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TIF Annual Report 2019_____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 VILLAGE OF OAK BROOK TAX INCREMENT FINANCING DISTRICT NO. 1 BUTTERFIELD/MEYERS ROAD ANNUAL REPORT FOR FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 __________________________________________________________________________ _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 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 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 (i) _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 SECTION TITLE PAGE 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 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 (ii) _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 Section 1. Name of Redevelopment Project Area and Contact Information Refer to chart attached. 1 2 SECTION 2 [Sections 2 through 5 must be completed for each redevelopment project area listed in Section 1.] FY 2019 Name of Redevelopment Project Area (below): Primary Use of Redevelopment Project Area*: If "Combination/Mixed" List Component Types: Tax Increment Allocation Redevelopment Act Industrial Jobs Recovery Law 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)] If yes, please enclose the amendment (labeled Attachment A). X 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)] Please enclose the CEO Certification (labeled Attachment B). X 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)] If yes, please enclose the Activities Statement (labled Attachment D). X 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)] If yes, please enclose the Agreement(s) (labeled Attachment E). X 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)] If yes, please enclose the Additional Information (labeled Attachment F). X 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)] If yes, please enclose the contract(s) or description of the contract(s) (labeled Attachment G). X Were there any reports 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)] If yes, please enclose the Joint Review Board Report (labeled Attachment H). X 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)] If yes, please enclose any Official Statement (labeled Attachment I). If Attachment I is answered yes, then the Analysis must be attached and (labeled Attachment J). X 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)] If attachment I is yes, then Analysis MUST be attached and (labeled Attachment J). X 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 (labeled Attachment K). X 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 noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L). X 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)] If yes, please enclose the list only, not actual agreements (labeled Attachment M). X Please utilize the information below to properly label the Attachments. Oak Brook TIF No. 1 X ______ * Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed. Mixed Retail Comm'l Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one): 3 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 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. 4 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 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, 2019 and ending December 31, 2019. Refer to the attached certification. 5 6 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 Attachment C. Opinion of legal counsel that the municipality has complied with the Act. Refer to the attached opinion. 7 8 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 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, dining, and service tenants. Activity in FY 2019 included the opening of BurgerIM Gourmet Burgers, however, the Thomasville Furniture store has permanently closed. The ARCORE real estate group is actively marketing the remaining space for occupancy. 9 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 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. 10 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 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. 11 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 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. 12 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 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 29, 2019. The minutes of the meeting are attached as Exhibit A. 13 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 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. 14 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 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. 15 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 Attachments K and L For special tax allocation funds that have experienced cumulative deposits of incremental tax revenues of $100,000 or more, a certified audit report reviewing compliance with the Act performed by an independent public accountant certified and licensed by the authority of the State of Illinois. The audit report shall contain a letter from the independent certified public accountant indicating compliance or noncompliance with the requirements of subsection (q) of Section 11-74.4-3. An audit and accountant’s certification for the Special Tax Allocation fund are attached as Exhibit B. 16 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 Attachment M Intergovernmental Agreements Not applicable. 17 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 Section 3.1 Analysis of Special Tax Allocation Fund Refer to table attached. 18 FY 2019 Special Tax Allocation Fund Balance at Beginning of Reporting Period 257,485$ SOURCE of Revenue/Cash Receipts: Revenue/Cash Receipts for Current Reporting Year Cumulative Totals of Revenue/Cash Receipts for life of TIF % of Total Property Tax Increment 412,066$ 4,303,232$ 82% State Sales Tax Increment -$ -$ 0% Local Sales Tax Increment 96,992$ 963,302$ 18% State Utility Tax Increment -$ -$ 0% Local Utility Tax Increment -$ -$ 0% Interest 2,379$ 8,160$ 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 Fund 511,437$ Cumulative Total Revenues/Cash Receipts 5,274,694$ 100% Total Expenditures/Cash Disbursements (Carried forward from Section 3.2) 464,728$ Transfers to Municipal Sources -$ Distribution of Surplus Total Expenditures/Disbursements 464,728$ Net/Income/Cash Receipts Over/(Under) Cash Disbursements 46,709$ Previous Year Adjustment (Explain Below)-$ . FUND BALANCE, END OF REPORTING PERIOD*304,194$ * If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3 Previous Year Explanation: 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. Oak Brook TIF No. 1 19 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 Section 3.2 Itemized List of Expenditures from Special Tax Allocation Fund Refer to tables attached. 20 FY 2019 TIF NAME: Amounts Reporting Fiscal Year -$ 2. Annual administrative cost. Professional Services 3,748 3,748$ 3. Cost of marketing sites. -$ -$ -$ -$ 4. Property assembly cost and site preparation costs. 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 the constructuion of public works or improvements. 1. Cost of studies, surveys, development of plans, and specifications. Implementation and administration of the redevelopment plan, staff and professional service cost. 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)) Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6-10 (o)] PAGE 1 ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND (by category of permissible redevelopment project costs ) Oak Brook TIF No. 1 21 -$ -$ Debt Service 217,000 Interest 243,980 460,980$ -$ -$ -$ 10. Capital costs. 7. Costs of eliminating or removing contaminants and other impediments. 8. Cost of job training and retraining projects. 9. Financing costs. PAGE 2 SECTION 3.2 A 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. 22 -$ -$ -$ -$ -$ - -$ 464,728$ 17. Cost of day care services. TOTAL ITEMIZED EXPENDITURES 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. SECTION 3.2 A PAGE 3 18. Other. 23 FY 2019 TIF NAME: Name Service Amount 1311 LLC Note Debt Service 92,195.00$ Five Star Ventures Note Debt Service 23,050.00$ Mary Riordan Note Debt Service 92,195.00$ Ryan Murphy Note Debt Service 23,050.00$ St Paul Fire and Marine Ins.Note Debt Service 230,490.00$ List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year. Section 3.2 B Optional: Information in the following sections is not required by law, but would be helpful in creating fiscal transparency. Oak Brook TIF No. 1 24 _____________________________________________________________________________________________ BUTTERFIELD/ MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 Section 3.3 Special Tax Allocation Fund Balance (end of reporting period). Refer to table attached. 25 FY 2019 TIF NAME: FUND BALANCE BY SOURCE 304,194$ Amount of Original Issuance Amount Designated 1. Description of Debt Obligations Limited Obligation Note - Series 2005 4,250,000$ 2,886,263$ Total Amount Designated for Obligations 4,250,000$ 2,886,263$ 2. Description of Project Costs to be Paid Total Amount Designated for Project Costs -$ TOTAL AMOUNT DESIGNATED 2,886,263$ SURPLUS/(DEFICIT)(2,582,069)$ 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 Oak Brook TIF No. 1 26 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2018 AND ENDING DECEMBER 31, 2018 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. 27 FY 2019 TIF NAME:Oak Brook TIF No. 1 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: Provide a description of all property purchased by the municipality during the reporting fiscal year within the redevelopment project area. SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)] 28 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD.TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 Section 5.0 Review of Public and Private Investment. Refer to table attached. 29 TIF Name: X 1 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 13 21/46 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*:American MGT Corp 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 Select ONE of the following by indicating an 'X': SECTION 5 - 20 ILCS 620/4.7 (7)(F) PAGE 1 FY 2019 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. 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 total number of ALL activities undertaken in furtherance of the objectives of the redevelopment plan: LIST ALL projects undertaken by the Municipality Within the Redevelopment Project Area: *PROJECT NAME TO BE LISTED AFTER PROJECT NUMBER 30 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD.TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 Section 5.0 Review of Public and Private Investment. Refer to table attached. 31 _____________________________________________________________________________________________ BUTTERFIELD/MEYERS RD.TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019 Section 6.0 - Optional Services 32 Exhibit A Joint Review Board Minutes MINUTES OF THE AUGUST 29, 2019 INTERGOVERNMENTAL JOINT REVIEW BOARD MEETING OF THE VILLAGE’S TIF REDEVELOPMENT PROJECT AREA OF THE VILLAGE OF OAK BROOK UNOFFICIAL UNTIL AMENDED OR APPROVED AS WRITTEN ON Call to Order Village Manager, Riccardo Ginex, called the meeting to order at 2:00. Introductions were made Present: Riccardo Ginex, Village Manager, Robert Rychlicki of Kane, McKenna and Associates, Jason Paprocki, Finance Director, Connie Reid, Village Executive Secretary, Tony Budzikowski, Development Services Director, Todd Drafall, Downers Grove School District 58 (arrived at 2:05) and Marco Salinas, Oak Brook Park District, Michael Manzo, Village Trustee (arrived after meeting ended) Absent: DuPage County, High School District 99, York Township 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 the effectives of the TIF and to go over the Annual Report that is filed with the State Comptroller. Election/Confirmation of Public Member – No Resident member was present Election/Confirmation of Chairperson Village Manager Rick Ginex will serve as Chairperson of this meeting as determined by those present. Approval of the Meeting Minutes from September 18, 2018 Meeting Jason Paprocki questioned the expiration date, Robert Rychlicki explained that the obligation could be sooner but the TIF runs a little longer. Rick Ginex motioned to approve the minutes from the September 18, 2018 meeting. Marco Salinas seconded. Voice vote. Motion Carried. Review of Annual TIF Report Robert Rychlicki goes through the report that was filed with the state’s Comptroller’s Office. The printed forms are all part of the Comptroller’s requirement for the 12 month fiscal year, January 2018 to December 31, 2018. Robert presents Jason Paprocki’s certification stating that the information in the report is correct to the best of his knowledge. Further certifications from the Village President and Village attorney stating that the Village has complied with the TIF act for that 12 month period. Next is the independent audit stating that the Village has complied with regard to eligible expenditures. This year is status quo. Robert went through the revenues and expenses. The report shows that the TIF is performing adequately. Questions Todd Drafall asked about the area that this TIF affects, Robert explained that it is the Oak Brook Promenade shopping center. Adjournment Manager Ginex motioned to adjourn the Joint Review Board meeting. Seconded by Marco Salinas. Voice vote. Motion carried. Meeting adjourned at 2:15 pm. A - 1 Exhibit B Audit and Compliance Letter VILLAGE OF OAK BROOK BALANCE SHEET GOVERNMENTAL FUNDS As of December 31, 2019 General Hotel/Motel Tax Infrastructure Promenade TIF AS SETS Cash and investments $21,266,132 $5,424,703 $8,248,160 $304,194 Receivables Property taxes ---412,000 Sales taxes 3,907,430 -1,785,276 - Utility taxes 1,293,440 --- Accounts 489,602 --- Allotments ---- Accrued interest 85,654 14,227 11,805 - Other 476,585 258,737 126,344 - Inventories 1,183 --- Prepaid items 88,889 -7,415 - TOTAL ASSETS $27,608,915 $5,697,667 $10,179,000 $716,194 LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES Liabilities Accounts payable $426,392 $262,840 $1,959,427 $- Accrued payroll 750,887 -55,116 - Deposits 987,215 --- Unearned revenues 111,634 --- Total Liabilities 2,276,128 262,840 2,014,543 - Deferred Inflows of Resources Deferred property taxes ---412,000 Unavailable other receivables 279,019 -126,344 - Total Deferred Inflows of Resources 279,019 -126,344 412,000 Fund Balances Nonspendable for inventory 1,183 --- Nonspendable for prepaid items 88,889 -7,415 - Restricted for infrastructure --8,030,698 - Restricted for highways and streets ---- Restricted for fire department ---- Restricted for culture and recreation -5,434,827 -- Restricted for economic development ---304,194 Unassigned 24,963,696 --- Total Fund Balances 25,053,768 5,434,827 8,038,113 304,194 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES $27,608,915 $5,697,667 $10,179,000 $716,194 See accompanying notes to financial statements. B - 1 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, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual Variance with Final Budget 2018 Actual REVENUES TAXES Municipal sales tax $100,000 $100,000 $96,992 $(3,008)$99,477 Property taxes 360,000 360,000 412,066 52,066 373,267 Investment income 900 900 2,379 1,479 1,975 Total Revenues 460,900 460,900 511,437 50,537 474,719 EXPENDITURES Current General government 4,210 4,210 3,748 462 3,578 Debt service Principal 217,000 217,000 217,000 -227,000 Interest and fiscal charges 243,980 243,980 243,980 -262,820 Total Expenditures 465,190 465,190 464,728 462 493,398 Net Change in Fund Balance $(4,290)$(4,290)46,709 $50,999 (18,679) FUND BALANCE - Beginning of Year 257,485 276,164 FUND BALANCE - END OF YEAR $304,194 $257,485 B - 2 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 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, 2019, and have issued our report thereon dated May 22, 2020. 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 22, 2020 B - 3