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HomeMy WebLinkAbout07/19/2001 TIF minutesVILLAGE OF MOUNT PROSPECT, ILLINOIS TAX INCREMENT FINANCING DISTRICT NO. 1 JOINT REVIEW BOARD MINUTES OF MEETING JULY 19, 2001 Mount Prospect Village Hall Director of Finance Douglas Ellsworth called the Joint Review Board (JRB) meeting to order at 3:30 p.m. Mr. Ellsworth welcomed all of the guests and stated the purpose of the meeting was to provide an update as to the status of the Village's tax increment financing district, as is now required by Statute. Mr. Ellsworth further stated that the requirements of the TIF Act do not require a quorum of the nine Joint Review Board members in order to convene the meeting. II. The following individuals were present at the meeting: Ms. Laura Luteri, Mount Prospect Public Library; Mr. Thomas Munz, School District 57; Mayor Skip Farley, Village of Mount Prospect. Village staff in attendance included Village Manager Michael Janonis, Director of Finance Douglas Ellsworth and Community Development Director William Cooney. Interested residents in attendance were Bart and Laura Bartell. III. Mayor Farley made a motion to appoint Mr. Thomas Munz as Chairman of the Joint Review Board meeting; seconded by Ms. Luteri. The motion carried unanimously. IV. Community Development Director Cooney reviewed the status of the redevelopment efforts within the TIF. He discussed the status of the Residences at Towne Centere, the three -building condominium complex under construction by Norwood Builders. He also described the status of the Lofts and Shops development at the corner of Emerson and Northwest Highway. Mr. Cooney then reviewed a drawing showing the improvements to be made at the train station. He then briefly described the status of the possible relocation of the Village Hall to the current location of the Human Services offices and senior center. Ms. Luteri inquired about the status of the acquisition of the Doctor's building. Mr. Cooney stated that the Village filed for eminent domain, and the attorneys are currently negotiating a selling price. Mr. Cooney said the Village does not expect a quick conclusion to the filing. Mr. Munz asked about the status of the property across from the Library on Emerson. Mr. Cooney reported that the Village would like to acquire that property from Bank One by trading parking spaces in the proposed multi-level parking structure. That project is currently on hold. 4 Joint Review Board Meeting Minutes July 19, 2001 Page Two V. Mr. Ellsworth reviewed with the JRB the Annual TIF Report that was filed with the State Comptroller in June. A copy of that report was mailed to every taxing jurisdiction affected by the TIF. Mr. Ellsworth summarized the financial results of the TIF for 2000. He reported that there were revenues of $2,033,313. Incremental property taxes totaled $801,036. Proceeds from the sale of land came to $1,135,360. Investment earnings totaled $96,917. Mr. Ellsworth reported the following expenditures for 2000: Debt Service $1,669,190 Site Clean-up 783,003 Property Acquisition 400,240 Demolition 79,325 Relocation Expenses 346,248 Streetscape Improvements 107,985 Developers Incentive 50,000 Miscellaneous Admin. Fees 51,018 Total $3.487.019 Mr. Ellsworth reported that expenditures exceeded revenues by $1,453,706, decreasing fund balance to $1,021,338. Mr. Ellsworth pointed out that there were no amendments to the Redevelopment Plan in 2000. He reported to the JRB that the Village Board did pass an ordinance during the past year clarifying that the Village would like to receive the property tax increment from the last year of the TIF. Mr. Ellsworth explained that the previous TIF legislation was not very clear as to the how the County should handle the levy in the last year of the TIF. VI. Mr. Ellsworth reviewed the most recent financial pro -forma with the JRB. Mr. Ellsworth pointed out that incremental revenues are expected to drop slightly in 2001 due to the acquisition of properties by the Village and the demolition of various structures over the past two years. Mr. Ellsworth then pointed out in the pro -forma how incremental revenues are projected to increase in 2002 to $930,236 and eventually be as high as $1,911,676 in 2008. Mr. Ellsworth pointed out to the JRB that it appears the TIF will experience deficit fund balances in the years 2002 through 2005. The Village will decide whether to advance the TIF monies from the General Fund or issue additional debt. The deficit is projected to disappear by 2006 and grow to a positive fund balance of $737,394 by the end of 2008. Joint Review Board Meeting Minutes July 19, 2001 Page Three Mr. Munz inquired about how often the equalized assessed information changes, noting that the figures did not change from last year's report. Mr. Ellsworth responded that the numbers are updated every time the most recent EAV infromation is released by the County. It just so happened that the 1999 levy year EAV information was available at the time of the JRB meeting last year, and the 2000 levy EAV inform has not yet been released. VII. Chairman Munz asked if there were any additional questions from the members, or any other matters to come before the JRB. Hearing none, Chairman Munz asked if the audience had any questions or comments. Bart and Laura Bartell, who reside on South Emerson, stated that they came to the meeting to receive information as to the status of the TIF. They also wanted to express concern that the redevelopment efforts are likely to result in additional traffic problems on their street. Chairman Munz informed the Bartell's that the Joint Review Board deals primarily with the financial aspects of the TIF. The Bartell's proceeded to express the view that there should be some sort of buffer between the redevelopment and the residences around the TIF. VIII. Hearing no other business, Chairman Munz adjourned the meeting at 4:18 p.m. Respectfully submitted, Douglas R. Ellsworth, CPA Director of Finance JOINT REVIEW BOARD MEETING VILLAGE OF MOUNT PROSPECT TAX INCREMENT FINANCING DISTRICT JULY 199 2001 ATTENDANCE ROSTER Name /c/ i &AeL7 Jurisdiction S S �