2024 Annual JRB Packet - Countryside TIF 2024 11-26-24NOTICE 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
651 Prairie Pointe Drive 9075 Corneils
Yorkville, Illinois 60560 Bristol, Illinois 60512
Waubonsee Community College #516 Yorkville School Community Unit #115
Route 47 at Waubonsee Drive 800 Game Farm Road
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 26, 2024 at 3:30 p.m. at the United City of Yorkville City Hall, 651 Prairie
Pointe Drive, 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/ 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
US RTE 34 & IL RTE 47 COUNTRYSIDE REDEVELOPMENT PROJECT AREA
November 26, 2024 United City of Yorkville 3:30 p.m.
651 Prairie Pointe Drive
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 2023 Joint Review Board .............................................................................. 1
US Route 34 & IL Route 47 (Countryside) TIF Report .......................................................................... 3
Certification of Chief Executive Officer ................................................................................................. 16
Legal Counsel Opinion ........................................................................................................................... 17
Activities Statement ................................................................................................................................ 18
Audited Financial Statements ................................................................................................................. 19
Auditor Compliance Letter ..................................................................................................................... 27
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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 28, 2023 3:30pm
City Hall Conference Room
651 Prairie Pointe Drive, Yorkville, IL 60560
1. Call Meeting to Order
The meeting was called to order at 3:30pm by Attorney Kathleen Field Orr and she
explained the procedure for this meeting.
2. Roll Call
Ms. Orr took roll call as follows:
United City of Yorkville, Finance Director Rob Fredrickson
Bristol Township, no representative present
Kendall County, Christina Burns
Yorkville School District #115, Director of Finance Mr. Kreg Wesley
Waubonsee Community College District #516, Sarah Orth
Bristol-Kendall Fire Protection District, no representative present
Others Present:
City Attorney Kathleen Field Orr
Assistant City Administrator, City of Yorkville, Erin Willrett
Community Development Director, City of Yorkville, Krysti Barksdale-Noble
Economic Development Consultant, City of Yorkville, Lynn Dubajic Kellogg
Kendall Township, Cathy Scalise
Kendall County Township Clerk, Steven Grebner
3. Motion to Elect or Re-elect Public Member
Ms. Orr stated that there is no requirement to appoint a public member as there would
not be any vote taken other than the approval of the minutes.
4. Motion to Elect or Re-elect Chairperson
Ms. Burns nominated Rob Fredrickson and Ms. Orth seconded, followed by a unanimous
voice vote.
5. Minutes for Approval
No action was taken on the November 22, 2022 minutes. One returning public
participant was absent last year and the remainder of the public participants were not on
the Board then.
1
6. Review of Annual Report for the US Rt. 34 & Il Rt. 47 Countryside
Redevelopment Project Area
Mr. Fredrickson provided a summary of the activities for this property. He said the TIF
began FY 2023 with a deficit fund balance of $1.18 million, property tax of $232,000
was received, expenses of $224,000 and a small surplus of $7,700 which would be
applied to the negative balance. He said the report includes an itemized breakdown of the
expenditures and he noted other documents pertaining to this TIF. The two projects
undertaken were Kendall Crossing and Holiday Inn Express.
Ms. Dubajic Kellogg described the activities and new businesses in the projects. Station
One Smokehouse should open December or January. The other business is Holiday Inn
Express. The owner changed his original plans from a banquet hall to a 4-story building
including a banquet hall, restaurant and hotel rooms.
7. Questions, Comments from the Board
Ms. Orth asked when this TIF would be done—it will be done in 2028 and cannot be
done sooner. Ms. Orr explained that when these bonds were issued, they were issued on
a proposed development concept, however, that method ended during the recession of
2006-2008 and the bonds must still be repaid and will be paid by the city.
8. Discussion, Deliberation and Recommendation
None
9. Public Comment
None
10. Adjournment
This meeting ended at 3:41pm on a motion by Mr. Wesley and second by Ms. Burns.
Unanimous voice vote approval.
Respectfully transcribed by
Marlys Young, Minute Taker
2
3
FY 2024
Name of Redevelopment Project Area:
Primary Use of Redevelopment Project Area*:
If "Combination/Mixed" List Component Types:
Under which section of the Illinois Municipal Code was the Redevelopment Project Area designated? (check one):
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 $100,000 been made into the special tax allocation
fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)]
If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or
noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L).
X
A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred or
received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d) (10)]
If yes, please enclose the list only, not actual agreements (labeled Attachment M).X
For redevelopment projects beginning in or after FY 2022, did the developer identify to the municipality a stated rate of return for each
redevelopment project area? Stated rates of return required to be reported shall be independently verified by a third party chosen by
the municipality.
If yes, please enclose evidence of third party verification, may be in the form of a letter from the third party (labeled
Attachment N).
X
SECTION 2 [Sections 2 through 8 must be completed for each redevelopment project area listed in Section 1.]
Please utilize the information below to properly label the Attachments.
X
______
*Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
Commercial
US Rte 34 & IL Rte 47 - Countryside
4
FY 2024
Special Tax Allocation Fund Balance at Beginning of Reporting Period (1,175,044)$
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 226,795$ 1,863,461$ 39%
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 -$ 2,506,099$ 53%
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 226,795$
Cumulative Total Revenues/Cash Receipts 4,748,338$ 100%
Total Expenditures/Cash Disbursements (Carried forward from
Section 3.2)
227,478$
Transfers to Municipal Sources
Distribution of Surplus
Total Expenditures/Disbursements 227,478$
Net/Income/Cash Receipts Over/(Under) Cash Disbursements (683)$
Previous Year Adjustment (Explain Below)
.
FUND BALANCE, END OF REPORTING PERIOD*(1,175,727)$
* 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
Name of Redevelopment Project Area:
5
FY 2024
Name of Redevelopment Project Area:
Amounts Reporting Fiscal Year
Legal Services 589
Auditing Services - TIF Compliance 224
Adminsitrative Costs 16,314
17,127$
2. Annual administrative cost.
-$
3. Cost of marketing sites.
-$
-$
-$
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
US Rte 34 & IL Rte 47 - Countryside
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.
6
-$
-$
-$
Paying Agent Fees 929
Prinicipal 121,716
Interest 87,706
210,351$
-$
-$
-$
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.
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
7
-$
-$
-$
-$
-$
-$
227,478$
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 2024
Name Service Amount
BNY Mellon Paying Agent 51,517.50$
Amalgamated Bank Paying Agent 158,832.73$
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the
current reporting year.
Section 3.2 B [Information in the following section is not required by law, but may be helpful in
creating fiscal transparency.]
US Rte 34 & IL Rte 47 - Countryside
Name of Redevelopment Project Area:
9
FY 2024
FUND BALANCE BY SOURCE (1,175,727)$
1. Description of Debt Obligations Amount of Original Issuance Amount Designated
General Obligation Bonds Series 2005 3,525,000$ -$
General Obligation Bonds Series 2014 1,235,000$ 1,443,863$
General Obligation Bonds Series 2015A 1,475,000$ 992,840$
Total Amount Designated for Obligations 6,235,000$ 2,436,703$
2. Description of Project Costs to be Paid Amount of Original Issuance Amount Designated
Total Amount Designated for Project Costs -$
TOTAL AMOUNT DESIGNATED 2,436,703$
SURPLUS/(DEFICIT)(3,612,430)$
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
Name of Redevelopment Project Area:
10
FY 2024
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)]
US Rte 34 & IL Rte 47 - Countryside
Name of Redevelopment Project Area:
11
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 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
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 and 2b.)
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:
2b. Did the municipality undertake any NEW projects in fiscal year 2022 or any fiscal year thereafter within
the Redevelopment Project Area?
Select ONE of the following by indicating an 'X':
SECTION 5 [20 ILCS 620/4.7 (7)(F)]
PAGE 1
FY 2024
US Rte 34 & IL Rte 47 - Countryside
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.
12
FY 2024
Number of Jobs Retained Number of Jobs Created
Job Description and Type
(Temporary or Permanent) Total Salaries Paid
-$
Temporary Permanent Temporary Permanent
Stated Rate of Return
The amount of increment projected to be created at the
time of approval of the redevelopment agreement.
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.
Project Name
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 [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))]
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.
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 6.1-For redevelopment projects beginning before FY 2022, complete the following information
about job creation and retention.
US Rte 34 & IL Rte 47 - Countryside
Name of Redevelopment Project Area:
The number of jobs, if any, projected to be created at the
time of approval of the redevelopment agreement.
Project Name
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:
Project Name
13
FY 2024
Enclosed
previously provided
previously providedMap of District
Legal description of redevelopment project area
Optional Documents
Provide a general description of the redevelopment project area using only major boundaries.
US Rte 34 & IL Rte 47 - Countryside
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 Countryside TIF was created in February of 2005, with the intent of constructing future retail development at Countryside
Center. This TIF is located at the northwest corner of US Route 34 and IL Route 47.
14
FY 2024
Base EAV
1,528,166$
X 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.
-$
-$
-$
-$
SECTION 8 [Information in the following section is not required by law, but may be helpful in evaluating the
performance of TIF in Illinois.]
US Rte 34 & IL Rte 47 - Countryside
Name of Redevelopment Project Area:
Year of Designation
2/15/2005
Reporting Fiscal Year EAV
3550881
-$
-$
-$
-$
-$
-$
-$
-$
-$
15
16
Megan Lamb
Attorney
October 18, 2024
[+] Ill Ii] Ottosen DiNolfo[I Hasenbalg &Castaldo, Ltd.
1804 North Naper Boulevard, Suite 350, Naperville, IL 60563
Phone 630.682.0085 • Fax 630.682.0788 • www.ottosenlaw.com
Susana A Mendoza, State Comptroller
State of Illinois Building
100 West Randolph Street
Suite 15-500
Chicago, Illinois 60601
Dear Ms. Mendoza,
Direct 331.212.8709
mlamb@ottosenlaw.com
I have acted as City Attorney for the United City of Yorkville, Kendall County, Illinois, in
connection with the administration of the US Route 34 & IL Route 47 -Countryside Tax
Increment Redevelopment Project Area.
I have reviewed all the information provided to me by the City's Finance Director, and to the
best of my knowledge and belief find that the City has conformed with all the applicable
provisions of the Tax Increment Allocation Redevelopment Act, 60 ILCS 5/11-74.4-1, et seq., for
the fiscal year ending April 30, 2024.
Sincerely,
OTTOSEN, DINOLFO, HASENBALG & CASTALDO, LTD.
17
Unit Code 047/035/30
Attachment D
Activities Statement
US Rte 34 & IL Rte 47 Countryside
In November 2013, NCG Cinemas, a 30,000-square-foot multiplex theater, opened in the Countryside TIF
district. Pursuant to the development agreement, the theater's developer received $2 million in TIF
incentives. Of this, $1.8 million was paid upon the theater's opening, funded by remaining 2005 bond
proceeds, while the final $200,000 came from amusement tax receipts out of the City’s General Fund,
culminating in Fiscal Year 2024. Additionally, the developer benefited from a 50% rebate on amusement tax
receipts for ten years, which concluded in October 2023.
Fiscal year 2015 saw the opening of Lighthouse Academy, a 10,450-square-foot daycare facility.
In fiscal year 2017, a significant milestone was achieved when the City entered into an inducement agreement
with Kendall Hospitality LLC for an $8.8 million hotel and convention center project within the TIF district,
as part of the broader Kendall Crossing Development. This initiative came to fruition in December 2019 with
the grand opening of a four-story Holiday Inn Express. Additionally, the Burnt Barrel Social restaurant
debuted in Fall 2019. In addition, development within the TIF District continued with the launch of Flight
Team, a 3,000-square-foot craft beer taproom, strategically located at the northwest corner of Illinois Route
47 (Bridge Street) and US Route 34 (Veterans Parkway).
In 2022, Burnt Barrel Social, a unique family-friendly lounge offering local fare and craft spirits, applied for a
building permit to add a 605-square-foot extension to its existing space at 508 Center Parkway. Furthermore,
the final vacant lot within the Kendall Crossing/Countryside TIF was sold, and Station One Smokehouse, a
Texas-style BBQ restaurant, opened its second location at 524 E. Kendall Drive in January 2024. Their first
restaurant is located in Plainfield, Illinois.
To address financial challenges, the City completed a partial refunding of the 2005 Countryside bonds in
January 2014, improving the TIF fund’s cash flow and mitigating its negative equity position. In fiscal year
2016, the remaining principal on the 2005 bonds was refunded, leading to an estimated $135,000 in net
present value interest savings. As of April 30, 2024, outstanding principal on the 2014 and 2015A refunding
bonds was $1.235 million and $802,927, respectively. During the current fiscal year, the TIF district serviced
$209,422 in principal and interest on this debt.
18
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE TAX INCREMENTAL
FINANCING DISTRICT
FINANCIAL AND COMPLIANCE REPORT
FOR THE FISCAL YEAR ENDED
APRIL 30, 2024
651 Prairie Pointe Drive
Yorkville, IL 60560
Phone: 630.553.4350
www.yorkville.il.us
19
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE TAX INCREMENTAL FINANCING DISTRICT
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITOR’S REPORT 1
FINANCIAL STATEMENTS
Balance Sheet 3
Statement of Revenues, Expenditures and Changes in Fund Balance 4
Notes to the Financial Statements 5
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GENERALLY ACCEPTED AUDITING STANDARDS 6
20
INDEPENDENT AUDITOR’S REPORT
21
INDEPENDENT AUDITOR’S REPORT
October 9, 2024
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 (the City), Illinois as of and
for the year ended April 30, 2024, 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, 2024, 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 9, 2024 on our consideration of the Countryside Tax Incremental
Financing District’s compliance with laws, regulations, contracts and grants.
Lauterbach & Amen, LLP
LAUTERBACH & AMEN, LLP
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FINANCIAL STATEMENTS
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UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE TAX INCREMENTAL FINANCING DISTRICT
Balance Sheet
April 30, 2024
Cash and Investments $-
Liabilities
Due to Other Funds 1,175,727
Unassigned (1,175,727)
Total Liabilities and Fund Balance -
LIABILITIES
FUND BALANCE
ASSETS
Countryside
TIF
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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, 2024
Revenues
Taxes
Property Taxes $226,795
Expenditures
General Government
Administration Fees 16,314
Professional Services 813
Debt Service
Principal Retirement 121,716
Interest and Fiscal Charges 88,635
Total Expenditures 227,478
Net Change in Fund Balances (683)
Fund Balances - Beginning (1,175,044)
Fund Balances - Ending (1,175,727)
Countryside
TIF
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UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE TAX INCREMENTAL FINANCING DISTRICT
Notes to the Financial Statements
April 30, 2024
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.
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INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GENERALLY
ACCEPTED AUDITING STANDARDS
October 9, 2024
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 (the City), Illinois, as of and
for the year ended April 30, 2024, and have issued our report thereon dated October 9, 2024. 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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