Joint Review Board Packet - Countryside TIF 11-25-25NOTICE 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 25, 2025 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 Contrino, 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 25, 2025 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 2024 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 ..................................................................................................................... 26
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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 26, 2024 3:30pm
City Hall Conference Room
651 Prairie Pointe Drive, Yorkville, IL 60560
1. Call the Meeting to Order
The meeting was called to order at 3:30pm 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, City Administrator Bart Olson
Bristol Township, no representative present
Kendall County, No representative
Yorkville School District #115, Assistant Superintendent Mr. Kreg Wesley
Waubonsee Community College District #516, Sarah Zimmer
Bristol-Kendall Fire Protection District, Jeremy Messersmith
Others Present:
City Attorney Kathleen Field Orr
Assistant City Administrator, Erin Willrett
Community Development Director, Krysti Barksdale-Noble
Economic Development Director, Lynn Dubajic Kellogg
Steve Gengler, Cathy Scalise, Steve Grebner, all from Kendall Township
(item #4 done prior to item #3)
4. Motion to Elect or Re-elect a Chairperson
Attorney Orr asked reps from Waubonsee College and BKFD to nominate a Chairman.
Moved by Ms. Zimmer and seconded by Mr. Messersmith to nominate Bart Olson as
Chairperson. Unanimous voice vote approval.
3. Motion to Elect or Re-elect a Public Member
Ms. Orr said a public member would not be needed since no vote would be taken.
5. Minutes for Approval, November 28, 2023
Moved by Mr. Wesley, seconded by Mr. Messersmith to approve the minutes as
presented. Unanimous voice vote
1
6. Review of Annual Report for the US Rte. 34 & Il Rte. 47 Countryside
Redevelopment Project Area
Mr. Fredrickson provided a summary of this TIF as of April 30, 2024. The Fund Balance
was a negative $1.175 million. Fiscal year 2024 revenues from property taxes were
~$226,000, expenses were ~$227,000 and there was a small deficit of negative $683. He
also noted the list of expenditures, debt obligations and the activity statement in the
report. Two of the major projects were the Kendall Crossing movie theater and the
Holiday Inn Express development. No further discussion or questions.
7. Questions, Comments from the Board
Mr. Olson said there is one lot remaining to be developed in Countryside. Ms. Dubajic
Kellogg said Station One opened in February 2024 and the last lot will be the Hyatt
Studios with a banquet facility and public restaurant with an anticipated opening date of
December 2025. Rebates to the owner are possible depending on a number of factors.
Ms. Orr said some of the taxes will help pay down the TIF, then the remainder will go to
the City.
8. Discussion, Deliberation and Recommendation
None
9. Public Comment
None
10. Adjournment
This meeting ended at 3:39pm.
Respectfully transcribed by
Marlys Young, Minute Taker
2
3
FY 2025
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 $100,000 been made into the special tax
allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)]
If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or
noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (Labeled Attachment L).
X
A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred
or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d) (10)]
If yes, please enclose the list only, not actual agreements (Labeled Attachment M).X
For redevelopment projects beginning in or after FY 2022, did the developer identify to the municipality a stated rate of return for
each redevelopment project area? Stated rates of return required to be reported shall be independently verified by a third party
chosen by the municipality.
If yes, please enclose evidence of third party verification, may be in the form of a letter from the third party (Labeled
Attachment N).
X
Letter from the Mayor/Village President designating the municipality's TIF Administrator.
Must include the phone number and email address of the designated party (Labeled Attachment O.)X
SECTION 2 [Sections 2 through 8 must be completed for each redevelopment project area listed in Section 1.]
Please utilize the information below to properly label the Attachments.
X
______
*Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
Commercial
US Rte 34 & IL Rte 47 - Countryside
Name of Redevelopment Project Area:
4
FY 2025
Special Tax Allocation Fund Balance at Beginning of Reporting Period (1,175,727)$
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 228,278$ 2,091,739$ 35%
State Sales Tax Increment 0%
Local Sales Tax Increment 0%
State Utility Tax Increment 0%
Local Utility Tax Increment 0%
Interest 378,778$ 6%
Land/Building Sale Proceeds 0%
Bond Proceeds 3,506,099$ 59%
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 228,278$
Cumulative Total Revenues/Cash Receipts 5,976,616$ 100%
Total Expenditures/Cash Disbursements (Carried forward from
Section 3.2)
225,466$
Transfers to Municipal Sources
Distribution of Surplus
Total Expenditures/Disbursements 225,466$
Net/Income/Cash Receipts Over/(Under) Cash Disbursements 2,812$
Previous Year Adjustment (Explain Below)
.
FUND BALANCE, END OF REPORTING PERIOD*(1,172,915)$
* 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 2025
Name of Redevelopment Project Area:
Amounts Reporting Fiscal Year
Legal Services $ 529
Auditing Services - TIF Compliance $ 229
Adminsitrative Costs $ 15,259
16,017$
-$
-$
-$
-$
-$
2. Annual administrative cost.
3. Cost of marketing sites.
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
US Rte 34 & IL Rte 47 - Countryside
6
-$
-$
Paying Agent Fees $ 928
Prinicipal $ 125,685
Interest $ 82,836
209,450$
-$
-$
-$
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.
10. Capital costs.
7
-$
-$
-$
-$
-$
-$
225,466$
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 2025
Name Service Amount
BNY Mellon Paying Agent 51,518$
Amalgamated Bank Paying Agent 157,933$
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the
current reporting year.
Section 3.2 B [Information in the following section is not required by law, but may be helpful in
creating fiscal transparency.]
US Rte 34 & IL Rte 47 - Countryside
Name of Redevelopment Project Area:
9
FY 2025
FUND BALANCE BY SOURCE (1,172,915)$
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$ 1,393,148$
General Obligation Bonds Series 2015A 1,475,000$ 834,997$
Total Amount Designated for Obligations 6,235,000$ 2,228,145$
2. Description of Project Costs to be Paid Amount of Original Issuance Amount Designated
Total Amount Designated for Project Costs -$
TOTAL AMOUNT DESIGNATED 2,228,145$
SURPLUS/(DEFICIT)(3,401,060)$
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 2025
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
Select ONE of the following by indicating an 'X':
SECTION 5 [20 ILCS 620/4.7 (7)(F)]
PAGE 1
FY 2025
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.
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. The NUMBER of new projects undertaken in fiscal year 2022 or any fiscal year thereafter, within the
Redevelopment Project Area.
12
FY 2025
Number of Jobs Retained Number of Jobs Created
Job Description and Type
(Temporary or Permanent) Total Salaries Paid
-$
Stated Rate of Return
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
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, 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.
Name of Redevelopment Project Area:
US Rte 34 & IL Rte 47 - Countryside
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, using the same assumptions as was
used for the projections used at the time of the approval of
the redevelopment agreement.
13
FY 2025
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.
Enclosed
previously provided
previously providedMap of District
Legal description of redevelopment project area
Optional Documents
14
FY 2025
Base EAV
1,528,166$
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.]
US Rte 34 & IL Rte 47 - Countryside
Name of Redevelopment Project Area:
Year of Designation
2/15/2005
Reporting Fiscal Year
EAV
3,807,489$
-$
-$
-$
-$
Indicate an 'X' if the overlapping taxing districts did not receive a surplus.
Overlapping Taxing District
Surplus Distributed
from redevelopment
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
17
Unit Code 047/035/30
Attachment D
Activities Statement
US Rte 34 & IL Rte 47 Countryside
The Countryside Tax Increment Financing (TIF) District has experienced steady and diverse redevelopment
activity since its inception, anchored by major commercial, hospitality, and entertainment investments that
have significantly strengthened the local tax base and advanced the City’s economic development objectives.
In November 2013, NCG Cinemas, a 30,000-square-foot multiplex theater, opened as the first major
redevelopment project within the district. Under the terms of the City’s development agreement, the theater’s
developer received $2 million in TIF incentives, of which $1.8 million was paid upon the facility’s opening,
funded through remaining 2005 bond proceeds. The final $200,000 was provided from amusement-tax
receipts within the City’s General Fund, with payments concluding in fiscal year 2024. In addition, the
developer was granted a 50% rebate of amusement-tax revenues for a ten-year period, which successfully
concluded in October 2023.
In fiscal year 2015, the district welcomed the opening of Lighthouse Academy, a 10,450-square-foot
childcare and early education facility that further diversified the area’s commercial mix and provided needed
family services for nearby residents.
A significant milestone occurred in fiscal year 2017, when the City entered into an inducement agreement
with Kendall Hospitality, LLC for the development of an $8.8 million hotel and convention center project as
part of the larger Kendall Crossing redevelopment. This initiative culminated in December 2019 with the
grand opening of the four-story Holiday Inn Express, bringing much-needed lodging capacity to the
community and supporting local tourism and business travel. That same year, the district also saw the debut
of Burnt Barrel Social, a full-service restaurant and craft-spirits lounge, as well as the opening of Flight
Team, a 3,000-square-foot craft beer taproom strategically located at the northwest corner of Illinois Route 47
(Bridge Street) and U.S. Route 34 (Veterans Parkway).
In 2022, Burnt Barrel Social continued to invest in the area by applying for a permit to add a 605-square-foot
building expansion to its existing establishment at 508 Center Parkway. Around the same time, the final
vacant parcel within the Kendall Crossing/Countryside TIF District was sold, paving the way for Station One
Smokehouse—a Texas-style barbecue restaurant with its original location in Plainfield, Illinois—which
opened its second restaurant at 524 E. Kendall Drive in January 2024.
To strengthen the district’s financial position, the City executed a partial refunding of the 2005 Countryside
bonds in January 2014, improving annual cash flow and mitigating the TIF’s prior negative equity balance.
The remaining principal was refunded in fiscal year 2016, generating approximately $135,000 in net present
value interest savings. As of April 30, 2025, the outstanding principal on the 2014 refunding bonds was
$1.235 million, and $677,242 remained on the 2015A refunding bonds. During the current fiscal year, the
TIF district serviced $208,521 in combined principal and interest payments on this debt.
Looking ahead, a new hotel and banquet facility is currently under construction at 579 E. Kendall Drive
within the Countryside TIF development area. The 57,814-square-foot, four-story Hyatt Studios hotel will
feature 70 guest rooms, a 5,000-square-foot banquet space capable of accommodating up to 450 guests, and a
restaurant and bar open to the general public. The “Hyatt Studios” brand represents a new national prototype
within the Hyatt portfolio, with the Yorkville location expected to be among the first of its kind to open in the
United States in 2025.
18
UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE TAX INCREMENTAL
FINANCING DISTRICT
FINANCIAL AND COMPLIANCE REPORT
FOR THE FISCAL YEAR ENDED
APRIL 30, 2025
651 Prairie Pointe Drive
Yorkville, IL 60560
Phone: 630.553.4350
www.yorkville.il.us
19
INDEPENDENT AUDITOR’S REPORT
20
INDEPENDENT AUDITOR’S REPORT
October 8, 2025
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, 2025, 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, 2025, and the results of its operations for the year then ended in conformity with accounting
principles generally accepted in the United States of America.
We have also issued a report dated October 8, 2025 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, 2025
Cash and Investments $ -
Liabilities
Due to Other Funds 1,172,915
Unassigned (1,172,915)
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, 2025
Revenues
Taxes
Property Taxes $228,278
Expenditures
General Government
Administration Fees 15,259
Professional Services 757
Debt Service
Principal Retirement 125,685
Interest and Fiscal Charges 83,765
Total Expenditures 225,466
Net Change in Fund Balances 2,812
Fund Balances - Beginning (1,175,727)
Fund Balances - Ending (1,172,915)
Countryside
TIF
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UNITED CITY OF YORKVILLE, ILLINOIS
COUNTRYSIDE TAX INCREMENTAL FINANCING DISTRICT
Notes to the Financial Statements
April 30, 2025
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 8, 2025
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, 2025, and have issued our report thereon dated October 8, 2025. 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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