HomeMy WebLinkAbout07/22/2009 TIF minutes
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TAX INCREMENT FINANCING DISTRICT NO. 1
JOINT REVIEW BOARD
MINUTES OF MEETING
July 22, 2009
rd
Village Hall 3 Floor Executive Conference Room
I.Village of Mount Prospect Mayor Irvana Wilks called the Joint Review Board (JRB)
meeting to order at 3:35 p.m. Finance Director David Erb welcomed all of the guests
and stated the purpose of the meeting was to provide an update as to the status of the
Vil
II.The following individuals were present at the meeting: Dr. Elaine Aumiller, Mount
Prospect School District #57; Mr. Dale Falk, Mount Prospect School District #57;
Ms. Sherry Koerner, High School District #214; Mr. Bill Dussling, High School
District #214; Ms. Nanci Vanderweel, Elk Grove Township; Mr. Dick Tani, Mount
Prospect Public Library, Mr. Dan Lee, TIF Resident Representative; Ms. Irvana
Wilks, Mayor of the Village of Mount Prospect. Village staff in attendance included
Finance Director David Erb, Community Development Director William Cooney,
Deputy Director of Community Development Brian Simmons and Administrative
Assistant Lisa Burkemper.
III.Ms. Nanci Vanderweel made a motion to appoint Mayor Wilks as Chair of the Joint
Review Board meeting; seconded by Mr. Bill Dussling. Mayor Wilks abstained and
the motion carried.
IV.There was a motion by Mr. Bill Dussling and seconded by Ms. Nanci Vanderweel to
approve the minutes of the August 13, 2008 meeting of the Joint Review Board. Mr.
Dick Tani, Dr. Elaine Aumiller and Ms. Sherry Koerner abstained and the motion
carried.
V.Community Development Director William Cooney reviewed the status of the
Mr. Cooney outlined the
redevelopment plans for the triangle area which is sub area 1. Mr. Cooney stated the
project has been delayed and spring 2010 is the earliest the project would start.
Mr. Cooney stated that several restaurants have opened in the downtown area and are
doing well. Mr. Cooney also mentioned that approximately 4,000-6,000 square feet
of retail space is available at the Emerson and recently 21 condo units in the same
building went up for auction. Of the 21 units up for auction 16 units sold.
VI.Finance Director David Erb reviewed with the Joint Review Board the Annual TIF
Report . Mr. Erb stated that the annual report is
filed with the State of Illinois as required by state statute. Mr. Erb outlined the
their opinion of the report
opinion said that the report was fairly representative of the TIF, therefore giving the
report a clean opinion.
TIF Joint Review Board Meeting Page 1 of 2 July 22, 2009
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 planned draw down of $2.6 million left the balance of the TIF at
$223,404 at years end.
Mr. Bill Dussling asked how the proforma currently looks versus when the members
agreed to the TIF extension. Mr. Erb stated that they are fairly close, $2.6 million last
year versus $2.55 million this year.
Ms. Vanderweel mentioned she would like to have the township involved in any
discussions the Village has related to annexation of property.
Mr. Dussling thanked the Village for the information presented, adding that it is
presented in a way that is easy to understand.
VIII. There was no other business.
IX.Ms. Nanci Vanderweel motioned to adjourn the meeting at 4:17 p.m. The motion
was seconded by Mr. Dick Tani and the motion carried.
Respectfully submitted,
Lisa Burkemper
Administrative Assistant
TIF Joint Review Board Meeting Page 2 of 2 July 22, 2009