HomeMy WebLinkAbout08/15/2012 TIF Minutes
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TAX INCREMENT FINANCING DISTRICT NO. 1
JOINT REVIEW BOARD
MINUTES OF MEETING
August 15, 2012
rd
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 3:31 p.m. The following individuals were present at the
meeting: Mr. Bill Dussling, High School District #214; Ms. Sherry Koerner, High School
District #214; Dr. Elaine Aumiller, School District 57; Mr. Patrick Bauer, Harper
College; Ms. Nanci Vanderweel, Elk Grove Township; Ms. Dale Draznin, Mount
Prospect Public Library, and Mr. Dan Lee, TIF Resident Representative. 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
t, as required by
Statute.
II.Selection of Chairperson Ms. Vanderweel made a motion to appoint Mayor Wilks as
Chair of the Joint Review Board meeting; seconded by Mr. Dussling. Mayor Wilks
abstained and the motion carried.
III.Approval of Minutes - There was a motion by Ms. Draznin and seconded by Mr. Lee to
approve the minutes of the August 10, 2011 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 row homes along Emerson Street and redevelopment within other TIF sub-areas.
Mr. Cooney stated that the row homes were in foreclosure and redevelopment within
sub-area #1 was halted. Mr. Cooney also presented an update on Central Plaza. No
further redevelopment was anticipated in the TIF at this time. General discussion
followed.
b)Discussion regarding the 2011 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 report
TIF, therefore giving the report a clean opinion. General discussion followed.
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VII.New Business (continued)
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.
VIII.There was no other business.
IX.Next Meeting Next meeting has not yet been determined.
X.Ms. Vanderweel motioned to adjourn the meeting at 4:07 p.m. The motion was seconded
by Mr. Dussling and the motion carried.
Respectfully submitted,
David O. Erb
Finance Director
TIF Joint Review Board Meeting Page 2 of 2 August 15, 2012