TIF Annual Report 2017VILLAGE OF OAK BROOK
TAX INCREMENT FINANCING DISTRICT NO. 1
BUTTERFIELDIMEYERS ROAD
ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017AND ENDING DECEMBER 31, 2017
Village of Oak Brook
Tax Increment Financing District No. 1
Butterfield/Meyers Rd. TIF
Table of Contents
SECTION TITLE PAGE
1.0 Name of Redevelopment Project Area and
Contact Information 1
2.0 Redevelopment Project Information 3
Attachment A Amendments to the Redevelopment Plan, the
Redevelopment Project and/or Area Boundary 4
Attachment B Certification of the Chief Executive Officer of the
municipality that the municipality has complied with
all of the requirements of the TIF Statute (the "Act")
during the reporting fiscal year 5
Attachment C Opinion of legal counsel that the municipality is in
compliance with the Act 7
Attachment D Statement setting forth all activities undertaken in
Attachment J Financial Analysis: TIF Obligations 15
BUTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
furtherance of the objectives of the Redevelopment Plan
9
Attachment E
Description of Agreements Regarding Property Disposition
or Redevelopment
10
Attachment F
Additional Information on Uses of Funds Related to Achieving
Objectives of the Redevelopment Plan
11
Attachment G
Information Regarding Contracts with TIF Consultants
12
Attachment H
Reports Submitted by Joint Review Board
13
Attachment I
Summary of any obligations issued by the municipality and
official statements
14
Attachment J Financial Analysis: TIF Obligations 15
BUTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
SECTION TITLE PAGE
Attachments
K and L For special tax allocation funds that have experienced cumulative
Exhibit A Joint Review Board Minutes
Exhibit B Audit and Compliance Letter
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY], 2017 AND ENDING DECEMBER 31, 2017
deposits of incremental tax revenues of $100,000 or more, a
certified audit report reviewing compliance with the Act performed
by an independent public accountant certified and licensed by the
authority of the State of Illinois
16
Attachment M
Intergovernmental Agreements
17
3.1
Analysis of Special Tax Allocation Fund
18
3.2
Itemized List of Expenditures from Special
Tax Allocation Fund
20
3.3
Special Tax Allocation Fund Balance (end of
reporting period)
25
4.0
Property purchased by the municipality within
the Redevelopment Project Area
27
5.0
Review of Public and Private Investment
29
6.0
Optional Sections
31
Exhibit A Joint Review Board Minutes
Exhibit B Audit and Compliance Letter
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY], 2017 AND ENDING DECEMBER 31, 2017
Section 1. Name of Redevelopment Project Area and Contact Information
Refer to chart attached.
BUTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
1
FY 2017
ANNUAL TAX INCREMENT FINANCE
REPORT
A MATE OF ILLINOIS
COMPTROLLER
SUSANA A. MENDOZA
.y
Name of Municipality: Oak Brook Reporting Fiscal Year; 2017
County; DuPage and Cock Fiscal Year End; 12/31/2017
Unit Code; 022/085/32
TIF Administrator Contact Information
First Name: Jason Last Name: Paprocki
Address: 1200 Oak Brook Road Title: Finance Director
Telephone; 630/368-5000 City; Oak Brook ZIP: 60523
E -mail -
required jpaprooki@oak-brook.org
I attest to the best of my knowledge, that this FY 2017 report of the redevelopment project area(s)
In the C1tyNillage of; Oak Brook
Is complete and accurate pursuant to Tax Increment Allocation Redevelopment Act (65 ILCS 5/1174.4-3 et, seq.) and
Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 at, segJ
// /�'( 66!�
Written si natu of TIF Administrator Date
Section 1 (65 ILCS 5/11-74.4-5 (d) (1,5) and tis ILUS 0111 -141.0 -XI (a)
FILL OUT ONE FOR EACH TIF DISTICT
Name of Redevelopment Project Area Date Designated Date Terminated
Oak Brook TIF No.1 Butterfield Meyers Road RPA 6/6/2005
I I I I
*All statutory citations refer to one of two sections of the Illinois Municipal Code: The Tax Increment Allocation
Redevelopment Act [65 ILCS 5/11-74.4-3 eL seq.] or the Industrial Jobs Kecovery Law (65 ILCS 6/11-m,(b-1U ot. seq.j
SECTION 2 [Sections 2 through 5 must be completed for each redevelopment project area listed in Section 1.]
FY 2017
Name of Redevelopment Project Area (below):
Oak Brook TIF No. 1
Primary Use of Redevelopment Project Area*: Mixed
*
Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
If "Combination/Mixed" List Component Types: Hotel Comm'I
Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one):
Tax Increment Allocation Redevelopment Act X
Industrial Jobs Recovery Law
:1
No
Yes
Were there any amendments to the redevelopment plan, the redevelopment project area, or the State Sales Tax Boundary? [65
ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)]
x
If yes, please enclose the amendment labeled Attachment A
Certification of the Chief Executive Officer of the municipality that the municipality has complied with all of the requirements of the
Act during the preceding fiscal year. [65 ILCS 5/11-74.4-5 (d) (3) and 5/11-74.6-22 (d) (3)]
x
Please enclose the CEO Certification labeled Attachment B
Opinion of legal counsel that municipality is in compliance with the Act. [65 ILCS 5/11-74.4-5 (d) (4) and 5/11-74.6-22 (d) (4)]
Please enclose the Legal Counsel Opinion labeled Attachment C
x
Statement setting forth all activities undertaken in furtherance of the objectives of the redevelopment plan including any project
implemented and a description of the redevelopment activities.? [65 ILCS 5/11-74.4-5 (d) (7) (A and B) and 5/11-74.6-22 (d) (7) (A
and B)]
x
If yes, please enclose the Activities Statement labeled Attachment D
Were any agreements entered into by the municipality with regard to the disposition or redevelopment of any property within the
redevelopment project area or the area within the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (7) (C) and 5/11-74.6-22 (d)
(7) (C)]
x
If ves, Please enclose the Agreement(s) labeled Attachment E
Is there additional information on the use of all funds received under this Division and steps taken by the municipality to achieve the
objectives of the redevelopment plan? [65 ILCS 5/11-74.4-5 (d) (7) (D) and 5/11-74.6-22 (d) (7) (D)]
x
If yes, please enclose the Additional Information labeled Attachment F
Did the municipality's TIF advisors or consultants enter into contracts with entities or persons that have received or are receiving
payments financed by tax increment revenues produced by the same TIF? [65 ILCS 5/11-74.4-5 (d) (7) (E) and 5/11-74.6-22 (d) (7)
(E)]
x
If yes, please enclose the contracts or description of the contracts labeled Attachment G
Were there any reports or meeting minutes submitted to the municipality by the joint review board? [65 ILCS 5/11-74.4-5 (d) (7) (F)
and 5/11-74.6-22 (d) (7) (F)]
x
If yes, please enclose the Joint Review Board Report labeled Attachment H
Were any obligations issued by the municipality? [65 ILCS 5/11-74.4-5 (d) (8) (A) and
5/11-74.6-22 (d) (8) (A)]
x
If ves, Please enclose any Official Statement labeled Attachment I and Attachment J MUST be Yes
An analysis prepared by a financial advisor or underwriter setting forth the nature and term of obligation and projected debt service
including required reserves and debt coverage? [65 ILCS 5/11-74.4-5 (d) (8) (B) and 5/11-74.6-22 (d) (8) (B)]
x
If attachment I is yes, Analysis MUST be attached and labeled Attachment J
Has a cumulative of $100,000 of TIF revenue been deposited into the special tax allocation fund? 65 ILCS 5/11-74.4-5 (d) (2) and
5/11-74.6-22 (d) (2)
If yes, please enclose Audited financial statements of the special tax allocation fund
x
labeled Attachment K
Cumulatively, have deposits of incremental taxes revenue equal to or greater than $100,000 been made into the special tax
allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)]
If yes, The audit report shall contain a letter from the independent certified public accountant indicating compliance or
x
noncompliance with the requirements of subsection (q) of Section 11-74.4-3 labeled Attachment L
A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred
or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d)
(10)]
x
If yes, please enclose list only, not actual agreements labeled Attachment M
:1
Attachment A. Amendments to the Redevelopment Plan, the Redevelopment Project Area
Boundary
No amendments were made to the redevelopment plan or boundaries in the reporting Fiscal
Year.
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
4
Attachment B. Certification of the Chief Executive Officer of the municipality that the
municipality has complied with all of the requirements of the Act during
the fiscal year beginning January 1, 2017 and ending December 31, 2017.
Refer to the attached certification.
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017AND ENDING DECEMBER 31, 2017
5
Butterfield/Meyers Road TIF
1, Gopal G. Lalmalani, the duly elected Village President of the Village of Oak Brook,
Counties of Cook and DuPage, State of Illinois, do hereby certify that to the best of my
knowledge, the Village complied with the requirements pertaining to the Illinois Tax Increment
Redevelopmeiij'Allocation Act during the fiscal year beginning January 1, 2017 and ending
December 31; 2017.
DATE
BUTTERFIELDIMEYERS RD. 7IFANNUALREPORT'FOR VILLAGE OFOAKBROOKFISCAL YEAR
BE, JANUARY I, 2017 AND ENDING DECEMBER 31, 2017
6
Attachment C. Opinion of legal counsel that the municipality has complied with the Act.
Refer to the attached opinion.
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
7
RE: Attorney Review TIF Compliance — Butterfield/Meyers Rd. TIF
To Whom it May Concern:
This will confirm that I am the Village Attorney for the Village of Oak Brook, Illinois. I have
reviewed all information provided to me by the Village, staff and consultants, and I find that the
Village of Oak Brook has conformed to all applicable requirements of the Illinois Tax Increment
Redevelopment Allocation Act set forth thereunder for the fiscal year beginning January 1, 2017
and ending December 31, 2017 to the best of my knowledge and belief.
Sincerely
ewart Diamond
BUTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE, OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017AND ENDING DECEMBER 31, 2017
8
Attachment D. Statement setting forth all activities undertaken in furtherance of the
objectives of the Redevelopment Plan, including:
A. Any project implemented during the reporting fiscal year; and
B. A description of the redevelopment activities undertaken.
The Village continued the review of the Oak Brook Promenade redevelopment project that was
undertaken in previous reporting Fiscal Years. The project includes a number of retail and
service tenants and activity in FY 2017 included the occupancy of a portion of the former Grotto
restaurant site with a Pizza Barra restaurant. Fusion Academy (a private one on one learning
academy) occupied 6,000 square feet on the second floor and approximately 10,000 square feet
of space is vacant. The ARCORE real estate group is actively marketing the remaining space for
occupancy.
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017AND ENDING DECEMBER 31, 2017
9
Attachment E. Description of Agreements Regarding Property Disposition or
Redevelopment
No property was sold by the Village; nor were any new redevelopment agreements entered into
by the Village in the reporting Fiscal Year,
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2017 AND ENDING DECEMBER 31, 2017
10
Attachment F. Additional Information on Uses of Funds Related to Achieving Objectives
of the Redevelopment Plan
The Village applied funds to the payment of certain professional costs associated with the
administration of the TIF and interest costs applied to the TIF Allocation Limited Obligation
Revenue Note.
BUTTERFIELD/MEYERSP.D. TIFANNUAL REPORT FOR VILLAGE OFOAKBROOKFISCAL YEAR
BEGINNING JANUARY], 2017AND ENDING DECEMBER 31, 2017
1t
Attachment G. Information Regarding Contracts with TIF Consultants.
The Village entered into a contract with Kane McKenna and Associates, Inc. in order to prepare
the TIF annual report. No contracts for such services included contingent payments associated
with TIF revenues nor did the consultant undertake contractual activities with entities that have
received TIF payments from the Village.
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY], 2017 AND ENDING DECEMBER 31, 2017
12
Attachment H. Reports Submitted by Joint Review Board.
No reports were submitted by the Joint Review board in the reporting Fiscal Year. The Joint
Review Board met on August 2, 2017. The minutes of the meeting are attached as Exhibit A.
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
13
Attachment I. Summary of any obligations issued by the municipality and official
statements
No new obligations were issued by the Village in the reporting Fiscal Year.
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017AND ENDING DECEMBER 31, 2017
14
Attachment J. Financial Analysis: TIF Obligations
No new analysis was required by the Village, as no new obligations were issued. Existing note
obligations have been paid by the Village.
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY], 2017 AND ENDING DECEMBER 31, 2017
15
Attachments K and L
For special tax allocation funds that have experienced cumulative deposits of incremental tax
revenues of $100,000 or more, a certified audit report reviewing compliance with the Act
performed by an independent public accountant certified and licensed by the authority of the
State of Illinois. The audit report shall contain a letter from the independent certified public
accountant indicating compliance or noncompliance with the requirements of subsection (q) of
Section 11-74.4-3.
An audit and accountant's certification for the Special Tax Allocation fund are attached as
Exhibit B.
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017
16
Attachment M Intergovernmental Agreements
Not applicable.
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY], 2017AND ENDING DECEMBER 31, 2017
17
Section 3.1 Analysis of Special Tax Allocation Fund
Refer to table attached.
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017AND ENDING DECEMBER 31, 2017
18
SECTION 3.1 - (65 ILCS 5/11-74.4-5 (d)(5)(a)(b)(d)) and (65 ILCS 5/11-74.6-22 (d) (5)(a)(b)(d))
Provide an analysis of the special tax allocation fund.
FY 2017
TIF NAME: Oak Brook TIF No. 1
Special Tax Allocation Fund Balance at Beginning of Reporting Period 1 $ 249,278
All Amount Deposited in Special Tax Allocation by source
Cumulative Total Revenues/Cash Receipts
Total Expenditures/Cash Disbursements (Carried forward from
Section 3.2)
Distribution of Surplus
1$ 485,224
$ 4,288,538 100%
$ 458,338
Total Expenditures/Disbursements $ 458,33
$ 26,886
Net/Income/Cash Receipts Over/(Under) Cash Disbursements
FUND BALANCE, END OF REPORTING PERIOD* 1 $ 276,164
* If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
19
Revenue/Cash
Cumulative
Receipts for
Totals of
SOURCE of Revenue/Cash Receipts:
Revenue/Cash
Current
Receipts for life
Reporting Year
of TIF
% of Total
Property Tax Increment
$ 385,018
$ 3,517,899
82%
State Sales Tax Increment
0%
Local Sales Tax Increment
$ 99,281
$ 766,833
18%
State Utility Tax Increment
0%
Local Utility Tax Increment
0%
Interest
$ 925
$ 3,806
0%
Land/Building Sale Proceeds
0%
Bond Proceeds
0%
Transfers from Municipal Sources
0%
Private Sources
0%
Other (identify source ; if multiple other sources, attach
schedule)
0%
All Amount Deposited in Special Tax Allocation by source
Cumulative Total Revenues/Cash Receipts
Total Expenditures/Cash Disbursements (Carried forward from
Section 3.2)
Distribution of Surplus
1$ 485,224
$ 4,288,538 100%
$ 458,338
Total Expenditures/Disbursements $ 458,33
$ 26,886
Net/Income/Cash Receipts Over/(Under) Cash Disbursements
FUND BALANCE, END OF REPORTING PERIOD* 1 $ 276,164
* If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
19
Section 3.2 Itemized List of Expenditures from Special Tax Allocation Fund
Refer to tables attached.
BUTTERFIELDIMEYERS RD. TIFANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017AND ENDING DECEMBER 31, 2017
20
SECTION 3.2 A- (65 Il -CS 5/11-74.4-5 (d) (5) (c) and 65 Il -CS 5/11-74.6-22 (d) (5)(c))
FY 2017
TIF NAME: Oak Brook TIF No. 1
ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND
(by category of permissible redevelopment project costs )
PAGE
Category of Permissible Redevelopment Cost [65 Il -CS 5/11-74.4-3 (q) and 65 Il -CS 5/11-74.6.10
(0)) Amounts Reporting Fiscal Year
1. Cost of studies, surveys, development of plans, and specifications. Implementation and administration
of the redevelopment plan, staff and professional service cost.
Professional Costs 3.956 .
3.958
2. Annual administrative cost.
3. Cost of marketina sites.
14. Property assembly cost and site preparation costs. [ 1
5. Costs of renovation, rehabilitation, reconstruction, relocation, repair or remodeling of existing public or
private building, leasehold improvements, and fixtures within a redevelopment project area.
6. Costs of construction.
21
22
TOTAL ITEMIZED EXPENDITURES I I $ 458,338
23
Section 3.2 B
FY 2017
TIF NAME: Oak Brook TIF No. 1
Optional. Information in the following sections is not required by law, but would be helpful in creating fiscal
transparency.
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year.
Name
..._...__.
Service
Amount
1311 LLC
Note Debt Service
$
90,875.00
Five Star Ventures
Note Debt Service
$
22,720.00
Mary Riordan
Note Debt Service
$
90,875.00
Ryan Murphy
Note Debt Service
$
22,720.00
St Paul Fire and Marine Ins.
Note Debt Service
$
227,190.00
Section 3.3 Special Tax Allocation Fund Balance (end of reporting period).
Refer to table attached.
B UTTERFIELDI MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY], 2017AND ENDING DECEMBER 31, 2017
25
SECTION 3.3 - (65 ILCS 5/11-74.4-5 (d) (5d) 65 ILCS 5/11-74.6-22 (d) (5d)
Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period by source
FY 2017
TIF NAME: Oak Brook TIF No. 1
FUND BALANCE BY SOURCE 1 $ 276,164
Amount of Original
Issuanc, I Amount Designated
i. uescription OT uent uongations
Limited Obligation Note - Series 2005 $ 4,250,000 $ 3,330,263
Total Amount Designated for Obligations 1 $ 4,250,000 1 $ 3,330,263
Total Amount Designated for Project Costs
TOTAL AMOUNT DESIGNATED
SURPLUS/(DEFICIT)
W
D
$ 3,330,263
$ 3,054,099
Section 4.0 A description of all property purchased by the municipality within the
Redevelopment Project Area including:
A. Street Address
B. Approximate size or description of property
C. Purchase Price
D. Seller of property
No property was purchased in the Redevelopment Project Area by the Village in
the reporting Fiscal Year.
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2017AND ENDING DECEMBER 31, 2017
27
SECTION 4 [65 ILLS 5/11-74.4-5 (d) (6) and 65 ILLS 5/11-74.6-22 (d) (6)]
FY 2017
TIF NAME: Oak Brook TIF No. 1
Provide a description of all property purchased by the municipality during the reporting fiscal year within the
redevelopment project area.
Check here if no property was acquired by the Municipality within the
X Redevelopment Project Area.
Property Acquired by the Municipality Within the Redevelopment Project Area.
'roperty (1):
Street address:
4pproximate size or description of property:
'urchase price:
Seller of property:
Property (2):
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
'roperty (3):
Street address:
4pproximate size or description of property:
'urchase price:
Seller of property:
Street address:
Approximate size or description of property:
Purchase price:
Seller of property:
W-1
Section 5.0 Review of Public and Private Investment.
Refer to table attached.
B UTTERFIELDIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY], 2017AND ENDING DECEMBER 31, 2017
29
SECTION 5 - 20 ILCS 620/4.7 (7)(F)
PAGE 1
FY 2017
TIF Name: Oak Brook TIF No. 1
Page 1 is to be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed.
Select ONE of the following by indicating an 'X':
1. NO projects were undertaken by the Municipality Within the Redevelopment Project Area.
2. The Municipality DID undertake projects within the Redevelopment Project Area. (If selecting this option,
complete 2a.) X
2a. The number of projects undertaken by the municipality within the Redevelopment Project Area: 1
LIST the projects undertaken by
the unicipality Within the Redevelopment Project Area:
TOTAL:
11/1/99 to Date
Estimated Investment
for Subsequent Fiscal
Year
Total Estimated to
Complete Project
Private Investment Undertaken (See Instructions)
$ 54,690,106
$ 2,500,000
$ 57,190,106
Public Investment Undertaken
$ 150,000
$ 225,000
$ 4,250,000
Ratio of Private/Public Investment
364 3/5 1
1
1321
*PROJECT NAME TO BE LISTED AFTER PROJECT NUMB[
Project 1*: Promenade Retail Project
Private Investment Undertaken See Instructions $ 54,690,106 $ 2,500,000 $ 57,190,106
Public Investment Undertaken $ 150,000 $ 225,000 $ 4,250,000
Ratio of Private/Public Investment 364 3/5 13 21/46
Project 2*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 3*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 4*:
Private Investment Undertaken (See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 5*:
Private Investment Undertaken See Instructions
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
Project 6*:
Private Investment Undertaken See Instructions)
Public Investment Undertaken
Ratio of Private/Public Investment 0 0
30
Optional: Information in the following sections is not required by law, but would be helpful in evaluating the
performance of TIF in Illinois. *even though optional MUST be included as part of complete TIF report
SECTION 6
FY 2017
TIF NAME: Oak Brook TIF No. 1
Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area
Year redevelopment
project area was Reporting Fiscal Year
designated Base EAV EAV
2005 $ 6,604,760 $ 14,308,670
List all overlapping tax districts in the redevelopment project area.
If overlapping taxing district received a surplus, list the surplus.
X Check if the overlapping taxing districts did not receive a surplus.
Surplus Distributed from redevelopment
Overlapping Taxing District project area to overlapping districts
1 $
SECTION 7
Prnvirlc infnrmnfinn nhni it inh nrontinn and rafantinn-
Description and Type
Number of Jobs Number of Jobs (Temporary or
Retained Created Permanent) of Jobs
Total Salaries Paid
$
$ -
SECTION 8
Provide a aeneral description of the redevelopment Proiect area using only major boundaries:
Optional Documents Enclosed
Legal description of redevelopment project area
Map of District
31
EXHIBIT A
DRAFT
p6E OF OAt MINUTES OF THE AUGUST 15, 2017 INTERGOVERNMENTAL JOINT
REVIEW BOARD MEETING OF THE VILLAGE'S TIF
® REDEVELOPMENT PROJECT AREA OF THE VILLAGE OF OAK
9 4?
BROOK APPROVED AS WRITTEN ON , 2018.
CF `
CALL TO ORDER
Village Manager Riccardo Ginex called the meeting to order at 2:03 p.m. Introductions were made.
Those present: Riccardo Ginex, Village Manager, Robert Rychlicki, Kane, McKenna and Associates;
Jason Paprocki, Finance Director, Donna Bettin, Village Executive Secretary, Rebecca Von Drasek,
Planner, Development Services, Michael Mariani, York Township and Bonnie Gibellina, Oak Brook
Park District.
Absent: DuPage County, School District #58, High School District #99, and College of DuPage #502.
Duties and Purpose of Joint Review Board Meeting. Manager Ginex explained that the Duties and
Purpose of the Joint Review Board is to review annually what is going on with the T.I.F. The village
must file a report with the State Comptroller within 180 days of the annual TIF conception.
Election/Confirmation of Public Member — Resident member was not present.
Election/Confirmation of Chairperson
Bonnie Gibellina motioned to have Village Manager Rick Ginex serve as Chairperson of this meeting.
Seconded by Michael Mariani. Voice vote. Motioned carried.
Approval of the Meeting Minutes from the August 21 2014 Meeting.
Bonnie Gibellina motioned to approve the minutes from the August 2, 2016 meeting. Seconded by
Michael Mariani. Voice vote. Motioned carried.
Review of Annual TIF Report
Bob Rychlicki explained the purpose of the report, the required certifications, required signatures and
the report audit. He continued to explain the process in which the State of Illinois Comptroller's office
puts together and forwards to the municipalities. This is a 12 month (1 -year) period in accordance with
the municipality's fiscal year. He explained that the Village of Oak Brook is in compliance with the
requirements of the TIF. Bob Richlicki then discussed and review the different sections of the TIF
report and the progress of the TIF district. Discussion ensued regarding the expiration of the TIF
district. Bob explained that the TIF expires in 2029, with collection going until 2030.
Other Business - None
Adjournment
Michael Mariani motioned to adjourn the Joint Review Board meeting. Seconded by Bonnie Gibellina.
Voice vote. Motion carried. Meeting adjourned at 2:15 p.m.
ATTEST:
Riccardo F. Ginex Date
Village Manager
EXHIBIT B
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - PROMENADE TIF FUND - MAJOR CAPITAL PROJECTS FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
REVENUES
TAXES
Municipal sales tax
Property taxes
Investment income
Total Revenues
EXPENDITURES
Current
General government
Debt service
Principal
Interest and fiscal
charges
Total
Expenditures
Net Change in Fund
Balance
FUND BALANCE -
Beginning of Year
FUND BALANCE -
END OF YEAR
2017
Budgeted Amounts
Original Final
Variance with 2016
Final Budget Actual
$ 100,500 $
100,500 $
99,281 $
(1,219) $
103,007
355,000
355,000
385,018
30,018
354,829
100
100
925
825
389
455,600
455,600
485,224
29,624
458,225
4,070
4,070
3,958 112
3,938
177,000
177,000
177,000 -
145,000
277,380
277,380
277,380
290,220
458,450
458,450
458,338 112
439,158
(2,850)
$ (2,850)
26,886 $ 29,736
19,067
249,278
$ 276,164
230,211
$ 249,278
Page 112
VILLAGE OF OAK BROOK
BALANCE SHEET
GOVERNMENTAL FUNDS
As of December 31, 2017
ASSETS
Cash and investments
Receivables
Property taxes
Sales taxes
Utility taxes
Accounts
Allotments
Accrued interest
Other
Inventories
Prepaid items
TOTAL ASSETS
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities
Accounts payable
Accrued payroll
Deposits
Unearned revenues
Total Liabilities
Hotel/Motel
General Tax
Promenade
Infrastructure TIF
$ 17, 526,141 $ 4,145,455 $ 8,181, 503 $ 276,164
385,000
3,622,770 - 1,650,802 -
1,244,821 - - -
368,874 - - -
81,212 13,732 20,840 -
390,214 75,162 127,697 -
1,286 - -
55,363 -
$ 23,290,681 $ 4,234,349 $ 9,980,842 $ 661,164
$ 373,187 $ 275,045 $ 65,951 $ -
571,494 - 51,783
935,982 - - -
93,712
1,974,375 275,045 117,734 -
Deferred Inflows of Resources
Deferred property taxes - - - 385,000
Unavailable other receivables 261,632 - 119,198 -
Total Deferred Inflows of Resources 261,632 - 119,198 385,000
Fund Balances
Nonspendable for inventory
Nonspendable for prepaid items
Restricted for infrastructure
Restricted for highways and streets
Restricted for fire department
Restricted for culture and recreation
Restricted for economic development
Unassigned
Total Fund Balances
1,286 - - -
55,363 - - -
- - 9,743,910 -
3,959,304 - -
- - 276,164
20,998,025 - -
21.054,674 3,959,304 9,743,910 276,164
TOTAL LIABILITIES,
DEFERRED INFLOWS OF
RESOURCES, AND FUND
BALANCES $ 23,290,681 $ 4,234,349 $ 9,980,842 $ 661,164
See accompanying notes to financial statements.
Page 20
_4!V
BAKER TILLY
INDEPENDENT AUDITORS' COMPLIANCE REPORT
To the President and Board of Trustees
Village of Oak Brook, Illinois
We have audited the financial statements of the governmental activities, the business -type activities, each
major fund and the aggregate remaining fund information of the Village of Oak Brook, as of and for the year
ended December 31, 2017, and have issued our report thereon dated May 2, 2018, We conducted our audit in
accordance with auditing standards generally accepted in the United States of America.
In connection with our audit, nothing came to our attention that caused us to believe that the Village failed to
comply with provisions of Subsection (q) of Section 11-74.4-3 of Public Act 85-1142, "An Act in Relation to Tax
Increment Financing",, insofar as it relates to accounting matters for the Promenade Tax Increment Financing
District; however, our audit was not directed primarily toward obtaining knowledge of such noncompliance.
Accordingly, had we performed additional procedures, other matters may have come to our attention regarding
the Village's noncompliance with the above -referenced statute, insofar as it relates to accounting matters.
This report is intended solely for the information and use of the Village Board, management, the State of Illinois,
and others within the Village and isnot intended to be, and should not be, used by anyone other than the
specified parties.
r
✓ F
Oak Brook, Illinois
May 2, 2018
BAKER TI LLY
INTERNATIONAL