Joint Review Board Packet - Downtown II 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 Kendall Township
800 Game Farm Road 9925 B State Route 47
Yorkville, Illinois 60560 Yorkville, Illinois 60560
Waubonsee Junior College #516 Yorkville School Community Unit #115
Route 47 at Waubonsee Drive 602-A Center Parkway
Sugar Grove, Illinois 60554 Yorkville, Illinois 60560
YOU ARE HEREBY NOTIFIED that a meeting of the annual Joint Review Board to review
the annual report for the Downtown II Tax Increment Financing Redevelopment Project Area will be
convened on November 24, 2020 at 3:10 p.m. at the United City of Yorkville City Hall, 800 Game Farm
Road, Yorkville, Illinois 60560.
PLEASE BE ADVISED that the Joint Review Board shall elect or re-elect a public member as
well as a chairperson. In accordance with the provisions of the Tax Increment Allocation Redevelopment
Act (the “Act”) (65 ILCS 5/11-74.1-1 et seq.), the Joint Review Board shall review the annual report for
the Downtown Redevelopment Project Area.
/s/ Lisa Pickering , City Clerk
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A G E N D A
ANNUAL JOINT REVIEW BOARD
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
DOWNTOWN II REDEVELOPMENT PROJECT AREA
November 24, 2020 United City of Yorkville 3:10 p.m.
800 Game Farm Road
Yorkville, Illinois 60560
1.Call the Meeting to Order
2.Roll Call:United City of Yorkville
Kendall County
Kendall Township
Yorkville School District #115
Waubonsee Community College District #516
Bristol-Kendall Fire Protection District
3.Motion to elect or re-elect a Public Member
4.Motion to elect or re-elect a Chairperson
5. Minutes for Approval
6.Review of Annual Report for the Downtown II Redevelopment Project Area
7. Questions, Comments from the Board
8. Discussion, deliberation and recommendation
9. Public Comment
10. Adjournment
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Table of Contents
Minutes of the Fiscal Year 2020 Joint Review Board .............................................................................. 1
Downtown TIF II Report ........................................................................................................................... 3
Certification of Chief Executive Officer ................................................................................................. 14
Legal Counsel Opinion ........................................................................................................................... 15
Activities Statement ................................................................................................................................ 16
Redevelopment Agreement ..................................................................................................................... 17
Audited Financial Statements ................................................................................................................. 47
Auditor Compliance Letter ..................................................................................................................... 54
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ANNUAL JOINT REVIEW BOARD
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
DOWNTOWN II REDEVELOPMENT PROJECT AREA #2
Tuesday, November 12, 2019 3:10pm
City Hall Conference Room
800 Game Farm Rd., Yorkville, IL
Call Meeting to Order
The meeting was called to order at 3:16pm by Chairman/City Administrator Bart Olson.
Roll Call
Mr. Olson called the roll and established a quorum as follows:
United City of Yorkville, Chairman/City Administrator Bart Olson-yes
Kendall County, no representative
Kendall Township, no representative
Yorkville Community School Dist. #115, Lisa Banovetz-yes
Waubonsee Junior College #516, Sara Orth-yes
Bristol-Kendall Fire Protection District, James Bateman-yes
Others Present:
City Attorney Kathleen Orr
City of Yorkville Assistant City Administrator Erin Willrett
City of Yorkville Community Development Director Krysti Barksdale-Noble
BKFD, Tom Lindblom
Motion to Elect or Re-Elect a Public Member
Tom Lindblom was elected Public Member in the previous meeting and will remain.
Motion to Elect or Re-Elect a Chairperson
Bart Olson was elected Chairperson in the previous meeting and will remain.
Minutes for Approval
Mr. Bateman questioned Ms. Burd being shown in the last meeting minutes as a Public
Member who needed to live in the area of the TIF. Mr. Olson said the minutes were from
the meeting prior to the ordinance creating the TIF district. Before the TIF is created,
there must be someone on the Board who lives in the district. Ms. Orr added that since
there were more than 75 units in the TIF, a housing report was needed, triggering the
need for a resident of the district. It is the exception to the rule, she said. She said at
the annual meeting, there are no votes, just reporting. Mr. Olson then entertained a
motion to approve the February 13, 2018 minutes. So moved by Ms. Orth and seconded
by Ms. Banovetz. Approved by unanimous voice vote.
1
Review of Annual Report for the Downtown II Redevelopment Project Area
Mr. Fredrickson reported the TIF was created in FY 2019 with a beginning Fund
Balance of zero. He also reported the expenditures. Ms. Orr added that the old jail is
located in TIF #2.
Questions, Comments from the Board
None
Discussion, Deliberation and Recommendation
Mr. Olson said the old jail has an incentive agreement and he gave some details of the
project. There are a couple inducement resolutions in place as well and he noted
Kendallwood Estates may be removed from the TIF. The proposed facade program is in
both TIF's. This TIF is 23 years and ends in 2042. Ms. Banovetz asked if it could close
early if profitable, to which Mr. Olson replied it is possible.
Public Comment
None
Adjournment
There was no further business and the meeting adjourned at 3:26pm on a motion by Ms.
Banovetz and second by Mr. Bateman. Unanimous voice vote approval.
Respectfully transcribed by
Marlys Young, Minute Taker
2
FY 2020
ANNUAL TAX INCREMENT FINANCE
REPORT
STATE OF ILLINOIS COMPTROLLER
SUSANA A. MENDOZA
Name of Municipality: United City of Yorkville Reporting Fiscal Year:
County: Kendall Fiscal Year End: ------------
Unit Code: 047/035/30
FY 2020 TIF Administrator Contact Information
First Name: Rob Last Name: Fredrickson
2020
4/30/2020
-------------------------------Address: 800 Game Farm Road Title: Finance Director
Telephone: 630-553-8534 City: Yorkville Zip:
E-mail---------
required rfredrickson@yorkville.il.us
I attest to the best of my knowledge, that this FY 2020 report of the redevelopment project area(s)
in the CityNillage of:United City of Yorkville, Illinois
60560
is complete and accurate pursuant to Tax Increment Allocation Redevelopment Act [65 ILCS 5/11-74.4-3 et. seq.] and
or Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.].
��� .. _;:;::=:
::o
'-· ,,,J--.,, --------=>..,..,,...·· f.•·�z=.t Written signature of TIF Administrator bate
Section 1 (65 ILCS 5/11-74.4-5 (d) (1.5) and 65 ILCS 5/11-74.6-22 (d) (1.5)*)
FILL OUT ONE FOR EACH TIF DISTICT
Name of Redevelopment Project Area Date Designated Date Terminated
MM/DD/YYYY MM/DD/YYYY
Project Area -Downtown Yorkville II 5/18/2018
*All statutory cItatIons refer to one of two sections of the Illinois Municipal Code: The Tax Increment Allocation
Redevelopment Act [65 ILCS 5/11-7 4.4-3 et. seq.] or the Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.]
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 $100,000 been made into the special tax
allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)]
If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or
noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L).
x
A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money
transferred or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-
74.4-5 (d) (10)]
If yes, please enclose the list only, not actual agreements (labeled Attachment M).
x
Please utilize the information below to properly label the Attachments.
Downtown Yorkville II
x
______
* Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
Commercial
Commercial &
Residential
Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one):
4
FY 2020
Special Tax Allocation Fund Balance at Beginning of Reporting Period (2,736)$
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 24,171$ 24,171$ 96%
State Sales Tax Increment -$ -$ 0%
Local Sales Tax Increment -$ -$ 0%
State Utility Tax Increment -$ -$ 0%
Local Utility Tax Increment -$ -$ 0%
Interest -$ -$ 0%
Land/Building Sale Proceeds 1,000$ 1,000$ 4%
Bond Proceeds -$ -$ 0%
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 25,171$
Cumulative Total Revenues/Cash Receipts 25,171$ 100%
Total Expenditures/Cash Disbursements (Carried forward from
Section 3.2)
96,234$
Transfers to Municipal Sources -$
Distribution of Surplus
Total Expenditures/Disbursements 96,234$
Net/Income/Cash Receipts Over/(Under) Cash Disbursements (71,063)$
Previous Year Adjustment (Explain Below)-$
.
FUND BALANCE, END OF REPORTING PERIOD*(73,799)$
* If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
Previous Year Explanation:
SECTION 3.1 - (65 ILCS 5/11-74.4-5 (d)(5)(a)(b)(d)) and (65 ILCS 5/11-74.6-22 (d) (5)(a)(b)(d))
Provide an analysis of the special tax allocation fund.
Downtown Yorkville II
5
FY 2020
TIF NAME:
Amounts Reporting Fiscal Year
Legal Services 13,481
Closing Costs - Old Jail 2,753
16,234$
2. Annual administrative cost.
-$
3. Cost of marketing sites.
-$
-$
Developer Incentive 80,000
80,000$
-$
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 )
Downtown Yorkville II
6
-$
-$
-$
-$
-$
-$
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
-$
-$
-$
-$
-$
-
-$
96,234$
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
KCJ Restoration Developer Incentive 80,000.00$
Kathleen Field Orr & Associates Legal Services 10,208.75$
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year.
Section 3.2 B
Optional: Information in the following sections is not required by law, but would be helpful in creating fiscal
transparency.
Downtown Yorkville II
9
FY 2020
TIF NAME:
FUND BALANCE BY SOURCE (73,799)$
Amount of Original
Issuance Amount Designated
1. Description of Debt Obligations
Total Amount Designated for Obligations -$ -$
2. Description of Project Costs to be Paid
KCJ Restoration Redevelopment 215,000$
Total Amount Designated for Project Costs 215,000$
TOTAL AMOUNT DESIGNATED 215,000$
SURPLUS/(DEFICIT)(288,799)$
SECTION 3.3 - (65 ILCS 5/11-74.4-5 (d) (5d) 65 ILCS 5/11-74.6-22 (d) (5d)
Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period by source
Downtown Yorkville II
10
FY 2020
TIF NAME:Downtown Yorkville II
x Check here if no property was acquired by the Municipality within
the Redevelopment Project Area.
Property Acquired by the Municipality Within the Redevelopment Project Area.
Property (1):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (2):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (3):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (4):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
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
1
TOTAL:11/1/99 to Date
Estimated Investment
for Subsequent Fiscal
Year
Total Estimated to
Complete Project
Private Investment Undertaken (See Instructions)80,000$ 720,000$ 800,000$
Public Investment Undertaken 80,000$ 215,000$ 295,000$
Ratio of Private/Public Investment 1 2 42/59
Project 1*: Old Jail Rehab
Private Investment Undertaken (See Instructions)80,000$ 720,000$ 800,000$
Public Investment Undertaken 80,000$ 215,000$ 295,000$
Ratio of Private/Public Investment 1 2 42/59
Project 2*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 3*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 4*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 5*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 6*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Select ONE of the following by indicating an 'X':
SECTION 5 - 20 ILCS 620/4.7 (7)(F)
PAGE 1
FY 2020
Downtown Yorkville II
Page 1 is to be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed.
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
5/18/2018 4,487,777$ 4,373,705$
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.
Downtown Yorkville II
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:Downtown Yorkville II Tax Increment Finance Redevelopment Project Area for
the Fiscal Year Ending April 30, 2020
Dear State Comptroller:
I, Kathleen Field Orr, am the Tax Increment Financing attorney for the United City of
Yorkville, Kendall County, Illinois, and have been such throughout the fiscal year covered by this
Report.
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 and is based on all information
available to me at the end of said fiscal year.
Very truly yours.
HLEEN FIELD ORR
KFO/kms
ATTACHMENT C
15
Unit Code 047/035/30
Attachment D
Activities Statement
Downtown Yorkville II
The second TIF in the downtown area was created on May 18, 2018, for the purposes of enhancing the
performance of the original downtown redevelopment area. The new Downtown TIF II is comprised of
underperforming parcels from the original Downtown TIF, in addition to some new parcels, which expanded
the overall size of the redevelopment area. By establishing a second TIF, these underperforming parcels now
have a greater period of time to generate increment. Furthermore, TIF’s that share a boundary may also
distribute funds between them.
The second Downtown TIF generated incremental property taxes for the first time in the current fiscal year,
in an amount just under $25,000. In addition, the City sold the historic jail located on Madison Street within
the TIF district and entered into an agreement with a developer to rehab the building for residential and
commercial use.
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
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46
UNITED CITY OF YORKVILLE, ILLINOIS
DOWNTOWN TAX INCREMENTAL
FINANCING DISTRICT II
FINANCIAL AND COMPLIANCE REPORT
FOR THE FISCAL YEAR ENDED
APRIL 30, 2020
47
INDEPENDENT AUDITORS’ REPORT
48
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
Downtown Tax Incremental Financing District II of the United City of Yorkville, Illinois as of and for the
year ended April 30, 2020, which collectively comprise the Downtown Tax Incremental Financing District
II 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
Downtown Tax Incremental Financing District II 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 Downtown Incremental Financing District II 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 Downtown Tax
Incremental Financing District II’s compliance with laws, regulations, contracts and grants.
Lauterbach & Amen, LLP
LAUTERBACH & AMEN, LLP
49
FINANCIAL STATEMENTS
50
UNITED CITY OF YORKVILLE, ILLINOIS
DOWNTOWN TAX INCREMENTAL FINANCING DISTRICT II
Balance Sheet
April 30, 2020
Cash and Investments $ -
Liabilities
Due to Other Funds 73,799
Unassigned (73,799)
Total Liabilities and Fund Balance -
LIABILITIES
FUND BALANCE
ASSETS
Downtown
TIF II
The notes to the financial statements are an integral part of this statement.
51
UNITED CITY OF YORKVILLE, ILLINOIS
DOWNTOWN TAX INCREMENTAL FINANCING DISTRICT II
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Fiscal Year Ended April 30, 2020
Revenues
Taxes
Property Taxes $24,171
Expenditures
General Government
Legal Services 13,462
Professional Services 2,772
TIF Incentive Payout 80,000
Total Expenditures 96,234
Excess (Deficiency) of Revenues
Over (Under) Expenditures (72,063)
Other Financing Sources
Sale of Capital Assets 1,000
Net Change in Fund Balances (71,063)
Fund Balances - Beginning (2,736)
Fund Balances - Ending (73,799)
Downtown
TIF II
The notes to the financial statements are an integral part of this statement.
52
UNITED CITY OF YORKVILLE, ILLINOIS
DOWNTOWN TAX INCREMENTAL FINANCING DISTRICT II
Notes to the Financial Statements
April 30, 2020
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The operations of Downtown Tax Incremental Financing District II 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.
53
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
Downtown Tax Incremental Financing District II 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 District IIs 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 II, 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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