HomeMy WebLinkAbout08/10/2006 TIF minutes
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TAX INCREMENT FINANCING DISTRICT NO.1
JOINT REVIEW BOARD
MINUTES OF MEETING
August 10,2006
Village Hall - 3rd Floor Executive Conference Room
I. Village of Mount Prospect Mayor Irvana Wilks called the Joint Review Board (JRB)
meeting to order at 3 :05 p.m. Mayor Wilks 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: Mr. Bmce Brown, Mount
Prospect School District #57; Mr. Dale Falk, Mount Prospect School District #57;
Ms. Sue Ramstedt, Mount Prospect School District #57; 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; Mr.
Bill Walters, Mount Prospect Library (arrived at meetings end); Ms. Barbara Dolan,
Mount Prospect Journal; 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, Community Development Planner Jason
Zawila, Deputy Finance Director Carol Widmer and Administrative Assistant Lisa
Burkemper.
III. Ms. Nanci V anderweelmade 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 Mr. Daniel Lee, seconded by Ms. Nanci Vanderweel, to
approve the minutes of the August 4, 2005 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. Mr. Cooney explained that the Village Board
is set to approve an ordinance next week that is an expansion and extension and of its
TIF District. Mr. Cooney mentioned that currently the village is discussing the
redevelopment options for the Chase Bank and Central Plaza propeliies (sub area's 4
and 5). Mr. Cooney also discussed the redevelopment plans for the triangle area
which is sub area 1.
Nanci Vanderweel asked is there were any redevelopment plans for Sakura restaurant
and the businesses in that area. Mr. Cooney stated that currently the Village has no
plan to redevelop this area.
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VI. Mr. Erb reviewed with the JRB the Annual TIF Report as prepared by the Village's
auditors. A copy of that report was mailed to every taxing jurisdiction affected by the
TIF. Mr. Erb added that as of December 31, 2005 fund balance totals were
$1,530,471.
Ms. Vanderweel asked what the Village does with the $1.5 million surplus. Mr. Erb
stated that the surplus is carried over from year to year and at the end of the TIF it
would be returned to the taxing districts if a surplus still remained.
VII. Mr. Erb reviewed the most recent financial pro-forma with the JRB. Mr. Erb also
presented a pro-forma that outlined projection for the 2009 through 2022, which
represents the proposed TIF extension. Mr. Erb added that the Village has taken a
conservative approach to the forecasting of the yearly fund balances during the
proposed TIF extension.
VIII. Mr. Bill Dussling stated that his board expressed concern about an August 2nd article
in the paper that discussed an area being considered for development of a new TIF
near Rand and Kensington. Mr. Cooney stated that the area is in the vicinity of Rand
and Kensington Roads and also encompasses some residential properties on the east.
Mr. Cooney stated that there has been some discussion about considering this a
possible area to form a TIF District. There are plans to hire a consultant to see if the
Village could form a TIF and what ideas they could come up with for the area.
IX. Ms. Nanci Vanderweelmotioned to adjourn the meeting at 3:40 p.m. The motion
was seconded by Mr. Bmce Brown and the motion carried.
Respectfully submitted,
Lisa Burkemper
Administrative Assistant
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