2024 Annual JRB Packet - Downtown 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 Kendall Township
651 Prairie Pointe Drive 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 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 Downtown Tax Increment Financing Redevelopment Project Area will be
convened on November 26, 2024 at 3:35 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 Downtown Redevelopment Project Area.
/s/ Jori Behland, City Clerk
This page intentionally left blank.
A G E N D A
ANNUAL JOINT REVIEW BOARD
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
DOWNTOWN REDEVELOPMENT PROJECT AREA
November 26, 2024 United City of Yorkville 3:35 p.m.
651 Prairie Pointe Drive
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 Redevelopment Project Area
7. Questions, Comments from the Board
8. Discussion, deliberation and recommendation
9. Public Comment
10. Adjournment
This page intentionally left blank.
Table of Contents
Minutes of the Fiscal Year 2023 Joint Review Board .............................................................................. 1
Downtown TIF Report ............................................................................................................................... 3
Certification of Chief Executive Officer ................................................................................................. 18
Legal Counsel Opinion ........................................................................................................................... 19
Activities Statement ................................................................................................................................ 20
Audited Financial Statements ................................................................................................................. 21
Auditor Compliance Letter ..................................................................................................................... 29
This page intentionally left blank.
ANNUAL JOINT REVIEW BOARD
UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
DOWNTOWN REDEVELOPMENT PROJECT AREA
Tuesday, November 28, 2023 3:35pm
City Hall Conference Room
651 Prairie Pointe Drive, Yorkville, IL 60560
1. Call the Meeting to Order
The meeting was called to order at 3:41pm by Attorney Kathleen Field Orr.
2. Roll Call
(The roll was called by Ms. Orr in the first of 3 consecutive meetings).
United City of Yorkville, Finance Director Rob Fredrickson
Kendall County, Christina Burns
Kendall Township, Cathy Scalise, Steve Grebner-Township Clerk
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:
Yorkville City Attorney, Kathleen Field Orr
City of Yorkville, Assistant City Administrator Erin Willrett
City of Yorkville, Community Development Director Krysti Barksdale-Noble
Economic Development Consultant, City of Yorkville, Lynn Dubajic Kellogg
3. Motion to Elect or Re-elect a Public Member
In the Joint Board of Review meeting just prior to this, Ms. Orr stated there was
requirement to elect a public member as no vote would be taken on any matter other than
the approval of the minutes.
4. Motion to Elect or Re-elect a Chairperson
Mr. Fredrickson was elected Chairperson in the first of three consecutive Joint Board of
Review meetings.
5. Minutes for Approval
No action was taken on the previous meeting minutes of November 22, 2022. 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 Downtown Redevelopment Project Area
Mr. Fredrickson presented the report and said the TIF began in 2006 and ends in 2029.
In FY 2023, it began with a negative fund balance of $1.64 million and received
$100,000 in property tax, expenditures of $75,000 with a surplus for the year of about
$25,000 which would be applied to the negative fund balance. He said there is also a list
of itemized expenditures in the report. Developer Imperial Investments has a developer
incentive and received $10,000. There is also a list of various projects in this TIF and
other financial documents.
Attorney Orr explained why this TIF has a negative amount. She said there were major
infrastructure improvements by the City advancing the money and hoping the TIF would
be able to reimburse. The City entered into a development agreement since no money
can be recouped unless development actually occurs, however, development has not
occurred as hoped. This TIF ends in 2029 and the City will likely not be reimbursed.
Ms. Dubajic Kellogg reported on the projects occurring in this TIF. She said a new
restaurant/bar, The Vault, is opening next week. Also recently opened is a wine bar. The
Williams Group has also opened businesses.
7. Questions, Comments from the Board
Mr. Krebner/Kendall Township asked what will happen since no money has been
generated from this TIF. When the TIF ends, the Township will get the benefit of the
increased levy, replied Ms. Orr. He asked if the TIF might be extended. Ms. Orr said
this TIF may be extended due to opportunities for future development. Ms. Orr also
noted that new businesses bring increased sales tax to the City. Ms. Scalise asked if
there is a Timber Ridge TIF and Ms. Orr said that TIF was not formed. Ms. Noble later
clarified by explaining the Timber Ridge is in both TIF 1 and TIF 2 but would not receive
TIF assistance.
8. Discussion, Deliberation and Recommendations
None
9. Public Comment
None
10. Adjournment
There was no further business and the meeting ended at 3:52pm on a motion by Ms. Orth
and second by Mr. Wesley
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 $100,000 been made into the special tax allocation
fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)]
If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or
noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L).
X
A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred or
received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d) (10)]
If yes, please enclose the list only, not actual agreements (labeled Attachment M).X
For redevelopment projects beginning in or after FY 2022, did the developer identify to the municipality a stated rate of return for each
redevelopment project area? Stated rates of return required to be reported shall be independently verified by a third party chosen by
the municipality.
If yes, please enclose evidence of third party verification, may be in the form of a letter from the third party (labeled
Attachment N).
X
SECTION 2 [Sections 2 through 8 must be completed for each redevelopment project area listed in Section 1.]
Please utilize the information below to properly label the Attachments.
X
______
*Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
Combination/Mixed
Downtown Yorkville
4
FY 2024
Special Tax Allocation Fund Balance at Beginning of Reporting Period (1,614,928)$
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 121,457$ 1,247,301$ 100%
State Sales Tax Increment -$ -$ 0%
Local Sales Tax Increment -$ -$ 0%
State Utility Tax Increment -$ -$ 0%
Local Utility Tax Increment -$ -$ 0%
Interest -$ 612$ 0%
Land/Building Sale Proceeds -$ -$ 0%
Bond Proceeds -$ -$ 0%
Transfers from Municipal Sources -$ -$ 0%
Private Sources -$ -$ 0%
Other (identify source _____________; if multiple other sources, attach
schedule) -$ 5,612$ 0%
All Amount Deposited in Special Tax Allocation Fund 121,457$
Cumulative Total Revenues/Cash Receipts 1,253,525$ 100%
Total Expenditures/Cash Disbursements (Carried forward from
Section 3.2)
77,041$
Transfers to Municipal Sources
Distribution of Surplus
Total Expenditures/Disbursements 77,041$
Net/Income/Cash Receipts Over/(Under) Cash Disbursements 44,416$
Previous Year Adjustment (Explain Below)
.
FUND BALANCE, END OF REPORTING PERIOD*(1,570,512)$
* 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
Name of Redevelopment Project Area:
5
FY 2024
Name of Redevelopment Project Area:
Amounts Reporting Fiscal Year
Legal Services 2,876
Auditing Services - TIF Compliance 224
Administrative Costs 32,129
35,229$
2. Annual administrative cost.
-$
3. Cost of marketing sites.
-$
-$
Developer Incentive 41,812
41,812$
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
Downtown Yorkville
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
-$
-$
-$
-$
-$
-$
-$
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
-$
-$
-$
-$
-$
-$
77,041$
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
Imperial Investments Developer Incentive 37,544.02$
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the
current reporting year.
Section 3.2 B [Information in the following section is not required by law, but may be helpful in
creating fiscal transparency.]
Downtown Yorkville
Name of Redevelopment Project Area:
9
FY 2024
FUND BALANCE BY SOURCE (1,570,512)$
1. Description of Debt Obligations Amount of Original Issuance Amount Designated
Van Emmon Activity Center Loan 800,000$ -$
Total Amount Designated for Obligations 800,000$ -$
2. Description of Project Costs to be Paid Amount of Original Issuance Amount Designated
Imperial Investments Redevelopment Phase 1 1,253,585$
Williams Group Redevelopment 393,563$
Total Amount Designated for Project Costs 1,647,148$
TOTAL AMOUNT DESIGNATED 1,647,148$
SURPLUS/(DEFICIT)(3,217,660)$
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
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)]
Downtown Yorkville
Name of Redevelopment Project Area:
11
X
15
1
TOTAL:11/1/99 to Date
Estimated Investment for
Subsequent Fiscal Year
Total Estimated to
Complete Project
Private Investment Undertaken (See Instructions)8,048,134$ -$ 8,048,238$
Public Investment Undertaken 553,416$ 42,462$ 2,200,564$
Ratio of Private/Public Investment 14 19/35 3 23/35
Project 1*: 222 - 224 S Bridge (Imperial Investments)
Private Investment Undertaken (See Instructions)404,599$ -$ 404,599$
Public Investment Undertaken 17,647$ 2,358$ 98,728$
Ratio of Private/Public Investment 22 51/55 4 5/51
Project 2*: IL Route 47 Expansion
Private Investment Undertaken (See Instructions)-$ -$ -$
Public Investment Undertaken 94,121$ -$ 94,121$
Ratio of Private/Public Investment 0 0
Project 3*: Downtown Streetscape Improvement
Private Investment Undertaken (See Instructions)-$ -$ -$
Public Investment Undertaken 153,035$ -$ 153,035$
Ratio of Private/Public Investment 0 0
Project 4*: Downtown Parking Lot Improvements
Private Investment Undertaken (See Instructions)-$ -$ -$
Public Investment Undertaken 18,321$ -$ 18,321$
Ratio of Private/Public Investment 0 0
Project 5*: Improvements to Pump House
Private Investment Undertaken (See Instructions)-$ -$ -$
Public Investment Undertaken 9,750$ -$ 9,750$
Ratio of Private/Public Investment 0 0
Project 6*: 101 E Van Emmon (Imperial Investments)
Private Investment Undertaken (See Instructions)129,697$ -$ 129,697$
Public Investment Undertaken 5,796$ 775$ 32,424$
Ratio of Private/Public Investment 22 14/37 4
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
Downtown Yorkville
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
Project 7*: 210 Van Emmon Apartments (Imperial Investments)
Private Investment Undertaken (See Instructions)671,880$ -$ 671,880$
Public Investment Undertaken 30,024$ 4,013$ 167,970$
Ratio of Private/Public Investment 22 14/37 4
Project 8*: 217 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)315,643$ -$ 315,643$
Public Investment Undertaken 8,445$ 1,128$ 47,248$
Ratio of Private/Public Investment 37 3/8 6 49/72
Project 9*: 219 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)176,916$ -$ 176,916$
Public Investment Undertaken 2,319$ 310$ 12,973$
Ratio of Private/Public Investment 76 8/27 13 51/80
Project 10*: 101 E Van Emmon & 219 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)384,817$ -$ 384,817$
Public Investment Undertaken 16,508$ 2,206$ 92,354$
Ratio of Private/Public Investment 23 14/45 4 1/6
Project 11*: 211-215 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)1,075,512$ -$ 1,075,512$
Public Investment Undertaken 47,278$ 6,318$ 264,503$
Ratio of Private/Public Investment 22 3/4 4 1/15
Project 12*: 201-209 Bridge Street (Imperial Investments)
Private Investment Undertaken (See Instructions)1,595,404$ -$ 1,595,404$
Public Investment Undertaken 70,698$ 9,448$ 395,526$
Ratio of Private/Public Investment 22 17/30 4 3/89
Project 13*: 102 E Van Emmon (Imperial Investments)
Private Investment Undertaken (See Instructions)1,154,404$ -$ 1,154,508$
Public Investment Undertaken 51,194$ 6,841$ 286,411$
Ratio of Private/Public Investment 22 50/91 4 3/97
Project 14*: 202-210 Van Emmon & 306-308 Heustis Apartments & Townhomes (Imperial Investments)
Private Investment Undertaken (See Instructions)146,202$ -$ 146,202$
Public Investment Undertaken 6,533$ 873$ 36,550$
Ratio of Private/Public Investment 22 14/37 4
Project 15*: 220 S Bridge (Imperial Investments)
Private Investment Undertaken (See Instructions)386,474$ -$ 386,474$
Public Investment Undertaken 16,397$ 2,191$ 91,737$
Ratio of Private/Public Investment 23 33/58 4 10/47
PAGE 2 **ATTACH ONLY IF PROJECTS ARE LISTED**
13
Project 16*: 101 S Bridge (Williams Group)
Private Investment Undertaken (See Instructions)1,606,586$ -$ 1,606,586$
Public Investment Undertaken 5,349$ 6,000$ 398,912$
Ratio of Private/Public Investment 300 1/3 4 2/73
Project 17 Name:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 18 Name:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 19 Name:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 20 Name:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 21 Name:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 22 Name:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 23 Name:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 24 Name:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 25 Name:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
PAGE 3 **ATTACH ONLY IF PROJECTS ARE LISTED**
14
FY 2024
Number of Jobs Retained Number of Jobs Created
Job Description and Type
(Temporary or Permanent) Total Salaries Paid
-$
Temporary Permanent Temporary Permanent
6 76 6 76
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.
Downtown Yorkville
Name of Redevelopment Project Area:
The number of jobs, if any, projected to be created at the
time of approval of the redevelopment agreement.
101 S. Bridge Street
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
$4,850101 S. Bridge Street $136,000
15
FY 2024
Enclosed
previously provided
previously providedMap of District
Legal description of redevelopment project area
Optional Documents
Provide a general description of the redevelopment project area using only major boundaries.
Downtown Yorkville
Name of Redevelopment Project Area:
SECTION 7 [Information in the following section is not required by law, but may be helpful in evaluating
the performance of TIF in Illinois.]
The Downtown TIF District contains a mix or residential, commercial, industrial, institutional, and undeveloped land uses. The
northern boundary of the district stretches across the Fox River and the adjacent parcels front West and East Hydraulic
Avenue. This area includes Yorkville’s Riverfront Park and several eating establishments. The eastern area of the district
includes an undeveloped single-family residential subdivision which was established and platted in the early 2000’s but was
never completed. The central area of the district aligns north and south along Bridge Street (Route 47) and contains many of
the historic downtown structures which provide commercial services. Additionally, the properties along Heustis Street include a
saw mill, grain silos, and single-family homes.
16
FY 2024
Base EAV
3,726,055$
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.]
Downtown Yorkville
Name of Redevelopment Project Area:
Year of Designation
6/13/2006
Reporting Fiscal Year EAV
4212514
-$
-$
-$
-$
-$
-$
-$
-$
-$
17
18
Megan Lamb
Attorney
October 18, 2024
[+] GI 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 Downtown Yorkville Tax Increment Redevelopment
Project Area.
I have reviewed all the in formation 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.
19
Unit Code 047/035/30
Attachment D
Activities Statement
Downtown Yorkville
The Downtown Tax Increment Financing (TIF) District was established in 2006 to promote mixed-use
development within the City's downtown core. Over the past several fiscal years, the City has partnered
with Imperial Investments and the Williams Group on multiple agreements aimed at redeveloping key
downtown properties.
A major milestone in this effort was the completion of the downtown segment of the Illinois Route 47
expansion project in fiscal year 2015. This project, a collaboration between the City and the Illinois
Department of Transportation (IDOT), involved extensive roadway and infrastructure improvements,
including upgrades to water, sanitary sewer, and stormwater systems along Route 47, from just south of
Kennedy Road to the intersection with IL Route 71. The portion of the project allocated to the
Downtown TIF District amounts to approximately $100,000, which was repaid to the State over a ten-
year period, culminating in fiscal year 2023.
In fiscal year 2018, the City acquired the former Old Second Bank building located at 102 East Van
Emmon Street. The building was successfully repurposed into an activity center, now managed by the
Recreation Department, serving as a community hub.
Recognizing the need to further support redevelopment in the downtown area, the City established a
second TIF district in May 2018. This district was designed to enhance the effectiveness of the original
TIF by incorporating underperforming parcels and adding new ones, expanding the overall redevelopment
area. The additional TIF allows these underperforming parcels more time to generate incremental
revenue and provides flexibility in fund distribution between the two TIF districts, as districts sharing a
boundary can transfer funds. In fiscal year 2019, the City continued to invest in downtown infrastructure
with the installation of new street lighting, partially funded by the State of Illinois' Integrated
Transportation Enhancement Program (ITEP). Additional improvements included the installation of
wayfinding signage, sidewalk replacements in the east alley and along Main and Van Emmon Streets, and
the completion of the downtown overlay district.
In fiscal year 2022, Rally Homes acquired the former Kendallwood Estates residential development,
comprising 83 single-family lots on 50 acres located just south of Van Emmon Road and east of Route
47. Renamed Timber Ridge Estates, the development offers seven semi-custom home designs with three
distinct elevations for each plan. Homes will range from 2,000-square-foot ranch-style models to nearly
4,000-square-foot two-story residences. While only 54 lots are within the TIF, the developer began
construction on the first model home in 2022.
In December 2021, the City approved a TIF inducement resolution with the Williams Group, LLC. This
resolution encompassed eight parcels located at the northwest corner of IL Route 47 (Bridge Street) and
Hydraulic Avenue. The redevelopment project included the renovation of the second floor into two
modern residential apartments, while the ground floor has been reimagined into vibrant commercial
spaces. By 2022, one of the newly renovated commercial spaces became home to Iconic Coffee, a local
café offering an array of artisanal pastries and beverages. The momentum continued into 2023, with the
opening of two new businesses: The Foxes Den, a micro-meadery specializing in handcrafted honey
wines and a variety of taproom beers, and Fox Republic Brewing, a craft brewery that further bolstered
the area’s reputation as a destination for unique, locally crafted beverages. In 2024, revitalization efforts
were further highlighted by the addition of a "Welcome to Historic Downtown Yorkville" mural. This
eye-catching mural, located on the north-facing wall at 209 South Bridge Street, was partially funded
through TIF resources and serves as both a celebration of the City's heritage and a beacon welcoming
visitors to explore the thriving downtown area.
20
UNITED CITY OF YORKVILLE, ILLINOIS
DOWNTOWN 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
21
UNITED CITY OF YORKVILLE, ILLINOIS
DOWNTOWN 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
22
INDEPENDENT AUDITOR’S REPORT
23
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
Downtown 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 Downtown 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
Downtown 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 Downtown 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 Downtown Tax Incremental
Financing District’s compliance with laws, regulations, contracts and grants.
Lauterbach & Amen, LLP
LAUTERBACH & AMEN, LLP
24
FINANCIAL STATEMENTS
25
UNITED CITY OF YORKVILLE, ILLINOIS
DOWNTOWN TAX INCREMENTAL FINANCING DISTRICT
Balance Sheet
April 30, 2024
Cash and Investments $-
Liabilities
Accounts Payable 7,983
Due to Other Funds 1,562,529
Total Liabilites 1,570,512
Unassigned (1,570,512)
Total Liabilities and Fund Balance -
LIABILITIES
FUND BALANCE
ASSETS
Downtown
TIF
The notes to the financial statements are an integral part of this statement.
26
UNITED CITY OF YORKVILLE, ILLINOIS
DOWNTOWN 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 $121,457
Expenditures
General Government
Administration Fees 32,129
TIF Incentive Payout 41,812
Professional Services 3,100
Total Expenditures 77,041
Net Change in Fund Balances 44,416
Fund Balances - Beginning (1,614,928)
Fund Balances - Ending (1,570,512)
Downtown
TIF
The notes to the financial statements are an integral part of this statement.
27
UNITED CITY OF YORKVILLE, ILLINOIS
DOWNTOWN TAX INCREMENTAL FINANCING DISTRICT
Notes to the Financial Statements
April 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The operations of Downtown 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.
28
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
Downtown 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
29