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Joint Review Board Packet - Countryside TIF 2020 11-24-20NOTICE 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 Bristol Township 800 Game Farm Road 9075 Corneils Yorkville, Illinois 60560 Bristol, Illinois 60512 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 US Route 34/IL Route 47 Countryside Redevelopment Project Area will be convened on November 24, 2020 at 3:00 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 US Route 34/IL Route 47 Countryside Shopping Center Redevelopment Project Area. /s/ Lisa Pickering, City Clerk This page intentionally left blank. A G E N D A ANNUAL JOINT REVIEW BOARD UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS US RTE 34 & IL RTE 47 COUNTRYSIDE REDEVELOPMENT PROJECT AREA November 24, 2020 United City of Yorkville 3:00 p.m. 800 Game Farm Road Yorkville, Illinois 60560 1. Call the Meeting to Order 2. Roll Call: United City of Yorkville Bristol Township Kendall County 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 US Rte 34 & IL Rte 47 Countryside Redevelopment Project Area 7. Questions, Comments from the Board 8. Discussion, deliberation and recommendation 9. Public Comment 10. Adjournment This page intentionally left blank. Table of Contents Minutes of the Fiscal Year 2020 Joint Review Board .............................................................................. 1 US Route 34 & IL Route 47 (Countryside) TIF Report .......................................................................... 3 Certification of Chief Executive Officer ................................................................................................. 14 Legal Counsel Opinion ............................................................................................................................ 15 Activities Statement ................................................................................................................................ 16 Audited Financial Statements ................................................................................................................. 17 Auditor Compliance Letter ..................................................................................................................... 24 This page intentionally left blank. ANNUAL JOINT REVIEW BOARD UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS US RTE 34 & IL RTE 47 COUNTRYSIDE REDEVELOPMENT PROJECT AREA Tuesday, November 19, 2019 3:00pm City Hall Conference Room 800 Game Farm Rd., Yorkville, IL Call Meeting to Order The meeting was called to order at 3:00pm by City Attorney Kathleen Orr and she explained the order of the meeting. Roll Call Attorney Orr took roll call as follows: Kendall County, no representative United City of Yorkville, City Administrator Bart Olson Waubonsee Community College District #516, Sarah Orth Bristol-Kendall Fire Protection District, James Bateman Kendall Township, no representative Yorkville School District #115, Lisa Banovetz Others Present: City Attorney, Kathleen Orr City of Yorkville, Assistant City Administrator Erin Willrett City of Yorkville, Finance Director Rob Fredrickson City of Yorkville, Community Development Director Krysti Barksdale-Noble BKFD, Tom Lindblom Motion to Elect or Re-elect Public Member Tom Lindblom was selected as the Public Member. Motion to Elect or Re-elect Chairperson A motion was made by Mr. Lindblom and seconded by Ms. Orth to re-elect Mr. Olson as Chairperson. Following a unanimous voice vote, Mr. Olson assumed chairing the meeting. Minutes for Approval The minutes from last year's meeting on December 11, 2018 were approved on a unanimous voice vote following a motion by Mr. Bateman and second by Mr. Lindblom. 1 Review of Annual Report for the US Rt. 34 & Il Rt. 47 Countryside Redevelopment Project Area Mr. Fredrickson gave a brief overview of the Countryside TIF and presented the financial information. He said the Fund Balance has increased and there will be a developer incentive to be paid in FY 2020 related to the hotel being constructed. He said the audited statements were also included in the report. Questions, Comments from the Board None Discussion, Deliberation and Recommendation Mr. Olson said there is one vacant lot left in Countryside with active interest for development. He mentioned the various businesses that are now open or will open soon which will offset debt service payments. The hotel must open by the end of December to receive their TIF incentive. When the debt service is retired and TIF incentive paid, it is hoped the TIF can be closed out in 2028. Mr. Olson said a more definitive timeline should come next year. As required by law, a letter will be addressed to the County when the TIF closes, said Ms. Orr. She noted that in a previous early closure, the applicable taxes were not turned over to the City by the County as required. Public Comment Mr. Olson said there are no recommendations or action needed by the Board and reports have been filed with the State. No other comments from the Board. Adjournment Having no further business, Mr. Olson entertained a motion for adjournment. So moved by Mr. Bateman and seconded by Ms. Banovetz. The meeting was declared adjourned at 3:08pm. 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 2020 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 $100,000 been made into the special tax allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)] If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L). x A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11- 74.4-5 (d) (10)] If yes, please enclose the list only, not actual agreements (labeled Attachment M). x Please utilize the information below to properly label the Attachments. US Rte 34 & IL Rte 47 - Countryside X ______ * Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed. Commercial Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one): 4 FY 2020 Special Tax Allocation Fund Balance at Beginning of Reporting Period (422,459)$ 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 203,884$ 1,002,754$ 21% State Sales Tax Increment -$ -$ 0% Local Sales Tax Increment -$ -$ 0% State Utility Tax Increment -$ -$ 0% Local Utility Tax Increment -$ -$ 0% Interest -$ 378,778$ 8% Land/Building Sale Proceeds -$ -$ 0% Bond Proceeds -$ 3,506,099$ 72% Transfers from Municipal Sources -$ -$ 0% Private Sources -$ -$ 0% Other (identify source _____________; if multiple other sources, attach schedule) -$ -$ 0% All Amount Deposited in Special Tax Allocation Fund 203,884$ Cumulative Total Revenues/Cash Receipts 4,887,631$ 100% Total Expenditures/Cash Disbursements (Carried forward from Section 3.2) 923,209$ Transfers to Municipal Sources -$ Distribution of Surplus Total Expenditures/Disbursements 923,209$ Net/Income/Cash Receipts Over/(Under) Cash Disbursements (719,325)$ Previous Year Adjustment (Explain Below)-$ . FUND BALANCE, END OF REPORTING PERIOD*(1,141,784)$ * 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. US Rte 34 & IL Rte 47 - Countryside 5 FY 2020 TIF NAME: Amounts Reporting Fiscal Year Legal Services 1,170 Auditing Services - TIF Compliance 270 Administrative Costs 11,263 12,703$ 2. Annual administrative cost. -$ 3. Cost of marketing sites. -$ Developer Incentive 700,000 700,000$ -$ -$ 4. Property assembly cost and site preparation costs. 5. Costs of renovation, rehabilitation, reconstruction, relocation, repair or remodeling of existing public or private building, leasehold improvements, and fixtures within a redevelopment project area. 6. Costs of the constructuion of public works or improvements. 1. Cost of studies, surveys, development of plans, and specifications. Implementation and administration of the redevelopment plan, staff and professional service cost. SECTION 3.2 A- (65 ILCS 5/11-74.4-5 (d) (5) (c) and 65 ILCS 5/11-74.6-22 (d) (5)(c)) Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6-10 (o)] PAGE 1 ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND (by category of permissible redevelopment project costs ) US Rte 34 & IL Rte 47 - Countryside 6 -$ -$ Paying Agent Fees 661 Principal 104,517 Interest 105,328 210,506$ -$ -$ -$ 10. Capital costs. 7. Costs of eliminating or removing contaminants and other impediments. 8. Cost of job training and retraining projects. 9. Financing costs. PAGE 2 SECTION 3.2 A 11. Cost of reimbursing school districts for their increased costs caused by TIF assisted housing projects. 12. Cost of reimbursing library districts for their increased costs caused by TIF assisted housing projects. 7 -$ -$ -$ -$ -$ - -$ 923,209$ 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 2020 TIF NAME: Name Service Amount Kendall Hospitality Developer Incentive 700,000.00$ BNY Mellon Paying Agent 51,250.00$ Amalgamated Bank Paying Agent 159,256.00$ List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year. Section 3.2 B Optional: Information in the following sections is not required by law, but would be helpful in creating fiscal transparency. US Rte 34 & IL Rte 47 - Countryside 9 FY 2020 TIF NAME: FUND BALANCE BY SOURCE (1,141,784)$ Amount of Original Issuance Amount Designated 1. Description of Debt Obligations General Obligation Bonds Series 2005 3,525,000$ -$ General Obligation Bonds Series 2014 1,235,000$ 1,646,723$ General Obligation Bonds Series 2015A 1,475,000$ 1,625,914$ Total Amount Designated for Obligations 6,235,000$ 3,272,637$ 2. Description of Project Costs to be Paid Total Amount Designated for Project Costs -$ TOTAL AMOUNT DESIGNATED 3,272,637$ SURPLUS/(DEFICIT)(4,414,421)$ 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 US Rte 34 & IL Rte 47 - Countryside 10 FY 2020 TIF NAME:US Rte 34 & IL Rte 47 - Countryside x Check here if no property was acquired by the Municipality within the Redevelopment Project Area. Property Acquired by the Municipality Within the Redevelopment Project Area. Property (1): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (2): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (3): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (4): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (5): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (6): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (7): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (8): 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 2 TOTAL:11/1/99 to Date Estimated Investment for Subsequent Fiscal Year Total Estimated to Complete Project Private Investment Undertaken (See Instructions)14,296,978$ -$ 14,296,978$ Public Investment Undertaken 2,500,000$ -$ 2,500,000$ Ratio of Private/Public Investment 5 23/32 5 23/32 Project 1*: Kendall Crossing Private Investment Undertaken (See Instructions)6,296,978$ -$ 6,296,978$ Public Investment Undertaken 1,800,000$ -$ 1,800,000$ Ratio of Private/Public Investment 3 1/2 3 1/2 Project 2*: Kendall Hospitality - Holiday Inn Express Private Investment Undertaken (See Instructions)8,000,000$ -$ 8,000,000$ Public Investment Undertaken 700,000$ -$ 700,000$ Ratio of Private/Public Investment 11 3/7 11 3/7 Project 3*: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 4*: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 5*: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 6*: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Select ONE of the following by indicating an 'X': SECTION 5 - 20 ILCS 620/4.7 (7)(F) PAGE 1 FY 2020 US Rte 34 & IL Rte 47 - Countryside Page 1 is to be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed. 1. NO projects were undertaken by the Municipality Within the Redevelopment Project Area. 2. The Municipality DID undertake projects within the Redevelopment Project Area. (If selecting this option, complete 2a.) 2a. The 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 12 SECTION 6 FY 2020 TIF NAME: Year redevelopment project area was designated Base EAV Reporting Fiscal Year EAV 2/15/2005 1,528,166$ 2,871,229$ x SECTION 7 Provide information about job creation and retention: Number of Jobs Retained Number of Jobs Created Description and Type (Temporary or Permanent) of Jobs Total Salaries Paid -$ -$ -$ -$ -$ -$ -$ SECTION 8 Provide a general description of the redevelopment project area using only major boundaries: Enclosed previously provided previously provided Optional Documents Legal description of redevelopment project area Map of District -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Overlapping Taxing District Surplus Distributed from redevelopment project area to overlapping districts Check if the overlapping taxing districts did not receive a surplus. -$ Optional: Information in the following sections is not required by law, but would be helpful in evaluating the performance of TIF in Illinois. *even though optional MUST be included as part of the complete TIF report Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area List all overlapping tax districts in the redevelopment project area. If overlapping taxing district received a surplus, list the surplus. US Rte 34 & IL Rte 47 - Countryside 13 14 LAW OFFICE KATHLEEN FIELD ORR 2024 Hickory Road Suite 205 Homewood, Illinois 60430 312.382.2113 KATHLEEN FIELD ORR kfo@kfoassoc.com November 1, 2020 Susana A. Mendoza, State Comptroller Office of the State Comptroller Local Government Division 100 West Randolph Street, Suite 15-500 Chicago, Illinois 60601-3252 Re:US Rte 34 & IL Rte 47 — Countryside Tax Increment Finance Redevelopment Project Area for the Fiscal Year Ending April 30, 2020 Dear Sir: I, Kathleen Field Orr, am the City Attorney of the United City of Yorkville, Kendall County, Illinois. I reviewed all of the information provided to me by the City Administration and I find that the United City of Yorkville, Illinois, has conformed with all of the applicable provisions of the Illinois Tax Increment Allocation Redevelopment Act. This opinion relates only to the time periods set forth above and is based on all information available to me during said fiscal year. Very truly yours. KFO/kms ATTACHMENT C 15 Unit Code 047/035/30 Attachment D Activities Statement US Rte 34 & IL Rte 47 Countryside In November of 2013 a new 30,000 square foot multiplex movie theater, called NCG Cinemas, opened within the Countryside TIF district. Pursuant to the development agreement, the developer of the movie theater will receive TIF incentives totaling $2 million. Of this amount, $1.8 million was paid (from remaining 2005 bond proceeds) upon the opening of the new theater. The remaining $200,000 will be paid from amusement tax receipts out of the City’s General Fund, of which $160,744 has been paid as of April 30, 2020. In addition, the developer will also receive a 50% rebate of amusement tax receipts for a period of ten years. Fiscal year 2015 saw the opening of a new 10,450 square foot day care center, called Lighthouse Academy. In fiscal year 2019 a 3,000 square foot craft beer tap room business, called Flight Team, opened within a suite of in-line commercial strip located at the northwest corner of IL Route 47 (Bridge Street) and US Route 34 (Veterans Parkway). In fiscal year 2017 the City entered into an inducement resolution with Kendall Hospitality LLC, regarding a planned $8.8 million hotel and convention center development to be located within the TIF district, as part of the Kendall Crossing Development. Part of this agreement came to fruition in the current fiscal year with the opening of a new four-story Holiday Inn Express hotel, which opened in December of 2019. In addition, a new restaurant called Burnt Barrel Social opened in the Fall of 2019. In January of 2014 the City completed a partial refunding of the 2005 Countryside bonds, in order to mitigate the fund’s negative equity position and ease cash flow constraints in subsequent fiscal years. In fiscal year 2016 the City refunded the remaining principal on the 2005 Countryside Bonds, which should result in net present value interest savings of approximately $135,000. As of April 30, 2020, outstanding principal for the 2014 and 2015A (refunded the 2005 bonds) bonds was $1.235 million and $1.154 million, respectively. During the current fiscal year, the TIF district paid $209,845 in principal and interest on the outstanding debt. 16 UNITED CITY OF YORKVILLE, ILLINOIS COUNTRYSIDE TAX INCREMENTAL FINANCING DISTRICT FINANCIAL AND COMPLIANCE REPORT FOR THE FISCAL YEAR ENDED APRIL 30, 2020 17 INDEPENDENT AUDITORS’ REPORT 18 INDEPENDENT AUDITORS' REPORT October 8, 2020 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 Tax Incremental Financing District of the United City of Yorkville, Illinois as of and for the year ended April 30, 2020, which collectively comprise the Countryside Tax Incremental Financing District 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 Tax Incremental Financing District 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 Incremental Financing District of the United City of Yorkville, Illinois as of April 30, 2020, and the results of its operations for the year then ended in conformity with accounting principles generally accepted in the United States of America. We have also issued a report dated October 8, 2020 on our consideration of the Countryside Tax Incremental Financing District’s compliance with laws, regulations, contracts and grants. Lauterbach & Amen, LLP LAUTERBACH & AMEN, LLP 19 FINANCIAL STATEMENTS 20 UNITED CITY OF YORKVILLE, ILLINOIS COUNTRYSIDE TAX INCREMENTAL FINANCING DISTRICT Balance Sheet April 30, 2020 Cash and Investments $ - Liabilities Due to Other Funds 1,141,784 Unassigned (1,141,784) Total Liabilities and Fund Balance - LIABILITIES FUND BALANCE ASSETS Countryside TIF The notes to the financial statements are an integral part of this statement. 21 UNITED CITY OF YORKVILLE, ILLINOIS COUNTRYSIDE TAX INCREMENTAL FINANCING DISTRICT Statement of Revenues, Expenditures and Changes in Fund Balance For the Fiscal Year Ended April 30, 2020 Revenues Taxes Property Taxes $203,884 Expenditures General Government Administration Fees 11,263 Professional Services 1,440 TIF Incentive Payout 700,000 Debt Service Principal Retirement 104,517 Interest and Fiscal Charges 105,989 Total Expenditures 923,209 Net Change in Fund Balances (719,325) Fund Balances - Beginning (422,459) Fund Balances - Ending (1,141,784) Countryside TIF The notes to the financial statements are an integral part of this statement. 22 UNITED CITY OF YORKVILLE, ILLINOIS COUNTRYSIDE TAX INCREMENTAL FINANCING DISTRICT Notes to the Financial Statements April 30, 2020 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The operations of Countryside Tax Incremental Financing District is 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. 23 INDEPENDENT AUDITORS' REPORT ON COMPLIANCE BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS October 8, 2020 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 Tax Incremental Financing District of the United City of Yorkville, Illinois, as of and for the year ended April 30, 2020, and have issued our report thereon dated October 8, 2020. 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 24