DP TIF 1 Report FY 2017CITY OF DES PLAINES
TAX INCREMENT FINANCING DISTRICT NO. 1
DOWNTOWN TIF DISTRICT
ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
City of Des Plaines
Tax Increment Financing District No. 1
Downtown TIF District
Table of Contents
SECTION TITLE PAGE
1.0 Name of Redevelopment Project Area and
Contact Information 1
2.0 Redevelopment Project Information 3
Attachment A Amendments to the Redevelopment Plan, the
Redevelopment Project and/or Area Boundary 4
Attachment B Certification of the Chief Executive Officer of the
municipality that the municipality has complied with
all of the requirements of the TIF Statute (the "Act")
during the reporting Fiscal Year. 5
Attachment C Opinion of legal counsel that the municipality is in
compliance with the Act 7
Attachment D Statement setting forth all activities undertaken in
furtherance of the objectives of the Redevelopment Plan 9
Attachment E Description of Agreements Regarding Property Disposition
or Redevelopment 10
Attachment F Additional Information on Uses of Funds Related to Achieving
Objectives of the Redevelopment Plan 11
Attachment G Information Regarding Contracts with TIF Consultants 12
Attachment H Reports Submitted by Joint Review Board 13
Attachment I Summary of any obligations issued by the municipality and
official statements 14
Attachment J Financial Analysis: TIF Obligations 15
Attachments For special tax allocation funds that have experienced cumulative
K and L deposits of incremental tax revenues of $100,000 or more, a
certified audit report reviewing compliance with the Act.
16
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
SECTION TITLE PAGE
Attachment M Intergovernmental Agreements 17
3.1 Analysis of Special Tax Allocation Fund 18
3.2 Itemized List of Expenditures from Special
Tax Allocation Fund 20
3.3 Special Tax Allocation Fund Balance (end of
reporting period) 25
4.0 Property purchased by the municipality within the
Redevelopment Project Area 27
5.0 Review of Public and Private Investment 29
6.0 Optional Sections 31
Exhibit A
Exhibit B
Exhibit C
Property Settlement Agreement
Joint Review Board Minutes
Audit and Compliance Letter
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
Section 1. Name of Redevelopment Project Area and Contact Information
Refer to chart attached.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
FY 2017
ANNUAL TAX INCREMENT FINANCE
REPORT
Name of Municipality: Des Plaines
County:
Unit Code:
Cook
016/140/30
STATE OF ILLINOIS
COMPTROLLER
SUSANA A, MENDOZA
Reporting Fiscal Year:
Fiscal Year End:
2017
12/ 31 /2017
TIF Administrator Contact Information
First Name: Michael Last Name: Bartholomew
Address: 1420 Miner Street
Telephone: 847/391-5488
E -mall -
required mbartholomew@desplaines.org
Title: City Manager
City: Des Plaines
Zip:
60016
I attest to the best of my knowledge, that this FY 2017 report of the redevelopment project area(s)
in the CityNlllage of: Des Plaines
is complete and accurate pursuant to Tax Increment Allocation Redevelopment Act [65 ILCS 5/11-74,4-3 et. seq.] and
Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et, seq,]
- 2 7 - 48
Written signature of TIF Administrator Date
Section 1 (651LCS 5/11-74,4-5 (d) (1.5) and 65 ILCS 5/11-74,6-22 (d) (1.5)*)
FILL OUT ONE FOR EACH TIF DISTICT
Name of Redevelopment Project Area
Date Designated
Date Terminated
TIF No. 1 Downtown
7/15/1985
TIF No. 3 Willie Road Mt, Prospect Road
8/7/2000
TIF No. 4 Five Corners Rand Road
10/2006
11/19/2014
TIF No. 5 Lee Street Perry Street
4/2/2001
TIF No. 6 Mannheim - Higgins Road
10/15/2001
TIF No, 7 Higgins Road and Pratt Avenue
10/20/2014
*All statutory citations refer to one of two sections of the Illinois Municipal Code: The Tax Increment Allocation
Redevelopment Act [65 ILCS 5/11-74,4-3 et. seq.] or the Industrial Jobs Recovery Law [65 1LCS 5/11-74,6-10 et. seq.]
2
SECTION 2 [Sections 2 through 5 must be completed for each redevelopment project area listed in Section 1.]
FY 2017
Name of Redevelopment Project Area (below):
TIF 1 Downtown
Primary Use of Redevelopment Project Area*: CBD
* Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
If "Combination/Mixed" List Component Types:
Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one):
Tax Increment Allocation Redevelopment Act
Industrial Jobs Recovery Law
X
_ ''"`is x'`x �".�:?v4,;,� <r✓, ,'.e �' r 3 �` /�
��
No
Yes
a
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
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
impplB ented 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
)]
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 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 and Attachment J MUST be Yes
X
An 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 attachment I is yes, Analysis MUST be attached and 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 list only, not actual agreements labeled Attachment M
X
3
Attachment A Amendments to the Redevelopment Plan, the Redevelopment Project
and/or the Area Boundary
There were no amendments to the Redevelopment Plan or to the Redevelopment Project Area
within the reporting Fiscal Year.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
4
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.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
5
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 Financint District #1 —Downtown.
For Fiscal Year Ending December 31, 2017
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, 2017 and ending
December 31,2017.
40/A ills"
MAYOR DAZE
CITY OF DES PLAINES TIF DISTRICT#] ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
6
Attachment C Opinion of legal counsel that the municipality has complied with the Act.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
7
RE: Attorney Review City of Des Plaines Downtown TIF District #1
To Whom It May Concern:
This will confirm that I am the General Counsel for the City of Des Plaines, Illinois. I have
reviewed all information provided to me by the City staff and consultants, and 1 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, 2017
and ending December 3 , 2017, to the best of my knowledge and belief.
Sincerely,
Generhl Counsel
CITY OF DES PLAINES TIFDISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
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 #1
The City of Des Plaines' (the "City's") first TIF District was established in July,
1985 and was originally known as the City's Ellinwood TIF Redevelopment Plan
and Project Area. The creation of this original approximately 24+ acre TIF
District was in response to downturns that were occurring in the mid 1980's
following several recessions and a marked decline in private investment and less
federal assistance available to address the City's capital needs. Several major
projects that had been initiated during the 1970's growth period were still
incomplete and the Plan was established to assist in attracting stronger anchors to
the downtown commercial district, address access, circulation and parking issues,
improve the character and amenities within the downtown. Several series of
General Obligation Bonds were issued on behalf of the project, and the City
proceeded to purchase several redevelopment parcels and undertake
redevelopment activities. The TIF District was amended again in 1992, 1994, and
1997, including legislative approval of a 12 year extension to the term of the TIF
district. The City also refunded a portion of some of the bond debt in the reporting
fiscal year.
Since the late 1990's, the City's Downtown TIF District #1 has redeveloped
pursuant to the objectives of the TIF Plan. In terms of overall ownership and
investment into the area, and through increased utilization of previously vacant
and/or blighted and obsolete parcels within the RPA, the TIF District has
encouraged the redevelopment of this central portion of the City. The city
continues to undertake redevelopment activities — most recently the City sold
Opus Development Corporation approximately 13,500 s.f. of land in conjunction
with the redevelopment of a 113 unit multi family apartment building.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
9
Attachment E Description of 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)]
TIF #1
Currently, the City has several outstanding financial obligations covering TIF #1 which
have been issued for public purposes or on behalf of private investors, all of which are payable
with the current TIF District's existing and future revenues.
The City has also issued two (2) TIF Revenue Notes on behalf of two (2) Downtown TIF
#1 projects, namely the River Mill TIF Revenue Note, Series 2002 for $408,000 @ 5.25%
(condominium development project) and the Lab Graceland TIF Revenue Note, Series 2003 for
$471,000 @ 5.25% (Walgreens development project), and the River Plaines "pay as you go
note" initially approved in 2007.
The City sold Opus Development Corporation approximately 13,500 s.f. of land in
conjunction with the redevelopment of a 113 unit multi family apartment building. The
settlement agreement is attached as Exhibit A.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
10
Attachment F Additional Information on 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)]
The City of Des Plaines continued to implement the primary objectives of the TIF #1 and TIF #5
Redevelopment Plan and Projects ( TIF #5 is contiguous to TIF #1) by assisting in "creating a
favorable business and residential environment while improving the physical condition of such
properties, while also allowing business properties to provide better service to the citizens of Des
Plaines". City officials and staff worked expeditiously to monitor the inflow and outflow of tax
receipts generated by the new and enhanced retail centers so as to continue in the "creation of a
strong and attractive central business district, symbolic of Des Plaines". Additionally, the City
has continued to designate funds to address parking, circulation, attraction of a grocery store,
mitigation of blight, preservation, increase in multi -family housing and safety objectives for the
area.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
11
Attachment G Information regarding contracts that TIF advisors or consultants have entered
into with entities or persons 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)]
The City utilized the services of Kane, McKenna and Associates, Inc. during the previous fiscal
year in order to assist in monitoring the TIF Districts regarding their financial condition, with
respect to the annual JRB meeting and with respect to development project negotiations. Fees
were based upon hourly rates for services rendered and did not include contingent payments.
These fees were included in the City's annual anticipated budgets and did not exceed the City's
estimates.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
12
Attachment H Reports Submitted by Joint Review Board.
No reports were submitted by the Joint Review Board. The Board met on August 14, 2017.
Minutes of the meeting are attached as Exhibit B.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
13
Attachment I Summary of any obligations issued by the municipality and official statements
No new obligations were issued by the City in the reporting Fiscal Year
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
14
Attachment J Financial Analysis: TIF Obligations
The City continued to monitor the payment of existing obligations and reviewed the tax flows
associated with current projects in order to determine coverage. Outstanding principal amounts,
as well as future interest payments, associated with existing debt are summarized in Section 3.3
below.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
15
Attachments K and L
For special tax allocation funds that have experienced cumulative deposits of incremental tax
revenues of $100,000 or more, a certified audit report reviewing compliance with the Act
performed by an independent public accountant certified and licensed by the authority of the
State of Illinois. 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.
Relevant portions of the City's audit and the compliance letter are attached as Exhibit C.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
16
Attachment M Intergovernmental Agreements
No payments were made in the reporting Fiscal Year.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
17
Section 3.1 Analysis of Special Tax Allocation Fund
Refer to table attached.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
18
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.
FY 2017
TIF NAME:
Special Tax Allocation Fund Balance at Beginning of Reporting Period
TIF 1 Downtown
$ 6,048,748
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
$ 4,981,630
$ 84,908,207
64%
State Sales Tax Increment
$ -
0%
Local Sales Tax Increment
0%
State Utility Tax Increment
0%
Local Utility Tax Increment
0%
Interest
$ 18,389
$ 2,466,472
2%
Land/Building Sale Proceeds
$ 3,147,070
2%
Bond Proceeds
$ 39,966,245
30%
Transfers from Municipal Sources
$ 787,900
1%
Private Sources
$ 150,000
0%
Other (identify source ; if multiple other sources, attach
$ 233,204
0%
schedule)
All Amount Deposited in Special Tax Allocation by source
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*
$ 5,000,019
$ 131,659,098
100%
$ 3,918,124
$ 3,918,124
$ 1,081,895
$ 7,130,643
* If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
19
Section 3.2 Itemized List of Expenditures from Special Tax Allocation Fund
Refer to tables attached.
CITY OF DES PLAINES TIF DISTRICT##1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
20
FY 2017
TIF NAME: TIF 1 Downtown
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))
ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND
(by category of permissible redevelopment project costs )
PAGE 1
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. Cost of studies, surveys, development of plans, and specifications. Implementation and administration
of the redevelopment plan, staff and professional service cost.
TIF Administration and professional costs
183,576
183,576
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 construction.
1,154,092
1,154,092
21
SECTION 3.2 A
PAGE 2
7. Costs of eliminating or removing contaminants and other impediments.
8. Cost of job training and retraining projects.
9. Financing costs.
Debt service
1,257,100
1,257,100
10. Capital costs.
1,323,356
1,323,356
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.
22
SECTION 3.2 A
PAGE 3
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.
17. Cost of day care services.
18. Other.
TOTAL ITEMIZED EXPENDITURES
3,918,124
23
Section 3.2 B
FY 2017
TIF NAME: TIF 1 Downtown
Optional: Information in the following sections is not required by law, but would be helpful in creating fiscal
transparency.
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year.
Name
Service
Amount
24
Section 3.3 Special Tax Allocation. Fund Balance (end of reporting period).
Refer to table attached.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
25
SECTION 3.3 - (65 ILCS 6/11-74.4-5 (d) (Sd) 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
FY 2017
TIF NAME:
FUND BALANCE BY SOURCE
1. Description of Debt Obligations
TIF 1 Downtown
7,130,643
Amount of Original
Issuance
Amount Designated
Bonds Series 2005 F
$ 4,725,000
Bonds Series 2007 B
$ 510,000
River Mill obligation - $462,389
Bonds Series 2008 A
$ 1,334,000
$
Bonds Series 2011A
$ 1,555,000
$ 577,175
Bonds Series 2012 Refunding -
$ 3,765,000
$ 1,511,524
Bonds Series 2013 Refunding
$ 2,990,000
$ 1,458,550 -
$
2,000,000
Redeveloment Project costs
$
1,500,000
Property assembly
-
Total Amount Designated for Obligations
2. Description of Project Costs to be Paid
14,879,000
3,547,249
Total Amount Designated for Project Costs
TOTAL AMOUNT DESIGNATED
SURPLUS/(DEFICIT)
$
4,252,368
$
7,799,617
1$
(668, 974)
River Mill obligation - $462,389
x
. :
$
122,636
LAB Graceland obligation - $471,000
�;-j
$
129,732
Public improvements
'
$
2,000,000
Redeveloment Project costs
$
1,500,000
Property assembly
-
$
500,000-
}
3"2Yk6�C3'3
:r_
Total Amount Designated for Project Costs
TOTAL AMOUNT DESIGNATED
SURPLUS/(DEFICIT)
$
4,252,368
$
7,799,617
1$
(668, 974)
Section 4.0 A description of all property purchased by the municipality within the
Redevelopment Project Area including:
A. Street Address
B. Approximate size or description of property
C. Purchase Price
D. Seller of property
Refer to table attached.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
27
SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)]
FY 2017
TIF NAME: TIF 1 Downtown
Provide a description of all property purchased by the municipality during the reporting fiscal year within the
redevelopment project area.
Property Acquired
Check here if no property was acquired by the Municipality within the
X Redevelopment Project Area.
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:
28
Section 5.0 Review of Public and Private Investment.
Refer to table attached.
CITY OF DES PLAINES TIF DISTRICT#1 ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
29
SECTION 5 - 20 ILCS 620/4.7 (7)(F)
PAGE 1
FY 2017
TIF Name: TIF 1 Downtown
Page 1 is to be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed.
Select ONE of the following by indicating an 'X':
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.)
X
2a. The number of projects undertaken by the municipality within the Redevelopment Project Area:
4
LIST the projects undertaken by the Municipality Within the Redevelopment Project Area:
TOTAL:
11/1/99 to Date
Estimated Investment
for Subsequent Fiscal
Year
Total Estimated to
Complete Project
Private Investment Undertaken (See Instructions)
$ 106,813,152
$ -
$ 142,000,000
Public Investment Undertaken
$ 32,292,748
$ -
$ 36,456,748
Ratio of Private/Public Investment
3 4/13
73 9/17
3 17/19
*PROJECT NAME TO BE LISTED AFTER PROJECT NUMBER
Project 1 Metropolitan Square
Private Investment Undertaken (See Instructions)
$ 45,140,627
$ 60,000,000
Public Investment Undertaken
$ 31,398,748
408,000
$ 33,927,748
Ratio of Private/Public Investment
1 7/16
Ratio of Private/Public Investment
1 73/95
Project 2 River Mill
Private Investment Undertaken (See Instructions)
$ 29,460,295
$ 30,000,000
Public Investment Undertaken
$
408,000
$
408,000
Ratio of Private/Public Investment
72 19/92
73 9/17
Project 3 LAB Graceland
Private Investment Undertaken (See Instructions)
$ 12,000,000
$ 12,000,000
Public Investment Undertaken
$
471,000
$
471,000
Ratio of Private/Public Investment
25 43/90
25 43/90
Project 4 Everleigh Condos
Private Investment Undertaken (See Instructions)
$ 20,212,230
$ 40,000,000
Public Investment Undertaken
$
15,000
$
1,650,000
Ratio of Private/Public Investment
1347 40/83
24 8/33
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
30
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 2017
TIF NAME: TIF 1 Downtown
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
1985
$ 20,262,187
$ 72,336,968
List all overlapping tax districts in the redevelopment project area.
If overlapping taxing district received a surplus, list the surplus.
X Check if 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
Total Salaries Paid
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
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
EXHIBIT A
AMER,=
;F %r'" ';
�� : ,,_,; ig_«
File No:
Escrow Officer:
Settlement Date:
Disbursement Date:
FirstAmerican Title Insurance Company
National Commercial Services
121 South 8th Street, Suite 1250 • Minneapolis, MN 55402
Office Phone:(612)305-2000 Office Fax:(612)305-2001
Final Settlement Statement
NCS-795571-1-MPLS
Jonathan Grant/JG
11/21/2017
11/21/2017
Property:
Ellinwood Street, Des Plaines, IL
Credit
Buyer:
Ellinwood JV, LLC
Consideration
Seller:
City of Des Plaines
190,000.01
Buyer Charge Buyer Credit
Description
Seller Charge !Seller
Credit
Consideration
190,000.01
190,000.001
Total Consideration
t
1
Title/Escrow Charges
40,00
Search and Exam (Update) to First American Title Insurance
Company National Commercial Services
Policy -Extended ALTA 2006 Owner's ($190,000.00) to First
American Title Insurance Company National Commercial
Services
950.001
J
88.00
Record Authorizing Ordinance
Record Deed
50.00
50,00
1
Recording Service Fee to First American Title Insurance
Company National Commercial Services
325.00
50.00
325.00
Closing -Escrow Fee to First American Title Insurance
Company National Commercial Services
IL Closing Protection Letter -Seller to First American Title
Insurance Company National Commercial Services
IL Closing Protection Letter -Buyer to First American Title
Insurance Company National Commercial Services
25.00
Disbursements Paid
Miscellaneous Disbursement
14,429.96
_
Escrow Fee Shortga_ge to City of Des Plaines
1
204,879.96
Cash (X From) ( To) Buyer
Cash (X To) ( From) Seller
188,547.00
204,879.96 204,879,96
Totals
190,000.00- 190,000.00
Settlement Statement Page 1 of 1
Print Date: 11/21/2017, 10:36 AM
Final Settlement Statement
Officer: Jonathan Grant/JG File No; NCS-795571-1-MPLS
SELLER;
City of Des Plaines,
An Illinois municipal corporation and home rule
unit of government
By:
Name: ultcttA6 r n-ez
Title: c rout es tic; uL
Dated as of this day of November, 2017.
PURCHASER
Ellinwood JV, LLC, a Delaware limited liability
company
By: Opus Development Company, L,L.C,,
its managing member
BY: /LQ
NAME:
ITS: Michael P. Yungerman
Vice Presltlent, Genaiat Manager
Signature Page to Settlement Statement
EXHIBIT B
9
IDES
PLAINES
ILLINOIS
CITY OF DES PLAINES
TAX INCREMENT FINANCING DISTRICT
ANNUAL JOINT REVIEW BOARD MEETING MINUTES
AUGUST 14, 2017
1. Welcome by City Representative
Michael McMahon introduced himself & welcomed everyone to today's meeting.
2. Call to Order
Michael McMahon opened the meeting at 10:01 a.m. at City Hall, 1420 Miner Street,
Room 101, Des Plaines, IL
3. Roll Call (in attendance)
Michael Bartholomew
Mary Kalou
Nelson Gray
Michael Vilendrer
Cathy Johnson
George Giese
Don Miletic
Barb Barrera
Walter Kazmierczak
Ellen A. Yearwood
Also Attended:
Michael McMahon
Dorothy Wisniewski
Lauren Pruss
Lauren Griffin
Bob Rychlicki
Gale Cerabona
City Manager, City of Des Plaines
Assistant Superintendent, School District 207
Assistant Superintendent, School District 62
Dir. of Maintenance, Oper., & Trans., School District 62
Associate Superintendent, School District 214
Manager of Administration, Mt. Prospect Park District
Executive Director, Des Plaines Park District
Superintendent of Business, Des Plaines Park District
Highway Commissioner, Maine Township
Public Member
Director of Community & Econ. Dev., City of Des Plaines
Assistant City Manager/Dir. of Finance, City of Des Plaines
Coordinator, City of Des Plaines
Administrative Assistant, City of Des Plaines
Kane McKenna & Associates, Inc./TIF Consultant
Recording Secretary
4. Election/Confirmation of Chair
A motion was made by Michael Bartholomew, seconded by Nelson Gray, to elect and
confirm Director, Michael McMahon, as Chair for the meeting.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
5. Election/Confirmation of Public Member
A motion was made by Michael Bartholomew, seconded by Cathy Johnson, to elect
and confirm Ellen Yearwood as Public Member for the meeting.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
6. Approval of Minutes: August 15, 2016
A motion was made by Michael Bartholomew, seconded by Barb Barrera, to alter
reviewed with renewed on last page and approve the August 15, 2016 minutes as
amended.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
7. Public Comment: There were no comments.
8. Review of Activities in District &
9. Review of 2015 State Comptroller's Report
Michael McMahon introduced Bob Rychlicki who reminded that typically TIF
District No. 3 is at the forefront of the agenda. There were no objections.
A motion was made by Ellen Yearwood, seconded by Walter Kazmierczak, to move
TIF District No. 3 to the beginning of the agenda.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
TIF District No. 3 Overview
Bob Rychlicki reminded that the format, sections, and pages are derived from the
State of Illinois Comptroller's Office. He noted exhibits, activity, and receipts.
Bob Rychlicki advised certifications are in compliance, legal aspects are noted, and
there is auditor compliance. He referred to Page 2 per new TIF agreements, fiscal
information, etc. He noted there are no redevelopment agreements, no new financing;
status quo. There are 2 industrial buildings in this TIF (12 years).
Bob Rychlicki referred to Section 3.1 stating fiscal activity actualized a property tax
increment of $752,580 with interest of $12 for a total amount deposited in special tax
allocation of $752.592.
Bob Rychlicki then referred to Section 3.3 noting remainder of bonds. Class B has not
been removed. EAV is increasing. Michael Bartholomew concurred and stated 6Bs
are not being removed or granted at all.
Barb Barrera asked and Bob Rychlicki confirmed that the last payment is in 2036.
A motion was made by Ellen Yearwood, seconded by Cathy Johnson, to accept the
TIF No. 3 report.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
TIF District No. 1 Overview
Bob Rychlicki noted this is the City's downtown District, the oldest and largest TIF.
The expiration date is 2020 with final payment in 2021.
Bob Rychlicki noted this has the same certifications as TIF No. 3; no amendments,
new redevelopments, or financings, etc. He highlighted a property tax increment of
$5,076,742, interest of $7,815, with a special tax allocation of $5,084,557.
Bob Rychlicki referenced Section 3.2 A&B noting utilization (1/3 is outstanding debt,
1/3 is capital improvement professional and redevelopments agreements, etc.). There
are 3 debt issues remaining. EAV is $20,262,187.
This TIF is on par and returns will be passed onto the districts.
Mary Kalou asked if the reimbursement is maintenance and parking garages. Dorothy
Wisniewski noted ongoing projects (streetscape).
Michael Bartolomew advised there are 7-8 Phases (pending PACE Bus Shelter, etc.).
Ellen Yearwood asked if there could be a map noted in future presentations. Same
was illustrated, and Bob Rychlicki advised it will be in the next report.
Nelson Gray advised the veto is impacting schools.
Lauren Pruss indicated TIF locations on map.
A motion was made by Mary Kalou, seconded by Nelson Gray, to accept the TIF No.
1 report.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
TIF District No. 5 Overview
Bob Rychlicki noted this is a parking lot (Shop & Save). There were no new
redevelopments, debt issues, etc.
Bob Rychlicki advised this expires in 2025 and noted there are no amendments, new
redevelopments, or financings, etc. He noted a property tax increment of $105,905
with $2 in interest totaling $105,907. There is a bond issue outstanding.
Base EAV is 794,127.
Michael Bartholomew advised it decreased 20% (and surmised taxes were appealed);
Bob Rychlicki will review same.
Michael McMahon noted there should be a redevelopment agreement which he will
review.
A motion was made by Ellen Yearwood, seconded by Mary Kalou, to accept the TIF
No. 5 report.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
Nelson Gray asked if there are plans to extend. Michael McMahon stated there are
not.
TIF District No. 6 Overview
Bob Rychlicki advised this is the same schedule as TIF No. 5 with final payment in
2025. He noted this was amended in 2014 and referred to the map (highlighting
Starbucks, Potbelly).
Bob Rychlicki advised there are no amendments, new redevelopments, or financings;
status quo. He indicated a property tax increment of $42,942 with $26 in interest
totaling $42,968. Bonds are identified in Section 3.3.
Base EAV is $2,136,807.
Barb Barrera asked if this is fully developed. Bob Rychlicki concurred and noted
there are 3 uses.
A motion was made by Nelson Gray, seconded by Mary Kalou, to accept the TIF 6
report.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
TIF District No. 7 Overview
Bob Rychlicki advised this is the City's newest TIF (that carne out of TIF No. 6);
sharing of revenues (excludes McDonald's redevelopment of Orchards at O'Hare).
A redevelopment agreement is in the package (hotel, car wash, etc.).
Property tax increment of $292 (with some capital expenditures).
Nelson Gray asked if there is a connection to Rosemont Park District. Michael
Bartholomew illustrated TIF 7 and noted the City acquired it (which was fully
developed then demolished). He noted just recently ownership was transferred to the
developer. Remaining piece is slated for removal from the floodplain. Construction is
taking place (bridge), etc. and will begin this year. An area that MB Financial owns
was referenced and noted that progress is being made.
Mary Kalou asked if the land sale closed. Michael Bartholomew replied in the
affirmative, in 2017.
A motion was made by Mary Kalou, seconded by Ellen Yearwood, to accept the TIF
No. 7 report.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
Bob Rychlicki thanked everyone for participating.
10. Questions from Board Members
Nelson Gray inquired about a separate meeting on 6Bs. Lauren Griffin advised none
were in a TIF distribution. Michael Bartholomew noted, with proforma, $4,000,000
will be generated in property tax. This impacts Districts 59 & 214.
Lauren Pruss advised an analysis was run (these have applied for vacancy relief) and
is a win-win. Nelson Gray noted occupying users are requesting same.
Nelson Gray thanked Bob Rychlicki for this report.
Michael McMahon advised Northwest Millwork is later in the year.
Michael Bartholomew stated the City's standpoint is not in favor of 7Bs or 6Bs.
11. Adjournment
A motion was made by Ellen Yearwood, seconded by Nelson Gray, to adjourn the
meeting at 10:43 a.m.
On a voice vote:
AYES: All
NAYS: None
Motion: CARRIES
Respectfully submitted,
Gale Cerabona
Recording Secretary
EXHIBIT C
CITY OF DES PLAINES, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2017
Special Revenue Funds
Community
Motor Fuel Development Asset Foreign Fire TIF #1
Tax Block Grant Seizure Insurance Tax (Downtown)
ASSETS
Cash and Investments $ 837,113 $ $ 869,302 $ 534,219 $ 7,909,960
Receivables (Net)
Property Taxes 4,947,246
Accounts Receivable -
Accrued Interest -
Other - - 7,813
Due from Other Governments 128,964 75,238 -
TOTAL ASSETS $ 966,077 $ 75,238 $ 877,115 $ 534,219 $ 12,857,206
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities
Accounts Payable $ 86,228 $ 58,382 $ 18,351 $ 2,218 $ 776,144
Deposits Payable - 3,998 - 18,737
Advances from Other Funds 16,880 - -
Total Liabilities 86,228 75,262 22,349 2,218 794,881
Deferred Inflows of Resources
Deferred Property Tax Revenue
Unavailable Other Revenue
Total Deferred Inflows of Resources
Fund Balances
Restricted
Economic Development -
Streets & Highways 879,849
Public Safety -
Debt Service
Assigned
Capital Acquisitions
Unassigned
Total Fund Balances 879,849
37,810 2,183
4,931,682
37,810 2,183 4,931,682
(37,834)
852,583
(37,834) 852,583
532,001
7,130,643
532,001 7,130,643
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES $ 966,077 $ 75,238 $ 877,115 $ 534,219 $ 12,857,206
110.
Special Revenue Funds
Debt Service
Fund
Capital Projects Funds
Total
TIF #7 Emergency Nonmajor
TIF #3 TIF #5 (Mannheim/ Telephone Debt Equipment I.T. Governmental
(Wille Road) (Perry/Lee) Higgins) System Service Replacement Replacement Funds
$ $ 161,672 $ $ $ 63,147 $ 4,071,349 $ 346,118 $ 14,792,880
1,224,676 142,439 94,676 655 - 6,409,692
- - 83,210 83,210
23,350 23,350
- 7,813
204,202
$ 1,224,676 $ 304,111 $ 94,676 $ $ 63,802 $ 4,177,909 $ 346,118 $ 21,521,147
$ 308 $ 150 $ 108,324 $ 17,610 $ $ 121,902 $ 2,017 $ 1,191,634
- 22,735
3,006,708 318,524 203,337 3,545,449
3,007,016 150 426,848 220,947 121,902 2,017 4,759,818
1,224,676
1,224,676
142,439 94,676
142,439 94,676
6,393,473
83,210 123,203
83,210 6,516,676
161,522 7,292,165
879,849
1,384,584
63,802 63,802
3,972,797 344,101 4,316,898
(3,007,016) (426,848) (220,947) - - (3,692,645)
(3,007,016) 161,522 (426,848) (220,947) 63,802 3,972,797 344,101 10,244,653
$ 1,224,676 $ 304,111 $ 94,676 $ $ 63,802 $ 4,177,909 $ 346,118 $ 21,521,147
CITY OF DES PLAINES, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
TIF #1 (DOWNTOWN) FUND
Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
Revenues
Property Taxes
Investment Income
Total Revenues
Expenditures
Economic Development
Contractual Services
Commodities
Capital Outlay
Total Economic Development
Debt Service
Principal
Interest and Fiscal Charges
Total Debt Service
Total Expenditures
2017
Original and
Final Budget
$ 5,070,325
2,000
5,072,325
1,499,810
292,150
4,505,000
6,296,960
1,138,553
118,585
1,257,138
7,554,098
Actual
$ 4,981,630
18,389
5,000,019
1,154,092
57,576
1,323,356
2,535,024
1,138, 553
118,547
1,257,100
3,792,124
Excess (Deficiency) of Revenues
over (under) Expenditures (2,481,773) 1,207,895
Other Financing Sources (Uses)
Transfer Out
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance at Beginning of Year
Fund Balance at End of Year
(126, 000)
(126, 000)
$ (2,607,773)
(126,000)
(126, 000)
1,081,895
6,048,748
Variance from
Final Budget
Positive
(Negative)
2016
Actual
$ (88,695) $ 5,076,742
16,389 7,815
(72,306)
345,718
234,574
3,181, 644
3,761,936
38
38
3,761,974
3,689,668
$ 3,689,668
5,084,557
805,735
711,589
560,580
2,077,904
1,353,133
154,597
1,507,730
3,585,634
1,498,923
(126,000)
(126, 000)
1,372,923
4,675,825
$ 7,130,643 $ 6,048,748
116.
CITY OF DES PLAINES, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
TIF #3 (WILLE ROAD) FUND
Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Variance from
Final Budget
Original and Positive
Final Budget Actual (Negative)
2016
Actual
Revenues
Taxes $ 1,085,935 $ 1,322,484 $ 236,549 $ 752,580
Investment Income 10 7 (3) 12
Miscellaneous - 48,900 48,900 -
Total Revenues 1,085,945 1,371,391 285,446 752,592
Expenditures
Economic Development
Contractual Services 10,440 1,888 8,552 1,736
Total Economic Development 10,440 1,888 8,552 1,736
Debt Service
Principal 1,095,000 1,095,000 202,000
Interest and Fiscal Charges 268,197 268,363 (166) 275,523
Total Debt Service 1,363,197 1,363,363 (166) 477,523
Total Expenditures 1,373,637 1,365,251 8,386 479,259
Excess (Deficiency) of Revenues
over (under) Expenditures
Other Financing Sources (Uses)
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance at Beginning of Year
Fund Balance at End of Year
(287,692) 6,140
(6,000)
(6,000)
$ (293,692)
293,832 273,333
(6,000) (6,000)
(6,000) (6,000)
140 $ 293,832 267,333
(3,007,156) (3,274,489)
$ (3,007,016) $ (3,007,156)
117.
CITY OF DES PLAINES, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
TIF #5 (PERRY/LEE) FUND
Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Variance from
Final Budget
Original and Positive
Final Budget Actual (Negative)
2016
Actual
Revenues
Taxes $ 114,852 $ 143,878 $ 29,026 $ 105,905
Investment Income - 7 7 2
Total Revenues 114,852 143,885 29,033 105,907
Expenditures
Economic Development
Contractual Services 400 1,848 (1,448) 1,700
Total Economic Development 400 1,848 (1,448) 1,700
Debt Service
Principal 100,000 100,000 - 95,000
Interest and Fiscal Charges 12,239 12,233 6 14,131
Total Debt Service 112,239 112,233 6 109,131
Total Expenditures 112,639 114,081 (1,442) 110,831
Net Change in Fund Balance $ 2,213 29,804 $ 27,591 (4,924)
Fund Balance at Beginning of Year 131,718 136,642
Fund Balance at End of Year $ 161,522 $ 131,718
118.
CITY OF DES PLAINES, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
TIF #7 (MANNHEIM/HIGGINS) FUND
Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Variance from
Final Budget
Original and Positive
Final Budget Actual (Negative)
2016.
Actual
Revenues
Taxes $ 1,000 $ $ (1,000) $ 292
Total Revenues 1,000 (1,000) 292
Expenditures'
Economic Development
Contractual Services 33,760 129,338 (95,578) 356,628
Commodities - 9,680 (9,680)
Capital Outlay 602,945 (602,945) 831,382
Total Expenditures 33,760 741,963 (708,203) 1,188,010
Excess (Deficiency) of Revenues
over (under) Expenditures (32,760) (741,963) (709,203) (1,187,718)
Other Financing Sources (Uses)
Proceeds from sale of capital assets 1,759,784 1,759,784
Transfers Out (44,000) (44,000) (41,000)
Total Other Financing Sources (Uses) (44,000) 1,715,784 1,759,784 (41,000)
Net Change in Fund Balance $ (76,760) 973,821 $ 1,050,581 (1,228,718)
Fund Balance at Beginning of Year (1,400,669) (171,951)
Fund Balance at End of Year $ (426,848) $ (1,400,669)
119.
Crowe
Crowe LLP
Independent Member Crowe Global
INDEPENDENT ACCOUNTANT'S REPORT
To the Honorable Mayor
and Members of the City Council
City of Des Plaines, Illinois
We have examined the City of Des Plaines, Illinois' ("City's") compliance with the requirements of
subsection (q) of Section 11-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act during the
year ended December 31, 2017. Management of the City is responsible for the City's compliance with the
specified requirements. Our responsibility is to express an opinion on the City's compliance with the
specified requirements based on our examination.
Our examination was conducted in accordance with attestation standards established by the American
Institute of Certified Public Accountants. Those standards require that we plan and perform the examination
to obtain reasonable assurance about whether the City complied, in all material respects, with the specified
requirements referenced above. An examination involves performing procedures to obtain evidence about
whether the City complied with the specified requirements. The nature, timing, and extent of the procedures
selected depend on our judgment, including an assessment of the risks of material noncompliance, whether
due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a
reasonable basis for our opinion.
Our examination does not provide a legal determination on the City's compliance with specified
requirements.
In our opinion, the City complied with the aforementioned requirements for the year ended December 31,
2017, in all material respects.
Crowe LLP
Oak Brook, Illinois
June 19, 2018
ISP
214.