Joint Review Board Packet - Downtown TIF II 2022 11-22-22NOTICE 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 Community 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 22, 2022 at 3:40 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/ Jori Behland, 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 22, 2022 United City of Yorkville 3:40 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 2021 Joint Review Board .............................................................................. 1
Downtown TIF II Report ........................................................................................................................... 3
Certification of Chief Executive Officer ................................................................................................. 16
Legal Counsel Opinion ........................................................................................................................... 17
Activities Statement ................................................................................................................................ 18
Audited Financial Statements ................................................................................................................. 19
Auditor Compliance Letter ..................................................................................................................... 26
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ANNUAL JOINT REVIEW BOARD
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
DOWNTOWN II REDEVELOPMENT PROJECT AREA
Tuesday, November 23, 2021 3:10pm
City Hall Council Chambers
800 Game Farm Rd., Yorkville, IL 60560
1. Call the Meeting to Order
The meeting was called to order at 3:10pm by Finance Director Rob Fredrickson.
2. Roll Call
Mr. Fredrickson called the roll as follows:
City of Yorkville, Assistant City Administrator Erin Willrett
Kendall County, no representative
Kendall Township, no representative
Yorkville School District #115, Kreg Wesley
Waubonsee Community College, Sarah Orth
Bristol Kendall Fire Protection District, James Bateman, Tom Lindblom
Others Present:
City of Yorkville, Finance Director Rob Fredrickson
City of Yorkville, Community Development Director Krysti Barksdale-Noble
3. Motion to Elect or Re-elect a Public Member
Ms. Willrett nominated Krysti Barksdale-Noble as Public Member and Mr. Wesley
seconded.
4. Motion to Elect or Re-elect a Chairperson
Moved by Mr. Bateman and seconded by Ms. Orth, to elect Erin Willrett as Chairperson.
5. Minutes for Approval
Ms. Willrett entertained a motion to approve the previous meeting minutes of November
24, 2020. Motion by Mr. Bateman, second by Ms. Orth and approved on a unanimous
voice vote.
6. Review of Annual Report for the Downtown II Redevelopment Project Area
Mr. Fredrickson summarized the report along with expenses and income. The TIF is
about 3 years old and he mentioned the old jail as being part of this TIF.
7. Questions, Comments from the Board
Chairperson Willrett commented that the old jail has been converted into spectacular
apartments.
1
8. Discussion, Deliberation and Recommendations
None
9. Public Comment
None
10. Adjournment
There was no further business and Ms. Willrett made a motion to adjourn, seconded by
Mr. Wesley. Unanimous voice vote approval and meeting adjourned at 3:13pm.
Respectfully transcribed by
Marlys Young, Minute Taker
2
3
FY 2022
Name of Redevelopment Project Area:
Primary Use of Redevelopment Project Area*:
If "Combination/Mixed" List Component Types:
Tax Increment Allocation Redevelopment Act
Industrial Jobs Recovery Law
No Yes
For redevelopment projects beginning prior to FY 2022, 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).
For redevelopment projects beginning in or after FY 2022, were there any amendments, enactments or extensions 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, enactment or extension, and a copy of the redevelopment plan (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 (labeled Attachment J).
x
An analysis prepared by a financial advisor or underwriter, chosen by the municipality, setting forth the nature and term of obligation;
projected debt service including required reserves and debt coverage; and actual debt service. [65 ILCS 5/11-74.4-5 (d) (8) (B) and
5/11-74.6-22 (d) (8) (B)]
If attachment I is yes, the Analysis and an accompanying letter from the municipality outlining the contractual relationship
between the municipality and the financial advisor/underwriter MUST be attached (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 $100,000 been made into the special tax allocation
fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)]
If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or
noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L).
x
A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred or
received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d) (10)]
If yes, please enclose the list only, not actual agreements (labeled Attachment M).x
For redevelopment projects beginning in or after FY 2022, did the developer identify to the municipality a stated rate of return for each
redevelopment project area? Stated rates of return required to be reported shall be independently verified by a third party chosen by
the municipality.
If yes, please enclose evidence of third party verification, may be in the form of a letter from the third party (labeled
Attachment N).
x
SECTION 2 [Sections 2 through 8 must be completed for each redevelopment project area listed in Section 1.]
Please utilize the information below to properly label the Attachments.
Downtown Yorkville II
x
______
*Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
Commercial
Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one):
4
FY 2022
Special Tax Allocation Fund Balance at Beginning of Reporting Period (47,869)$
SOURCE of Revenue/Cash Receipts:
Revenue/Cash
Receipts for
Current Reporting
Year
Cumulative
Totals of
Revenue/Cash
Receipts for life
of TIF % of Total
Property Tax Increment 78,764$ 150,277$ 100%
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 -$ -$ 0%
Bond Proceeds -$ -$ 0%
Transfers from Municipal Sources -$ -$ 0%
Private Sources -$ -$ 0%
Miscellaneous Income -$ 761$ 1%
All Amount Deposited in Special Tax Allocation Fund 78,764$
Cumulative Total Revenues/Cash Receipts 151,038$ 100%
Total Expenditures/Cash Disbursements (Carried forward from
Section 3.2)
37,520$
Transfers to Municipal Sources -$
Distribution of Surplus
Total Expenditures/Disbursements 37,520$
Net/Income/Cash Receipts Over/(Under) Cash Disbursements 41,244$
Previous Year Adjustment (Explain Below)-$
.
FUND BALANCE, END OF REPORTING PERIOD*(6,625)$
* 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
Name of Redevelopment Project Area:
5
FY 2022
Name of Redevelopment Project Area:
Downtown Yorkville II
Amounts Reporting Fiscal Year
Legal Services 528
Auditing Services - TIF Compliance Report 187
715$
2. Annual administrative cost.
-$
3. Cost of marketing sites.
-$
-$
Developer Incentive 36,805
36,805$
-$
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
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
-$
-$
-$
-$
-$
-$
37,520$
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 2022
Name Service Amount
KCJ Restoration Developer Incentive 36,804.60$
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the
current reporting year.
Section 3.2 B [Information in the following section is not required by law, but may be helpful in
creating fiscal transparency.]
Downtown Yorkville II
Name of Redevelopment Project Area:
9
FY 2022
FUND BALANCE BY SOURCE (6,625)$
1. Description of Debt Obligations Amount of Original Issuance Amount Designated
Total Amount Designated for Obligations -$ -$
2. Description of Project Costs to be Paid Amount of Original Issuance Amount Designated
KCJ Restoration Redevelopment 215,000$
Total Amount Designated for Project Costs 215,000$
TOTAL AMOUNT DESIGNATED 215,000$
SURPLUS/(DEFICIT)(221,625)$
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
Name of Redevelopment Project Area:
10
FY 2022
x Indicate an 'X' if no property was 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:
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)]
Downtown Yorkville II
Name of Redevelopment Project Area:
11
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 137,784$ 215,000$ 352,784$
Ratio of Private/Public Investment 18/31 2 19/71
Project 1*: Old Jail Rehab
Private Investment Undertaken (See Instructions)80,000$ 720,000$ 800,000$
Public Investment Undertaken 137,784$ 215,000$ 352,784$
Ratio of Private/Public Investment 18/31 2 19/71
Project 2 Name:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 3 Name:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 4 Name:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 5 Name:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 6 Name:
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 2022
Downtown Yorkville II
Name of Redevelopment Project Area:
Page 1 MUST 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:
12
FY 2022
Number of Jobs Retained Number of Jobs Created
Job Description and Type
(Temporary or Permanent) Total Salaries Paid
-$
-$
-$
-$
-$
-$
-$
The amount of increment created as a result of the development to
date, for the reporting period, using the same assumptions as was
used for the projections used at the time of the approval of the
redevelopment agreement
SECTION 6.4-For redevelopment projects beginning in or after FY 2022, provide the stated rate
of return identified by the developer to the municipality and verified by an independent third
party, if any:
The number of jobs, if any, projected to be created at the time of
approval of the redevelopment agreement
The number of jobs, if any, created as a result of the development to
date, for the reporting period, under the same guidelines and
assumptions as was used for the projections used at the time of
approval of the redevelopment agreement
The amount of increment projected to be created at the time of
approval of the redevelopment agreement
Name of Redevelopment Project Area:
SECTION 6 [Information requested in SECTION 6.1 is not required by law, but may be helpful in evaluating the performance
of TIF in Illinois.
SECTIONS 6.2, 6.3, and 6.4 are required by law, if applicable. (65 ILCS 5/11-74.4-5(d))]
SECTION 6.1-For redevelopment projects beginning before FY 2022, complete the following information about job creation
and retention.
SECTION 6.2-For redevelopment projects beginning in or after FY 2022, complete the following information about projected
job creation and actual job creation.
SECTION 6.3-For redevelopment projects beginning in or after FY 2022, complete the following information about increment
projected to be created and actual increment created.
Downtown Yorkville II
13
FY 2022
Provide a general description of the redevelopment project area using only major boundaries.
Downtown Yorkville II
Name of Redevelopment Project Area:
SECTION 7 [Information in the following section is not required by law, but may be helpful in evaluating
the performance of TIF in Illinois.]
The Downtown TIF II Fund accounts for the development activities of the downtown area located primarily south of Hydraulic
Avenue and just north of Washington Street, between White Oak Estate to the west and Benjamin Street to the east.
Enclosed
previously provided
previously providedMap of District
Legal description of redevelopment project area
Optional Documents
14
FY 2022
Base EAV
4,487,777$
x
-$
-$
-$
-$
-$
-$
-$
-$
-$
SECTION 8 [Information in the following section is not required by law, but may be helpful in evaluating the
performance of TIF in Illinois.]
Downtown Yorkville II
Name of Redevelopment Project Area:
Year of Designation
5/18/2018
Reporting Fiscal Year EAV
5,225,968$
-$
-$
-$
-$
Indicate an 'X' if the overlapping taxing districts did not receive a surplus.
Overlapping Taxing District
Surplus Distributed from redevelopment
project area to overlapping districts
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.
15
16
KATHLEEN FIELD ORR
kfo@kfoassoc.com
LAW OFFICE
KATHLEEN FIELD ORR
2024 Hickory Road
Suite 205
Homewood, Illinois 60430
312.382.2113
October 20, 2022
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 Tax Increment Finance Redevelopment Project Area II for the Fiscal Year Ending April 30, 2022
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.
KFO/kms
Very truly yours, / ,.
17
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.
In fiscal year 2020 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. In fiscal year
2022 cumulative incremental property taxes exceeded $100,000 – going from $71,513 to $150,277, due to
the current year’s allotment of $78,764. Moreover, the former Kendallwood Estates residential development,
consisting of 83 single-family lots on 50-acres of land just south of Van Emmon Road and east of Route 47,
was purchased by Rally Homes in winter 2021 and renamed the Timber Ridge Estates development. The
development will offer seven (7) different semi-custom home plans and three (3) distinct elevations per plan.
The homes will range in size from 2,000 square foot ranches to nearly 4,000 square foot two-story homes.
While there are only 29 lots of the Timber Ridge Estates within TIF II, the developer has started construction
of the first model home unit.
18
UNITED CITY OF YORKVILLE, ILLINOIS
DOWNTOWN TAX INCREMENTAL
FINANCING DISTRICT II
FINANCIAL AND COMPLIANCE REPORT
FOR THE FISCAL YEAR ENDED
APRIL 30, 2022
19
INDEPENDENT AUDITORS’ REPORT
20
INDEPENDENT AUDITORS' REPORT
October 20, 2022
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, 2022, 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, 2022, 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 20, 2022 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
21
FINANCIAL STATEMENTS
22
UNITED CITY OF YORKVILLE, ILLINOIS
DOWNTOWN TAX INCREMENTAL FINANCING DISTRICT II
Balance Sheet
April 30, 2022
Cash and Investments $-
Liabilities
Due to Other Funds 6,625
Unassigned (6,625)
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.
23
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, 2022
Revenues
Taxes
Property Taxes $78,764
Expenditures
General Government
Professional Services 715
TIF Incentive Payout 36,805
Total Expenditures 37,520
Net Change in Fund Balances 41,244
Fund Balances - Beginning (47,869)
Fund Balances - Ending (6,625)
Downtown
TIF II
The notes to the financial statements are an integral part of this statement.
24
UNITED CITY OF YORKVILLE, ILLINOIS
DOWNTOWN TAX INCREMENTAL FINANCING DISTRICT II
Notes to the Financial Statements
April 30, 2022
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.
25
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GENERALLY
ACCEPTED AUDITING STANDARDS
October 20, 2022
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, 2022, and have issued our report thereon dated October 20, 2022. 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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