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HomeMy WebLinkAbout0760_001MINUTES COMMITTEE �i"'� EE F THE WHOLE SEPTEMBER MBE , 1987 #w ROLL CALL The meeting was called to order at 7:" p.m. Present at the meeting, were: Mayor Carolyn Krause, Trustees Ralph Arthur, Leo Floros and George Van teem. Absent from the meeting were: Trustees Gerald Farley, Norma Murauskis and Theodore Wattenberg. Also present at the meeting were: Village .Manager John Fulton Dixon, Director of Finance David Jepson and Research Assistant Michael J. Steklac. There was one person present from the print media. II. MINUTES The Minutes of the Committee of the Whole meeting of August 25, 1987 were accepted and filed. III. CITIZENS To ,BE HEARD There being no citizens present who wished to address the Beard on any item not on the Agenda,, the Committee moved on to the next item of .business. IV. BRICK.MAN PROPERTY - DISCUSSION of VARIATION TO CONSENT DECREE Artfield .Builders, the proposed developer at the Brickman property located on River Road north of tamp McDonald Road, has requested that the Village agree to a Field Change to the Consent Decree of 1980for this property. The Field Change is to modify the site plan to permit excavation of a detention basin for storm water storage and to permit the basin to be located 20 feet from the building rather than the 75 feet required by the Development Mode. The woodview Homeowners Association was an intervenor in the original litigation regarding this property. % The Village Manager briefed the Committee on what would happen if the developer's request is denied. If the Change is not granted, the developer would be unable to receive Permits because they would not meet the requirements of the Development Code. The developer would then have to go to Court to seek the modification. The developers presented their revised plan to the Committee. It proposes a 11:5 unit apartment complex that would be three stories tall. The developer noted that they are not changing the nature of the development and that they are only seeking to rearrange the buildings to construct the detention .basin. They also ,stated that the buildings will be no closer to the residents than they were in the 10 original Consent Decree. The Mayor stated that she 'would not agree to any development, that did not meet A, the require,ments of the Village Ordinance# She encouraged the developers to, meet, with the Homeowners Association and to seek their approval. The Mayor stated that since the Woodview Homeowners Assoc,iation, was a participant in the Consent Decree, their approval would be required before the developers could proceed, The Mayor agreed to place the issue on the October 20 Agenda for Village Board action. VO MULTI FAMILY REHABILITATION FUNDING ASSISTANCE TheVi"I'llage, Manager reviewed a, memo from the Research Assist regardi'ng the possibility of the V,iflage se kin funding under the United States Depart, ment of Housing an Urban, Development's Rental Rehabilitation Grant Program, Is ,After reviewing the memo, it was the consensus of the Committee that the Village staff sho,u,ld, contact Inland Realty to gauge their interest in participating in the prograrn. VI. FOOD AND BEVERAGE TAX ORDINANCE AMENDMENTS Finance Director David Jepson appeared to review the language changes made in the Food and Beverage Tax Ordinances* He, stated that the Ordinance was rewritten to mirror the language in the Illinois State Statutes. There as some discussion of what constillt-uted foods for "Immediate consumption 11 Mr. Jepson','responded' that if the, busi"ness pays a 5% tax on an item, they would also be required to pay the 1% Village Tax. Several Committee members disagreed with the inclusion of soft drinks as a taxable item. It was the consensus of the Committee to proceed with the Ordinance changes with the exception of including soft drinks as a taxable item. VII. MANAGER'S REPORT It Village, Manager John Fulton Dixon reported that 80 applications were taken out for the flood Loan Program. To date, six responses have been received for a total of $48,000, in loan assistance,, Ij, The Village staff estimates that they will receive between $200,000 to $250,,,000( in loan requests. Mr. Dixon stated that if the loan requests remain in this range, '01 that the staff would seek approval to use Investment Funds from the Risk Management Fund for this purpose, Mr. Dixon noted that the Village has mailed out over 100 packets of information on protecting basements from flooding and the National Flood Insurance Program. Village of M%.runt Prospect Mount Prospect, Illinois INTEROFFICE MEMORANDUM TO: MAYOR CAROLYN H. KRAUSE AND BOARD OF TRUSTEES FROM: VILLAGE MANAGER DATE: SEPTEMBER 17, 1987 SUBJECT: TIF - TARGET AREA "All Several weeks ago, an Ad Hoc Committee was established by the Board to review proposals that had been received in response to our developer request- f o r -p roposals in the TIF area. The; original request went out with a short turn -around time so 1 that it would have been' possible to get construction started before the end of this calendar year. We received three proposals and presented to the Board the most qualified developer. The Ad Hoc Committee,: spent several evenings taking their task extremely seriously to review the original request -for -proposals, making contact with people who did not respond originally to ascertain why we didn't receive more than three responses and also to solicit support from new developers. Through this process, the original 25 developers grew to. a list of over 50 people who have been contacted on this particular project. Several discussions were held with developers who did not present proposals to discuss draw -backs or cdncerns of the TIF site and what kinds of development they felt might be appropriate. There was also an evening devoted to review the financial 'Information. In the end, additional proposals were presented to the Ad Hoc Committee and to staff. Two were for rental developments similar to the Rescorp Development. There were a couple that were condominium developments; one was for a combination of a retail strip along Northwest Highway and town - homes behind the retail strip. There was a proposal for a combination of condominiums and towhhbmes and one proposal for strictly townhomes on the site. The Ad Hoc Committee has reviewed these proposals ' and has established concerns and criteria that will b4 presented in a separate document. Staff has reviewed the financial capabilities and development backgrounds of the best developers presentedin each of the three areas.* Rental, condominium and the townhouse development. We find that all three-. of these development groups have the capabilities of producing a quality product on the parcel. I have been in touch periodically with the Rescorp people so that they were aware of the discussions and' meetings that were taking place. Their proposal is still a valid proposal from the' standpoint and they are still, ready, willing and able to sit 0, down and,, ne,gotiate with the Village and move ahead# I TO:' JOHN FULTON DIXON p VILLAGE MANAGER FROM: STEPHEN Me PARK t PLANNING AND ZONING DIRECTOR SUBJECT: TAX INCREMENT FINANCING PROGRAM STATUS DATE: SEPTEMBER 17, 1987 oil 411. offfff 0 DESIGN OBJECTIVES, W01 The following design objectives should be used to guide all new development within 'Target Area Aof the Tax Increment Financing D i s t r i c t : The target area should be designed and developed according to a unified, overall site plan to ensure the coordination of landwuse are ast building sites, accessv facil,ities,inte,rnal circulation,parking areas, utilities and open space systems, New development should complement existing surrounding uses in terms of size, scale, intensity and app rance. The massing and interrelationship of buildings and open span ie areas should, hielp, create a distinct and attractive visual identity for the overall Tax Increment Financing District in Mount Prospect. All new development should be characterized by high- quality building cons truct, ion and site design. 0 Traffic into the adjacent residential area should be minimized, Pedestrian access from, the p-roJect area to the center of the Central Business District should be considered. Open space, landscaping, and plazas should be encouraged. Site and building design, including materials, should be compatible with recent renovation efforts in the Central Business District. C A transition 'between Northwest Highway and the single family neighborhoods should be considered using building mass, parking, landscape buffers, and architectural design, to 3 Village f Nk,_,ant Prospect Mount Prospect, Illinois d4mv o id*.* INTEROFFICE MEMORANDUM TO: Mayor and Board of Trustees FROM: John Fulton Dixon, Village Manager RE: Tax Increment Financing DATE: July 24, 1987 Attached is a package of information the Finance Director put together for the TIF Ad Hoc Committee* This information was presented to the Committee on July 15th. The debt service requirements outlinivu it, 1 shows an existing debt service plus an anticipated renewing of the 1985 bond issue in October of this year. We have given instructions to our financial consultant to structure the new bonds to pay interest only for the first 4 years -0 I ask you to pay particular attention to Schedule 4 which outlines the projected revenues and debt service requirements. The column entitled "Target Area 'A' Multi -family" indicates the anticipated revenues of tax increment for the residential section that is being reviewed by the Ad Hoc Committee* You will note that the first number is $150,000 which is anticipated to be collected in the year 1991. This figure has very signifi%cn.,nt importance in light of the last column entitled "Cumulative Excess Deficiencies". During the life of the TIF project the amount of money that we have in excess or that we have from other sources is listed in column 6. During the years 1997 through 2003 there are significant deficiencies of approximately one-quarter of a million dollars and up to $569,000. Not until the collection year of 2005 do we get in the excess amount* If the amount received in the 4th column is reduced under the $150,000 level the deficiencies will increase. Conversely the cumulative excess will also be decreased in the final years if the $150,000 is increased. In those years of deficiencies, other sources of funds will have to be found* The Board should keep in mind that this entire schedule is based on Target Area "A" standing on its own. It was originally anticipated that the Target Area along Northwest Highway would accumulate excess funds to help fund other areas of "the TIF* I must stress that it is extremely important for us to stay as close as possible to the $150,000 increment in Target Area "A" so that we do not incur difficulties in funding this TIF project without supplemental funds John Fulton Dixon Village Manager JFD/caf Ai -i- - 04 IT -To M M_ Schedule 2 Exhibit 1 Exhibit 2 Exhibit 3 Exhibit 4 Exhibit 5 Exhibit 6 Exhibit 7 Schedule 3 Schedule 4 Schedule 5 DOWNTOWN REDEVELOPMENT PROJECT TARGET AREA A Financing Requirements July 15, 1987 Debt Service "Requirements Sample Multi -Family Housing 250 Parliament Place 1400 Elmhurst Road 701 Huntington Commons 200-.-208 Fairview Ct 800-810 Partridge Lane Tamarack Lane WForest Cove Estimate of Tax Revenue Projected Revenues and Debt Service Requirements 01 Sources of Financing and Project Revenues (1) 1985 G. 0. Bonds expected to be refunded in October 1987. Schedule 1 OOWNTOWN REDEVELOPMENT PhuJECT Debt Service Requirements 1987 1985 (1) 1987 (1) Series C GO 00 Series D Year $425 000 700, 9 000 $1,,t,5709000 Total ,1986 $ $2469935 $ $ 2469935 1987 16,710 1102100 126,810 1988 28v645 000- 121t740 1509385 1989 28t645 112p375 141 9020 1990 289645 112t375 141 t02O 1991. 118,645 112,375 231 t020 1992 779615 112p375 189t990 1993 739930 1279375 201 t305 1994 70t245 1519287 2219532 1995 66,560 173,388 239,948 1996 62,820 198,675 261t495 1997 64,080 22697B7 290,867 1998 4,00 247,363 2479363 1999 275,762 275,762 2000 301t263 3019263 2001 3239862 3239862 2002 348,563 348,563 2003 4 d"04M 2004 ev 2005 2006 2007 $63,645410 $357,1035 12,,945,1565 (1) 1985 G. 0. Bonds expected to be refunded in October 1987. Exhibit 1 250 Parliament Place Old Orchard 03-27-100423 - (1001 - 1076) 76 Unit Condos Average E.A.V, As V. $ 635,628 Multiplier X 1.5293 E.A.V. $ltl629754 No. of Units + 716, Avg, E.A.V. S 29 Taxes Per Unit Avg. E.A.V. $15,299 Homeowner Exempt,, <3 5001> Taxable E.A.V. $11 J'99 Est. Tax Rate "Nommi 8's 50 Tax Per Unit 1` 0031 MWIMM Exhibit 3 701 Huntington Commons Huntington Commons 08-m14-401-097 - (1001 No 1075) 75 Unit Condos Average C.A.V. A. Ve $ 455,639 Multipher X. 1.8293 -M E.A.V. $ 833v500 No. of Units f 75 low Avg. E.A.V. am 1,1' A113. Taxes Per Unit Avg. E.A.V. $11 t113 Homeowner Exemptf <3 t_5_00> Taxable E.A.V. $ '71633 Est. Tax - Rate 4OWN 8.50 Tax Per Unit L� �64 7 Exhibit 5 800-810 Partridge Lane Huntington Commons 08-14-401-084 - (1001 4� 1006) 6 Unit Townhouse's AveE.a.ge_E,,A,,V, Taxes Per Unit As V 599722 Avg* E.A.V, $ 18 1,208 Multiplier x 1.8293 Homeowner Exempt, <3121500> E.A.V. ago 1099249 Taxable E.A.V. $149708 No. of Units + 6 Est. Tax Rate 8.5Q Avg. E.A.V. $1 18 jL20, Tax Per Unit Exhibit 7 1275 Forest Cove Dnive Forest Cove 08-,22-203-044 300 Unit Apartments Average E.A.V. A. V. $2,431995.1 Multiplier x 1*8293 E.A.V. $4,4489768 No. of Units + 300 Avg. E.A.V. 14 It 8,29 Taxes Per Unit Avg. E.A.V. $4,4481768 Est. Tax Rate 8.50 Total Tax $ 378,145 No. of Units 300 Tax Per Unit Schedule 4 DOWNTOWN REDEVELOPMENT PROJECT TARGET AREA'A Projected Revenues and Debt Service Requirements Totals720 $ 2 17 2,039' L,874 i �69, 11 $4.0959450 9391011,40 1,56,310 156 310 WA �1) After all costs associated with the TIF District are recovered, the Village will receive its proportionate share of the increment. The Village's portion is estimated at 13,81%* Target Tax Year Area A Target Total Debt Annual Cumulative Levy of Excluding Area A Other Target Service Excess Excess Year Collection Multi-Fam Multi-Fam Income Area A Requirement <Def icien,cy> <Def`icienc 1985 1986 $ 19,070 $ $ 50,137 $ 69,207 $ 2469935 $< 1779728> $< 177,728> 1986 1987 69,554 69,554 126,810 < 57,256> < 234 984> 1987 1988 700,000 700,000 150,385 549,615 314,631 1988 1989 20,000 20vOOO 40loOOO 141,020 < 101 020> 2139611 1989 1990 209000 15t000 359000 141,020 106 9020> 107,591 1990 1991 20,000 150,000 10,000 180,000 2319020 < 51 9020> 56,571 1991 1992 21t600 1509000 59000 1769600 189,990 < 13 t390> 439181 1992 1993 219600 150,000 59000 1769600 2019305 > 24 9 705> 18 , 476 1993 1994 239330 162tOOO "001" 185,330 2219532 < 36 9 202> < 17 9726> 1994 1995 23,330 162vDUO 185t330 2399948 < 549618> < 72,344> 1995 1996 259195 1749960 200,155 261,495 < 61 9 340> < 133,684> 1996 1997 25,195 1749960 2009155 2909867 < 909712> < 2249396> 1997 1998 27t210 1889960 2169170 2479363 < 31 ,193> < 255,589> 1998 1999 279210 188v960 216 ,170275,762 < 59 9 592> < 3151181> 1999 A2000 299385 2049070 2339455 301t263 < 67 9 808> < 3829989> 2000 2001 29,385 204,070 233,455 323,862 < 909407> < 473,396> 2001 2002 31,735 2209400 252t135 3489563 < 96942B> < 5699820 2002 2003 31t735 220,400 2529135 61004" 252,135 < 317,689> 2003 2004 34,275 238,030 272,305 272,305 < 451380 2004 20050) 4,730 71,969 76,699 76,699 31t 315 2005 2006 59110 35,475 409585 409585 719900 2006 2007 5,110 35,475 40,585 40,585 112,485 2007 2008 5 38,310 "'0041-0439825 4�7y,q25, 156,310m. Totals720 $ 2 17 2,039' L,874 i �69, 11 $4.0959450 9391011,40 1,56,310 156 310 WA �1) After all costs associated with the TIF District are recovered, the Village will receive its proportionate share of the increment. The Village's portion is estimated at 13,81%* % September 22,, 1987 Respectfully submitted to the Village of Mount Prospect Board of Trustees 6y the Ad Hoc Citizens' Committee composed of: Paul Hoefert Paul ine Dugger Jim Cosgrove Tom Karlov Ron ColTtell Colvira Grand� Roger Neitzk] Te Rohan I Katy Beaton The committee was originally formed as a result of concerns by a great number of citizens over the ultimate development of Target Area A of the Mount Prospect Tax Increment Financing (TIF) District, The purpose of this report is to outline the criteria which this citizens' committee considers to be critical to the fi.ria 1 development chosen for Target Area A., The committee has uncovered a good deal of interest which has generated a number of quality proposals, 11 [e, NkOWYKI! The goals of the committee were to find alternative developers for Target Area A of the Mount Prospect TIF District, to meet With those developers and discuss their proposals,, and to determine the parameters we considered important for the development,. Many hours were spent by the committee,. the Mayor and the Village Manager in researching the alternative developers. Through this investigation the committee realized the economic requirements, the market constraints,, and the site restrictions of this first target area. The ad hoc committee feels confident that we have achieved our goals and have added value to the process of choosing the development for Target Area A. M"ity # Des,, and qual* are very, important, considerations to the development given thatthis, is the first area to be completed in the downtown redevelopment,, The committee strongly feels that architectural appeal and compatibility with the surrounding neighborhood is of utmost importance. Factors such as quality construction, quality materials, quality amenities, Creative external facades,, building placements, setbacks from the street, insidedumpsters, etc., arecritical to the success of the project, Although we are only a nine member committee, we have solicited and received the input of a great number of the residents in the surrounding neigbborhood. Due to the joint interests and efforts of the committee,, Mayor Carolyn Krause, Village Manager,John Dixon,, and -®e staff,. alternatives to the al plan have been proposed,, Choosing the development which best meets the parameters suggested by the committee will satisfy,the major concerns of the neighborhoodand provide a unique development for Mount Prospect,, This is a prime opportunity for the Village to take a step in a Prociressive direction and set a precedent for the type and quality of redevelopment in Mount Prospect, We thank you for the opportunity to move through this process and we hope you evaluate our input carefully in making your final decision for the development of Target Area A.