City Council Packet 2020 10-27-20 supplemental packet
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Agenda Item Summary Memo
Title:
Meeting and Date:
Synopsis:
Council Action Previously Taken:
Date of Action: Action Taken:
Item Number:
Type of Vote Required:
Council Action Requested:
Submitted by:
Agenda Item Notes:
Reviewed By:
Legal
Finance
Engineer
City Administrator
Community Development
Purchasing
Police
Public Works
Parks and Recreation
Agenda Item Number
Mayor’s Report #5
Supplemental Information
Tracking Number
CC 2020-83
651 Prairie Point Acquisition
City Council – October 27, 2020
Supermajority (6 out of 9)
Approval
Bart Olson Administration
Name Department
Supplemental Information – distributed 10/23/20
Summary
Consideration of an ordinance authorizing the acquisition of 651 Prairie Pointe Drive and a
budget amendment effectuating the purchase.
Background
The building at 651 Prairie Pointe Drive has been largely vacant for a few years, and has been on
the market for sale for the past several months. The City and the property owner have come to an
agreement for the City to purchase the property at a price of $1,900,000. Accordingly, a draft ordinance
and real estate contract is attached for consideration.
Finance Director Fredrickson has drafted a budget amendment effectuating the purchase utilizing
existing fund balance, and has drafted a memo outlining the City’s options to sell a bond at a later date
and spread the cost of the building over a normal 20 year debt service period. This financing method
can be authorized by the City at anytime in the future, and could cover any associated renovation and
redevelopment costs of the building that the City chooses.
The City has completed various planning and space needs studies over the past few decades, and
the general estimate of construction of any new municipal building is expected to cost in the ballpark of
$150sf to $300sf. Today, the cost per square foot for a new police facility ranges from $350-$450 per
square foot. The price of the 651 Prairie Pointe Building is under $50sf.
Use of the property
Staff has done some preliminary, non-written analysis of the building. The property contains a
~15 year old ~40,000 s.f. three level commercial building and a 2,500 unattached garage building on
approximately 4 acres. The first floor contains 4 or 5 separate office suites ranging in size from a few
hundred square feet to thousands of square feet. The second floor contains two separate spaces with two
large open offices ringed by appropriately sized closed offices. The third floor contains an office suite
in half of the building with a dozen or so workspaces and closed offices plus a board room, conference
room, and other meeting spaces that are roughly equivalent in size and character to the City Hall’s
current Chamber and conference room.
The immediate use of this building will be for a City Hall and Police Station. The preliminary
inspections and walk through by the City staff and consultants have yielded that the building is adequate
for use as a City Hall and/or a Police Station. In order to have police facilities in the building, the City
will have to complete approximately $150,000 in structural enhancements in the building in order to
qualify for the more stringent building code requirements as an “essential facility (occupancy category
IV)” (structural evaluation report is attached to this packet. Additionally, the building is not on a backup
Memorandum
To: City Council
From: Bart Olson, City Administrator
CC:
Date: October 23, 2020
Subject: Acquisition of 651 Prairie Pointe Drive
electricity generator. The exact layout of the building and renovations therein will be decided at a later
date after consultation with an architecture and planning firm. Preliminarily, staff has identified that
multiple components of the existing City Hall and Police Station will be enhanced through a better,
larger equivalent facility in the Prairie Pointe building. Multiple Police Department operational rooms
within this new building will be used that are not available in the current building due to size, including
but not limited to a community room, report processing rooms, evidence intake rooms, evidence
warehousing, operational interview rooms, training class room and report rooms. Chief Jensen and I
have spoken at length about a shared vision of the building, including the potential for shared facilities
and staff where feasible. These ideas and plans have not been put to paper yet, and have not been
discussed with an architecture firm. Additionally, we expect that we will be able to consolidate
Recreation Department offices into this building. In the longer term, the property is adjacent to a large
City owned park, playground, and baseball fields, presenting an opportunity for future civic use tie-ins.
The City will have an extended period to discuss the future use of the existing 800 Game Farm
Road building, whether it is supplemental City offices or dedicated to a new use. The property at 102 E
Van Emmon purchased a few years ago by the City for public parking and future municipal building use
will be discussed as a potential redevelopment site.
Recommendation
Staff recommends approval of the ordinance authorizing acquisition of the property and the
accompanying budget amendment.
August 25, 2020
Ms. Carri Parker
Purchasing Manager
United City of Yorkville
800 Game Farm Road
Yorkville, IL 60560
Re: City of Yorkville – Structural Analysis of Office Building
Project #: 20-387
Dear Ms. Parker:
Thank you for opportunity to aid the City of Yorkville in performing a structural evaluation on an
existing building as part of the due diligence in the property acquisition process. The city was
considering using the building as offices and operational spaces for the Police Department. CCA
was retained to evaluate the structural condition of the main building and shed, and the adequacy
of them to be utilized as an essential facility as defined by the applicable building codes. The
property was located at 651 Prairie Pointe Drive in Yorkville, Illinois
BUILDING DESCRIPTION
The main building was a 3-story steel-framed structure that was originally utilized as offices. The
exterior walls were constructed of precast concrete panels. The interior walls and ceilings were
covered with gypsum board and acoustical ceiling tiles (ACT), respectively. For the purposes of
this report, the front of the building is referenced to face south towards Prairie Pointe Drive
(Photograph 1).
The shed was located north of the main building that was originally utilized as a garage. The roof
framing was constructed of open-web steel joists, and the exterior walls were constructed of
precast concrete panels. There was a mezzanine inside the shed with floor framing constructed
of light-gage steel.
In the course of our work, a site visit was conducted on 08/12/2020 by CCA, and the original
building drawings prepared by Ollmann Ernest Architects (reference no. 2006-085), dated
10/20/2006, were provided by the city for review.
CONCLUSIONS (see reference drawings in Attachments S104, S105 and SSK-001)
1. The main building and shed were in a structurally sound condition. No imminent danger
was observed, and no immediate actions were required.
2. The structural system of the main building was in a sufficient condition to serve as offices
without emergency operations.
United City of Yorkville
Structual Evaluation
Page 2
3. The main building was structurally insufficient to serve as an “essential facility”
(Occupancy Category IV) as defined by the building codes. The following modifications
to the structural framing members would be required:
a. The lateral sway of the main building based on the increased wind and seismic loads
would be excessive. The steel moment frames as marked on the attached S104 would
require steel bracings on each story. The bracing locations would be dependent on
the new floor plan layouts as to not impede the usage of the spaces.
b. Two (2) steel roof joists at each of the 4 corners of the main building, total of eight (8)
joists, as marked on the attached S105 would require reinforcement at the seat per
SSK-001 to accommodate the increased snow loads.
4. The shed located north of the main building was structurally sufficient to serve as an
“essential facility” (Occupancy Category IV) as defined by the building codes. No
modifications would be required.
5. The structural sufficiency of the mezzanine floor framing inside the shed would require
further analysis based on the intended usage of the mezzanine.
OBSERVATIONS AND ANALYSIS
• The precast concrete floor planks and steel framing of the main building were randomly
observed. They appeared consistent with the information shown on the existing building
drawings and were in a structurally sound condition (Photographs 2 and 3).
• Moment connections for the steel frames of the main building were randomly observed.
They appeared consistent with the information shown on the existing building drawings
and were in a structurally sound condition (Photographs 4 and 6).
• The steel roof framing and light-gage steel mezzanine floor framing of the shed appeared
consistent with the information shown on the existing building drawings and were in a
structurally sound condition (Photographs 7 and 8).
• Structural analysis on the main building and shed was based on the increased
environmental loads, such as wind, snow and seismic, due to larger Importance Factors
as required by code if the buildings were used as the Police Department.
• The analysis indicated that the increased snow load at the corner of the main building
roof would cause shear failure to the existing joists. Reinforcement to the joist seats for
the eight (8) joists would be required.
• The increased wind and seismic loads would cause the main building to sway at a
magnitude that would be considered unacceptable. Although the sway would likely not
cause a structural collapse, the magnitude would result in serviceability issues such as
broken glass, open gaps in walls, breaching of building envelope, detachment of cladding,
etc. Therefore, steel bracings should be added to the steel moment frames, so that the
main building could remain operational during a catastrophe.
United City of Yorkville
Structual Evaluation
Page 3
We expect the structural modifications necessary to serve as an essential facility to cost between
$135,000 and $150,000. This evaluation was limited to the structural performance of the
buildings only. Review of the other systems of the buildings such as mechanical, electrical,
plumbing, egress, etc. was beyond the scope of this report and was precluded. If questions arise,
do not hesitate to contact us.
Yours Sincerely,
Cordogan Clark
Brian Kronewitter
Brian Kronewitter
Executive Vice President
Wai Chang, S.E.
Principal Structural Engineer
United City of Yorkville
Structual Evaluation
Page 4
Photograph 1 – South Elevation (Front of Building)
Photograph 2 – Structural Floor Framing (Consistent with Existing Building Drawings)
United City of Yorkville
Structual Evaluation
Page 5
Photograph 3 – Structural Floor Framing (Consistent with Existing Building Drawings)
Photograph 4 – Moment Connection in Steel Frame (Consistent w/ Existing Building Drawings)
United City of Yorkville
Structual Evaluation
Page 6
Photograph 5 – Moment Connection in Steel Frame (Consistent w/ Existing Building Drawings)
Photograph 6 – Moment Connection in Steel Frame (Consistent w/ Existing Building Drawings)
United City of Yorkville
Structual Evaluation
Page 7
Photograph 7 – Steel Roof Framing of Shed (Consistent w/ Existing Building Drawings)
Photograph 8 – Partially Visible Light-Gage Steel Mezzanine Floor Framing (Consistent with
Existing Building Drawings)
United City of Yorkville
Structual Evaluation
Page 8
United City of Yorkville
Structual Evaluation
Page 9
Summary
Consideration of a budget amendment that will authorize the acquisition of property at 651 Prairie Point
Drive for a future City Hall/Police Station and a brief review of financing options.
Background
As of today, the City has over $15 million is cash and could easily fund the acquisition of the proposed
property for the current price of $1.9 million; with the ultimate goal of issuing a bond at a later date.
Once the bond is issued, the City could reimburse itself for the initial $1.9 million cash outflow, thus
negating any impact on operations, and use any remaining proceeds for renovation purposes.
Attached are several preliminary debt service schedules, prepared by the City’s financial advisor, Speer
Financial. Annual debt service amounts are estimated to fluctuate between ~$195,000 to $327,000,
depending on the amount of principal chosen ($3M to $5M) over a 20-year period to finance the project.
Also attached is a sample time line (once again presented by Speer) that shows the bond sale process,
generally consisting of two City Council votes (one in the beginning to authorize the issue and one at the
end to adopt the actually bond) and a public hearing; with the whole issuance process taking
approximately 40 to 60 days. Below is an updated timetable, assuming adoption of the authorizing
ordinance on November 24th:
Adoption of the Authorizing Ordinance – City Council – November 24, 2020
Publication of the Authorizing Ordinance & Notice of Public Hearing – Staff - week of
November 24th. The publication would also begin the 30-day Backdoor Referendum period,
pursuant to the Bond Issuance Notification Act (BINA).
Bond Issuance Notification Act (BINA) Hearing – City Council – December 8th
30-day Backdoor Referendum period ends – week of December 28th
Bond Sale – January 12th
Adoption of the Bond Ordinance – City Council – January 12th
Bond Closing – January 29th
Memorandum
To: City Council
From: Rob Fredrickson, Finance Director
Date: October 23, 2020
Subject: Budget Amendment – Property Acquisition & Financing Options
Recommendation
Staff recommends approval of the budget amendment. Discussion and consideration of a bond to be
issued at a later date to reimburse the City for the initial cash outlay of $1.9 million will be had at future
City Council meeting.
Ordinance No. 2020-____
Page 1
Ordinance No. 2020-____
AN ORDINANCE AUTHORIZING THE SECOND AMENDMENT TO THE ANNUAL
BUDGET OF THE UNITED CITY OF YORKVILLE, FOR THE FISCAL YEAR
COMMENCING ON MAY 1, 2020 AND ENDING ON APRIL 30, 2021
WHEREAS, the United City of Yorkville (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 65 ILCS 5/8-2-9.4, the City adopted Ordinance No. 2020-26 on
April 14, 2020 adopting an annual budget for the fiscal year commencing on May 1, 2020 and
ending on April 30, 2021; and,
WHEREAS, pursuant to 65 ILCS 5/8-2-9.6, by a vote of two-thirds of the members of
the corporate authorities then holding office, the annual budget of the United City of Yorkville
may be revised by deleting, adding to, changing or creating sub-classes within object classes and
object classes themselves. No revision of the budget shall be made increasing the budget in the
event funds are not available to effectuate the purpose of the revision; and,
WHEREAS, funds are available to effectuate the purpose of this revision.
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 amounts shown in Schedule A, attached hereto and made a part
hereof by reference, increasing and/or decreasing certain object classes and decreasing certain
fund balances in the City-Wide Capital fund with respect to the United City of Yorkville’s 2020-
2021 Budget are hereby approved.
Section 2: This ordinance shall be in full force and effect from and after its passage and
approval according to law.
Ordinance No. 2020-____
Page 2
Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this
______ day of ___________________, 2020.
______________________________
CITY CLERK
KEN KOCH ________ DAN TRANSIER ________
JACKIE MILSCHEWSKI ________ ARDEN JOE PLOCHER ________
CHRIS FUNKHOUSER ________ JOEL FRIEDERS ________
SEAVER TARULIS ________ JASON PETERSON ________
Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this
______ day of ___________________, 2020.
______________________________
MAYOR
FY 2021 FY 2021
FY 2018 FY 2019 FY 2020 Adopted Amended
Actual Actual Actual Budget Budget
Revenue
Intergovernmental 206,028 32,878 38,000 - -
Licenses & Permits 448,616 300,743 154,916 141,000 141,000
Charges for Service 731,535 752,262 775,218 780,000 780,000
Investment Earnings 21,033 34,012 61,060 1,098 1,098
Reimbursements 373,768 1,169,174 49,999 151,572 151,572
Miscellaneous - - - 2,000 2,000
Other Financing Sources 1,018,308 569,725 240,663 260,000 260,000
Total Revenue 2,799,288 2,858,794 1,319,856 1,335,670 1,335,670
Expenditures
Contractual Services 340,339 155,621 227,636 362,964 362,964
Supplies 17,997 36,642 10,914 25,000 25,000
Capital Outlay 2,846,631 1,923,491 663,393 779,950 2,679,950
Debt Service 403,588 407,563 322,188 321,338 321,338
Other Financing Uses 157,366 94,947 136,998 138,895 138,895
Total Expenditures 3,765,921 2,618,264 1,361,129 1,628,147 3,528,147
Surplus (Deficit)(966,633)240,530 (41,273)(292,477)(2,192,477)
Ending Fund Balance 388,897 629,429 588,155 78,960 (1,604,322)
10.3%24.0%43.2%4.8%-45.5%
CITY-WIDE CAPITAL FUND (23)
The City-Wide Capital Fund is used to maintain existing and construct new public infrastructure, and to fund other
improvements that benefit the public.
($2,000)
($1,000)
$0
$1,000
ThousandsFund Balance
1
23
CITY-WIDE CAPITAL FUND REVENUE FY 2021 FY 2021
FY 2018 FY 2019 FY 2020 Adopted Amended
Account Actual Actual Actual Budget Budget
Intergovernmental
23-000-41-00-4161 FEDERAL GRANTS - ITEP DOWNTOWN 540 - - - -
23-000-41-00-4169 FEDERAL GRANTS - MILL STREET LAFO (1,306) - - - -
23-000-41-00-4178 FEDERAL GRANTS - ITEP KENNEDY RD TRAIL 223,344 - - - -
23-000-41-00-4188 STATE GRANTS - EDP WRIGLEY (RTE 47)(16,550) 32,878 - - -
23-000-41-00-4189 STATE GRANTS - MATERIALS STORAGE BLDG - - 38,000 - -
23-000-42-00-4210 BUILDING PERMITS 139,758 1,499 2,530 - -
23-000-42-00-4214 DEVELOPMENT FEES - CW CAPITAL 6,929 5,512 6,294 6,000 6,000
23-000-42-00-4216 BUILD PROGRAM PERMITS 95,804 1,815 - - -
23-000-42-00-4218 DEVELOPMENT FEES - MUNI BLDG 92,125 29,917 32,092 35,000 35,000
23-000-42-00-4222 ROAD CONTRIBUTION FEE 114,000 262,000 114,000 100,000 100,000
23-000-44-00-4440 731,535 752,262 775,218 780,000 780,000
23-000-45-00-4500 10,271 34,012 10,709 1,098 1,098
23-000-45-00-4550 GAIN ON INVESTMENT 10,762 - 50,351 - -
23-000-46-00-4607 REIMB - BLACKBERRY WOODS 7,797 4,125 7,050 10,973 10,973
23-000-46-00-4608 REIMB - KENNEDY RD IMPROVEMENTS 160,000 - - - -
23-000-46-00-4612 REIMB - MILL ROAD IMPROVEMENTS - 195,781 19,219 - -
23-000-46-00-4621 REIMB - FOUNTAIN VILLAGE 19,346 99,284 9,440 38,599 38,599
23-000-46-00-4622 REIMB - WHISPERING MEADOWS 2,762 797,238 - - -
23-000-46-00-4636 REIMB - RAINTREE VILLAGE - - 2,165 70,000 70,000
23-000-46-00-4660 REIMB - PUSH FOR THE PATH 182,033 - - 26,523 26,523
23-000-46-00-4690 1,830 72,746 12,125 5,477 5,477
23-000-48-00-4845 DONATIONS - - - 2,000 2,000
$0
$141,000
Description
$38,000
$154,916
$32,878
Licenses & Permits
Licenses & Permits $448,616
$206,028Total:Intergovernmental
Total:$300,743
Total:Investment Earnings $21,033
Charges for Service
ROAD INFRASTRUCTURE FEE
Total:Charges for Service $731,535
$2,000Total:$0
$775,218
$34,012
$752,262
Investment Earnings
INVESTMENT EARNINGS
$780,000
$0
$61,060 $1,098
Reimbursements
Reimbursements $373,768 $1,169,174 $49,999
$2,000
United City of Yorkville
City-Wide Capital Fund
$0
$141,000
$780,000
$1,098
$151,572$151,572
Miscellaneous
REIMB - MISCELLANEOUS
$0Miscellaneous
Total:
2
23
CITY-WIDE CAPITAL FUND REVENUE FY 2021 FY 2021
FY 2018 FY 2019 FY 2020 Adopted Amended
Account Actual Actual Actual Budget BudgetDescription
United City of Yorkville
City-Wide Capital Fund
23-000-49-00-4901 TRANSFER FROM GENERAL - 569,725 240,663 260,000 260,000
23-000-49-00-4951 TRANSFER FROM WATER 1,018,308 - - - -
$1,335,670Total: CITY-WIDE CAPITAL REVENUE
Other Financing Sources
Total:Other Financing Sources $1,018,308
$2,799,288
$569,725
$2,858,794
$240,663
$1,319,856
$260,000 $260,000
$1,335,670
3
216
CITY-WIDE BUILDING & GROUNDS EXPENDITURES FY 2021 FY 2021
FY 2018 FY 2019 FY 2020 Adopted Amended
Account Actual Actual Actual Budget Budget
23-216-54-00-5405 BUILD PROGRAM 9,956 - - - -
23-216-54-00-5446 PROPERTY & BLDG MAINT SERVICES 193,257 71,157 92,586 135,000 135,000
23-216-56-00-5626 HANGING BASKETS - 1,496 427 2,000 2,000
23-216-56-00-5656 PROPERTY & BLDG MAINT SUPPLIES 17,997 36,642 10,914 25,000 25,000
23-216-60-00-6003 MATERIALS STORAGE BUILDING - - 240,663 - -
23-216-60-00-6011 PROPERTY ACQUISITION - - - - 1,900,000
23-216-60-00-6013 BEECHER CENTER - 320,386 - - -
23-216-60-00-6020 BUILDINGS & STRUCTURES - - - - -
Other Financing Uses
23-216-99-00-9901 TRANSFER TO GENERAL 92,125 29,917 32,092 35,000 35,000
$10,914 $25,000
Supplies
Total:Supplies $17,997 $36,642
United City of Yorkville
City-Wide Capital Fund
$35,000
Total: CW B&G EXPENDITURES $313,335 $459,598 $376,682 $197,000
Total:Other Financing Uses $92,125 $29,917 $32,092
$93,013 $137,000
Description
Contractual Services
Total:Contractual Services $203,213 $72,653
$240,663 $0
Capital Outlay
Total:Capital Outlay $0 $320,386
$137,000
$25,000
$1,900,000
$35,000
$2,097,000
4
230
CITY-WIDE CAPITAL EXPENDITURES FY 2021 FY 2021
FY 2018 FY 2019 FY 2020 Adopted Amended
Account Actual Actual Actual Budget Budget
23-230-54-00-5405 BUILD PROGRAM 85,848 1,815 - - -
23-230-54-00-5462 PROFESSIONAL SERVICES 5,318 2,360 - 5,000 5,000
23-230-54-00-5465 ENGINEERING SERVICES 35,063 58,195 - 10,000 10,000
23-230-54-00-5482 STREET LIGHTING - - 98,090 108,989 108,989
23-230-54-00-5497 PROPERTY TAX PAYMENT 8,054 1,239 - - -
23-230-54-00-5498 PAYING AGENT FEES 475 475 475 475 475
23-230-54-00-5499 BAD DEBT 1,420 685 762 1,500 1,500
23-230-56-00-5619 SIGNS - - 16,349 15,000 15,000
23-230-56-00-5632 ASPHALT PATCHING - - 16,235 35,000 35,000
23-230-56-00-5637 SIDEWALK CONSTRUCTIONS SUPPLIES 948 18,199 2,712 5,000 5,000
23-230-56-00-5642 STREET LIGHTING & OTHER SUPPLIES - - - 45,000 45,000
23-230-60-00-6009 WRIGLEY (RTE 47) EXPANSION - 32,878 - - -
23-230-60-00-6012 MILL ROAD IMPROVEMENTS - 195,781 186,548 - -
23-230-60-00-6014 BLACKBERRY WOODS 7,797 4,125 7,050 10,973 10,973
23-230-60-00-6016 US 34 (CENTER/ELDAMAIN RD) PROJECT 19,500 127,534 96,568 110,000 110,000
23-230-60-00-6019 BRISTOL BAY ACCESS ROAD 40,754 - - - -
23-230-60-00-6021 PAVILLION ROAD STREAMBANK STABILIZATION - 260 - - -
23-230-60-00-6023 FOUNTAIN VILLAGE SUBDIVISION 19,346 99,284 9,440 38,599 38,599
23-230-60-00-6025 ROAD TO BETTER ROADS PROGRAM 761,759 69,633 99,289 312,500 312,500
23-230-60-00-6034 WHISPERING MEADOWS SUBDIVISION 2,762 974,071 2,828 - -
23-230-60-00-6036 RAINTREE VILLAGE IMPROVEMENTS - - 2,165 70,000 70,000
23-230-60-00-6041 SIDEWALK REPLACEMENT PROGRAM - - - 125,000 125,000
23-230-60-00-6048 675 - - - -
23-230-60-00-6058 RT 71 (IL 47/ORCHARD RD) PROJECT - 8,351 - 53,878 53,878
23-230-60-00-6059 US 34 (IL 47/ORCHARD RD) PROJECT 78,682 84,854 18,842 27,000 27,000
23-230-60-00-6073 GAME FARM ROAD PROJECT 328,913 - - - -
23-230-60-00-6082 COUNTRYSIDE PKY IMPROVEMENTS 561,550 - - - -
23-230-60-00-6084 CENTER & COUNTRYSIDE IMPROVEMENTS 227,760 - - - -
23-230-60-00-6086 KENNEDY ROAD IMPROVEMENTS 391,763 404 - - -
$82,968
Description
$225,964
Contractual Services
Total:Contractual Services $137,126
Capital Outlay
DOWNTOWN STREETSCAPE IMPROVEMENT
$134,623
United City of Yorkville
City-Wide Capital Fund
$225,964
5
230
CITY-WIDE CAPITAL EXPENDITURES FY 2021 FY 2021
FY 2018 FY 2019 FY 2020 Adopted Amended
Account Actual Actual Actual Budget BudgetDescription
United City of Yorkville
City-Wide Capital Fund
23-230-60-00-6094 KENNEDY ROAD BIKE TRAIL 405,370 5,930 - 32,000 32,000
Debt Service - 2014A Bond
23-230-78-00-8000 PRINCIPAL PAYMENT 190,000 190,000 195,000 200,000 200,000
23-230-78-00-8050 INTEREST PAYMENT 138,588 132,888 127,188 121,338 121,338
Kendall County Loan - River Road Bridge
23-230-97-00-8000 PRINCIPAL PAYMENT 75,000 84,675 - - -
Other Financing Uses
23-230-99-00-9951 TRANSFER TO WATER 65,241 65,030 104,906 103,895 103,895
~24% of Annual Debt Service Amount for 2015A Bonds
$84,675
$328,588 $322,888
$1,431,147Total: CITY-WIDE CAP EXPENDITURES $3,452,586 $984,447$2,158,666
$1,603,105 $779,950Total:Capital Outlay $2,846,631 $422,730
$0Total:Kendall Co Loan - River Rd Bridge
Total:Debt Service - 2014A Bond
$0$75,000
$322,188
$1,431,147
$779,950
$321,338
$0
$103,895
$321,338
Total:Other Financing Uses $65,241 $65,030 $104,906 $103,895
6
Ordinance No. 2020-____
Page 1
STATE OF ILLINOIS )
) ss.
COUNTY OF KENDALL )
Ordinance No. 2020-_____
AN ORDINANCE OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS,
APPROVING A CONTRACT FOR THE PURCHASE AND SALE OF REAL ESTATE
(651 Prairie Pointe Drive)
WHEREAS, the United City of Yorkville (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, under Section 11-76.1-1 of the Illinois Municipal Code (65 ILCS 5/1-1-1 et seq.),
the Mayor and City Council, (the “Corporate Authorities”) are authorized to purchase real property for
public purposes upon an affirmative vote of two-thirds (2/3ds) of the Corporate Authorities; and,
WHEREAS, the Corporate Authorities have received a Contract for the Purchase and Sale of
Real Estate for the property commonly known as 651 Prairie Pointe, Yorkville, Illinois (the “Subject
Property”) in the form attached hereto and made a part hereof and have reviewed all of the terms and
conditions as set forth therein; and,
WHEREAS, the Corporate Authorities believe the acquisition of the Subject Property would be
in the best interests of the residents of the City as it would provide a new location for the Yorkville City
Hall with sufficient space to provide for Yorkville’s growing community.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Council of the United City
of Yorkville, Kendall County, Illinois, as follows:
Section 1. The above recitals are incorporated and made a part of this Ordinance.
Section 2. The Corporate Authorities hereby approve the Contract for Purchase and Sale of Real
Estate (the “Contract”) between the United City of Yorkville (the “Purchaser”) and Prime Yorkville,
LLC (the “Seller”) concerning the property commonly known as 651 Prairie Pointe Drive, Yorkville,
Illinois, in the form attached hereto and made a part hereof.
Section 3. The Mayor and City Clerk are hereby authorized to execute the Contract and the
Mayor, City Clerk, City Administrator, City Finance Director and City Attorney are hereby authorized
to take such actions as deemed necessary to implement its terms.
Ordinance No. 2020-____
Page 2
Section 4. This Ordinance shall be in full force and effect upon its passage, approval, and
publication as provided by law.
Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this
_____ day of _______________, 2020.
______________________________
City Clerk
KEN KOCH ________ DAN TRANSIER ________
JACKIE MILSCHEWSKI ________ ARDEN JOE PLOCHER ________
CHRIS FUNKHOUSER ________ JOEL FRIEDERS ________
SEAVER TARULIS ________ JASON PETERSON ________
Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this
_____ day of _______________, 2020.
______________________________
Mayor
Attest:
___________________________
City Clerk
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 1
CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE
This Contract for Purchase and Sale of Real Estate (“Agreement”) is entered into this
____ day of October 2020, between the United City of Yorkville (“Purchaser”), and the Prime
Yorkville, LLC_ (“Seller”), concerning the property commonly known as 651 Prairie Pointe Drive,
Yorkville, IL 60560 (“Subject Property”), along with any improvements thereon, and legally
described in Exhibit A attached hereto.
In consideration of the Purchase Price being paid by Purchaser to Seller, as is more fully
described below, and for the other mutual covenants and agreements contained in this
Agreement, the Parties agree as follows:
Article I. Covenants of Seller
1.1. Seller agrees to convey title to the Subject Property on the date that the
Purchase Price (as defined Article 2.1 below) is paid, and all other considerations called for by
this Agreement have been satisfied by Purchaser, by recordable Warranty Deed, subject to:
(a) General real estate taxes not then due and payable;
(b) Building setback lines and restrictions of record;
(c) Zoning and building ordinances;
(d) Public utility easements;
(e) Public and private roads and highways; and
(f) Covenants and restrictions of record as to use and occupancy.
1.2. Warranty Deed: The Warranty Deed, which shall contain the restrictions as
identified in Article 1.1 above, shall be in substantially the same form as Exhibit B attached
hereto.
Article II. Purchase Price
2.1. Purchaser agrees to pay Seller $1,900,000 (one million and nine hundred
thousand dollars) (“Purchase Price”) as follows:
2.1.1. Earnest Money Deposit: Purchaser shall deposit $ 10,000, as the earnest
money deposit of Purchaser, which shall be deposited with Near North Title
Insurance Company. The Earnest Money Deposit shall become non-refundable
after the completion of the Due Diligence Period identified in Article III below; and
2.1.2. Balance Due: The balance of $1,890,000 to be paid by Purchaser to
Seller in immediately available funds at Closing identified in Article VI below.
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 2
Article III. Due Diligence Period
3.1 Purchaser shall have until Friday, December 11, 2020 (the “Due Diligence
Period”) to cause one or more agents, employees, contractors, third parties, or other experts of
its choice, and at Purchaser’s expense, to conduct any inspections and examination without
limitation which is or may be, in the opinion of Purchaser, necessary to assure free and
unfettered use of the Subject Property in Purchaser’s intended use. The Purchaser must be
satisfied in all respects in its sole discretion with the results of such due diligence investigation.
If Purchaser is not so satisfied, it may, at its option and in its sole discretion, terminate this
Agreement and obtain a refund of its Earnest Money Deposit;
3.2 Purchaser shall defend, indemnify and hold Seller harmless from any and all
claims, causes of actions, demands and lawsuits arising from Purchaser’s performance of its
due-diligence, pursuant to the Due Diligence Period filed against Seller;
3.3 Seller agrees to cooperate with Purchaser during the Due Diligence Period to
ensure Purchaser, its agents, contractors and affiliates, have access to the Subject Property so
as to perform Purchaser’s due diligence pursuant to the Due Diligence Period; and
Article IV. Seller’s Deliverables
4.1 Upon execution of this Agreement, Seller shall, within 30 business days, or within
such other time as the Parties otherwise agree, in writing, make available to Purchaser copies
of the following items (to the extent in Seller’s, or its agents’, possession or control):
(a) An ALTA survey with an effective date that is no earlier than the effective date of
this Agreement prepared in accordance with the standards for an ALTA/ACSM
survey of the Subject Property;
(b) Any and all zoning materials and documents in Seller’s possession;
(c) A title commitment issued by Near North Title Insurance Company for the
Subject Property;
(d) All contracts, including but not limited to, any and all leases relating to the
Subject Property, if any;
(e) The most recent tax bills relating to the Subject Property;
(f) All environmental and geotechnical reports relating to the Subject Property; and
(g) Such other documents as Purchaser may reasonably request.
Article V. Closing
5.1 The Closing Date: The consummation of the transactions contemplated by this
Agreement (the “Closing”) shall take place at the office of Near North Title Insurance Company
on or before December 15, 2020 (the “Closing Date”);
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 3
5.2 On the Closing Date, Seller shall deliver or cause to be delivered to Purchaser
the following instruments, documents and other items:
(a) A Warranty Deed (the “Deed”), in the form attached hereto as Exhibit B,
executed by Seller and appropriately acknowledged/notarized, conveying good
and indefeasible fee simple title to the Land and Improvements to Purchaser,
subject only to the Permitted Exceptions;
(b) Bill of Sale (the “Bill of Sale”), in the form attached hereto as Exhibit C, executed
by Seller, assigning, conveying and transferring to Purchaser any Personal
Property, if any;
(c) Assignments, in form acceptable to Purchaser, of any lease encumbering or
otherwise affecting the Subject Property;
(d) A 2006 ALTA Owner's Policy of Title Insurance, with extended coverage
(including so-called "gap" coverage), issued by Near North Title Insurance
Company, insuring Purchaser that it has good and indefeasible fee simple title to
the Subject Property, in the amount of the Purchase Price, taking exception for
only the Permitted Exceptions, together with all such affidavits, certificates,
agreements or other documents as Near North Title Insurance Company may
require from Seller in order to issue the Owner's Title Insurance Policy in the form
required by this Agreement;
(e) Such evidence of the authority of Seller to consummate the Closing as Near
North Title Insurance Company and Purchaser may reasonably require;
(f) Real property transfer declarations required by the jurisdiction(s) in which the
Subject Property is located;
(g) A closing statement executed by Seller in form acceptable to Near North Title
Insurance Company;
(h) Such other documents as Near North Title Insurance Company may reasonably
request; and
(i) Seller shall, at its sole cost and expense, also comply with the terms and
conditions of any municipal ordinance, law or other requirement relating to the
transaction contemplated herein for the municipality in which the Subject
Property is located (including, without limitation, if applicable, those relating to
water meter readings, inspections and repairs) and shall provide to Purchaser at
Closing evidence of such compliance;
5.3 Purchaser shall deliver or cause to be delivered to Seller the following
instruments, documents and items:
(a) The balance of the Purchase Price required by Section 2.1.2 above by
immediately available wire transferred funds;
(b) A closing statement executed by Purchaser in form acceptable to Near North
Title Insurance Company; and
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 4
(c) Such other documents as Near North Title Insurance Company may reasonably
request.
5.4 Closing Costs: Seller shall pay for the survey, title insurance premiums, state and
county transfer taxes, any recording and escrow charges, and any real estate transfer tax;
5.5 Prorations: All debts, liabilities and obligations of the Seller with respect to the
Property, except general real estate taxes not then due and payable, shall be paid when due
and satisfied by the Seller. General real estate taxes shall be prorated based upon one hundred
percent (100%) of the last ascertainable taxes; and
5.6 Real estate commissions will be paid by the Seller.
Article VI. Defaults
6.1 Default by Seller: In the event Seller shall default in its obligation to convey the
Property to Purchaser in accordance with this Agreement for any reason, except Purchaser's
default or the permitted termination of this Agreement by Seller and Purchaser, Purchaser may,
as its sole and exclusive remedies for such default (i) enforce specific performance of this
Agreement against Seller, or (ii) terminate this Agreement by written notice to Seller, in which
event (a) the Earnest Money Deposit shall be returned to Purchaser within ten (10) business
days after such termination, and (b) Seller shall reimburse Purchaser for 100% of all of
Purchaser’s out-of-pocket costs and expenses incurred in connection with this Agreement and
the transaction contemplated hereby, including, without limitation, the costs of all inspections,
tests and other investigations undertaken by Purchaser during the Due Diligence Period. If
Purchaser fails to file suit for specific performance against Seller in a court having jurisdiction on
or before one hundred eighty (180) days following the date upon which Closing was to have
occurred, then Purchaser shall be deemed to have elected to proceed under clause (ii) of this
Section 6.1. Except as expressly provided in this Agreement to the contrary, the rights and
remedies of Purchaser under this Agreement shall be cumulative and shall not preclude the
assertion or exercise of any other rights or remedies available at law, in equity or otherwise; and
6.2 Default by Purchaser: In the event Purchaser defaults in its obligation to
purchase the Subject Property from Seller pursuant to this Agreement and provided Seller is not
in default, Seller shall have the right, as its sole and exclusive remedy for such default, to
terminate this Agreement by written notice to Purchaser and Near North Title Insurance
Company, and upon any such termination Near North Title Insurance Company shall
immediately deliver the Earnest Money Deposit to Seller as liquidated damages for such default.
The remedy specified in this Section shall be Seller’s sole and exclusive remedy upon default.
Article VII. Miscellaneous
7.1 Notices: Any notice to be given or to be served upon any party hereto in
connection with this Agreement must be in writing, and may be given by certified or registered
mail, facsimile transmission, the emailing of a PDF file, or by courier or other means. If given by
certified or registered mail, the notice shall be deemed to have been given and received three
(3) business days after a certified or registered letter containing such notice, properly
addressed, with postage prepaid, is deposited in the United States mail; and if given otherwise
than by certified or registered mail, the notice shall be deemed to have been given when
delivered to, or rejected/refused by, the party to whom it is addressed. Such notices shall be
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 5
given to the parties hereto at the following addresses, or, if given by facsimile transmission or by
email, at the following FAX numbers or email addresses:
If to Purchaser, to: United City of Yorkville
800 Game Farm Road
Yorkville, IL 60560
Attn: Mr. Bart Olson
Email: Bolson@yorkville.il.us
With a copy to: Ottosen DiNolfo Hasenbalg & Castaldo, Ltd.
1804 N. Naper Blvd., Ste. 350
Naperville, IL 60563
Attn: Attorney Kathy Field Orr
FAX: (630) 682-0788
Email: kfo@ottosenlaw.com
If to Seller, to: Prime Yorkville, LLC
3819 N Blitsch Place
McHenry, IL 60050-1901
Attn: Scott Dixon
Email: scottdixon@dixoncompaniesinc.com
Any party hereto may, at any time by giving five (5) days written notice to the other party hereto,
designate any other address, FAX number or email address in substitution of the foregoing
address to which such notice shall be given;
7.2 Entire Agreement: This Agreement embodies and constitutes the entire
understanding between the parties hereto with respect to the transactions contemplated herein,
and all prior or contemporaneous agreements, understandings, representations and statements,
oral or written, are merged into this Agreement;
7.3 Modification: Neither this Agreement nor any provision hereof may be waived,
modified, amended, discharged or terminated except as provided herein or by an instrument in
writing signed by the party against which the enforcement of such waiver, modification,
amendment, discharge or termination is sought, and then only to the extent set forth in such
instrument;
7.4 Applicable Law: This Agreement shall be governed by, and construed in
accordance with, the laws of the state of Illinois;
7.5 Venue: Any dispute arising between the Parties pursuant to this Agreement shall
be filed in the Circuit Court for the 23rd Judicial Circuit, Kendall County, Illinois;
7.6 Headings: Descriptive headings are used in this Agreement for convenience
only and shall not control, limit, amplify or otherwise modify or affect the meaning or
construction of any provision of this Agreement;
7.7 Binding Effect: This Agreement shall be binding upon and shall inure to the
benefit of the Parties hereto and their respective permitted successors and assigns;
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 6
7.8 Time of Essence: Time is of the essence of this Agreement and of each
covenant and agreement that is to be performed at a particular time or within a particular period
of time. However, if the final date of any period which is set out in any provision of this
Agreement or the Closing Date falls on a Saturday, Sunday or legal holiday under the laws of
the United States or of the state of Illinois, then the time of such period or the Closing Date, as
the case may be, shall be extended to the next date which is not a Saturday, Sunday or legal
holiday. As used herein, the word “day” or “days” mean calendar days, and the words “business
day” or “business days” mean any day which is not a Saturday, Sunday or legal holiday under
the laws of the United States or of the state of Illinois;
7.9 Invalid Provision: If any provision of this Agreement is held to be illegal, invalid
or unenforceable under present or future laws, such provision shall be fully severable; this
Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part of this Agreement; and the remaining provisions of this Agreement
shall remain in full force and effect and shall not be affected by such illegal, invalid or
unenforceable provision or by its severance from this Agreement;
7.10 No Third Party Beneficiary: The provisions of this Agreement and of the
documents to be executed and delivered at Closing are and will be for the benefit of Seller and
Purchaser only and are not for the benefit of any third party, and accordingly, no third party shall
have the right to enforce the provisions of this Agreement or of the documents to be executed
and delivered at Closing;
7.11 Exhibits: The following exhibits attached hereto shall be deemed to be an
integral part of this Agreement:
(a) Exhibit A -Legal Description of the Land;
(b) Exhibit B -Form of Warranty Deed; and
(c) Exhibit C -Form of Bill of Sale.
7.12 Termination of Agreement: Notwithstanding anything seemingly to the contrary
in this Agreement, it is understood and agreed that if either Purchaser or Seller terminates this
Agreement pursuant to a right of termination granted hereunder, such termination shall operate
to relieve Seller and Purchaser from all obligations under this Agreement;
7.13 Cross Indemnification: Except as otherwise expressly provided in this
Agreement, Seller shall defend, indemnify and hold harmless Buyer from all loss, expense
(including reasonable counsel fees), damage and liability resulting from (a) claims of mechanics
and materialmen based on work performed on or at the Subject Property prior to the Closing,
and (b) tort claims (including, without limitation, for bodily injury, wrongful death or property
damage) against Purchaser or the Subject Property based on causes of action which arose or
accrued prior to the Closing, and (c) contract claims arising by, through, or under Seller, by
employees, contractors, or utility companies, with respect to matters that occurred or obligations
which accrued prior to the Closing. Except as otherwise expressly provided in this Agreement,
Purchaser shall defend, indemnify and hold harmless Seller from all loss, expense (including
reasonable counsel fees), damage and liability resulting from (a) claims of mechanics and
materialmen based on work performed on or at the Property subsequent to the Closing, and
(b) tort claims (including, without limitation, for bodily injury, wrongful death or property damage)
against Seller based on causes of action which arose or accrued subsequent to the Closing,
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 7
and (c) contract claims arising by, through or under Purchaser, by employees, contractors, or
utility companies, with respect to matters that occurred or obligations which accrued subsequent
to the Closing. Seller's and Purchaser’s indemnification obligations under this Section 7.14
shall survive Closing;
7.14 Further Assurances: Each party shall, when requested by the other party hereto,
cause to be executed, acknowledged and delivered such further instruments and documents as
may be necessary and proper, in the reasonable opinion of the requesting party, in order to
carry out the intent and purpose of this Agreement; provided, however, this Section 7.15 shall
not be construed to increase the economic obligations or liabilities of either party hereto. This
Section shall survive Closing;
7.15 Effective Date: The “Effective Date” of this Agreement, as such term is
referenced herein shall mean the date on which both Seller and Purchaser shall have executed
this Agreement and delivered executed copies to the other;
7.16 Counterparts; Electronic Delivery: This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same document. A signature page to any counterpart may
be detached from such counterpart without impairing the legal effect of the signatures thereon
and thereafter attached to another counterpart identical thereto except having attached to it
additional signature pages. This Agreement may be executed and delivered by facsimile or
other electronic means, with the same force and effect as an original;
7.17 Independent Counsel and Voluntary Act: By entering into this Agreement, each
party acknowledges that it has had the opportunity to retain independent counsel of its own
choosing to review and advise of the implications of entering into this Agreement and that each
party is entering into this Agreement as its own free and voluntary Act;
7.18 Legal Authority: The Parties also warrant that they have the legal authorization
to enter into and sign this Agreement on behalf of themselves, their successors and assigns;
7.19 No Presumption Upon Construction: This Agreement was drafted by both
Parties. Therefore, if any court of law must interpret or construe the terms of this Agreement, no
presumption shall arise in favor of one party to the detriment of the other party;
7.20 Full Agreement of Parties: This Agreement represents the full and complete
agreement of the Parties. This Agreement shall supersede all other agreements of the Parties;
and
7.21 Assignment: Buyer may assign this Agreement, without obtaining the approval of
Seller, to one or more entities so long as Buyer or its principals controls or owns at least 50% of
the purchasing entity(ies).
The Parties now signed and sealed this Agreement on the day and year written above.
SELLER – _______________________________
________
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 8
By: Date
Its:
SELLER – UNITED CITY OF YORKVILLE
________
By: Date
Its:
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 9
EXHIBIT A – LEGAL DESCRIPTION OF SUBJECT PROPERTY
TO COME
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 10
EXHIBIT B – WARRANTY DEED
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 11
WARRANTY DEED
Grantor, _________________________________________________________ (“Grantor”), of
_____________________________________________, for and in consideration of TEN AND
00/100 DOLLARS ($10.00), the receipt and sufficiency of which is hereby acknowledged,
conveys and warrants to Grantee, UNITED CITY OF YORKVILLE (“Grantee”), a municipal
corporation located at 800 Game Farm Road, Yorkville, IL 60560, the following real estate
situated in the County of Kendall and the State of Illinois. The real estate conveyed hereby is
legally described, commonly known as and maintains the parcel identification numbers identified
below:
Legal Description: See Exhibit A attached hereto.
Common Address: 651 Prairie Point Drive, Yorkville, IL 60560
Parcel Identification Number:
The transfer of the above-described real estate is subject to the following exceptions:
(a) General real estate taxes not then due and payable;
(b) Building setback lines and restrictions of record;
(c) Zoning and building ordinances;
(d) Public utility easements;
(e) Public and private roads and highways; and
(f) Covenants and restrictions of record as to use and occupancy.
Dated this ____ day of ____________ 2021.
Grantor, _________________________
_________________________________
By ___________________
Its ___________________
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 12
State of Illinois )
) SS
County of ________ )
I, the undersigned, a Notary Public, in and for the State of Illinois and County of
____________, do hereby certify that ____________________, personally known to me,
appeared before me this day in person and acknowledged that she/he signed and delivered
said instrument as her/his free and voluntary act, for the uses and purposes set forth herein.
GIVEN under my hand and official seal this ____ day of ____________ 2021.
_________________________________________
Notary Public
This instrument was prepared by:
Craig D. Hasenbalg (chasenbalg@ottosenlaw.com)
OTTOSEN DiNOLFO HASENBALG & CASTALDO, LTD.
1804 N. Naper Blvd., Ste. 350
Naperville, IL 60563
(630) 682-0085 – Phone
(630) 682-0788 – Facsimile
After recording, return this instrument to:
______________________________
______________________________
______________________________
______________________________
Send future tax bills:
______________________________
______________________________
______________________________
______________________________
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 13
EXHIBIT C – BILL OF SALE
YORKVILLE, CITY OF / Administration / 651 Prairie Point Drive /378095 14
BILL OF SALE
STATE OF ILLINOIS )
) SS
COUNTY OF ___________ )
Seller, ___________________________, in consideration of $10.00, which has been received,
hereby sells to Buyer, UNITED CITY OF YORKVILLE, the following personal property located at
651 Prairie Pointe Drive, Yorkville, IL 60560 (“subject property”):
Any and all items of personal property and fixtures located on or situated within the subject
property.
Seller hereby represents and warrants to Purchaser that Seller is the absolute owner of said
property, that said property is free and clear of all liens, charges and encumbrances, and the
Seller has full right, power and authority to sell said personal property and to make this Bill of
Sale.
ALL WARRANTIES OF QUALITY, FITNESS AND MERCHANTABILITY ARE HEREBY
EXCLUDED.
If this Bill of Sale is signed by more than one person, all persons so signing shall be jointly and
severally bound hereby.
SELLER: _________________________________
By:
Its:
SUBSCRIBED and SWORN TO before me
this day of ________________ 2021.
Notary Public
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$3M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Table of Contents
Report
Sources & Uses 1
Debt Service Schedule 2
Net Debt Service Schedule 3
Pricing Summary 4
2020 City Hall issue $3M | SINGLE PURPOSE | 9/29/2020 | 4:31 PM
Speer Financial, Inc.
Preliminary, As of September 29, 2020
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$3M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Sources & Uses
Dated 12/16/2020 | Delivered 12/16/2020
Sources Of Funds
Par Amount of Bonds $2,720,000.00
Reoffering Premium 342,086.25
Total Sources $3,062,086.25
Uses Of Funds
Total Underwriter's Discount (0.800%)21,760.00
Costs of Issuance 40,000.00
Deposit to Project Construction Fund 3,000,000.00
Rounding Amount 326.25
Total Uses $3,062,086.25
2020 City Hall issue $3M | SINGLE PURPOSE | 9/29/2020 | 4:31 PM
Speer Financial, Inc.
Page 1
Preliminary, As of September 29, 2020
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$3M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
12/16/2020 - - - - -
06/30/2021 - - 52,541.67 52,541.67 -
12/30/2021 95,000.00 3.000% 48,750.00 143,750.00 196,291.67
06/30/2022 - - 47,325.00 47,325.00 -
12/30/2022 100,000.00 3.000% 47,325.00 147,325.00 194,650.00
06/30/2023 - - 45,825.00 45,825.00 -
12/30/2023 105,000.00 3.000% 45,825.00 150,825.00 196,650.00
06/30/2024 - - 44,250.00 44,250.00 -
12/30/2024 110,000.00 3.000% 44,250.00 154,250.00 198,500.00
06/30/2025 - - 42,600.00 42,600.00 -
12/30/2025 110,000.00 3.000% 42,600.00 152,600.00 195,200.00
06/30/2026 - - 40,950.00 40,950.00 -
12/30/2026 115,000.00 3.000% 40,950.00 155,950.00 196,900.00
06/30/2027 - - 39,225.00 39,225.00 -
12/30/2027 120,000.00 3.000% 39,225.00 159,225.00 198,450.00
06/30/2028 - - 37,425.00 37,425.00 -
12/30/2028 120,000.00 3.000% 37,425.00 157,425.00 194,850.00
06/30/2029 - - 35,625.00 35,625.00 -
12/30/2029 125,000.00 3.000% 35,625.00 160,625.00 196,250.00
06/30/2030 - - 33,750.00 33,750.00 -
12/30/2030 130,000.00 3.000% 33,750.00 163,750.00 197,500.00
06/30/2031 - - 31,800.00 31,800.00 -
12/30/2031 130,000.00 4.000% 31,800.00 161,800.00 193,600.00
06/30/2032 - - 29,200.00 29,200.00 -
12/30/2032 140,000.00 4.000% 29,200.00 169,200.00 198,400.00
06/30/2033 - - 26,400.00 26,400.00 -
12/30/2033 145,000.00 4.000% 26,400.00 171,400.00 197,800.00
06/30/2034 - - 23,500.00 23,500.00 -
12/30/2034 150,000.00 4.000% 23,500.00 173,500.00 197,000.00
06/30/2035 - - 20,500.00 20,500.00 -
12/30/2035 155,000.00 4.000% 20,500.00 175,500.00 196,000.00
06/30/2036 - - 17,400.00 17,400.00 -
12/30/2036 160,000.00 4.000% 17,400.00 177,400.00 194,800.00
06/30/2037 - - 14,200.00 14,200.00 -
12/30/2037 165,000.00 4.000% 14,200.00 179,200.00 193,400.00
06/30/2038 - - 10,900.00 10,900.00 -
12/30/2038 175,000.00 4.000% 10,900.00 185,900.00 196,800.00
06/30/2039 - - 7,400.00 7,400.00 -
12/30/2039 180,000.00 4.000% 7,400.00 187,400.00 194,800.00
06/30/2040 - - 3,800.00 3,800.00 -
12/30/2040 190,000.00 4.000% 3,800.00 193,800.00 197,600.00
Total $2,720,000.00 -$1,205,441.67 $3,925,441.67 -
Yield Statistics
Bond Year Dollars $31,775.78
Average Life 11.682 Years
Average Coupon 3.7935867%
Net Interest Cost (NIC)2.7855036%
True Interest Cost (TIC)2.5641102%
Bond Yield for Arbitrage Purposes 1.8998599%
All Inclusive Cost (AIC)2.7041755%
IRS Form 8038
Net Interest Cost 2.3879593%
Weighted Average Maturity 11.807 Years
2020 City Hall issue $3M | SINGLE PURPOSE | 9/29/2020 | 4:31 PM
Speer Financial, Inc.
Page 2
Preliminary, As of September 29, 2020
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$3M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I Net New D/S
12/30/2020 - - - - -
12/30/2021 95,000.00 3.000% 101,291.67 196,291.67 196,291.67
12/30/2022 100,000.00 3.000% 94,650.00 194,650.00 194,650.00
12/30/2023 105,000.00 3.000% 91,650.00 196,650.00 196,650.00
12/30/2024 110,000.00 3.000% 88,500.00 198,500.00 198,500.00
12/30/2025 110,000.00 3.000% 85,200.00 195,200.00 195,200.00
12/30/2026 115,000.00 3.000% 81,900.00 196,900.00 196,900.00
12/30/2027 120,000.00 3.000% 78,450.00 198,450.00 198,450.00
12/30/2028 120,000.00 3.000% 74,850.00 194,850.00 194,850.00
12/30/2029 125,000.00 3.000% 71,250.00 196,250.00 196,250.00
12/30/2030 130,000.00 3.000% 67,500.00 197,500.00 197,500.00
12/30/2031 130,000.00 4.000% 63,600.00 193,600.00 193,600.00
12/30/2032 140,000.00 4.000% 58,400.00 198,400.00 198,400.00
12/30/2033 145,000.00 4.000% 52,800.00 197,800.00 197,800.00
12/30/2034 150,000.00 4.000% 47,000.00 197,000.00 197,000.00
12/30/2035 155,000.00 4.000% 41,000.00 196,000.00 196,000.00
12/30/2036 160,000.00 4.000% 34,800.00 194,800.00 194,800.00
12/30/2037 165,000.00 4.000% 28,400.00 193,400.00 193,400.00
12/30/2038 175,000.00 4.000% 21,800.00 196,800.00 196,800.00
12/30/2039 180,000.00 4.000% 14,800.00 194,800.00 194,800.00
12/30/2040 190,000.00 4.000% 7,600.00 197,600.00 197,600.00
Total $2,720,000.00 -$1,205,441.67 $3,925,441.67 $3,925,441.67
2020 City Hall issue $3M | SINGLE PURPOSE | 9/29/2020 | 4:31 PM
Speer Financial, Inc.
Page 3
Preliminary, As of September 29, 2020
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$3M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Pricing Summary
Maturity
Type of
Bond Coupon Yield
Maturity
Value Price YTM Call Date Call Price Dollar Price
12/30/2021 Serial Coupon 3.000% 0.500% 95,000.00 102.587% - - - 97,457.65
12/30/2022 Serial Coupon 3.000% 0.550% 100,000.00 104.960% - - - 104,960.00
12/30/2023 Serial Coupon 3.000% 0.600% 105,000.00 107.216% - - - 112,576.80
12/30/2024 Serial Coupon 3.000% 0.700% 110,000.00 109.143% - - - 120,057.30
12/30/2025 Serial Coupon 3.000% 0.900% 110,000.00 110.322% - - - 121,354.20
12/30/2026 Serial Coupon 3.000% 1.050% 115,000.00 111.381% - - - 128,088.15
12/30/2027 Serial Coupon 3.000% 1.300% 120,000.00 111.399% - - - 133,678.80
12/30/2028 Serial Coupon 3.000% 1.450% 120,000.00 111.721% - - - 134,065.20
12/30/2029 Serial Coupon 3.000% 1.650% 125,000.00 111.292% - - - 139,115.00
12/30/2030 Serial Coupon 3.000% 1.750% 130,000.00 110.407% c 1.859% 12/30/2029 100.000% 143,529.10
12/30/2031 Serial Coupon 4.000% 1.800% 130,000.00 118.275% c 2.133% 12/30/2029 100.000% 153,757.50
12/30/2032 Serial Coupon 4.000% 1.950% 140,000.00 116.912% c 2.376% 12/30/2029 100.000% 163,676.80
12/30/2033 Serial Coupon 4.000% 2.050% 145,000.00 116.013% c 2.549% 12/30/2029 100.000% 168,218.85
12/30/2034 Serial Coupon 4.000% 2.100% 150,000.00 115.567% c 2.664% 12/30/2029 100.000% 173,350.50
12/30/2035 Serial Coupon 4.000% 2.150% 155,000.00 115.123% c 2.764% 12/30/2029 100.000% 178,440.65
12/30/2036 Serial Coupon 4.000% 2.200% 160,000.00 114.680% c 2.853% 12/30/2029 100.000% 183,488.00
12/30/2037 Serial Coupon 4.000% 2.250% 165,000.00 114.240% c 2.932% 12/30/2029 100.000% 188,496.00
12/30/2038 Serial Coupon 4.000% 2.300% 175,000.00 113.801% c 3.003% 12/30/2029 100.000% 199,151.75
12/30/2039 Serial Coupon 4.000% 2.350% 180,000.00 113.365% c 3.068% 12/30/2029 100.000% 204,057.00
12/30/2040 Serial Coupon 4.000% 2.400% 190,000.00 112.930% c 3.127% 12/30/2029 100.000% 214,567.00
Total ---$2,720,000.00 -----$3,062,086.25
Bid Information
Par Amount of Bonds $2,720,000.00
Reoffering Premium or (Discount)342,086.25
Gross Production $3,062,086.25
Total Underwriter's Discount (0.800%)$(21,760.00)
Bid (111.777%)3,040,326.25
Total Purchase Price $3,040,326.25
Bond Year Dollars $31,775.78
Average Life 11.682 Years
Average Coupon 3.7935867%
Net Interest Cost (NIC)2.7855036%
True Interest Cost (TIC)2.5641102%
2020 City Hall issue $3M | SINGLE PURPOSE | 9/29/2020 | 4:31 PM
Speer Financial, Inc.
Page 4
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$4M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Table of Contents
Report
Sources & Uses 1
Debt Service Schedule 2
Net Debt Service Schedule 3
Pricing Summary 4
2020 City Hall issue $4M | SINGLE PURPOSE | 9/29/2020 | 4:30 PM
Speer Financial, Inc.
Preliminary, As of September 29, 2020
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$4M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Sources & Uses
Dated 12/16/2020 | Delivered 12/16/2020
Sources Of Funds
Par Amount of Bonds $3,620,000.00
Reoffering Premium 455,423.45
Total Sources $4,075,423.45
Uses Of Funds
Total Underwriter's Discount (0.800%)28,960.00
Costs of Issuance 45,000.00
Deposit to Project Construction Fund 4,000,000.00
Rounding Amount 1,463.45
Total Uses $4,075,423.45
2020 City Hall issue $4M | SINGLE PURPOSE | 9/29/2020 | 4:30 PM
Speer Financial, Inc.
Page 1
Preliminary, As of September 29, 2020
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$4M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
12/16/2020 - - - - -
06/30/2021 - - 69,947.78 69,947.78 -
12/30/2021 125,000.00 3.000% 64,900.00 189,900.00 259,847.78
06/30/2022 - - 63,025.00 63,025.00 -
12/30/2022 135,000.00 3.000% 63,025.00 198,025.00 261,050.00
06/30/2023 - - 61,000.00 61,000.00 -
12/30/2023 140,000.00 3.000% 61,000.00 201,000.00 262,000.00
06/30/2024 - - 58,900.00 58,900.00 -
12/30/2024 145,000.00 3.000% 58,900.00 203,900.00 262,800.00
06/30/2025 - - 56,725.00 56,725.00 -
12/30/2025 150,000.00 3.000% 56,725.00 206,725.00 263,450.00
06/30/2026 - - 54,475.00 54,475.00 -
12/30/2026 155,000.00 3.000% 54,475.00 209,475.00 263,950.00
06/30/2027 - - 52,150.00 52,150.00 -
12/30/2027 155,000.00 3.000% 52,150.00 207,150.00 259,300.00
06/30/2028 - - 49,825.00 49,825.00 -
12/30/2028 160,000.00 3.000% 49,825.00 209,825.00 259,650.00
06/30/2029 - - 47,425.00 47,425.00 -
12/30/2029 165,000.00 3.000% 47,425.00 212,425.00 259,850.00
06/30/2030 - - 44,950.00 44,950.00 -
12/30/2030 170,000.00 3.000% 44,950.00 214,950.00 259,900.00
06/30/2031 - - 42,400.00 42,400.00 -
12/30/2031 175,000.00 4.000% 42,400.00 217,400.00 259,800.00
06/30/2032 - - 38,900.00 38,900.00 -
12/30/2032 185,000.00 4.000% 38,900.00 223,900.00 262,800.00
06/30/2033 - - 35,200.00 35,200.00 -
12/30/2033 190,000.00 4.000% 35,200.00 225,200.00 260,400.00
06/30/2034 - - 31,400.00 31,400.00 -
12/30/2034 200,000.00 4.000% 31,400.00 231,400.00 262,800.00
06/30/2035 - - 27,400.00 27,400.00 -
12/30/2035 205,000.00 4.000% 27,400.00 232,400.00 259,800.00
06/30/2036 - - 23,300.00 23,300.00 -
12/30/2036 215,000.00 4.000% 23,300.00 238,300.00 261,600.00
06/30/2037 - - 19,000.00 19,000.00 -
12/30/2037 225,000.00 4.000% 19,000.00 244,000.00 263,000.00
06/30/2038 - - 14,500.00 14,500.00 -
12/30/2038 235,000.00 4.000% 14,500.00 249,500.00 264,000.00
06/30/2039 - - 9,800.00 9,800.00 -
12/30/2039 240,000.00 4.000% 9,800.00 249,800.00 259,600.00
06/30/2040 - - 5,000.00 5,000.00 -
12/30/2040 250,000.00 4.000% 5,000.00 255,000.00 260,000.00
Total $3,620,000.00 -$1,605,597.78 $5,225,597.78 -
Yield Statistics
Bond Year Dollars $42,310.78
Average Life 11.688 Years
Average Coupon 3.7947725%
Net Interest Cost (NIC)2.7868415%
True Interest Cost (TIC)2.5652950%
Bond Yield for Arbitrage Purposes 1.9002319%
All Inclusive Cost (AIC)2.6834798%
IRS Form 8038
Net Interest Cost 2.3890746%
Weighted Average Maturity 11.813 Years
2020 City Hall issue $4M | SINGLE PURPOSE | 9/29/2020 | 4:30 PM
Speer Financial, Inc.
Page 2
Preliminary, As of September 29, 2020
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$4M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I Net New D/S
12/30/2020 - - - - -
12/30/2021 125,000.00 3.000% 134,847.78 259,847.78 259,847.78
12/30/2022 135,000.00 3.000% 126,050.00 261,050.00 261,050.00
12/30/2023 140,000.00 3.000% 122,000.00 262,000.00 262,000.00
12/30/2024 145,000.00 3.000% 117,800.00 262,800.00 262,800.00
12/30/2025 150,000.00 3.000% 113,450.00 263,450.00 263,450.00
12/30/2026 155,000.00 3.000% 108,950.00 263,950.00 263,950.00
12/30/2027 155,000.00 3.000% 104,300.00 259,300.00 259,300.00
12/30/2028 160,000.00 3.000% 99,650.00 259,650.00 259,650.00
12/30/2029 165,000.00 3.000% 94,850.00 259,850.00 259,850.00
12/30/2030 170,000.00 3.000% 89,900.00 259,900.00 259,900.00
12/30/2031 175,000.00 4.000% 84,800.00 259,800.00 259,800.00
12/30/2032 185,000.00 4.000% 77,800.00 262,800.00 262,800.00
12/30/2033 190,000.00 4.000% 70,400.00 260,400.00 260,400.00
12/30/2034 200,000.00 4.000% 62,800.00 262,800.00 262,800.00
12/30/2035 205,000.00 4.000% 54,800.00 259,800.00 259,800.00
12/30/2036 215,000.00 4.000% 46,600.00 261,600.00 261,600.00
12/30/2037 225,000.00 4.000% 38,000.00 263,000.00 263,000.00
12/30/2038 235,000.00 4.000% 29,000.00 264,000.00 264,000.00
12/30/2039 240,000.00 4.000% 19,600.00 259,600.00 259,600.00
12/30/2040 250,000.00 4.000% 10,000.00 260,000.00 260,000.00
Total $3,620,000.00 -$1,605,597.78 $5,225,597.78 $5,225,597.78
2020 City Hall issue $4M | SINGLE PURPOSE | 9/29/2020 | 4:30 PM
Speer Financial, Inc.
Page 3
Preliminary, As of September 29, 2020
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$4M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Pricing Summary
Maturity
Type of
Bond Coupon Yield
Maturity
Value Price YTM Call Date Call Price Dollar Price
12/30/2021 Serial Coupon 3.000% 0.500% 125,000.00 102.587% - - - 128,233.75
12/30/2022 Serial Coupon 3.000% 0.550% 135,000.00 104.960% - - - 141,696.00
12/30/2023 Serial Coupon 3.000% 0.600% 140,000.00 107.216% - - - 150,102.40
12/30/2024 Serial Coupon 3.000% 0.700% 145,000.00 109.143% - - - 158,257.35
12/30/2025 Serial Coupon 3.000% 0.900% 150,000.00 110.322% - - - 165,483.00
12/30/2026 Serial Coupon 3.000% 1.050% 155,000.00 111.381% - - - 172,640.55
12/30/2027 Serial Coupon 3.000% 1.300% 155,000.00 111.399% - - - 172,668.45
12/30/2028 Serial Coupon 3.000% 1.450% 160,000.00 111.721% - - - 178,753.60
12/30/2029 Serial Coupon 3.000% 1.650% 165,000.00 111.292% - - - 183,631.80
12/30/2030 Serial Coupon 3.000% 1.750% 170,000.00 110.407% c 1.859% 12/30/2029 100.000% 187,691.90
12/30/2031 Serial Coupon 4.000% 1.800% 175,000.00 118.275% c 2.133% 12/30/2029 100.000% 206,981.25
12/30/2032 Serial Coupon 4.000% 1.950% 185,000.00 116.912% c 2.376% 12/30/2029 100.000% 216,287.20
12/30/2033 Serial Coupon 4.000% 2.050% 190,000.00 116.013% c 2.549% 12/30/2029 100.000% 220,424.70
12/30/2034 Serial Coupon 4.000% 2.100% 200,000.00 115.567% c 2.664% 12/30/2029 100.000% 231,134.00
12/30/2035 Serial Coupon 4.000% 2.150% 205,000.00 115.123% c 2.764% 12/30/2029 100.000% 236,002.15
12/30/2036 Serial Coupon 4.000% 2.200% 215,000.00 114.680% c 2.853% 12/30/2029 100.000% 246,562.00
12/30/2037 Serial Coupon 4.000% 2.250% 225,000.00 114.240% c 2.932% 12/30/2029 100.000% 257,040.00
12/30/2038 Serial Coupon 4.000% 2.300% 235,000.00 113.801% c 3.003% 12/30/2029 100.000% 267,432.35
12/30/2039 Serial Coupon 4.000% 2.350% 240,000.00 113.365% c 3.068% 12/30/2029 100.000% 272,076.00
12/30/2040 Serial Coupon 4.000% 2.400% 250,000.00 112.930% c 3.127% 12/30/2029 100.000% 282,325.00
Total ---$3,620,000.00 -----$4,075,423.45
Bid Information
Par Amount of Bonds $3,620,000.00
Reoffering Premium or (Discount)455,423.45
Gross Production $4,075,423.45
Total Underwriter's Discount (0.800%)$(28,960.00)
Bid (111.781%)4,046,463.45
Total Purchase Price $4,046,463.45
Bond Year Dollars $42,310.78
Average Life 11.688 Years
Average Coupon 3.7947725%
Net Interest Cost (NIC)2.7868415%
True Interest Cost (TIC)2.5652950%
2020 City Hall issue $4M | SINGLE PURPOSE | 9/29/2020 | 4:30 PM
Speer Financial, Inc.
Page 4
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$5M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Table of Contents
Report
Sources & Uses 1
Debt Service Schedule 2
Net Debt Service Schedule 3
Pricing Summary 4
2020 City Hall issue $5M | SINGLE PURPOSE | 9/29/2020 | 4:32 PM
Speer Financial, Inc.
Preliminary, As of September 29, 2020
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$5M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Sources & Uses
Dated 12/16/2020 | Delivered 12/16/2020
Sources Of Funds
Par Amount of Bonds $4,520,000.00
Reoffering Premium 568,810.90
Total Sources $5,088,810.90
Uses Of Funds
Total Underwriter's Discount (0.800%)36,160.00
Costs of Issuance 50,000.00
Deposit to Project Construction Fund 5,000,000.00
Rounding Amount 2,650.90
Total Uses $5,088,810.90
2020 City Hall issue $5M | SINGLE PURPOSE | 9/29/2020 | 4:32 PM
Speer Financial, Inc.
Page 1
Preliminary, As of September 29, 2020
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$5M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
12/16/2020 - - - - -
06/30/2021 - - 87,353.89 87,353.89 -
12/30/2021 155,000.00 3.000% 81,050.00 236,050.00 323,403.89
06/30/2022 - - 78,725.00 78,725.00 -
12/30/2022 170,000.00 3.000% 78,725.00 248,725.00 327,450.00
06/30/2023 - - 76,175.00 76,175.00 -
12/30/2023 175,000.00 3.000% 76,175.00 251,175.00 327,350.00
06/30/2024 - - 73,550.00 73,550.00 -
12/30/2024 180,000.00 3.000% 73,550.00 253,550.00 327,100.00
06/30/2025 - - 70,850.00 70,850.00 -
12/30/2025 185,000.00 3.000% 70,850.00 255,850.00 326,700.00
06/30/2026 - - 68,075.00 68,075.00 -
12/30/2026 190,000.00 3.000% 68,075.00 258,075.00 326,150.00
06/30/2027 - - 65,225.00 65,225.00 -
12/30/2027 195,000.00 3.000% 65,225.00 260,225.00 325,450.00
06/30/2028 - - 62,300.00 62,300.00 -
12/30/2028 200,000.00 3.000% 62,300.00 262,300.00 324,600.00
06/30/2029 - - 59,300.00 59,300.00 -
12/30/2029 205,000.00 3.000% 59,300.00 264,300.00 323,600.00
06/30/2030 - - 56,225.00 56,225.00 -
12/30/2030 215,000.00 3.000% 56,225.00 271,225.00 327,450.00
06/30/2031 - - 53,000.00 53,000.00 -
12/30/2031 220,000.00 4.000% 53,000.00 273,000.00 326,000.00
06/30/2032 - - 48,600.00 48,600.00 -
12/30/2032 230,000.00 4.000% 48,600.00 278,600.00 327,200.00
06/30/2033 - - 44,000.00 44,000.00 -
12/30/2033 240,000.00 4.000% 44,000.00 284,000.00 328,000.00
06/30/2034 - - 39,200.00 39,200.00 -
12/30/2034 250,000.00 4.000% 39,200.00 289,200.00 328,400.00
06/30/2035 - - 34,200.00 34,200.00 -
12/30/2035 255,000.00 4.000% 34,200.00 289,200.00 323,400.00
06/30/2036 - - 29,100.00 29,100.00 -
12/30/2036 270,000.00 4.000% 29,100.00 299,100.00 328,200.00
06/30/2037 - - 23,700.00 23,700.00 -
12/30/2037 280,000.00 4.000% 23,700.00 303,700.00 327,400.00
06/30/2038 - - 18,100.00 18,100.00 -
12/30/2038 290,000.00 4.000% 18,100.00 308,100.00 326,200.00
06/30/2039 - - 12,300.00 12,300.00 -
12/30/2039 300,000.00 4.000% 12,300.00 312,300.00 324,600.00
06/30/2040 - - 6,300.00 6,300.00 -
12/30/2040 315,000.00 4.000% 6,300.00 321,300.00 327,600.00
Total $4,520,000.00 -$2,006,253.89 $6,526,253.89 -
Yield Statistics
Bond Year Dollars $52,865.78
Average Life 11.696 Years
Average Coupon 3.7949955%
Net Interest Cost (NIC)2.7874422%
True Interest Cost (TIC)2.5659040%
Bond Yield for Arbitrage Purposes 1.9010085%
All Inclusive Cost (AIC)2.6709211%
IRS Form 8038
Net Interest Cost 2.3896182%
Weighted Average Maturity 11.821 Years
2020 City Hall issue $5M | SINGLE PURPOSE | 9/29/2020 | 4:32 PM
Speer Financial, Inc.
Page 2
Preliminary, As of September 29, 2020
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$5M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I Net New D/S
12/30/2020 - - - - -
12/30/2021 155,000.00 3.000% 168,403.89 323,403.89 323,403.89
12/30/2022 170,000.00 3.000% 157,450.00 327,450.00 327,450.00
12/30/2023 175,000.00 3.000% 152,350.00 327,350.00 327,350.00
12/30/2024 180,000.00 3.000% 147,100.00 327,100.00 327,100.00
12/30/2025 185,000.00 3.000% 141,700.00 326,700.00 326,700.00
12/30/2026 190,000.00 3.000% 136,150.00 326,150.00 326,150.00
12/30/2027 195,000.00 3.000% 130,450.00 325,450.00 325,450.00
12/30/2028 200,000.00 3.000% 124,600.00 324,600.00 324,600.00
12/30/2029 205,000.00 3.000% 118,600.00 323,600.00 323,600.00
12/30/2030 215,000.00 3.000% 112,450.00 327,450.00 327,450.00
12/30/2031 220,000.00 4.000% 106,000.00 326,000.00 326,000.00
12/30/2032 230,000.00 4.000% 97,200.00 327,200.00 327,200.00
12/30/2033 240,000.00 4.000% 88,000.00 328,000.00 328,000.00
12/30/2034 250,000.00 4.000% 78,400.00 328,400.00 328,400.00
12/30/2035 255,000.00 4.000% 68,400.00 323,400.00 323,400.00
12/30/2036 270,000.00 4.000% 58,200.00 328,200.00 328,200.00
12/30/2037 280,000.00 4.000% 47,400.00 327,400.00 327,400.00
12/30/2038 290,000.00 4.000% 36,200.00 326,200.00 326,200.00
12/30/2039 300,000.00 4.000% 24,600.00 324,600.00 324,600.00
12/30/2040 315,000.00 4.000% 12,600.00 327,600.00 327,600.00
Total $4,520,000.00 -$2,006,253.89 $6,526,253.89 $6,526,253.89
2020 City Hall issue $5M | SINGLE PURPOSE | 9/29/2020 | 4:32 PM
Speer Financial, Inc.
Page 3
Preliminary, As of September 29, 2020
United City of Yorkville, Kendall County, Illinois
General Obligation Bonds (ARS), Series 2020
Dated: December 16, 2020
$5M Project / City Hall Land Purchase / 20 Year Term / Level Debt Service
Pricing Summary
Maturity
Type of
Bond Coupon Yield
Maturity
Value Price YTM Call Date Call Price Dollar Price
12/30/2021 Serial Coupon 3.000% 0.500% 155,000.00 102.587% - - - 159,009.85
12/30/2022 Serial Coupon 3.000% 0.550% 170,000.00 104.960% - - - 178,432.00
12/30/2023 Serial Coupon 3.000% 0.600% 175,000.00 107.216% - - - 187,628.00
12/30/2024 Serial Coupon 3.000% 0.700% 180,000.00 109.143% - - - 196,457.40
12/30/2025 Serial Coupon 3.000% 0.900% 185,000.00 110.322% - - - 204,095.70
12/30/2026 Serial Coupon 3.000% 1.050% 190,000.00 111.381% - - - 211,623.90
12/30/2027 Serial Coupon 3.000% 1.300% 195,000.00 111.399% - - - 217,228.05
12/30/2028 Serial Coupon 3.000% 1.450% 200,000.00 111.721% - - - 223,442.00
12/30/2029 Serial Coupon 3.000% 1.650% 205,000.00 111.292% - - - 228,148.60
12/30/2030 Serial Coupon 3.000% 1.750% 215,000.00 110.407% c 1.859% 12/30/2029 100.000% 237,375.05
12/30/2031 Serial Coupon 4.000% 1.800% 220,000.00 118.275% c 2.133% 12/30/2029 100.000% 260,205.00
12/30/2032 Serial Coupon 4.000% 1.950% 230,000.00 116.912% c 2.376% 12/30/2029 100.000% 268,897.60
12/30/2033 Serial Coupon 4.000% 2.050% 240,000.00 116.013% c 2.549% 12/30/2029 100.000% 278,431.20
12/30/2034 Serial Coupon 4.000% 2.100% 250,000.00 115.567% c 2.664% 12/30/2029 100.000% 288,917.50
12/30/2035 Serial Coupon 4.000% 2.150% 255,000.00 115.123% c 2.764% 12/30/2029 100.000% 293,563.65
12/30/2036 Serial Coupon 4.000% 2.200% 270,000.00 114.680% c 2.853% 12/30/2029 100.000% 309,636.00
12/30/2037 Serial Coupon 4.000% 2.250% 280,000.00 114.240% c 2.932% 12/30/2029 100.000% 319,872.00
12/30/2038 Serial Coupon 4.000% 2.300% 290,000.00 113.801% c 3.003% 12/30/2029 100.000% 330,022.90
12/30/2039 Serial Coupon 4.000% 2.350% 300,000.00 113.365% c 3.068% 12/30/2029 100.000% 340,095.00
12/30/2040 Serial Coupon 4.000% 2.400% 315,000.00 112.930% c 3.127% 12/30/2029 100.000% 355,729.50
Total ---$4,520,000.00 -----$5,088,810.90
Bid Information
Par Amount of Bonds $4,520,000.00
Reoffering Premium or (Discount)568,810.90
Gross Production $5,088,810.90
Total Underwriter's Discount (0.800%)$(36,160.00)
Bid (111.784%)5,052,650.90
Total Purchase Price $5,052,650.90
Bond Year Dollars $52,865.78
Average Life 11.696 Years
Average Coupon 3.7949955%
Net Interest Cost (NIC)2.7874422%
True Interest Cost (TIC)2.5659040%
2020 City Hall issue $5M | SINGLE PURPOSE | 9/29/2020 | 4:32 PM
Speer Financial, Inc.
Page 4
Speer Financial, Inc.
INDEPENDENT MUNICIPAL ADVISORS ESTABLISHED 1954
SUITE 2630 ● 230 WEST MONROE STREET ● CHICAGO, ILLINOIS 60606 ● (312) 346-3700 ● FAX (312) 346-8833
All Board Events or Actions are Highlighted in BLUE
All Publication Events Highlighted in GRAY
UNITED CITY OF YORKVILLE, ILLINOIS
General Obligation Bonds (Alternate Revenue Source), Series 2020
Preliminary Timetable
(October 1, 2020)
Task Party Responsible Date
Distribute Draft POS Speer Week of October 26
Adoption of Authorizing City October 27
Ordinance
Publish Authorizing City Week of October 27
Ordinance and Notice of
BINA Hearing
Begin 30-Day Backdoor Referendum Period
Comments received on draft All Parties Week of November 9
POS
Rating Call City and Speer Week of November 9
Bond Issue Notification Act City November 10
(BINA) Hearing
Receive Bond Rating City and Speer By November 20
Distribute Bond Katten Week of November 23
Ordinance
Finalize and Print POS Speer November 24
End 30-Day Backdoor Referendum Period
Bond Sale All Parities December 8
Bond Ordinance Adopted City December 8
Bond Closing All Parties December 30