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Home My WebLink AboutMinutes JRB 11/17/2021MINUTES JOINT REVIEW BOARD SPECIAL MEETING MOUNT PROSPECT PROSPECT AND MAIN TAX INCREMENT FINANCING DISTRICT THURSDAY, NOVEMBER 17, 2021 Village Hall - Boardroom 50 S. Emerson Street Mount Prospect, IL 60056 1. Call Meeting to Order Village of Mount Prospect Village Manager and Joint Review Board Chairperson Michael Cassady called the virtual meeting to order at 11:00 A.M. Roll Call of Joint Review Board Members: A roll call of Joint Review Board members for the proposed Prospect and Main Tax Increment Financing District ("Prospect and Main TIF District") was taken, with the following representatives being present, except as otherwise noted: Member 1. Village of Mount Prospect 2. County of Cook 3. Wheeling Township 4. Elk Grove Township 5. Harper College District 512 6. Mount Prospect School District 57 7. Township High School District 214 8. Mount Prospect Park District 9. Public Member Representative Michael Cassady, Chairperson Absent Absent Absent Absent Jason Kaiz Cathy Johnson George Giese Sann Knipple Also present: Village of Mount Prospect Director of Finance Amit Thakkar, Mount Prospect Assistant to the Director of Finance Jenny Fitzgerald, Mount Prospect Director of Community Development Bill Cooney, Mount Prospect Senior Planner Connor Harmon and Mount Prospect Village Clerk Karen Agoranos. 2. Approval of Minutes of Joint Review Board Special Meeting of November 20, 2020 Ms. Knipple moved, seconded by Ms. Johnson, to approve the minutes of the Joint Review Board special meeting held on November 20, 2020. The minutes were approved by unanimous voice vote of those present. 3. Old Business None. 4. New Business a. 2020 Audited Financials and Current Pro -Forma Mr. Thakkar displayed the existing boundary map. Mr. Thakkar reported the following 2020 Audited Financials: • Total revenue for 2020 - $1.5 million o TIF increment - $944,024 o Transfer -in (Police and Fire Building Construction Fund) - $590,000 • Total expenditures - $10,081,885 o Contractual services, capital improvements and debt service (bond payments) • Beginning Fund Balance - $8,532,044 • Ending Fund Balance - $25,991 Mr. Thakkar stated the Village purchased property at 15 W. Busse for $1.3 million. The property will provide parking in the downtown TIF district. b. Surplus Declaration 2020 Taxes (received in 2021) Per the intergovernmental agreement with School District 214, $59,401 was declared as surplus and given back to Cook County to redistribute amongst the taxing bodies within the TIF district. The Village collected $944,024 in TIF increment and these funds were used for eligible uses, including debt service payments totaling $704,311. Mr, Thakkar reported $590,000 was received from the Police and Fire Building Construction Fund as transfers from municipal sources during the year. The ending fund balance is $25,991. Mr. Thakkar reported the total 2020 TIF Increment collected from the carved out parcels is $193,168 and the same will be declared as surplus in early 2022. The amount per taxing body will be sent to Cook County: o Mt. Prospect Park District — $11,231 o School District 214 — $48,399 o School District 57 - $71,692 o Mount Prospect Public Library - $12,314 o Village of Mount Prospect - $20,296 Other recipients include Northwest Mosquito Abatement, Metropolitan Water Reclamation District, Harper Community College, Elk Grove Township and Cook County. Mr. Thakkar presented projected pro -forma information for 2021 and 2022. The 2021 projected revenue total $1.8 million and $3.6 million is projected for 2022. Major expenditures for 2021 include debt service, payable to Caputo Grocery Store at Maple Street Lofts, fagade program and developer's incentives. Projected expenditures for 2021 total $1.8 million. Projected expenditures for 2022 is $2 million; this includes a $1 million payment to debt service. The projected ending fund balance for 2021 is $30,372. Mr. Thakkar answered questions from the Board. Mr. Cooney provided updates on key developments: gn \niPgt • 90% occupied; occupancy rate is well above the pro -forma 0 Mixed-use development; 73 apartments with 5,000 square feet of retail • Positive response • Pandemic delayed restaurant opening; new expected date of opening is Spring 2022 10 N. Main • Successful development • Generate increment to school districts • 97 units are almost fully leased; leasing began in March 2021 Park Terrace • Twelve (12) unit row home; all units sold within three (3) months • $650,000 average cost; 33% above estimates Maple Street Lofts • Building A — 192 units; 100 are occupied • 65 -unit building is expected to begin leasing next spring • Caputo's Fresh Market has been delayed; expected to open 1St quarter of 2022 • Row homes on south end of property; 21 are sold and 16 remain under construction; selling price is approximately $400,000 Old Police/Fire Headquarters • Proposed mixed —use development; 88 apartment units with retail 3500 square feet retail component • Board approval expected in December 2021; construction to begin in spring 2022 Chase Building 011 E. Busse) • Proposed mixed-use; 200 rental units with 7,500 — 10,000 square feet of retail • Difficulties with the antenna leases continue to be an obstacle for redevelopment of this parcel Pocket Park • Successful project; active, popular park with the downtown community Old Sakura site (105 S. Main) • Proposed concept includes 30-40 residential units above retail In response to a question from Ms. Johnson, Mr. Cassady stated the 20 West development generated five (5) or six (6) students, none from Park Terrace, and four (4) from 10 N. Main. Mr. Cooney added these numbers are close to estimates; the formula used to calculate estimates was very accurate. Mr. Cooney stated the EAVs are higher than expected. Mr. Cassady and Mr. Cooney provided the following in response to questions from the Board: • Village is in communications with the owner of the land next to Hubby's; owner has stated he plans to redevelop the area but no time -frame was provided • The size of Caputo's is approximately 15,000 square feet (size of an average Trader Joe's); niche market with an emphasis on prepared foods • Bonds will be paid off in 2040 Mr. Cassady provided an update on Union Pacific. Union Pacific is seeking to get out of the commuter rail business to focus on freight. Union Pacific would like to sell the property to a developer who specializes in affordable housing. Village staff is concerned the site is too narrow and too close to the tracks for any residential development. K 5. Public Comment No public comment 6. Other Business Mr. Cassady stated the Village initiated an Eligibility Study for the south end of town. The proposed subject area will likely exclude residential. Most of the area, developed by Cook County, is industrial use with poor infrastructure. 7. Adjournment It was moved by Ms. Johnson and seconded by Ms. Knipple that the Joint Review Board meeting be adjourned. The motion passed by unanimous roll call vote of those present at 11:36 a.m. Respectfully submitted, Karen M. Agoranos Village Clerk Village of Mount Prospect M