HomeMy WebLinkAbout09/26/2007 TIF minutes
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TAX INCREMENT FINANCING DISTRICT NO.1
JOINT REVIEW BOARD
MINUTES OF MEETING
September 26, 2007
Village Hall - 3rd Floor Executive Conference Room
I. Village of Mount Prospect Mayor Irvana Wilks called the Joint Review Board (JRB)
meeting to order at 3 :05 p.m. Mayor Wilks 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 required by Statute.
II. The following individuals were present at the meeting: Dr. Bmce Brown, Mount
Prospect School District #57; Mr. Dale Falk, Mount Prospect School District #57;
Ms. Ann Hull, Mount Prospect School District #57; Mr. Bill Dussling, High School
District #214; Ms. Debra Parenti, High School District #214; Ms. Lenore G. Bragaw,
High School District #214; Ms. Nanci Vanderweel, Elk Grove Township; Mr. Dick
Tani, Mount Prospect Library; Ms. Jacki Harder, Cook County; Mr. Steve Zalusky,
Daily Herald; Ms. Irvana Wilks, Mayor of the Village of Mount Prospect. Village
staff in attendance included Village Manager Michael Janonis, Director of Finance
David Erb, Community Development Director William Cooney, and Administrative
Assistant Lisa Burkemper.
III. Ms. Nanci Vanderweelmade a motion to appoint Mayor Wilks as Chair of the Joint
Review Board meeting; seconded by Mr. Bill Dussling. The motion carried
unanimou sl y.
IV. There was a motion by Mr. Bill Dussling, seconded by Ms. Nanci Vanderweel, to
approve the minutes of the August 10, 2006 meeting of the Joint Review Board. The
motion carried.
V. Community Development Director Cooney reviewed the status of the Village's
redevelopment efforts within the TIP. Mr. Cooney advised that Founder's Row is
well underway and that the Emerson has sold approximately half of the 52 available
units and has filled half of the 14,000 square feet of retail. Mr. Cooney mentioned
that currently the Village is talking with a variety of people about the redevelopment
options for Central Plaza. Mr. Cooney also discussed the redevelopment plans for the
triangle area which is sub area 1.
Nanci Vanderweel asked if there were any redevelopment plans for the building
located at Main Street and Busse. Mr. Cooney stated that currently the Village has no
plan to redevelop this area, although there may be some fa<;ade work done to blend
the building in with the surrounding area.
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VI. Mr. Erb reviewed with the Joint Review Board the Annual TIF Report as prepared by
the Village's auditors. Mr. Erb also stated that the report was given a clean opinion
by the auditors. A copy of that report was mailed to every taxing jurisdiction affected
by the TIF. Mr. Erb added that as of December 31, 2006 fund balance totals were
roughly $1.9 million.
VII. Mr. Erb reviewed the most recent financial pro-forma with the Joint Review Board.
Mr. Erb stated that the pro-forma excludes any of the information from the new
redevelopment areas.
Ms. Ann Hull asked what would prevent the Village from spending surplus and not
redistributing the money back to the taxing bodies at the end of the TIF. Mr. Erb
stated that all expenses have to be approved and are brought before the Joint Review
Board.
Mr. Cooney added that after 2008, because of the agreement made with the taxing
bodies, any new redevelopment agreements need to be brought before the Joint
Review Board.
Ms. Vanderweel asked if there was information available that outlines how much
money each of the jurisdictions have not received since the TIF has been in place.
Mr. Erb stated that the Village does not have this information readily available and
this request has never been asked of the Village. Mr. Erb added that some basic
numbers could be prepared using assumptions and estimates. Ms. Vanderweel stated
that this type of information would be important to provide the people in her
jurisdiction. Mr. Erb stated that the Village could provide some figures and send the
information out to the jurisdiction list and the people who are in attendance at today's
meeting.
VIII. There was no other business.
IX. Ms. Nanci Vanderweelmotioned to adjourn the meeting at 4:20 p.111. The motion
was seconded by Dr. Bmce Brown and the motion carried.
Respectfully submitted,
Lisa Burkemper
Administrative Assistant
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