HomeMy WebLinkAbout08/13/2008 TIF minutes
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TAX INCREMENT FINANCING DISTRICT NO.1
JOINT REVIEW BOARD
MINUTES OF MEETING
August 13, 2008
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. Nanci Vanderweel, Elk Grove Township; Mr. Dan Lee - TIF
Resident Representative; Ms. Irvana Wilks, Mayor of the Village of Mount Prospect.
Village staff in attendance included Director of Finance David Erb, Community
Development Director William Cooney, Deputy Director of Community
Development Brian Simmons and Administrative Assistant Lisa Burkemper.
III. Ms. Nanci V anderweelmade a motion to appoint Mayor Wilks as Chair of the Joint
Review Board meeting; seconded by Ms. Ann Hull. Mayor Wilks abstained and the
motion carried.
IV. There was a motion by Ms. Nanci Vanderweel and seconded by Dr. Bmce Brown, to
approve the minutes of the September 26, 2007 meeting of the Joint Review Board.
Mr. Dan Lee abstained and the motion carried.
V. Community Development Director Cooney reviewed the status of the Village's
redevelopment efforts within the TIF. Mr. Cooney provided a handout that outlined
the redevelopment plans for the triangle area which is sub area 1. In May the Village
Board approved a mixed use development plan with residential units, retail space and
a parking stmcture. Mr. Cooney advised that presale criteria needs to be met before
constmction can begin on the project.
Mr. Cooney provided an update on The Emerson condo building and the Founders
Row developments. Mr. Cooney stated the market has stalled and units are moving
much slower than anticipated. The Emerson development has about 14,000 square
feet of retail of which 10,000 square feet are rented. Phase one of the Founders Row
development has been completed. Only two units of the seven units built in Phase
One have been sold. The second Phase will not move forward until the remaining
five units are sold.
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Mayor Wilks asked Mr. Cooney to provide an overview of the proposed development
presented by Mr. Curtis. Mr. Cooney stated that Mr. Curtis has submitted a
redevelopment proposal for the triangle area. The Village has asked for detailed
drawings and detailed financials for the proposal.
Ms. 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 and the current businesses located there are thriving.
Dr. Bmce Brown asked about the status of redevelopment at the Central Plaza. Mr.
Cooney stated that there are discussions about redeveloping the area and there are a
few possibilities.
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. Mr. Erb stated that total fund balance as of December 31, 2008 is
approximately $2.8 million.
VII. Mr. Erb reviewed the most recent financial pro-forma with the Joint Review Board.
Mr. Erb outlined the summary of revenues and expenditures over the life of the TIF.
It was noted that a pagination problem omitted several lines on the spreadsheet. Mr.
Erb stated he would reformat the spreadsheet and provide a revised copy to all
members of the Joint Review Board.
Mr. Erb reviewed the Downtown Redevelopment TIF # I EA V Growth Comparison
graph that was provided to the members of the Joint Review Board. Mr. Erb stated
that the graph shows the benefit of having the TIF.
VIII. There was no other business.
IX. Mr. Bill Dussling motioned to adjourn the meeting at 4:25 p.m. The motion was
seconded by Ms. Nanci Vanderweel and the motion carried.
Respectfully submitted,
Lisa Burkemper
Administrative Assistant
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