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HomeMy WebLinkAbout07/25/2002 TIF minutes40 VILLAGE OF MOUNT PROSPECT, ILLINOIS TAX INCREMENT FINANCING DISTRICT NO. 1 JOINT REVIEW BOARD MINUTES OF MEETING JULY 25, 2002 Mount Prospect Village Hall Director of Finance Douglas Ellsworth called the Joint Review Board (JRB) meeting to order at 3:00 p.m. Mr. Ellsworth 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: Ms. Jackie Hinaber, Mount Prospect Public Library; Mr. Bruce Brown, School District No. 57; Michael Janonis, Village of Mount Prospect; Mr. James Popernik, Township High School District No. 214; Ms. Jackie Haider, Cook County; and Mr. Dan Lee, TIF resident representative. Village staff in attendance included Director of Finance Douglas Ellsworth and Community Development Director William Cooney. III. Mr. Janonis made a motion to appoint Ms. Jackie Hinaber as Chairman of the Joint Review Board meeting; seconded by Mr. Lee. The motion carried unanimously. IV. There was a motion by Mr. Lee, seconded by Mr. Janonis, to approve the minutes of the July 19, 2001 meeting of the Joint Review Board. The motion carried. V. Community Development Director Cooney reviewed the status of the Village's redevelopment efforts within the TIF. He discussed the status of the Residences at Towne Centre, the three - building condominium complex under construction by Norwood Builders. The first of three buildings is almost completely sold out. The second building is currently 30% sold. Construction on the third building is to begin within the next month. Mr. Cooney reported that construction of the development known as the Shops and Lofts, located at the corner of Northwest Highway and Emerson Street, is nearing completion. Leasing of the commercial space is ahead of schedule and is almost complete. Mr. Cooney then briefly reviewed the recent improvements to the train station and parking lots. He also discussed the status of the new village hall and parking structure. Ms. Hinaber gave a brief update on the expansion of the Mount Prospect Public Library. Joint Review Board Meeting Minutes July 25, 2002 ?age Two VI. Mr. Ellsworth reviewed with the JRB the Annual TIF Report that was filed with the State Comptroller in June. A copy of that report was mailed to every taxing jurisdiction affected by the TIF. Mr. Ellsworth stated that the TIF Report indicates that there were no amendments to the TIF Redevelopment Plan or the TIF boundary made in 2001. He further stated that the report included a TIF compliance audit, and no violations or departures from the TIF Act were noted. Mr. Ellsworth summarized the financial results of the TIF for 2001. He reported that there were revenues of $1,940,066. Incremental property taxes totaled $804,700. Proceeds from the sale of land came to $748,355. Reimbursement for contaminated soil remediation totaled $387,000. Mr. Ellsworth reported the following expenditures for 2001: Debt Service $1,311,101 Demolition and Site Clean-up 685,000 Streetscape Improvements 304,378 Miscellaneous 66,607 Total $2,367,086 There were no questions regarding the annual TIF Report. VII. Mr. Ellsworth reviewed the most recent financial pro -forma with the JRB. Mr. Ellsworth pointed out that the Village expects to end 2002 with TIF revenues of $2,831,159 and expenditures of $3,764,224, for a deficit of $933,065. Total fund balance in the capital projects fund and TIF debt service funds is expected to decrease to a negative $274,293. Included in both the revenue and expenditure total is $635,000 related to the refunding of a portion of the TIF debt. Mr. Ellsworth stated that the Village expects to have a negative fund balance in the TIF funds for the next several years, and that the Board is considering not issuing any more TIF debt but rather advancing funds from the General Fund until incremental revenues are sufficient to repay the advance. Mr. Ellsworth indicated that a positive fund balance is expected in 2006. Mr. Ellsworth indicated that the pro -forma shows the incremental revenues totaling $1.9 million in 2008, the final year of the TIF. Mr. Popernik asked what the sales tax rebate payment was. Mr. Ellsworth stated that the property purchase agreement with Northwest Electric Supply Company provided for a 75% sales tax rebate for 15 years. VIII KI Joint Review Board Meeting Minutes July 25, 2002 Page Three Mr. Ellsworth noted that the equalized assessed valuation of the TIF in 2008 is estimated at $21.1 million. Chairman Hinaber asked if there were any additional questions from the members, or any other matters to come before the JRB. There were no additional matters discussed. Chairman Hinaber adjourned the meeting at 3:45 p.m. Respectfully submitted, Douglas R. Ellsworth, CPA Director of Finance JOINT REVIEW BOARD MEETING VILLAGE OF MOUNT PROSPECT TAX INCREMENT FINANCING DISTRICT JULY 259 2002 ATTENDANCE ROSTER Name a Jurisdiction 1�,rr Paitospo,-r l ` jV4 PrpS �C