Joint Review Board Packet - Downtown II TIF 2019 11-12-19NOTICE 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 II Tax Increment Financing Redevelopment Project Area will be
convened on November 12, 2019 at 3:10 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/ Lisa Pickering , City Clerk
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A G E N D A
ANNUAL JOINT REVIEW BOARD
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
DOWNTOWN II REDEVELOPMENT PROJECT AREA
November 12, 2019 United City of Yorkville 3:10 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 II Redevelopment Project Area
7. Questions, Comments from the Board
8. Discussion, deliberation and recommendation
9. Public Comment
10. Adjournment
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Table of Contents
Minutes of the Fiscal Year 2018 Joint Review Board .............................................................................. 1
Downtown TIF II Report ........................................................................................................................... 3
Legal Description of Development Project Area .................................................................................... 14
Map of District ........................................................................................................................................ 18
Certification of Chief Executive Officer ................................................................................................. 19
Legal Council Opinion ............................................................................................................................ 20
Activities Statement ................................................................................................................................ 21
Audited Financial Statements ................................................................................................................. 22
Auditor Compliance Letter ..................................................................................................................... 29
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MEETING OF THE JOINT REVIEW BOARD
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
DOWNTOWN REDEVELOPMENT PROJECT AREA #2
Tuesday, February 13, 2018 4:00pm
City Hall Conference Room
800 Game Farm Rd., Yorkville, IL
Call Meeting to Order
The meeting was called to order at 4:02pm by City Attorney Kathleen Orr.
Roll Call
Attorney Orr took roll call as follows:
United City of Yorkville, City Administrator Bart Olson - yes
Kendall Township, Steve Gengler, Supervisor - yes
Kendall County, Andrez Beltran, Economic Development Coordinator - yes
Yorkville Community School Dist. #115, No representative
Bristol-Kendall Fire Protection District, No representative
Waubonsee Junior College #516, Darla Cardine, Assistant VP of Finance - yes
and Sarah Orth from Waubonsee College
Others Present:
City Attorney Kathleen Orr
City of Yorkville Interim Assistant City Administrator Erin Willrett
City of Yorkville Community Development Director Krysti Barksdale-Noble
City of Yorkville Senior Planner, Jason Engberg
Yorkville Citizen Valerie Burd
Motion to Elect Public Member
Ms. Orr called for a motion to elect a Public Member. So moved by Bart Olson and
seconded by Andrez Beltran to elect Valerie Burd as Public Member. Unanimous voice
vote approval. Ms. Burd now becomes a voting member of this Joint Review Board. Ms.
Orr said it was very important to note that since this TIF District encompasses a
residential area, the Public Member must be a resident within the TIF District. If the TIF
District does not include a residential area, anyone could serve in the role.
Motion to Elect a Chairperson
A motion was made by Andrez Beltran and seconded by Valerie Burd to elect Mr. Olson
as Chairperson. Approved by unanimous voice vote. Mr. Olson then assumed chairing
the meeting.
Review of the public record, planning documents and Redevelopment Plan for the
Downtown Redevelopment Project Area #2
Jason Engberg gave a presentation of the documents pertaining to the Redevelopment
Project. Mr. Olson said that following the presentation, the Board would vote on whether
or not they wish to support the project. Mr. Engberg discussed the reason for the TIF as
well as the three components of the proposed TIF: eligibility report, housing study and
redevelopment plan. He said there is an existing TIF in the downtown that was formed
1
in 2006 when the recession occurred. Some of the properties in the 2006 TIF were pulled
out and placed with other identified redevelopment properties to form the second TIF.
He said the original TIF is still being examined to see if it should be extended. He noted
that the State has qualified Yorkville for the new project.
Review of Proposed Ordinances
Ms. Orr said in order to adopt the TIF, three ordinances must be adopted by the City
Council. The first ordinance is to approve the plan, the second is designating the district
to set the boundaries and the third ordinance instructs the County Clerk to create a list of
parcel numbers with their assessed valuation. The list of parcel numbers must be done
on the day the ordinance is adopted so calculations can be made to determine incremental
tax money vs. existing taxes. Ms. Orr said that the Council must establish findings to
demonstrate that without a TIF, there will be very little progress in the downtown.
Public Comment
None
Discussion, Deliberation and Recommendation
Mr. Olson said there were handouts from the Comp Plan that show the overall plans for
the downtown and he said TIF assistance is needed for development. Ms. Burd asked
about the reaction from the nearby railroad.
Mr. Olson entertained a motion of support. Ms. Burd moved to support the creation of a
second TIF and Ms. Cardine seconded.
Roll call: United City of Yorkville-yes, Kendall Township-yes, Kendall County-no,
Waubonsee College-yes, Public Member Valerie Burd-yes. Carried 4-1.
The recommendation will be forwarded to City Council and a Public Hearing will be held
March 13th. The TIF is up for discussion in March or April.
For the record, Ms. Burd directed comments to the other taxing bodies and said that
development should be encouraged in the proposed TIF area. She said she bought her
property 30 years ago and the river is going down resulting in a shortage of fresh water.
Adjournment
There was no further business and the meeting adjourned at 4:34pm on a motion and
second by Ms. Burd and Mr. Beltran, respectively.
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 2019
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 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 $100,000 been made into the special tax
allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)]
If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or
noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L).
x
A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred
or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d)
(10)]
If yes, please enclose the list only, not actual agreements (labeled Attachment M).
x
Please utilize the information below to properly label the Attachments.
Downtown Yorkville II
___X___
______
* Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
Commercial
Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one):
4
FY 2019
Special Tax Allocation Fund Balance at Beginning of Reporting Period -$
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 -$ -$ 0%
State Sales Tax Increment -$ -$ 0%
Local Sales Tax Increment -$ -$ 0%
State Utility Tax Increment -$ -$ 0%
Local Utility Tax Increment -$ -$ 0%
Interest -$ -$ 0%
Land/Building Sale Proceeds -$ -$ 0%
Bond Proceeds -$ -$ 0%
Transfers from Municipal Sources -$ -$ 0%
Private Sources -$ -$ 0%
Miscellaneous Income -$ -$ 0%
All Amount Deposited in Special Tax Allocation Fund -$
Cumulative Total Revenues/Cash Receipts -$ 0%
Total Expenditures/Cash Disbursements (Carried forward from
Section 3.2)
2,736$
Transfers to Municipal Sources -$
Distribution of Surplus
Total Expenditures/Disbursements 2,736$
Net/Income/Cash Receipts Over/(Under) Cash Disbursements (2,736)$
Previous Year Adjustment (Explain Below)-$
.
FUND BALANCE, END OF REPORTING PERIOD*(2,736)$
* If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
Previous Year Explanation:
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 II
5
FY 2019
TIF NAME:
Amounts Reporting Fiscal Year
Legal Services 2,736
2,736$
2. Annual administrative cost.
-$
3. Cost of marketing sites.
-$
-$
-$
-$
1. Cost of studies, surveys, development of plans, and specifications. Implementation and administration
of the redevelopment plan, staff and professional service cost.
SECTION 3.2 A- (65 ILCS 5/11-74.4-5 (d) (5) (c) and 65 ILCS 5/11-74.6-22 (d) (5)(c))
Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6-10 (o)]
PAGE 1
ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND
(by category of permissible redevelopment project costs )
Downtown Yorkville II
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.
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
-$
-$
-$
-$
-$
-
-$
2,736$
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 2019
TIF NAME:
Name Service Amount
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year.
Section 3.2 B
Optional: Information in the following sections is not required by law, but would be helpful in creating fiscal
transparency.
Downtown Yorkville II
9
FY 2019
TIF NAME:
FUND BALANCE BY SOURCE (2,736)$
Amount of Original
Issuance Amount Designated
1. Description of Debt Obligations
Total Amount Designated for Obligations -$ -$
2. Description of Project Costs to be Paid
Total Amount Designated for Project Costs -$
TOTAL AMOUNT DESIGNATED -$
SURPLUS/(DEFICIT)(2,736)$
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 II
10
FY 2019
TIF NAME:Downtown Yorkville II
X Check here if no property was acquired by the Municipality within the
Redevelopment Project Area.
Property Acquired by the Municipality Within the Redevelopment Project Area.
Property (1):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (2):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (3):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (4):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Provide a description of all property purchased by the municipality during the reporting fiscal year within the
redevelopment project area.
SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)]
11
TIF Name:
X
TOTAL:11/1/99 to Date
Estimated Investment
for Subsequent Fiscal
Year
Total Estimated to
Complete Project
Private Investment Undertaken (See Instructions)-$ -$ -$
Public Investment Undertaken -$ -$ -$
Ratio of Private/Public Investment 0 0
Project 1*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 2*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 3*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 4*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 5*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 6*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
1. NO projects were undertaken by the Municipality Within the Redevelopment Project Area.
2. The Municipality DID undertake projects within the Redevelopment Project Area. (If selecting this option,
complete 2a.)
2a. The total number of ALL activities undertaken in furtherance of the objectives of the redevelopment
plan:
LIST ALL 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 2019
Downtown Yorkville II
Page 1 is to be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed.
12
SECTION 6
FY 2019
TIF NAME:
Year redevelopment
project area was
designated Base EAV
Reporting Fiscal Year
EAV
5/18/2018 4,487,777$ 4,487,777$
___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 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 II
Overlapping Taxing District
Surplus Distributed from redevelopment
project area to overlapping districts
Check if the overlapping taxing districts did not receive a surplus.
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
The Downtown II TIF area is located primarily south of Hydraulic Avenue, just north of Washington
Street, between White Oak Estate to the west and Benjamin Street to the east.
-$
-$
-$
Enclosed
enclosed
enclosed
Optional Documents
Legal description of redevelopment project area
Map of District
13
14
15
16
17
Mill StB
e
n
j
a
m
i
n
S
t
W Fox St
State StDeer StHeustis StE Fox St
E Van Emmon St
Beaver St
W Ridge St
Morgan StE Orange St
Adrian StW Madison St
Blaine St
Elizabeth St
Colonial Pkwy
W River St
Badger StE Washington St
Garden St
Illini Dr
Wolf St
Crooked Creek DrAdams StGawne Ln
W Van Emmon St
W Orange St
Wooden Bridge DrWalsh DrOlsen St
Walter St
E Barberry CirE Hydraulic Ave
Wood Sage AveE Ridge St Worsley StDydyna CtW Hydraulic Ave
Garden CirW Dolph St
Bator StCornersto
n
e
D
r
W Was
hi
n
gt
o
n
St
W Beecher St
Rodak St
Buhrma
st
er
Ct
Illini CtState StMorgan StW Hydraulic Ave
S Main StW Dolph St
W Washington St S Bridge StS Bridge StSc
h
o
o
l
h
o
u
s
e
R
d
Sc
h
o
o
l
h
o
u
s
e
R
d
47
126
Fox River
LEGEND
Downtown Redevelopment Project Area #2 Boundary
Downtown Redevelopment Project Area #2 Parcels
N
All map data provided by the City of Yorkville Community Development Department. October 2017.
LEGEND
Downtown Redevelopment Project Area #1 Boundary
Parcels Added From Project Area #1 into Project Area #2
N
All map data provided by the City of Yorkville Community Development Department. October 2017.
Downtown Redevelopment Project Area #2 Boundary
Remaining Downtown Redevelopment Project Area #1 Parcels
Additional Downtown Redevelopment Project Area #2 Parcels
18
19
20
Unit Code 047/035/30
Attachment D
Activities Statement
Downtown Yorkville II
The second TIF in the downtown area was created on May 18, 2018, for the purposes of enhancing the
performance of the original downtown redevelopment area. The new Downtown TIF II is comprised of
underperforming parcels from the original Downtown 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 did not receive any incremental property taxes in the current fiscal year, but did
incur expenditures related to legal cost in the amount of $2,736. Looking ahead to the upcoming fiscal year,
the new Downtown TIF is expected to generate incremental property taxes of approximately $25,000.
21
UNITED CITY OF YORKVILLE, ILLINOIS
TAX INCREMENTAL FINANCING DISTRICTS
FINANCIAL AND COMPLIANCE REPORT
FOR THE FISCAL YEAR ENDED
APRIL 30, 2019
22
INDEPENDENT AUDITORS’ REPORT
23
INDEPENDENT AUDITORS' REPORT
September 20, 2019
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, Downtown and Downtown II Tax Incremental Financing Districts of the United City of
Yorkville, Illinois as of and for the year ended April 30, 2019, which collectively comprise the
Countryside, Downtown and Downtown II 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, Downtown and Downtown II 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, Downtown and Downtown II Tax Incremental Financing Districts
of the United City of Yorkville, Illinois as of April 30, 2019, 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 September 20, 2019 on our consideration of the Countryside,
Downtown and Downtown II Tax Incremental Financing Districts’ compliance with laws, regulations,
contracts and grants.
Lauterbach & Amen, LLP
LAUTERBACH & AMEN, LLP
24
FINANCIAL STATEMENTS
25
UNITED CITY OF YORKVILLE, ILLINOIS
TAX INCREMENTAL FINANCING DISTRICTS
Balance Sheet
April 30, 2019
Downtown Downtown
TIF TIF II
Cash and Investments $- - -
Accounts - 17 -
Total Assets - 17 -
Liabilities
Accounts Payable - 94,639 161
Due to Other Funds 422,459 929,896 2,575
Total Liabilities 422,459 1,024,535 2,736
Fund Balances
Unassigned (422,459)(1,024,518)(2,736)
Total Liabilities and Fund Balances - 17 -
Countryside
TIF
LIABILITIES
FUND BALANCES
ASSETS
The notes to the financial statements are an integral part of this statement.
26
UNITED CITY OF YORKVILLE, ILLINOIS
TAX INCREMENTAL FINANCING DISTRICTS
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Fiscal Year Ended April 30, 2019
Downtown Downtown
TIF TIF II
Revenues
Taxes
Property Taxes $198,918 78,434 -
Expenditures
General Government
Administration Fees 11,049 31,533 -
Professional Services 498 294 -
Legal Services - 3,445 2,736
TIF Incentive Payout - 22,108 -
Capital Outlay
Project Costs - 105,516 -
Downtown Streetscape Improvement 25,468
Route 47 Expansion - 7,482 -
Debt Service
Principle Retirement 42,332 200,000 -
Interest and Fiscal Charges 107,679 25,801 -
Total Expenditures 161,558 421,647 2,736
Net Change in Fund Balances 37,360 (343,213)(2,736)
Fund Balances - Beginning (459,819)(681,305)-
Fund Balances - Ending (422,459)(1,024,518)(2,736)
Countryside
TIF
The notes to the financial statements are an integral part of this statement.
27
UNITED CITY OF YORKVILLE, ILLINOIS
TAX INCREMENTAL FINANCING DISTRICTS
Notes to the Financial Statements
April 30, 2019
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The operations of Countryside, Downtown and Downtown II 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.
28
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GENERALLY
ACCEPTED AUDITING STANDARDS
September 20, 2019
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, Downtown and Downtown II Tax Incremental Financing Districts of the United City of
Yorkville, Illinois, as of and for the year ended April 30, 2019, and have issued our report thereon dated
September 20, 2019. 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
LAUTERBACH & AMEN, LLP
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