Joint Review Board Packet - Downtown 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 Tax Increment Financing Redevelopment Project Area will be
convened on November 12, 2019 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/ 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 REDEVELOPMENT PROJECT AREA
November 12, 2019 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. Public Comment
10. Adjournment
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Table of Contents
Minutes of the Fiscal Year 2019 Joint Review Board .............................................................................. 1
Downtown TIF Report ............................................................................................................................... 3
Certification of Chief Executive Officer ................................................................................................. 16
Legal Council Opinion ............................................................................................................................ 17
Activities Statement ................................................................................................................................ 18
Audited Financial Statements ................................................................................................................. 19
Auditor Compliance Letter ..................................................................................................................... 26
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ANNUAL JOINT REVIEW BOARD
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
DOWNTOWN REDEVELOPMENT PROJECT AREA
Tuesday, December 11, 2018 3:05pm
City Hall Conference Room
800 Game Farm Rd., Yorkville, IL
Call Meeting to Order
The meeting was called to order at 3:12pm by City Administrator Bart Olson.
Roll Call
Roll call was taken in the immediately preceding meeting.
Present:
Kendall County, Scott Koeppel
City of Yorkville, Bart Olson
Waubonsee Community College, Sarah Orth
Bristol Kendall Fire Protection District, James Bateman
Bristol Kendall Fire Protection District, Tom Lindblom
Absent:
Kendall Township representative
Yorkville School District #115 representative
Others Present:
City Attorney, Kathleen Orr
Cit y of Yorkville, Assistant City Administrator Erin Willrett
City of Yorkville, Finance Director Rob Fredrickson
City of Yorkville, Community Development Director Krysti Barksdale-Noble
Motion to Elect or Re-elect Public Member
Member James Bateman was chosen as Public Member in the immediately preceding
meeting.
Motion to Elect or Re-elect Chairperson
Bart Olson was re-elected as Chairman in immediately preceding meeting.
Minutes for Approval
The minutes from the December 12, 2017 meeting were approved on a unanimous voice
vote following a motion by Mr. Lindblom and second by Mr. Koeppel.
1
Review of Annual Report for the Downtown Redevelopment Project (Area #1)
Mr. Fredrickson highlighted the Fund activity from the annual report and commented
briefly on the primary project expenses which included the Van Emmon property
purchase and also soil remediation near Riverfront Park. Mr. Koeppel and Ms. Orth
moved and seconded respectively, to approve this report. Approved on unanimous voice
vote.
(Below items discussed simultaneously)
Questions, Comments from the Board
Discussion, Deliberation and Recommendation
Mr. Olson presented a map with the boundaries of TIF #1 and Downtown TIF #2 (just
created). He said the first inducement resolution will be considered at the Council
meeting this evening. He said Imperial Investments is interested in purchasing the Farm
Bureau property just east of the Law Office property and is working on Brownfield soil
remediation grants.
Mr. Olson said property owned by Imperial Investments in TIF #1, is slated for 75
homes, however, no request has been made for TIF incentives for that project. Mr.
Lindblom noted that BKFD opposes the project due to only one entry/exit for the
subdivision. Ms. Noble said a secondary access is being considered.
Mr. Koeppel asked if there is a plan for the bank building. There are currently no plans
and a building master plan study is going out for RFP. This TIF ends in 2029 and the
City will possibly request an extension.
Adjournment
There was no further business and Mr. Olson adjourned the meeting at 3:20pm.
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 $100,000 been made into the special tax
allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)]
If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or
noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L).
x
A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred
or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d)
(10)]
If yes, please enclose the list only, not actual agreements (labeled Attachment M).
x
Please utilize the information below to properly label the Attachments.
Downtown Yorkville
___X___
______
* Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
Commercial
Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one):
4
FY 2019
Special Tax Allocation Fund Balance at Beginning of Reporting Period (681,305)$
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 78,434$ 781,681$ 99%
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 -$ -$ 0%
Private Sources -$ -$ 0%
Miscellaneous Income -$ 5,612$ 1%
All Amount Deposited in Special Tax Allocation Fund 78,434$
Cumulative Total Revenues/Cash Receipts 787,905$ 100%
Total Expenditures/Cash Disbursements (Carried forward from
Section 3.2)
421,647$
Transfers to Municipal Sources -$
Distribution of Surplus
Total Expenditures/Disbursements 421,647$
Net/Income/Cash Receipts Over/(Under) Cash Disbursements (343,213)$
Previous Year Adjustment (Explain Below)-$
.
FUND BALANCE, END OF REPORTING PERIOD*(1,024,518)$
* 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
5
FY 2019
TIF NAME:
Amounts Reporting Fiscal Year
Legal Services 3,466
Auditing Services - TIF Compliance Report 265
Developer Incentive 22,108
Public Meeting Notices & Postage 7
Downtown Overlay District 34,351
Administrative Costs 31,533
91,730$
2. Annual administrative cost.
-$
3. Cost of marketing sites.
-$
-$
Improvements to Buildings 14,137
14,137$
IL Rte 47 Expansion 7,482
Downtown Streetscape Improvements 25,468
Sidewalks - East Alley / S. Main & Van Emmon 20,411
Downtown Wayfinding Signage 36,619
89,980$
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
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
-$
-$
Principal 200,000
Interest 25,800
225,800$
-$
-$
-$
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
-$
-$
-$
-$
-$
-
-$
421,647$
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
Farr Assocaites Downtown Overlay 34,350.66$
Illinois Department of Transportation Downtown Streetscape Imprv 25,468.39$
First National Bank Van Emmon Activity Center Loan 225,800.00$
Michael's Signs Downtown Wayfinding Signage 36,618.75$
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year.
Section 3.2 B
Optional: Information in the following sections is not required by law, but would be helpful in creating fiscal
transparency.
Downtown Yorkville
9
FY 2019
TIF NAME:
FUND BALANCE BY SOURCE (1,024,518)$
Amount of Original
Issuance Amount Designated
1. Description of Debt Obligations
Van Emmon Activity Center Loan 800,000$ 600,000$
Total Amount Designated for Obligations 800,000$ 600,000$
2. Description of Project Costs to be Paid
IL Route 47 Expansion 25,584$
Imperial Investments Redevelopment Phase 1 1,515,882$
Total Amount Designated for Project Costs 1,541,466$
TOTAL AMOUNT DESIGNATED 2,141,466$
SURPLUS/(DEFICIT)(3,165,984)$
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 2019
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
16
TOTAL:11/1/99 to Date
Estimated Investment
for Subsequent Fiscal
Year
Total Estimated to
Complete Project
Private Investment Undertaken (See Instructions)6,445,805$ -$ 6,445,805$
Public Investment Undertaken 286,184$ 1,515,882$ 1,758,335$
Ratio of Private/Public Investment 22 45/86 3 2/3
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 128,972$ -$ 128,972$
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 928$ 31,496$ 31,496$
Ratio of Private/Public Investment 139 19/25 4 2/17
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
Page 1 is to be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed.
12
Project 7*: 210 Van Emmon Apartments (Imperial Investments)
Private Investment Undertaken (See Instructions)671,880$ -$ 671,880$
Public Investment Undertaken 4,809$ 163,161$ 163,161$
Ratio of Private/Public Investment 139 5/7 4 2/17
Project 8*: 217 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)315,643$ -$ 315,643$
Public Investment Undertaken 1,353$ 45,895$ 45,895$
Ratio of Private/Public Investment 233 23/79 6 43/49
Project 9*: 219 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)176,916$ -$ 176,916$
Public Investment Undertaken 371$ 12,601$ 12,601$
Ratio of Private/Public Investment 476 69/80 14 1/25
Project 10*: 101 E Van Emmon & 219 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)384,817$ -$ 384,817$
Public Investment Undertaken 2,644$ 89,710$ 89,710$
Ratio of Private/Public Investment 145 25/46 4 11/38
Project 11*: 211-215 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)1,075,512$ -$ 1,075,512$
Public Investment Undertaken 7,573$ 256,930$ 256,930$
Ratio of Private/Public Investment 142 1/52 4 8/43
Project 12*: 201-209 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)1,595,404$ -$ 1,595,404$
Public Investment Undertaken 11,324$ 384,201$ 384,201$
Ratio of Private/Public Investment 140 55/62 4 9/59
Project 13*: 102 E Van Emmon (Imperial Investments)
Private Investment Undertaken (See Instructions)1,154,508$ -$ 1,154,508$
Public Investment Undertaken 8,200$ 278,211$ 278,211$
Ratio of Private/Public Investment 140 50/63 4 3/20
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 1,046$ 35,504$ 35,504$
Ratio of Private/Public Investment 139 17/22 4 2/17
Project 15*: 220 S Bridge
Private Investment Undertaken (See Instructions)385,874$ -$ 385,874$
Public Investment Undertaken 2,622$ 88,965$ 88,965$
Ratio of Private/Public Investment 147 1/6 4 28/83
PAGE 2 **ATTACH ONLY IF PROJECTS ARE LISTED**
13
Project 16*: 222 - 224 S Bridge
Private Investment Undertaken (See Instructions)409,352$ -$ 409,352$
Public Investment Undertaken 2,861$ 97,055$ 97,055$
Ratio of Private/Public Investment 143 2/25 4 5/23
Project 17*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 18*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 19*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 20*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 21*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 22*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 23*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 24*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 25*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
PAGE 3 **ATTACH ONLY IF PROJECTS ARE LISTED**
14
SECTION 6
FY 2019
TIF NAME:
Year redevelopment
project area was
designated Base EAV
Reporting Fiscal Year
EAV
6/13/2006 5,745,902$ 4,950,617$
___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
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 TIF area is located primarily along Hydraulic Avenue, Illinois Route 47 and Benjamin
Street within Yorkville's historical commercial core.
-$
-$
-$
Enclosed
previously provided
previously provided
Optional Documents
Legal description of redevelopment project area
Map of District
15
16
17
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 fiscal year 2018 the City acquired the former Old Second Bank building at 102 East Van Emmon Street,
which has been converted into an activity center managed by the Recreation Department.
In May of 20185 a second TIF was created 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.
In the current fiscal year, the installation of new streetlights in the downtown area was completed, with partial
grant funding provided by the State of Illinois Integrated Transportation Enhancement Program (ITEP). In
addition, the City installed wayfinding signage in the downtown area; completed sidewalk replacements in
the east alley and on Main & Van Emmon Streets; and finished work on the downtown overlay district.
Looking ahead to the upcoming fiscal year, the City will be working on a facade rehabilitation program,
additional downtown signage and several tactical urbanism projects.
18
UNITED CITY OF YORKVILLE, ILLINOIS
TAX INCREMENTAL FINANCING DISTRICTS
FINANCIAL AND COMPLIANCE REPORT
FOR THE FISCAL YEAR ENDED
APRIL 30, 2019
19
INDEPENDENT AUDITORS’ REPORT
20
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
21
FINANCIAL STATEMENTS
22
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.
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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.
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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.
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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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