TIF Annual Report 2011VILLAGE OF OAK BROOK
TAX INCREMENT FINANCING DISTRICT NO. 1
BUTTERFIELD/MEYERS ROAD
ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2011 AND ENDING DECEMBER 31, 2011
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2011 AND ENDING DECEMBER 31, 20JI
SECTION
1.0
2.0
Attachment A
Attachment B
Attachment C
Attachment D
Attachment E
Attachment F
Attachment G
Attachment H
Attachment I
Attachment J
Village of Oak Brook
Tax Increment Financing District no. 1
Butterfield/Meyers Rd. TIF
Table of Contents
TITLE
Name of Redevelopment Project Area and
Contact Information
Redevelopment Project Information
Amendments to the Redevelopment Plan, the
Redevelopment Project and/or Area Boundary
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
Opinion of legal counsel that the municipality is in
compliance with the Act
Statement setting forth all activities undertaken in
furtherance of the objectives of the Redevelopment Plan
Description of Agreements Regarding Property Disposition
or Redevelopment
Additional Information on Uses of Funds Related to Achieving
Objectives of the Redevelopment Plan
Information Regarding Contracts with TIF Consultants
Reports Submitted by Joint Review Board
Summary of any obligations issued by the municipality and
official statements
Financial Analysis: TIF Obligations
PAGE
1
3
4
5
7
9
10
11
12
13
14
15
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2011 AND ENDING DECEMBER 31, 2011
SECTION
Attachments
KandL
TITLE
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
Attachment M Intergovernmental Agreements
3.1
3.2
3.3
4.0
5.0
6.0
Exhibit A
ExhibitB
Analysis of Special Tax Allocation Fund
Itemized List of Expenditures from Special
Tax Allocation Fund
Special Tax Allocation Fund Balance ( end of
reporting period)
Property purchased by the municipality within
the Redevelopment Project Area
Review of Public and Private Investment
Optional Sections
Joint Review Board Minutes
Audit and Compliance Letter
PAGE
16
17
18
20
25
27
29
31
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2011 AND ENDING DECEMBER 31, 2011
Section 1. Name of Redevelopment Project Area and Contact Information
Refer to chart attached.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2011 AND ENDING DECEMBER 31, 2011
I
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.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2011 AND ENDING DECEMBER 31, 2011
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 I, 2011 and ending December 31, 2011.
Refer to the attached certification.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2011 AND ENDING DECEMBER 31, 2011
5
Attachment C. Opinion oflegal counsel that the municipality has complied with the Act.
Refer to the attached opinion.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2011 AND ENDING DECEMBER 31, 2011
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 fmd 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, 2011 ~/27= ilio""' ofmykru,wledgo ""'b<lid.
~~l
BUTTERFIEWIMEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK
8
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 fiscal year beginning January I, 2009
and ending December 31, 2009; and
A description of the redevelopment activities undertaken.
The Village continued the review of the Oak Brook Promenade redevelopment project
undertaken in previous reporting Fiscal Years. The project includes a number of retail and
service tenants and construction has largely been completed. Approximately 118,000 s.f. of retail
space is under lease.
In 2011, the Village continued to process permits for new tenants in the Oak Brook Promenade.
New tenants included Sleep Number Beds, Allen Edmunds Shoes, and Thomasville Furniture.
The retail occupancy for the center is over 90%. Additional leasing of remaining office and retail
will continue in 2012.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2011 AND ENDING DECEMBER 31, 2011
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.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2011 AND ENDING DECEMBER 31, 2011
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/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAKBROOK FISCAL YEAR
BEGINNING JANUARY I, 2011 AND ENDING DECEMBER 31, 2011
11
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.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2011 AND ENDING DECEMBER 31, 2011
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 3, 2011. The minutes of the meetings are attached as Exhibit A.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2011 AND ENDING DECEMBER 31, 2011
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.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2011 AND ENDING DECEMBER 31, 2011
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.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2011 AND ENDING DECEMBER 31, 2011
15
Attachments K and L
For special tax allocation funds that have experienced cumulative deposits of incremental tax
revenues of $100,000 or more, a certified audit report reviewing compliance with the Act
performed by an independent public accountant certified and licensed by the authority of the
State of Illinois. The audit report shall contain a letter from the independent certified public
accountant indicating compliance or noncompliance with the requirements of subsection ( q) of
Section 11-74.4-3.
An audit and accountant's certification for the Special Tax Allocation fund are attached as
Exhibit B.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2011 AND ENDING DECEMBER 31, 2011
16
Attachment M Intergovernmental Agreements
Not applicable.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2011 AND ENDING DECEMBER 31, 2011
17
Section 3.1 Analysis of Special Tax Allocation Fund
Refer to table attached.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2011 AND ENDING DECEMBER 31, 2011
18
SECTION 3.1 -(65 ILCS 5/11-74.4-5 (d) (5) and 65 ILCS 5/11-74.6-22 (d) (5))
Provide an analysis of the special tax allocation fund.
Fund Balance at Beginning of Reporting Period
Revenue/Cash Receipts Deposited in Fund During Reporting FY:
Prooertv Tax Increment
State Sales Tax Increment
Local Sales Tax Increment
State Utilitv Tax Increment
Local Utilitv Tax Increment
Interest
Land/Buildina Sale Proceeds
Bond Proceeds
Transfers from Municipal Sources ( see note below\
Private Sources
Other (identify source · if multiple other sources, attach
schedule)
Note: transfer represents amounts to the TIF , but not segregated by the County,
the Village segregated these amounts and then transferred to the TIF fund.
Reporting Year
I$ 216,926 1
$ 342,240
$ 72,542
$ 57
Total Amount Deposited in Special Tax Allocation
Fund During Reporting Period lc.$c..._ ___ 4c;1cc4-",8"'3"'9_,I
$
$
$
Cumulative Total Revenues/Cash Receipts I $
Total Expenditures/Cash Disbursements (Carried forward from Section 3.2) IL$"-__ _:4,:,2c.,1.c,6c:4c::3CJI
Distribution of Surplus $
Total Expenditures/Disbursements I$ 421,643 1
NET INCOME/CASH RECEIPTS OVER/(UNDER) CASH DISBURSEMENTS LI ,:_$ ____ ("'6'-',8"'04.:.LJ)I
FUND BALANCE, END OF REPORTING PERIOD I$ 210,122 1
-if there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
1 9
Cumulative
% of Total
1,255,564 81%
0%
294,478 19%
0%
0%
2,313 0%
0%
0%
0%
0%
0%
1,ss2,3ss 1 100%1
Section 3.2 Itemized List of Expenditures from Special Tax Allocation Fund
Refer to tables attached.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
_BEGINNING JANUARY I, 2011 AND ENDING DECEMBER 31, 2011
.2 0
Section 3.2 B
Below is listed allve11dors, includfog other municipal funds, that were paid in eiccess of $1.0,000 during .. " ' >' ' _,•' " ':· ·> ,'", ' ' ·;,, ' ' ,< < " ' ' :
.. · .· Name . · Service . . Amount · .. ·
1311 LLC Note debt service $ 83,456.00
Five Star Ventures Note debt service $ 20,864.00
Don Kurach Note debt service $ 83,456.00
Rvan Murphy Note debt service $ 20,864.00
St Paul Fire and Marine Ins. Note debt service $ 208,640.00
24
Section 3.3 Special Tax Allocation Fund Balance ( end of reporting period).
Refer to table attached.
BUTTERFIELD/ MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2011 AND ENDING DECEMBER 31, 2011
25
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.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2011 AND ENDING DECEMBER 31, 2011
27
SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6))
Provide a description of all property purchased by the municipality during the reporting fiscal year within the
X No property was acquired by the Municipality Within the Redevelopment Project Area
Property Acquired by the Municipality Within the Redevelopment Project Area
Propertv /1):
Street address
Approximate size or description of prooertv:
Purchase orice:
Seller of oroperty:
Prooerty (2):
Street address
Approximate size or descriotion of property:
Purchase price:
Seller of propertv:
Propertv (3):
Street address
Approximate size or description of property:
Purchase orice:
Seller of orooertv:
Pronertv (4):
Street address
Anproximate size or description of property:
Purchase price:
Seller of property:
28
Section 5.0 Review of Public and Private Investment.
Refer to table attached.
BUTTERFIELD/MEYERS RD.TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2011 AND ENDING DECEMBER 31, 2011
29
Optional: Information in the following sections is not required by law, but would be helpful in evaluating the
performance of TIF in Illinois.
SECTION 6
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
2005! $
Base EAV · 2004
Reporting Fiscal Year
EAV
6,604,760 1 $ 14,939,840 1
List all overlapping tax districts in the redevelopment project area.
If overlapping taxing district received a surplus, list the surplus.
_X_ The overlapping taxing districts did not receive a surplus.
Surplus Distributed from redevelopment
Overlapping Taxina District proiect area to overlapping districts
$
$
$
$
$
$
$
$
$
$
$
SECTION 7
Provide information about job creation and retention
Description and Type
Number of Jobs Number of Jobs (Temporary or
Retained Created Permanent) of Jobs Total Salaries Paid
$
$
$
$
$
$
$
SECTION 8
Provide a general descri tion of the redevelo ment pro·ect area using onl ma·or boundaries:
Optional Documents Enclosed
Leoal descriotion of redevelooment project area
Map of District
31
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EXHIBIT A
EXHIBITB
1415 W. Diehl Road, Suite 400 • Naperville, IL 60563
The Honorable President
Members of the Board of Trustees
Village of Oak Brook
Oak Brook, Illinois
Certified Public Accountants & Advisors
Members of American Institute of
Certified Public Accountants
We have examined management's assertion that the Village of Oak Brook, Illinois, complied
with the provisions of subsection (q) of Section 11-74.4-3 of the Illinois Tax Increment
Redevelopment Allocation Act (Illinois Public Act 85-1142) during the fiscal year ended
December 31, 2011. As discussed in that representation letter, management is responsible for the
Village of Oak Brook, Illinois' compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Village's compliance based on our
examination.
Our examination was made in accordance with the standards established by the American
Institute of Public Accountants and, accordingly, included examining, on a test basis, evidence
about the Village of Oak Brook, Illinois' compliance with those requirements and performing
such other procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Village of Oak Brook, Illinois' compliance with statutoty
requirements.
In our opinion, management's assertion that the Village of Oak Brook, Illinois, complied with the
aforementioned requirements for the fiscal year ended December 31, 2011, is fairly stated in all
material respects.
This report is intended solely for the information and use of the Board of Trustees, management,
the joint review board, the Illinois State Comptroller, and the Illinois Department of Revenue and
should not be used by anyone other than these specified parties.
Naperville, Illinois
May 1, 2012
VILLAGE OF OAK BROOK, ILLINOIS
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
REVENUES
Intergovernmental
Hotel/motel taxes
Investment income
Total revenues
EXPENDITURES
Current
General government
Public safety
Public works
Culture and recreation
Debt service
Principal
Interest and fiscal charges
Total expenditures
NET CHANGE IN FUND BALANCES
FUND BALANCES, JANUARY 1
FUND BALANCES, DECEMBER 31
For the Year Ended December 31, 2011
SQecial Revenue Funds
Foreign Fire
Hotel/Motel Motor Fuel Insurance
Tax Tax
$ $ 245,403 $
853,638
2,238 685
855,876 246,088
660,000
690,869
690,869 660,000
165,007 (413,912)
2,407,119 876,654
$ 2,572,126 $ 462,742 $
(See independent auditor's report)
-75 -
Tax
49,902
203
50,105
15,814
15,814
34,291
172,272
206,563
Capital
Projects Fund Total
Nonmajor
Promenade Governmental
TIF Funds
$ 414,782 $ 710,087
853,638
57 3,183
414,839 1,566,908
4,363 4,363
15,814
660,000
690,869
80,924 80,924
336,356 336,356
421,643 1,788,326
(6,804) (221,418)
216,926 3,672,971
$ 210,122 $ 3,451,553
ASSETS
Cash and investments
Receivables
Allotments
Other, hotel/motel tax
TOTAL ASSETS
VILLAGE OF OAK BROOK, ILLINOIS
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
December 31, 2011
S12ecial Revenue Funds
Foreign Fire
Hotel/Motel Motor Insurance
Tax Fuel Tax Tax
$ 2,553,821 $ 446,161 $ 206,563
16,581
64,794
$ 2,618,615 $ 462,742 $ 206,563
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable
Total liabilities
FUND BALANCES
Restricted
Highways and streets
Public safety
Culture and recreation
Economic development
Total fund balances
TOTAL LIABILITIES AND
FUND BALANCES
$ 46,489 $ $
46,489
462,742
2,572,126
2,572,126 462,742
$ 2,618,615 $ 462,742 $
(See independent auditor's report.)
-74 -
206,563
206,563
206,563
Capital
Projects Fund Total
Nonmajor
Promenade Governmental
TIF Funds
$ 210,122 $ 3,416,667
16,581
64,794
$ 210,122 $ 3,498,042
$ $ 46,489
46,489
462,742
206,563
2,572,126
210,122 210,122
210,122 3,451,553
$ 210,122 $ 3,498,042
VILLAGE OF OAK BROOK, ILLINOIS
PROMENADE TIF FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE -BUDGET AND ACTUAL
REVENUES
Property tax
Sales tax
Investment income
Total revenues
EXPENDITURES
Current
General government
Debt service
Principal
Interest and fiscal charges
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Total other financing sources (uses)
NET CHANGE IN FUND BALANCE
FUND BALANCE, JANUARY I
FUND BALANCE, DECEMBER 31
For the Year Ended December 31, 2011
(With Comparative Actual)
2011
Original Final
Budget Budget
$ 360,475 $ 360,475 $
180 180
360,655 360,655
5,200 5,200
91,900 91,900
336,450 336,450
433,550 433,550
(72,895) (72,895)
72,800 72,800
72,800 72,800
$ (95) $ (95)
$
Actual
342,240
72,542
57
414,839
4,363
80,924
336,356
421,643
(6,804)
(6,804)
216,926
210,122
(See independent auditor's report.)
-79 -
Variance
Over 2010
(Under) Actual
$ (18,235) $ 360,467
72,542 69,891
(123) 155
54,184 430,513
(837) 5,094
(10,976) 23,100
(94) 410,468
(11,907) 438,662
66,091 (8,149)
(72,800)
(72,800)
$ (6,709) (8,149)
225,075
$ 216,926