HomeMy WebLinkAbout08/10/2011 TIF MinutesVILLAGE OF MOUNT PROSPECT, ILLINOIS
TAX INCREMENT FINANCING DISTRICT NO. 1
JOINT REVIEW BOARD
MINUTES OF MEETING
August 10, 2011
Village Hall — 3` Floor Executive Conference Room
I. Call to Order - Village of Mount Prospect Mayor Irvana Wilks called the Joint Review
Board (JRB) meeting to order at 3:35 p.m. The following individuals were present at the
meeting: Mr. Dale Falk, Mount Prospect School District #57; Mr. Bill Dussling, High
School District #214; Ms. Debra Parenti, High School District #214; Ms. Nanci
Vanderweel, Elk Grove Township; Ms. Barbara Burns, Mount Prospect Public Library,
Mr. Dan Lee, TIF Resident Representative and Ms. Irvana Wilks, Mayor of the Village of
Mount Prospect. Village staff in attendance included Finance Director David Erb and
Community Development Director William Cooney.
Mr. Erb 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. Selection of Chairperson - Mr. Dussling made a motion to appoint Mayor Wilks as Chair
of the Joint Review Board meeting; seconded by Ms. Vanderweel. Mayor Wilks
abstained and the motion carried.
III. Approval of Minutes - There was a motion by Ms. Vanderweel and seconded by Mr. Lee
to approve the minutes of the July 22, 2009 meeting of the Joint Review Board. Motion
carried.
IV. Citizens to be Heard - There were no citizens to be heard.
V. Old Business — There was no old business.
VI. New Business —
a) Update of Redevelopment in the TIF Project Area - Mr. Cooney discussed status of
the "Emerson" project, row homes along Emerson Street and redevelopment within
sub -area #1. Mr. Cooney stated that the "Emerson" project was in its final stages,
Row Homes were in foreclosure and redevelopment within sub -area #1 was halted.
No further redevelopment was anticipated in the TIF at this time. General discussion
followed.
b) Discussion Regarding the 2010 Annual TIF Report - Mr. Erb reviewed with the Joint
Review Board the Annual TIF Report as prepared by the Village's auditors. He
stated that the annual report is filed with the State of Illinois as required by state
statute. Mr. Erb outlined the independent auditor's report, which is their opinion of
the report. The auditor's opinion said that the report was fairly representative of the
TIF, therefore giving the report a clean opinion. General discussion followed.
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VII. New Business (continued) —
c) Discussion Regarding the 2010 Annual TIF Report - Mr. Erb reviewed the most
recent financial pro -forma with the Joint Review Board outlining the summary of
revenues and expenditures over the life of the TIF. General discussion followed.
VIII. There was no other business.
IX. Next Meeting — Next meeting has not yet been determined.
X. Ms. Parenti motioned to adjourn the meeting at 4:15 p.m. The motion was seconded by
Ms. Burns and the motion carried.
Respectfully submitted,
David O. Erb
Finance Director
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