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TIF Annual Report 2018SECTION 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 2018 TIF NAME: Oak Brook TIF No. 1 Special Tax Allocation Fund Balance at Beginning of Reporting Period ._I $-'---__ 2_7_6-'-, 1_6_4_,I Revenue/Cash Cumulative Totals of SOURCE of Revenue/Cash Receipts: Receipts for Revenue/Cash Current Reporting Year Receipts for life ofTIF Property Tax Increment $ 373 267 $ 3 891 ,166 State Sales Tax Increment Local Sales Tax Increment $ 99,477 $ 866,310 State Utility Tax Increment Local Utility Tax Increment Interest $ 1,975 $ 5,781 Land/Building Sale Proceeds Bond Proceeds Transfers from Municipal Sources Private Sources Other (identify source ; if multiple other sources , attach schedule) All Amount Deposited in Special Tax Allocation Fund .... I $ ___ 4_7_4...c...,7_1_9_,I Cumulative Total Revenues/Cash Receipts Total Expenditures/Cash Disbursements (Carried forward from Section 3.2) Transfers to Municipal Sources Distribution of Surplus Total Expenditures/Disbursements Net/Income/Cash Receipts Over/(Under) Cash Disbursements FUND BALANCE, END OF REPORTING PERIOD* $ 1$ 1$ 1$ I $ 4 ,763,257 1 493,398 493,398 1 (18 ,679) I 2s7,4ss I * If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3 % of Total 82% 0% 18% 0% 0% 0% 0% 0% 0% 0% 0% 100%1 SECTION 3.2 A-(65 ILCS 5/11-74.4-5 (d) (5) (c) and 65 ILCS 5/11-74.6-22 (d) {5){c)) FY 2018 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 1 Category of Permissible Redevelopment Cost [65 ILCS 5111-74.4-3 (q) and 65 ILCS 5/11-74.6-10 (o)] Amounts 1 Cost of studies. surveys, development of plans, and specifications Implementation and administration of th e redevelopment plan , staff and professional service cost 2_ Annual administrative cost, .. Professional services 3. Cost of marketing sites. 4_ Property assembly cost and site preparation costs. 5. Costs of renovation, rehabilitatio n, reconstruction, relocation, repair or remode li ng of existing publ ic or private building, leasehold improvements , and fixtures within a redevelopment project area. 3,578 - -6. Costs of the constructuion of public works or improvements. s s s s $ $ Reporting Fiscal Year - - -- - - --· --- ·-- - - 3,578 -- --, -- -----.:: -·. -- - - - -·-· .. - - -···- ---.. ---, ---- -- ~ - - -·---·--.. ---· - SECTION 3.2 A PAGE 2 7. Costs of eliminating or removing contaminants and other impediments. .. -- -- . $ . 8. Cost of job training and retraining projects. - ----" - " .. $ . 9. Financing costs. --· Note debt service 489,820 -- -.. .. -- $ 489,820 10. Capital costs. - --.. -- -·-,- $ - 11 . Cost of reimbursing school districts for their increased costs caused by TIF assisted housing projects. -.. -- . -.. -- - --. ' $ . 12. Cost of reimbursing library districts for their increased costs caused by TIF assisted housing projects. -.. - .. ----·- - - -- $ . SECTION 3.2 A PAGE 3 --13 . Relocation costs. -,. $ - 14. Payments in lieu of taxes. -, ,. - -- . ~ - - ·-- $ . 15. Costs of job training, retraining, advanced vocational or career education. -·-- ----·-- - , ---- $ . 16. Interest cost incurred by redeveloper or other nongovernmental persons In connection with a - redevelopment project. --; -I ·-- ----·-- -.. - -··- $ - 17. Cost of day care services. -· ---- -• - - -- $ - 18. Other. -· -- - -- -· --- ~ $ . !TOTAL ITEMIZED EXPENDITURES Is 493,3 98 1 FY 2018 TIF NAME: Section 3.2 B 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 $ 97,965.00 Five Star Ventures Note Debt Service $ 24,490.00 Mary Riordan Note Debt Service $ 97,965.00 Ryan Murphy Note Debt Service $ 24,490.00 St Paul Fire and Marine Ins . Note Debt Service $ 244,910.00 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 2018 TIF NAME: FUND BALANCE BY SOURCE 1. Description of Debt Obligations Limited Obligatio n Note -Series 2005 Total Amount Designated for Obligations 2. Des cripti on of Project Costs to be Paid Total Amount Designated for Project Costs TOTAL AMOUNT DESIGNATED SURPLUS/(DEFICIT) '"' Oak Brook TIF No. 1 Amount of Original Issuance $ 4,250,000 /$ $ 4.250,000 I $ -- ---·--· - --. - - - - - l._ -- ""' ~ - r - --.. - /$ /$ /$ 2s7,485 1 Amount Designated 3 ,103,263 3,103,263 1 -I 3,103,263 1 {2,845, na) I SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)] FY 2018 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. X Check here if no property was acquired by the Municipality within the Redevelopment Project Area. Property Acquired by the Municipality Within the Redevelopment Project Area. Property ( 1): Street address: Approximate size or description of property: Purchase price : Seller of property: Property (2): Street address: Approximate size or description of property : Purchase price: Seller of property: Property (3): Street address: Approximate size or description of property: Purchase price : Seller of property: Property (4): Street address : Approximate size or description of property : Purchase price: Seller of property: 2;8: FY 2018 TIF Name: SECTION 5 -20 ILCS 620/4.7 (7)(F) PAGE 1 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 .) 2a. The number of projects undertaken by the municipality within the Redevelopment Project Area : X 1 LIST the projects undertaken by the Municipa li ty Within the Redevel o pment Project Area : Estimated Investment for Subsequent Fiscal Total Estimated to TOTAL : 11/1/99 to Date Year 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 1321/46 *PROJECT NAME TO BE LISTED AFTER PROJECT NUMBER 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 p . 5* roJect Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 P . t 6* roJec Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 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 the complete TIF report SECTION 6 FY 2018 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 designated Base EAV Reporting Fiscal Year EAV 2005 1 $ s,so4 ,?so 1 $ 1s,01s,s20 1 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 $ $ $ $ $ $ $ $ $ $ $ $ $ SECTION 7 P "d f rov1 e in ormation a b . b out Jo creation an d retention: Description and Type Number of Jobs Number of Jobs (Temporary or Retained Created Permanent) of Jobs Total Salaries Paid $ $ $ $ $ $ $ SECTION 8 Provide a ge ne ral description of the redevelo ment ro ·ect area usi ng only maj or boundaries: Ootional Documents Enclosed Legal description of redevelopment project area Map of District - - - - . - - - - - - - - - - - - - - - Attachment D. A. B. Statement setting forth all activities undertaken m furtherance of the objectives of the Redevelopment Plan, including: Any project implemented during the reporting fiscal year; and 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 2018 included the opening of the Wine Cellar Outlet and Lechar Beauty Spa. The ARCORE real estate group is actively marketing the remaining space for occupancy. BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2018 AND ENDING DECEMBER 31, 2018 VILLAGE OF OAK BROOK BALANCE SHEET GOVERNMENTAL FUNDS As of December 31, 2018 Hotel/Motel General Tax ASSETS Cash and investments $ 17,932,009 $ 4,809,830 Receivables Property taxes Sales taxes 3,911,481 Utility taxes 1,276,317 Accounts 423,379 Allotments Accrued interest 71,780 13,602 Other 430,561 97,685 Inventories 2,170 Prepaid items 53 840 TOTAL ASSETS $ 24,101,537 $ 4,921,117 LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES Liabilities Accounts payable $ 444,026 $ 330,226 Accrued payroll 654,537 Deposits 837,147 Unearned revenues 113.733 Total Liabilities 2 ,049,443 330.226 Deferred Inflows of Resources Deferred property taxes Unavailable other receivables 298,767 Total Deferred Inflows of Resources 298 767 Fund Balances Nonspendable for inventory 2,170 Nonspendable for prepaid items 53,840 Restricted for infrastructure Restricted for highways and streets Restricted for fire department Restricted for culture and recreation 4,590,891 Restricted for economic development General fund undesignated 21,697 ,317 Total Fund Balances 21,753,327 4,590,891 TOT AL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES $ 24 ,101,537 $ 4,921,117 See accompanying notes to financial statements. Promenade Infrastructure TIF $ 9,278,944 $ 257,485 373,000 1,792,810 17,618 143,052 $ 11 ,232 ,424 $ 630,485 $ 1,600,725 $ 46,431 1,647.156 373,000 135.291 135 291 373,000 9,449,977 257,485 9 449 977 257 485 $ 11,232,424 $ 630,485 Page 20 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 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 $ $ 2018 Budgeted Amounts Original 102,500 $ 385,000 250 487.750 4,090 197,000 262,820 463 910 Final 102,500 $ 385,000 250 487 750 4,090 227,000 262.820 493,910 23,840 $ (6,160) ========== $ Actual 99,477 $ 373,267 1,975 474.719 3,578 227,000 262,820 493,398 Variance with Final Budget (3,023) $ (11,733) 1 725 /13.031) 512 512 (18,679) ::::::::$ ===='=( 1=2=, 5=1 =g) 276 164 257.485 $ 2017 Actual 99,281 385,018 925 485,224 3,958 177,000 277 380 458.338 26,886 249,278 276,164 Page 113 @ bakertilly 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, 2018, and have issued our report thereon dated May 21, 2019. 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 is not intended to be, and should not be, used by anyone other than the specified parties. Oak Brook, Illinois May 21, 2019 Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities.© 2018 Baker Tilly Virchow Krause, LLP