HomeMy WebLinkAbout08/21/2014 TIF minutes
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TAX INCREMENT FINANCING DISTRICT NO. 1 JOINT REVIEW BOARD
MINUTES OF MEETING
August 21, 2014
Emergency Operations Center 1720 W. Central Road
I.Call to Order - Village of Mount Prospect Mayor Arlene Juracek called the Joint Review
Board (JRB) meeting to order at 3:35 p.m. The following individuals were present at the
meeting: Mr. Bret Bonnstetter, Harper College #512; Mr. Dale Falk, School District #57;
Ms. Cathy Johnson, High School District #214; Mr. Richard Tani, Mount Prospect Public
Library, Mr. George Giese, Mount Prospect Park District and Mr. Thomas Snyder, TIF
Resident Representative. Village staff in attendance included Finance Director David Erb
and Deputy Community Development Director Brian Simmons.
Mr. Erb welcomed all of the guests and stated the purpose of the meeting was to provide
an update on
Statute.
II.Selection of Public Member - Ms. Johnson made a motion to appoint Mr. Thomas Snyder
as public member of the TIF Joint Review Board; seconded by Mr. Tani. Motion carried.
III.Selection of Chairperson Mr. Falk made a motion to appoint Mayor Juracek as Chair of
the Joint Review Board meeting; seconded by Mr. Tani. Motion carried.
IV.Approval of Minutes - There was a motion by Mr. Bonnstetter and second by Mr. Falk to
approve the minutes of the August 14, 2013 meeting of the Joint Review Board. Motion
carried.
V.Citizens to be Heard - There were no citizens to be heard.
VI.Old Business There was no old business.
VII.New Business
a)Update of Redevelopment in the TIF Project Area - Mr. Simmons discussed status of
redevelopment within TIF sub-areas and throughout the remaining TIF parcels,
including Tri-State Electric, Sakura and Continental Bakery properties and Founders
Row, Phase II. Mr. Simmons also provided a status report on the RTA grant that
supported a redevelopment study of the downtown area. General discussion
followed.
b)Discussion regarding the 2013 Annual TIF Report - Mr. Erb reviewed with the Joint
Review Board the Annual TIF Report . He
stated that the annual report is filed with the State of Illinois as required by state
their opinion of
the reportof the
TIF, therefore giving the report a clean opinion. General discussion followed.
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c)Discussion Regarding the Current TIF Financial Pro-Forma - 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 along with projected TIF surplus
payments to be made to the TIF District taxing districts. General discussion
followed.
VII.There was no other business.
VIII.Next Meeting Next meeting date to be determined.
IX.Ms. Johnson motioned to adjourn the meeting at 4:23 p.m. The motion was seconded by
Mr. Bonnstetter. Motion carried.
Respectfully submitted,
David O. Erb
Finance Director
TIF Joint Review Board Meeting Page 2 of 2 August 21, 2014