HomeMy WebLinkAbout05/27/2021 FC MinutesFINANCE COMMISSION MEETING n..m1,,-�,-1 �7
MINUTES
Thursday, May 27, 2021
Mount Prospect Police Headquarters
911 E. Kensington Rd., Mount Prospect, IL
I. Call to Order
Meeting called to order at 7:01 p.m.
Commission members present: Pam Bazan, Trisha Chokshi, Vince Grochocinski, Don
Ocwieja and Tom Pekras.
Commission members absent: Kenneth Arndt and Yulia Bjekic
Staff present: Director of Finance Amit Thakkar, Senior Planner Connor Harmon and
Assistant to the Village Manager Alexander Bertolucci.
II. Approval of Minutes
a. Commissioner Pekras, seconded by Commissioner Grochocinski moved to approve
the minutes of the Finance Commission regular meeting of March 25, 2021 as
amended.
Chair Chokshi called a voice vote.
Motion passed unanimously.
III. Citizens to be Heard
None.
IV. Old Business
None.
V. New Business
a) Community & Economic Development — Business Incentive Review
Director of Finance Amit Thakkar introduced Senior Planner Connor Harmon. Mr.
Harmon shared information on the Village's Economic Development Program, which
includes efforts for business attraction, business retention, marketing of businesses,
reviewing development and permit process improvements and other opportunities.
Staff provided the following in response to questions from the Finance Commission:
• The market generally determines where businesses want to locate.
• There is not a specific incentive for Kensington Business Center; however, the
Village has approved Class 6b and 7c tax incentive to qualifying industrial and
commercial businesses.
• Two bills by state legislators proposed changes to Tax Increment Financing
(TIF). One was regarding reporting requirements and the other proposed
reducing TIF duration from 23 years to 10 years. The reporting legislation is
still active while they postponed the TIF duration legislation.
• 20 West is fully occupied. 10 N Main began leasing units six months ago and
half the units have been leased. Six units are occupied at Maple Street and 30
more have signed leases; 20 rowhomes have been sold and six are occupied.
• The public art installation discussion is ongoing.
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The Connect South Mount Prospect sub -area place identifies 15 key
opportunities sites for future growth based on public participation and business
visitation program.
The Connect South Mount Prospect sub -area is 6.5% open space; mostly
comprised of school parks. The largest green space is the ComEd easement.
b) Financial/Audit Updates
Mr. Thakkar reviewed progress on the audit. Expecting the report in June.
Mr. Thakkar provided an overview of the April 2021 Monthly Financial Report.
• 24% of annual revenue collected and spent almost 21% of budget.
• Received Rebuild Illinois grants.
• Income tax and use tax payments are greater than forecasted.
• The state budget includes a 10% cut in the Local Government Distributive
Fund. The 10% is equal to a $600,000 loss of revenue to the Village, which is
equivalent to 3% property tax increase.
• On May 19, The Village received the first installment of the American Rescue
Plan. Staff is reviewing how to best use these dollars.
• Staff completed a cash flow analysis to determine if there is an opportunity to
invest excess cash for improved interested income. Staff is working with PMA.
VI. Any Other Business
Public Works staff will be present at the June meeting for a conceptual discussion on
electric and hybrid municipal fleet vehicles.
VII. Chairman's Report
None.
VIII. Finance Director's Report
None.
XI. Next Meeting:
June 24, 2021 (Meeting was moved to June 23, 2021 post meeting)
IX. Adjournment:
Motion by Commissioner Grochocinski, seconded by Commissioner Bazan, to adjourn
the meeting.
Chair Chokshi called a voice vote.
Motion Carried unanimously.
The meeting adjourned at 7:59 pm.
Alexander Bertolucci
Assistant to the Village Manager
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