DesPlaines TIF 7 FY 2015FY 2015
ANNUAL TAX INCREMENT FINANCE
REPORT
Name of Municipality: Des Plaines
County:
Unit Code:
Cook
016/140/30
STATE OF ILLINOIS
COMPTROLLER
LESLIE GEISSLER GER
Reporting Fiscal Year:
Fiscal Year End:
2016
12/31/2015
TIF Administrator Contact nformation
First Name: Michael
Address'. 1420 Miner Street
Telephone: 847/391-5488
Mobile
Mobile
Provider
Last Name: Bartholomew
Title:
City:
E -mall -
City Manager
Des Plaines
Zip:
60016
required mbartholomew@desplaines.org
Best way to Email x_Phone
contact Mobile Mall
I attest to the best of my knowledge, this report of the redevelopment project areas in: CityNillage of
Des Plaines
is complete and accurate at the end of this reporting Fiscal year under the Tax increment Allocation Redevelopment Act
[65 ILCS 5/11-74.4-3 et. seq. Or the Industrial Jobs Recovery Law (65 ILCS 5/11-74.6-10 et. seq.]
Written signature of TIF Administrator
Date
Section 1 (651LCS 5/11-74,4-5 (d) (1.5) and 65 ILCS 5/11-74.8-22 (d) (1.5)*)
FILL OUT ONE FOR EACH TIF DISTICT
Name of Redevelopment Project Area Date Designated
TIF No. 1 Downtown
TIF No.3 Willie Road Mt. Prospect Road
TIF No. 5 Lee Street Perry Street
8/7/20(X)
10/2006
4/2/2001
TIF No. 6 Mannheim - Higgins Road
TIF No, 7 Higgins Road and Pratt Avenue*
*All statutory citations refer to one of two sections of the Illinois Municipal Code: the Tax Increment Allocation
Redevelopment Act [85 ILCS 5/1144.4-3 et. seq.] or the Industrial Jobs Recovery Law (65 ILCS 5/11-74.6-10 et, seq,]
SECTION 2 [Sections 2 through 5 must be completed for each redevelopment project area listed in Section 1.]
FY 2015
Name of Redevelopment Project Area: TIF 7 Higgins Pratt
Primary Use of Redevelopment Project Area*: Combination Mixed
If "Combination/Mixed" List Component Types: Hotel Retail
Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one):
Tax Increment Allocation Redevelopment Act _x_ Industrial Jobs Recovery Law
Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
No
Yes
Were there any amendments to the redevelopment plan, the redevelopment project area, or the State
Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)]
If yes, please enclose the amendment labeled Attachment A
X
Certification of the Chief Executive Officer of the municipality that the municipality has complied with all
of the requirements of the Act during the preceding fiscal year. [65 ILCS 5/11-74.4-5 (d) (3) and 5/11-74.6
22 (d) (3)]�
Please enclose the CEO Certification labeled Attachment B
u
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
Were there any activities undertaken in furtherance of the objectives of the redevelopment plan,
including any project implemented in the preceding fiscal year and a description of the activities
undertaken? [65 ILCS 5/11-74.4-5 (d) (7) (A and 6) and 5/11-74.6-22 (d) (7) (A and B)]
If yes, please enclose the Activities Statement labeled 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 or meeting minutes 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 municipality? [65 ILCS 5/11-74.4-5 (d) (8) (A) and
5/11-74.6-22 (d) (8) (A)]
If yes, please enclose the Official Statement labeled Attachment I
X
Was analysis prepared by a financial advisor or underwriter setting forth the nature and term of
obligation and projected debt service including required reserves and debt coverage? [65 ILCS 5/11-74.4-
5 (d) (8) (B) and 5/11-74.6-22 (d) (8) (B)]
If yes, please enclose the Analysis labeled Attachment J
X
Cumulatively, have deposits from any source equal or greater than $100,000 been made 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, please enclose a certified letter' statement reviewing compliance with the Act labeled
Attachment L
X
A list of all intergovernmental agreements in effect in FY 2010, 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 list only of the intergovernmental agreements labeled Attachment M
X
Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
SECTION 3.1 - (65 ILCS 5/11-74.4-5 (d) (5) and 65 ILCS 5/11-74.6-22 (d) (5))
Provide an analysis of the special tax allocation fund.
FY 2015
TIF NAME: TIF No. 7 Higgins Pratt
Fund Balance at Beginning of Reporting Period
Revenue/Cash Receipts Deposited in Fund During Reporting FY:
Reporting Year
Cumulative*
% of Total
Property Tax Increment
$ 904
$ 904
100%
State Sales Tax Increment
0%
Local Sales Tax Increment
Oho
State Utility Tax Increment
0%
Local Utility Tax Increment
0%
Interest
0%
Land/Building Sale Proceeds
Oho
Bond Proceeds
0%
Transfers from Municipal Sources
0%
Private Sources
0%
Other (identify source ; if multiple other sources, attach
0%
schedule)
Total Amount Deposited in Special Tax Allocation
Fund During Reporting Period
Cumulative Total Revenues/Cash Receipts
Total Expenditures/Cash Disbursements (Carried forward from Section 3.2)
Distribution of Surplus
Total Expenditures/Disbursements
NET INCOME/CASH RECEIPTS OVER/(UNDER) CASH DISBURSEMENTS
FUND BALANCE, END OF REPORTING PERIOD*
*must be completed where current or prior
year(s) have reported funds
$ 904
$ 904
100%
$ 172,855
$ 172,855
$ (171,951)
$ (171,951)
* if there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
SURPLUS*/(DEFICIT)(Carried forward from Section 3.3)
$ (221,951)
SECTION 3.2 A- (65 ILCS 5/11-74.4-5 (d) (5) and 65 ILCS 5/11-74.6-22 (d) (5))
FY 2015
TIF NAME: TIF No. 7 Higgins Pratt
ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND
(by category of permissible redevelopment cost, amounts expended during reporting period)
FOR AMOUNTS >$10,000 SECTION 3.2 B MUST BE COMPLETED
Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6-
10 (o)]
Amounts
Reporting Fiscal Year
1. Costs of studies, administration and professional services—Subsections (q)(1) and (o) (1)
Professional services
134,626
Other costs
38,229
172,855
2. Cost of marketing sites—Subsections (q)(1.6) and (o)(1.6)
3.Property assembly: property acquisition, building demolition, site preparation and environmental
site improvement costs. Subsections (q)(2), (o)(2) and (o)(3)
4.Costs ot rehabilitation, reconstruction, repair or remodeling ot existing public or private buildings.
Subsection (q)(3) and (o)(4)
5. Costs of construction of public works and improvements. Subsection (q)(4) and (o)(5)
6.Costs of removing contaminants required by environmental laws or rules (o)(6) - Industrial Jobs
Recovery TIFs ONLY
SECTION 3.2 A
PAGE 2
7. Cost of job training and retraining, including "welfare to work" programs Subsection (q)(5), (o)(7)
and (o)(12)
8.Financing costs related to obligations issued by the municipality. Subsection (q) (6) and (o)(8)
9. Approved taxing district's capital costs. Subsection (q)(7) and (o)(9)
10. Cost of Reimbursing school districts for their increased costs caused by TIF assisted housing
projects. Subsection (q)(7.5) - Tax Increment Allocation Redevelopment TIFs ONLY
11. Relocation costs. Subsection (q)(8) and (o)(10)
12.Payments in lieu of taxes as defined in Subsections 11-74.43(m) and 11-74.6-10(k). Subsection
(q)(9) and (o)(11)
13. Costs of job training, retraining advanced vocational or career education provided by other
taxing bodies. Subsection (q)(10) and (o)(12)
SECTION 3.2 A
PAGE 3
14. Costs of reimbursing private developers for interest expenses incurred on approved
redevelopment projects. Subsection (q)(11)(A-E) and (o)(13)(A-E)
15. Costs of construction of new housing units for low income and very low-income households.
Subsection (q)(11)(F) - Tax Increment Allocation Redevelopment TIFs ONLY
16. Cost of day care services and operational costs of day care centers. Subsection (q) (11.5) -
Tax Increment Allocation Redevelopment TIFs ONLY
TOTAL ITEMIZED EXPENDITURES
172,855
Section 3.2 B
FY 2015
TIF NAME: TIF No. 7 Higgins Pratt
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current
reporting year.
There were no vendors, including other municipal funds, paid in excess of
$10,000 during the current reporting period.
Name
Service
Amount
Christopher B Burke Engineering
Engineering
KLF Enterprises
Demolition
Kane McKenna and Associates, Inc.
TIF Consulting
32,895.00
25,100.00
Holland and Knight
Legal Services
12,465.00
51,704.51
SECTION 3.3 - (65 ILCS 5/11-74.4-5 (d) (5) 65 ILCS 11-74.6-22 (d) (5))
Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period
FY 2015
TIF NAME: TIF No. 7 Higgins Praft
FUND BALANCE, END OF REPORTING PERIOD
1. Description of Debt Obligations
$
(171,951)
Amount of Original
Issuance
Amount Designated
Total Amount Designated for Obligations
2. Description of Project Costs to be Paid
$
$
Contractual Services
$
50,000
Total Amount Designated for Project Costs
TOTAL AMOUNT DESIGNATED
SURPLUS'`/(DEFICIT)
$
50,000
$
50,000
$
(221,951)
* NOTE: If a surplus is calculated, the municipality may be required to repay the amount to overlapping taxing
SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)]
FY 2015
TIF NAME: TIF No. 7 Higgins Pratt
Provide a description of all property purchased by the municipality during the reporting fiscal year within the
redevelopment project area.
_X_ No property was acquired by the Municipality Within the Redevelopment Project Area
Property Acquired by the Municipality Within the Redevelopment Project Area
Property (1):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (2):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (3):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
Property (4):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
SECTION 5 - 65 ILCS 5/11-74.4-5 (d) (7) (G) and 65 ILCS 5/11-74.6-22 (d) (7) (G)
PAGE 1
FY 2015
TIF NAME: TIF No. 7 Higgins Pratt
SECTION 5 PROVIDES PAGES 1-3 TO ACCOMMODATE UP TO 25 PROJECTS. PAGE 1 MUST BE INCLUDED WITH TIF
REPORT. PAGES 2-3 SHOULD BE INCLUDED ONLY IF PROJECTS ARE LISTED ON THESE PAGES
Check here if NO projects were undertaken by the Municipality Within the Redevelopment Project Area: None
ENTER total number of projects undertaken by the Municipality
Within the Redevelopment Project Area
and list them in detail below*.
TOTAL:
11/1/99 to Date
Estimated Investment
for Subsequent Fiscal
Year
Total Estimated to
Complete Project
Private Investment Undertaken (See Instructions)
$ -
$ -
$ -
Public Investment Undertaken
$ -
$ -
$ -
Ratio of Private/Public Investment
0
0
Project 1: *IF PROJECTS ARE LISTED NUMBER MUST BE ENTERED ABOVE
Project 2:
Private Investment Undertaken (See Instructions)
$ -
Public Investment Undertaken
Ratio of Private/Public Investment
0
0
Project 2:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment
0
0
Project 3:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment
0
0
Project 4:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment
0
0
Project 5:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment
0
0
Project 6:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment
0
0
Optional: Information in the following sections is not required by law, but would be helpful in evaluating the performance
of TIF in Illinois. *even though optional MUST be included as part of complete TIF report
SECTION 6
FY 2015
TIF NAME: TIF No. 7 Higgins Pratt
Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area
Year redevelopment
project area was
designated
Base EAV
Reporting Fiscal Year
EAV
2014
$ 468,319
$ 479,436
List all overlapping tax districts in the redevelopment project area.
If overlapping taxing district received a surplus, list the surplus.
_X_ The overlapping taxing districts did not receive a surplus.
Overlapping Taxing District
Surplus Distributed from redevelopment
project area to overlapping districts
Description and Type
(Temporary or
Permanent) of Jobs
$ -
$
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
SECTION 7
Provide information about job creation and retention
Number of Jobs
Retained
Number of Jobs
Created
Description and Type
(Temporary or
Permanent) of Jobs
Total. Salaries Paid
$ -
$ -
$ -
$ -
$ -
$ -
$
SECTION 8
Provide a general description of the redevelopment project area using only major boundaries:
Optional Documents
Enclosed
Legal description of redevelopment project area
Map of District
Attachment B Certification of the Chief Executive Officer of the municipality that the
municipality has complied with all of the requirements of the Act during the
reporting Fiscal Year,
Re: City of Des Plaines Certificate of Compliance
Tax Increment Financing District #7 — Higgins Road and Pratt Avenue Redevelopment
Project Area
For Fiscal Year Ending December 31, 2015
I, Matthew J. Bogusz, the duly elected Chief Executive Officer of the City of Des
Plaines, County of Cook, State of Illinois, do hereby certify that to the best of my knowledge, the
City of Des Plaines complied with the requirements pertaining to the Illinois Tax Increment
Redevelopment Allocation Act during the fiscal year beginning January 1, 2015 and ending
December 31, 201
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MAYOR
CITY OF DES PLAINES TIF DISTRICT #7ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY I, 2015 AND ENDING DECEMBER 31, 2015
RE: Attorney Review City of Des Plaines Higgins Road and Pratt Avenue TIF District #7
To Whom It May Concern:
This will confirm that I am the General Counsel for the City of Des Plaines, lllinois. I have
reviewed all information provided to me by the City staff and consultants, and I find that the City
of Des Plaines has conformed to all applicable requirements of the Illinois Tax Increment
Redevelopment Allocation Act set forth thereunder for the fiscal year beginning January 1, 2015
and ending December 31, 2015, to the best of my knowledge and belief.
Sincerely,
General Counsel
CITY OF DES PLAINES TIF DISTRICT #7 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2015 AND ENDING DECEMBER 31, 2015
Attachment D Statement setting forth all activities undertaken in furtherance of the objectives of
the Redevelopment Plan, including any project implemented in the preceding
fiscal year and a description of the activities undertaken [65 ILCS 5/11-74.4-
5(d)(7)(A & B) and 5/11-74.6-22(d)(7)(A & B)]
TIF #7
The City of Des Plaines' seventh TIF District was established in October, 2014.
The creation of this TIF District was in response to the City's desire to respond to
the problem conditions within an important commercial intersection within the
City of Des Plaines and to revitalize the area. A portion of this area is owned by
the City and other properties are owned by third parties, all of the properties were
previously included in TIF #6. However, due to distressed economic conditions,
and the recent economic downturn, the ability to implement new projects was
curtailed. The creation TIF #7 allows for the City to continue to redevelop the
area with the benefit of a 23 year term in order to amortize redevelopment costs.
Several proposals were reviewed in the reporting fiscal year and the City decided
to move forward with a mixed use (hotel, retail) presented by O'Hare Real Estate
LLC. A final redevelopment agreement is expected to be considered in early
2016.
CITY OF DES PLAINES TIF DISTRICT #7 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2015 AND ENDING DECEMBER 31, 2015
CITY OF DES PLAINES
DES PLAINES1 TAX INCREMENT FINANCING DISTRICT
ILLINOIS
ANNUAL JOINT REVIEW BOARD MEETING MINUTES
SEPTEMBER 9, 2015
I.
Welcome by City Representative
George Sakas introduced himself & welcomed everyone to today's meeting.
II. Call to Order
George Sakas opened the meeting at 9:57 a.m. at City Hall, 1420 Miner Street, Room
101, Des Plaines, IL
III. Roll Call (in attendance)
Michael Bartholomew
Mary Kalou
Susan Krey
Karen Stephens
Nelson Gray
Cathy Johnson
George Giese
Katie Skibbe
Barry Collins
Also Attended:
George Sakas
Rana Bromber
Lauren Pruss
Lauren Griffin
Bob Rychlicki
Gale Cerabona
Wayne Serbin
City Manager, City of Des Plaines
Assistant Superintendent, School District 207
Assessor, Maine Township
Director of Parks & Recreation, Rosemont Park District
Assistant Superintendent, School District 62
Associate Superintendent, School District 214
Manager of Administration, Mt. Prospect Park District
Superintendent of Business, Des Plaines Park District
Public Member
Director of Community & Econ. Dev., City of Des Plaines
Assistant Director of Finance, City of Des Plaines
Economic Development Coordinator, City of Des Plaines
Administrative Assistant, City of Des Plaines
Kane McKenna & Associates, Inc. / TIF Consultant
Recording Secretary
Resident of Des Plaines
IV. Election/Confirmation of Public Member
A motion was made by Michael Bartholomew, seconded by Cathy Johnson, to elect
and confirm Barry Collins as Public Member for the meeting.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
V. Election/Confirmation of Chair
A motion was made by Mary Kalou, seconded by Barry Collins, to elect and confirm
Director, George Sakas, as Chair for the meeting.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
VI. Approval of Minutes of the previous Joint Review Board Meeting
A motion was made by Barry Collins, seconded by Nelson Gray, to approve the
November 5, 2014 minutes and waive the reading thereof.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
VII. Review of Activities in District &
VIII. Review of 2013 State Comptroller's Report
George Sakas stated he wishes to rearrange the agenda and begin with TIF District
No. 3. There were no objections. He then introduced Bob Rychlicki.
TIF District No. 3 Overview
Bob Rychlicki reminded everyone that the folivat, sections, and pages are derived
from the State of Illinois Comptroller's Office.
He noted the following sections and exhibit:
• Certifications (Section 1)
• Mayor's compliance (Section 2.B)
• City Attorney notes the City has complied (Section 2.7)
• Exhibit C (or D) references the City's audit
It was noted TIF 3 is status quo and industrial in nature. There were no new
redevelopments, amendments. The City's audit was noted.
Fiscal activity actualized a tax revenue of $551,000 with $34 of investment income,
and issuance of debt in excess of $2,700,000. Outstanding obligations/future pledges
(noted on page 25) of remaining bonds are in excess of $18,000,000. Equalized
Assessed Value/EAV was noted (page 30); a 35 -year TIF assessed valuation is just
over $9 million.
George Sakas asked if there are any questions.
Barry Collins asked if bond obligations will be met. Bob Rychlicki stated the
continued occupancy of the building is what's important; debt service to increases.
He noted the plan is to match debt -service flow. Barry Collins surmised that the
current guestimate will be close.
George Sakas stated it is not to extend the 6Bs. He asked and Bob Rychlicki
confirmed the expiration date is 2035 with final payment in 2036.
At 10:11 a.m., Cathy Johnson departed.
TIF District No. 1 Overview
Bob Rychlicki noted certifications are the same as TIF District No. 3. The expiration
date is 2021 with final payment in 2022.
Bob Rychlicki stated there were no new redevelopments/amendments, no property or
purchase, no refunding or issuing of new debt.
Bob Rychlicki stated (on page 19) the property tax increment received is just over
$4,779,000 with $564 in interest. Utilization, debt service, and payments were noted.
Outstanding debt (noted on page 26) continues to be paid down. EAV (on page 31) is
identified at over $20,262,000 with a fiscal year reporting at $65,114,297.
George Sakas asked and Bob Rychlicki confirmed that the expiration date is 2021.
George Sakas asked if there are any questions.
Mary Kalou asked to expound on Section 3.2 #1 (noted on page 24). Bob Rychlicki
explained, for the transfer, it was paid back to the City or General Fund. He stated he
would provide the exact breakdown to Mary Kalou.
Nelson Gray asked for an explanation of transfers in the future; Bob Rychlicki
concurred.
Barry Collins asked if downtown construction is complete. Michael Bartholomew
advised there are 6-7 phases however the next phase will not be completed this year.
TIF District No. 4 Overview
Bob Rychlicki stated there is a 2019 expiration date. Certifications, etc. are the same
as previous TIFs, and there is nothing new to report. He stated there were public
improvements, and initially there were discussions with developers however large
scale development has not occurred.
Bob Rychlicki referred to (page 18) the TIF being underwater with no receipts. He
stated he will follow up to see if there is anything from TIF #1 contained. Mary Kalou
advised it is not contiguous.
Bob Rychlicki advised the EAV (on page 30) was almost at $42 million however it
decreased for various reasons. He noted the City did the right thing in terminating the
TIF (at the last meeting).
TIF District No.5 Overview
Bob Rychlicki advised the expiration date is 2024 with final payment in 2025. He
noted this is the smallest TIF; an expansion to the Metro Square project.
Bob Rychlicki stated there are no new redevelopments, etc. He referred to (page 18) a
property tax increment of $120,982 with $1 interest totaling $120,983. Also (on page
25) utilizations, debt service, outstanding bonds & interest were noted.
EAV (page 30) is over the base of $794,000 with final reporting at over $1,900,000.
George Salsas asked if there are any questions.
Barry Collins stated the City's need has been met with grocery stores; Bob Rychlicki
concurred and noted medical offices in Metro Square.
TIF District No. 6 Overview
Bob Rychlicki advised certifications are the same; redevelopment was addressed. He
noted the TIF was amended (cut in half; North & South); maps are included. This TIF
(like TIF #3) has a lot of debt.
Bob Rychlicki noted (page 18) due to the downtown proposal, this didn't come to
fruition. There was a property tax increment of $9,550 and $149 of interest totaling
just over $2,000,000 of bond proceeds. Long-term debt was identified (on page 25).
Bob Rychlicki advised EAV will be adjusted; going down significantly; recalibrating
the base on the South end. The base EAV will be reduced from $6,802,000 to
$2,648,000. He stated, hopefully, this TIF will be a better performer.
TIF District No. 7 Overview
Bob Rychlicki advised there was a surplus for all districts. He noted the base EAV at
$468,319 with recalculation in $1,000 increments.
Michael Bartholomew noted the driving factor was the property the City owned
(EAV was high); no chance to build. He advised now that the EAV is low, this will
create increment. City Staff is in now in the process and have narrowed developers;
hope to have a development agreement by year-end. George Sakas stated this could
offer a surplus.
George Sakas stated the economy is improving, the toll way expansion is ending, and
proposals are plentiful.
Nelson Gray asked regarding the Jane Addams expansion, if there was compensation
or right-of-way from IDOT. George Sakas replied — not for the City's property.
Mary Kalou referred to page 25, and stated there is a deficit with no expenditures.
Bob Rychlicki commented it is an estimate. Mary Kalou referenced Section 3.1. Bob
Rychlicki advised that this picks up a future expenditure and is a running total. It was
noted there could be a public improvement number. Bob Rychlicki stated this
identifies the City's obligations. Mary Kalou noted the debt services doesn't tie in.
Bob Rychlicki concurred (stating it's the State's interpretation).
IX. Questions from Board, Audience Members
There were none.
George Sakas advised that the next meeting will be held in September, 2016.
X. Adjournment
A motion was made by Barry Collins, seconded by Mary Kalou, to adjourn the
meeting at 10:39 a.m.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
Respectfully submitted,
Gale Cerabona
Recording Secretary