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
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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
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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
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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
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