the Developer has submitted a proposal to the City to undertake additional improvements in the Downtown Yorkville Redevelopment Project Area to rehabilitate and redevelop the property commonly known as 220 Bridge Street (the Old St Joe's building) and the property commonly known as 222-224 Bridge Street (the old Kendall County Record building) for office uses as permitted by the City's Zoning Code; and, WHEREAS, the Developer has advised the City it is unable to proceed with the proposal without the financial assistance available as a result of the designation of the Downtown Yorkville Redevelopment Project Area pursuant to the Act and potentially through the Business District Act as hereinafter provided; and, WHEREAS, in order to induce the Developer to continue with the Project approved in the Original Agreement, the First Amendment, the Second Amendment; and, the Third Amendment, the City designated a portion of the commercial area of the Yorkville Downtown Redevelopment Project Area as a "Business District" in accordance with the Business District Development and Redevelopment Act (65 ILCS 5/11-74.3 et seq.) (the "Business District Act"), on January 8, 2013; and, WHEREAS, pursuant to the Business District Act, once a business district is designated, the Corporate Authorities may impose a retailers' occupation tax, service occupation tax, and a hotel operators' occupation tax in an amount not to exceed one percent ( 1 % ) (the "BD Taxes") to pay costs to be incurred in connection with the planning, execution and implementation of the goals and objectives as set forth in the business district plan, and the Corporate Authorities have,
25
in fact, imposed a retailers' occupation tax and a service occupation tax of one percent ( 1 % ) in
the business district; and,
WHEREAS, the City desires the Developer to proceed with the Project as stated in the
Original Agreement, the First Amendment, the Second Amendment, the Third Amendment and
the project as specifically hereinafter described in this Fourth Amendment and is, therefore,
willing to commit additional incentives available pursuant to the Act and the Business District
Act in order to induce the Developer to proceed, all as hereinafter set forth.
NOW, THEREFORE, for and in consideration of the premises and the murual
covenants hereinafter set forth, the parties agree as follows:
Section 1. Incorporation. The representations and recitations set forth in the preambles
hereto are material to this Fourth Amendment and are hereby incorporated into and made a part
of this Fourth Amendment as though fully set forth in this Section I and said representations and
recitations constitute the understandings of the City and the Developer.
Section 2. Developer's Obligations.
A.The Developer represents and warrants that it has acquired the following
properties (collectively the "Bridge Street Properties") within the Downtown Yorkville
Redevelopment Project Area:
1.220 South Bridge Street, identified by parcel number 02-33-154-03 l
2.222-224 South Bridge Street identified by parcels 02-33-154-027 and 02-33-154-
028
B. The Developer covenants and agrees to rehabilitate and redevelop the Bridge
Street Properties (the "Project") in conformance with all applicable zoning codes, building
26
codes, life safety codes, maintenance codes and all other applicable ordinances of the City and laws of the State of Illinois including the terms of this Agreement (collectively, the "Legal
Requirements"). C.The Developer covenants and agrees to commence construction of the Project onor before March 3 1 , 2018, and complete construction and obtain a certificate of occupancy for the Bridge Street Properties on or before December 31, 2018. D.The Developer has submitted estimated budgets for each of the buildings includedin the Project which budgets are attached hereto as Exhibit A and the Developer warrants that the completion of the Project shall result in an investment of approximately $795,000 which includes the cost of acquisition. E.Upon completion of the Project, the Developer shall deliver to the Village a finalitemization of the actual costs incurred by the Developer in connection with the Project with such invoices, bills and receipts to substantiate proof of payment. F.The Developer covenants and agrees to pay all fees, taxes, bills and fines and allother amounts that may be owing to the City and the County as such become due and payable. Section 3. Obligations and Commitments of the City. A.So long as no notice pursuant to Section 17 of this Fourth Amendment has beenissued and remains outstanding and so long as the Developer shall have completed the Project in conformance with the Legal Requirements, the City shall reimburse the Developer for twentyfive percent (25%) of the costs of the Project to the extent such costs are "Redevelopment Project Costs" under the Act, as hereinafter defined, or Business District Project Costs, as hereinafter defined. 27
B.In connection with the establishment and ongoing administration of the
Downtown Yorkville Redevelopment Area, the City has established a special fond pursuant to
the requirements of the Act, known as the Downtown Yorkville Special Tax Allocation Fund
(the "STAF'), into which the City shall deposit all incremental real estate taxes as hereinafter
defined, generated from the Bridge Street Properties (the "Incremental Taxes") and any BD
Taxes generated from businesses operating at the Bridge Street Properties. The City shall
thereafter transfer eighty-five percent (85%) of the Incremental Taxes from the Bridge Street
Properties and any BO Taxes generated from any business operating at the Bridge Street
Properties into a subaccount known as the "Imperial Investment Subaccount" as established by
the City pursuant to the terms of the Original Agreement.
C.Reimbursement of Redevelopment Project Costs shall be made annually on
November 1 or such later date which is ten (10) days following receipt of the second installment
of real estate taxes by the City; provided, that reimbursement of Redevelopment Project Costs
shall only be made to the extent money is available therefore from the deposits made into the
Imperial lnvesnnent Subaccount. To the extent money in the Imperial Investment Subaccount is
insufficient to reimburse the Developer for Redevelopment Project Costs, reimbursements shall
be held for payment on the following November 1.
D.THE CITY'S OBLIGATIONS TO REIMBURSE THE DEVELOPER UNDER
THIS AGREEMENT IS A LIMITED OBLIGATION PAY ABLE SOLELY FROM
INCREMENTAL TAXES DEPOSITED IN THE IMPERIAL INVESTMENT SUBACCOUNT
OF THE STAF FROM TIME TO TIME AND SHALL NOT BE SECURED BY THE FULL
FAITH AND CREDIT OF THE CITY. As used in this Agreement, "Incremental Taxes" shall 28
mean the amount in the ST AF equal to the amount of ad valorem taxes, if any, paid in respect of
the Downtown Yorkville Redevelopment Project Area and its improvements which is
attributable to the increase in the equalized assess value over the initial equalized assessed value
of the Downtown Yorkville Redevelopment Project Area. For purposes of this Agreement,
Redevelopment Project Costs shall mean and include all costs and expenses defined as
"redevelopment project costs" in Section 11-74.4-3( q) of the Act and shall also mean "business
district project costs" as defined in the Business District Act.
Section 4. Term. Unless earlier terminated pursuant to Section 19, the term of the
Redevelopment Agreement shall commence on the date of execution and end December 31,
2029 (the "Termination Date"). Section 5. Verification of Tax Increment. The Developer shall use its best efforts to
cooperate with the City in obtaining certified copies of its real estate tax bills for the Bridge
Street Properties payable in 2017, and paid in each subsequent year during the term of this
Redevelopment Agreement.
Section 6. No Liability of City for Others for Developer's Expenses. The City shall
have no obligation to pay costs of the Project or to make any payments to any person other than
the Developer, nor shall the City be obligated to pay any contractor, subcontractor, mechanic, or
material man providing services or materials to the Developer for the development of the Project.
Section 7. Time; Force Majeure. Time is of the essence of this Fourth Amendment,
provided, however, a party shall not be deemed in material breach of this Fourth Amendment
with respect to any obligations of this Fourth Amendment on such party's part to be performed if
such party fails to timely perform the same and such failure is due in whole or in part to any
29
strike, lock-out, labor trouble (whether legal or illegal), civil disorder, weather conditions,
failure or interruptions of power, restrictive governmental laws and regulations, condemnations,
riots, insurrections, acts of terrorism, war, foel shortages, accidents, casualties, floods,
earthquakes, fires, acts of God, epidemics, quarantine restrictions, freight embargoes, acts caused
directly or indirectly by the other party (or the other party's agents, employees or invitees) or
similar causes beyond the reasonable control of such party (''Force Majeure"). If one of the
foregoing events shall occur or either party shall claim that such an event shall have occurred,
the party to whom such claim is made shall investigate same and consult with the party making
such claim regarding the same and the party to whom such claim is made shall grant any
extension for the performance of the unsatisfied obligation equal to the period of the delay,
which period shall commence to run from the time of the commencement of the Force Majeure;
provided that the failure of performance was reasonably caused by such Force Majeure.
Section 8. Assignment. This Fourth Amendment may not be assigned by the Developer
without the prior written consent of the City, which consent shall not be unreasonably withheld.
Section 9. Developer's Indemnification. The Developer shall indemnify and hold
hannless the City, its agents, officers and employees against all injuries, deaths, losses, damages,
claims, suits, liabilities, judgments, costs and expenses (including any liabilities, judgments,
costs and expenses and reasonable attorney's fees) which may arise directly or indirectly from
any third-party claims made against the City as a result of the failure of the Developer or any
contractor, subcontractor or agent or employee thereof (so long as such contractor, subcontractor
or agent or employee thereof is hired by the Developer) to timely pay any contractor,
subcontractor, laborer or material men; from any default or breach of the terms of this Fourth
30
Amendment by the Developer; or from any negligence or reckless or willful misconduct of the
Developer or any contractor, subcontractor or agent or employee thereof (so long as such
contractor, subcontractor or agent or employee is hired by the Developer). The Developer shall,
at its own cost and expense, appear, defend and pay all charges of attorneys, costs and other
expenses arising therefrom or incurred in connection therewith. If any judgment shall be
rendered against the City, its agents, officers, officials or employees in any such action, the
Developer shall, at its own expense, satisfy and discharge the same. The paragraph shall not
apply, and the Developer shall have no obligation whatsoever, with respect to any acts of
negligence or reckless or willful misconduct on the part of the City or any of its officers, agents,
employees or contractors.
Section JO. Waiver. Any party to this Fourth Amendment may elect to waive any
remedy it may enjoy hereunder, provided that no such waiver shall be deemed to exist unless the
party waiving such right or remedy does so in writing. No such waiver shall obligate such party
to waive any right or remedy hereunder, or shall be deemed to constitute a waiver of other rights
and remedies provided said party pursuant to this Fourth Amendment.
Section 1 J. Severability. If any section, subsection, term or prov ision of this Fourth
Amendment or the application thereof to any party or circumstance shall, to any extent, be
invalid or unenforceable, the remainder of said section, subsection, term or provision of this
Fourth Amendment or the application of same to parties or circumstances other than those to
which it is held invalid or unenforceable, shall not be affected thereby.
Section 12. Notices. All notices, demands, requests, consents, approvals or other
instruments required or permitted by this Fourth Amendment shall be in writing and shall be
31
executed by the party or an officer, agent or attorney of the party, and shall be deemed to have
been effective as of the date of actual delivery, if delivered personally, or as of the third (3 rd) day
from and including the date of posting, if mailed by registered or certified mail, return receipt
requested, with postage prepaid, addressed as follows:
To the Developer: Imperial Investments, LLC
202 Boombah Blvd.
Yorkville, Illinois 60560
To the City: United City of Yorkville
800 Game Farm Road
Yorkville, Illinois 60560
Attention: City Administrator
With a copy to: Kathleen Field Orr
Kathleen Field Orr & Associates
53 W. Jackson Blvd.
Suite 964
Chicago, Illinois 60604
Section 13. Successors in Interest. This Fourth Amendment shall be binding upon and
inure to the benefit of the parties to this Fourth Amendment and their respective successors and
assigns.
Section 14. No Joint Venture, Agency or Partnership Created. Neither anything in this
Fourth Amendment nor any acts of the parties to this Fourth Amendment shall be construed by
the parties or any third person to create the relationship of a partnership, agency, or joint venture
between or among such parties.
32
Section 15. Warranty of the Developer.
The Developer hereby covenants and agrees to maintain good standing as an Illinois
limited liability company throughout the term of this Fourth Amendment.
Section 16. No Discrimination -Constr11ction. The Developer for itself and its
successors and assigns agrees that in the construction of the improvements at the Subject
Property provided for in this Fourth Amendment the Developer shall not discriminate against
any employee or applicant for employment because of race, color, religion, sex or national
origin. The Developer shall take affirmative action to require that applicants are employed and
that employees are treated during employment, without regard to their race, creed, color,
religion, sex or national origin unless there is a false claim and or accusation Such action shall
include, but not be limited to, the following: employment upgrading, demotion or transfer;
recruitment or recruitment advertising and solicitations or advertisements for employees; layoff
or termination; rates of pay or other forms of compensation; and selection for training, including
apprenticeship. The Developer agrees to post in conspicuous places, available to employees and
applicants for employment, notices, which may be provided by the City, setting forth the
provisions of this nondiscrimination clause.
Section 17. Remedies -Liability.
A.If, in the City's judgment, the Developer is in material default of this Fourth
Amendment, the City shall provide the Developer with a written statement indicating in adequate
detail any failure on the Developer's part to fulfill its obligations under this Fourth Amendment.
Except as required to protect against further damages, the City may not exercise any remedies 33
against the Developer in connection with such failure until thirty (30) days after giving such
notice. If such default cannot be cured within such thirty (30) day period, such thirty (30) day
period shall be extended for such time as is reasonably necessary for the curing of the same, so
long as the Developer diligently proceeds with such cure; if such default is cured within such
extended period, the default shall not be deemed to constitute a breach of this Fourth
Amendment. A default not cured as provided above shall constitute a breach of this Fourth
Amendment. Any failure or delay by the City in asserting any of its rights or remedies as to any
default or alleged default or breach shall not operate as a waiver of any such default or breach of
any rights or remedies it may have as a result of such default or breach.
B.If the Developer materially fails to fulfill its obligations under this Fourth
Amendment after notice is given by the City and any cure periods described in paragraph A.
above have expired, the City may elect to terminate this Fourth Amendment or exercise any right
or remedy it may have at law or in equity, including the right to specifically enforce the terms
and conditions of this Fourth Amendment. If any proceeding in any court or tribunal shall be
instituted to declare the Developer insolvent or unable to pay the Developer's debts, or the
Developer makes an assignment for the benefit of its creditors, or a tmstee or receiver is
appointed for the Developer or for the major part of the Developer's property, the City may elect,
to the extent such election is permitted by law and is not unenforceable under applicable federal
bankmptcy laws, but is not required, with or \vithout notice of such election and with or without
entry or other action by the City, to forthwith terminate this Fourth Amendment under this
Section by written notice to the Developer.
34
C. If, in the Developer's judgment, the City is in material default of this Fourth Amendment, the Developer shall provide the City with a written statement indicating in adequate detail any failure on the City's part to fulfill its obligations under this Fourth Amendment. The Developer may not exercise any remedy against the City in connection with such failure until (30) days after giving such notice. A default not cured as provided above shall constitute a breach of this Fourth Amendment. Any failure or delay by the Developer in asserting any of their rights or remedies as to any default or any alleged default or breach shall not operate as a waiver of any such default or breach of shall not operate as a waiver of any such default or breach of any rights or remedies it may have as a result of such default or breach. D. In addition to any other rights or remedies, a party may institute legal action against the other party to cure, correct or remedy any default, or to obtain any other remedy consistent with the purpose of this Fourth Amendment, either at law or in equity, including, but not limited to the equitable remedy of an action for specific performance; provided, however, no recourse under or upon any obligation contained herein or for any claim based thereon shall be had against the City, its officers, agents, attorneys, representatives or employees in any amount or in excess of any specific sum agreed to be paid by the City hereunder, and no liability, right or claim at law or in equity shall be attached to or incurred by the City, its officers, agents, attorneys, representatives or emplo yees in any amount in excess of any specific sums agreed by the City to be paid hereunder and any such claim is hereby expressly waived and released as a condition of and as consideration for the execution of this Fourth Amendment by the City. Notwithstanding the foregoing, in the event either party shall institute legal action against _the other party because of a breach of any Redevelopment Agreement or obligation contained in this 35
Fourth Amendment, the prevailing party shall be entitled to recover all costs and expenses,
including reasonable attorneys' fees, incurred in connection with such action.
E.The rights and remedies of the parties are cumulative and the exercise by a party
of one or more of such rights or remedies shall not preclude the exercise by it, at the same time
or different times, of any other rights or remedies for the same default or for any other default by
the other party.
Section 19. Amendment. This Fourth Amendment, and any exhibits attached to this
Fourth Amendment, may be amended only in a writing signed by all the parties with the
adoption of any ordinance or resolution of the City approving said amendment, as provided by
la\V, and by execution of said amendment by the parties or their successors in interest. Except as
otherwise expressly provided herein, this Fourth Amendment supersedes all prior
Redevelopment Agreements, negotiations and discussions relative to the subject matter hereof.
Section 20. Counterparts. This Fourth Amendment may be executed in two or more
counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same instrument.
36
IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be executed by their duly authorized officers on the above date at Yorkville, Illinois. United City of Yorkville, an Illinois By: :;� City Clerk IMPERIAL INVESTMENTS, LLC, an Illinois By: sid Attest: Lk/1� Secretary 37
220 Bridge proposed budget
Property!Name: Old St.Joe's Building
Address or PIN# 220 S Bridge 02- 33-154-031
Acquisition Cost: $ 150,000.00
General renovation costs: $ 172,000.00
All engineering,architectural design costs: $ 2,800.00
Any legal fees incurred by developer: $ 5,000.00
Signage costs: $3,900.00
Outdoor lighting costs: $ 4,650.00
Landscaping costs: $ 1,700.00
Any interest costs on borrowing: $ 47,010.00
387,060.00
38
222 Bridge proposed budget
Property Name: Record Building
Address or PIN# 222 S Bridge 02-33-154-027 and 028
Acquisition Cost: $ 215,000.00
General renovation costs: $ 135,000.00
All engineering, architectural design costs: $ 1,000.00
Any legal fees incurred by developer: $ 5,000.00
Signage costs: NA-tenant to provide
Outdoor lighting costs: $ 3,500.00
Landscaping costs: $ 2,500.00
Any interest costs on borrowing: $ 47,010.00
409,010.00
39
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
FINANCIAL AND COMPLIANCE REPORT
FOR THE FISCAL YEAR ENDED
APRIL 30, 2018
40
INDEPENDENT AUDITORS’ REPORT
41
Lauterbach & Amen, LLP / /CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
October 1, 2018
The Honorable City Mayor
Members of the City Council
United City of Yorkville, Illinois
668 N. RIVER ROAD • NAPERVILLE, IL 60563
PHONE 630.393.1483 • FAX 630.393.2516
www.lauterbachamen.com
We have audited the accompanying basic financial statements of the governmental activities of the
Countryside and Downtown Tax Incremental Financing Districts of the United City of Yorkville, Illinois
as of and for the year ended April 30, 2018, which collectively comprise the Countryside and Downtown
Tax Incremental Financing Districts as listed in the table of contents. The basic financial statements are the
responsibility of the United City of Yorkville, Illinois' management. Our responsibility is to express an
opinion on these basic financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the basic financial statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the basic financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As described in Note 1 to the basic financial statements, the basic financial statements present only the
Countryside and Downtown Tax Incremental Financing Districts of the United City of Yorkville, Illinois,
and are not intended to present fairly the financial position or results of operations of the United City of
Yorkville, Illinois, in conformity with accounting principles generally accepted in the United States of
America.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the Countryside and Downtown Tax Incremental Financing Districts of the United
City of Yorkville, Illinois as of April 3 0, 2018, and the results of its operations for the year then ended in
conformity with accounting principles generally accepted in the United States of America.
We have also issued a report dated October 1, 2018 on our consideration of the Countryside and
Downtown Tax Incremental Financing Districts' compliance with laws, regulations, contracts and grants.
�f�lLP
LAUTERBACH & AMEN, LLP
42
FINANCIAL STATEMENTS
43
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
Balance Sheet
April 30, 2018
Downtown
TIF
Cash and Investments $- -
Prepaids - 618
Total Assets - 618
Liabilities
Accounts Payable - 66,307
Due to Other Funds 459,820 615,616
Total Liabilities 459,820 681,923
Fund Balances
Nonspendable - 618
Unassigned (459,820)(681,923)
Total Fund Balances (459,820)(681,305)
Total Liabilities and Fund Balances - 618
Countryside
TIF
LIABILITIES
FUND BALANCES
ASSETS
The notes to the financial statements are an integral part of this statement.
44
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, 2018
Downtown
TIF
Revenues
Taxes
Property Taxes $198,294 76,186
Expenditures
General Government
Administration Fees 10,701 30,284
Professional Services 1,329 4,486
Legal Services - 22,853
TIF Incentive Payout - 22,727
Capital Outlay
Project Costs - 73,334
Property Acquisition - 1,164,449
Riverfront Park - 329,494
Route 47 Expansion - 7,420
Debt Service
Principle Retirement 41,009 -
Interest and Fiscal Charges 109,321 -
Total Expenditures 162,360 1,655,047
Excess (Deficiency) of Revenues
Over (Under) Expenditures 35,934 (1,578,861)
Other Financing Sources
Debt Proceeds - - 800,000
Net Change in Fund Balances 35,934 (778,861)
Fund Balances - Beginning (495,754)97,556
Fund Balances - Ending (459,820)(681,305)
Countryside
TIF
The notes to the financial statements are an integral part of this statement.
45
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE AND DOWNTOWN
TAX INCREMENTAL FINANCING DISTRICTS
Notes to the Financial Statements
April 30, 2018
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.
46
_L _au_t_er_b_a_ch_&_A_m_en_,_L _L_P_// CERTIFIED PUBLIC ACCOUNTANTS
668 N. RIVER ROAD • NAPERVILLE, IL 60563
PHONE 630.393.1483 • FAX 630.393.2516
www.lauterbachamen.com
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GENERALLY
ACCEPTED AUDITING STANDARDS
October 1, 2018
The Honorable City Mayor
Members of the City Council
United City of Yorkville, Illinois
We have audited the accompanying basic financial statements of the governmental activities of the
Countryside and Downtown Tax Incremental Financing Districts of the United City of Yorkville, Illinois,
as of and for the year ended April 30, 2018, and have issued our report thereon dated October 1, 2018. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America.
Compliance
Compliance with laws, regulations, contracts, and grants applicable to the Financing Districts are the
responsibility of the United City of Yorkville's management. As part of obtaining reasonable assurance
about whether basic financial statements are free of material misstatement, we performed tests of the
City's compliance with certain provisions of laws, regulations, contracts and grants applicable to the
Financing District, including the City's compliance with subsection (q) of Section 11-74.4-3 of the State of
Illinois Public Act 85-1142, An Act in Relation to Tax Increment Financing, noncompliance with which
could have a direct and material effect on the determination of basic financial statement amounts.
However, providing an opinion on compliance with those provisions was not an objective of our audit and,
accordingly, we do not express such an opinion. The results of our tests disclosed no instances of
noncompliance with the provisions referred to in the preceding paragraph.
This report is intended for the information of the members of the City Council and management, and is not
intended to be used and should not be used by anyone other than these specified parties.
LAUTERBACH & AMEN, LLP
47