HomeMy WebLinkAbout08/04/2005 TIF minutes
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TAX INCREMENT FINANCING DISTRICT NO.1
JOINT REVIEW BOARD
MINUTES OF MEETING
August 4, 2005
Village Hall - 3rd Floor Executive Conference Room
I. David Erb, Director of Finance for the Village of Mount Prospect called the Joint
Review Board (JRB) meeting to order at 3 :03 p.m. Mr. Erb 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 Harder, Cook
County Department of Planning and Development; Mr. Bruce Brown, Mount
Prospect School District #57; Mr. Dale Falk, Mount Prospect School District #57;
Ms. Sue Ramstedt, Mount Prospect School District #57; Ms. Judy Klein, Mount
Prospect Public Library; Mr. Bill Dussling, High School District #214; Ms. Debra
Parenti, High School District #214; Ms. Nanci Vanderweel, Elk Grove Township;
Mr. Daniel Lee, TIF Resident Representative; Ms. Irvana Wilks, Mayor of the Village
of Mount Prospect. Village staff in attendance included Director of Finance David
Erb, Community Development Director William Cooney, Deputy Finance Director
Carol Widmer and Administrative Assistant Lisa Burkemper.
III. Ms. Jackie Harder made a motion to appoint Mayor Wilks as Chair of the Joint
Review Board meeting; seconded by Mr. Bruce Brown. The motion carried
unanimou sl y.
IV. There was a motion by Ms. Judy Klein, seconded by Mr. Daniel Lee, to approve the
minutes of the July 22, 2004 meeting of the Joint Review Board. Ms. Irvana Wilks,
Mr. Bill Dussling, Ms. Susan Ramstedt and Ms. Nanci Vanderweel abstained and the
motion carried.
V. Community Development Director Cooney reviewed the status of the Village's
redevelopment efforts within the TIF. He explained that redevelopment in Sub Areas
2 and 3 would be completed next year. Mr. Cooney also mentioned that currently the
village is reviewing redevelopment opportunities within Sub Area 1 (the small
triangle area). Also Sub Areas 4 and 5 which are not currently in the TIF would like
to be added to the TIF through the TIF extension.
Mr. Cooney stated that the village is hopeful that the TIF extension would be
approved in the next legislative session.
VI. Mr. Erb reviewed with the JRB the Annual TIF Report that was filed with the State
Comptroller. A copy of that report was mailed to every taxing jurisdiction affected
by the TIF.
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Mr. Erb stated that the village has complied with requirements of the TIF; including
holding the JRB Meeting, performing the annual audit as well as holding monies in
distinct funds for proper tracking.
Mr. Erb summarized the financial results of the TIF for 2004. He reported that there
were tax revenues of$I,538,261 and investment income revenues of$8,566. Mr. Erb
also reported $ 3,161,175 in total expenditures for 2004.
Ms. Jackie Harder asked what year the current TIP expires. Mr. Erb stated that the
current TIF expires with the 2008 levy that ends in 2009.
Ms. Judy Klein asked who sponsored the TIF extension in the legislation. Mr.
Cooney stated that it was sponsored by Susan Garrett in the Senate and by Carolyn
Krause in the House.
VII. Mr. Erb reviewed the most recent financial pro-forma with the JRB. According to the
most recent pro-forma the actual TIF fund balance at the end of 2004 was $20,456
and is expected to end in 2009 with a positive fund balance of$198,803.
Mr. Erb stated that if the TIF ends in 2008 any surplus would be redistributed to the
taxing bodies at their prorated share.
VIII. The topic of extension/expansion of the TIF District was previously discussed.
IX. There was no other business to discuss.
X. Ms. Nanci Vanderweelmotioned to adjourn the meeting at 3:35 p.m. The motion
was seconded by Mr. Bruce Brown and the motion carried.
Respectfully submitted,
Lisa Burkemper
Administrative Assistant
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