TIF Annual Report 2012VILLAGE OF OAK BROOK
TAX INCREMENT FINANCING DISTRICT NO. 1
BUTTERFIELD/MEYERS ROAD
ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2012 AND ENDING DECEMBER 31, 2012
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 oflegal 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
Infonnation Regarding Contracts with TIF Consultants
Reports Submitted by Joint Review Board
Sununary 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, 2012 AND ENDING DECEMBER 31, 2012
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, 2012 AND ENDING DECEMBER 31, 2012
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, 2012 AND ENDING DECEMBER 31, 2012
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.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012
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, 2012 and ending December 31, 2012.
Refer to the attached certification.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012
5
Attachment C. Opinion of legal 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 I, 2012 AND ENDING DECEMBER 31, 2012
7
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 1, 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.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2012 AND ENDING DECEMBER 31, 2012
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 1, 2012 AND ENDING DECEMBER 31, 2012
10
Attachment F. Additional Infonnation 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 OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012
11
Attachment G. Information Regarding Contracts with TIP Consultants.
The Village entered into a contract with Kane McKenna and Associates, Inc. in order to prepare
the TIP annual report. No contracts for such services included contingent payments associated
with TIP revenues.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2012 AND ENDING DECEMBER 31, 2012
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 20, 2012. 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, 2012 AND ENDING DECEMBER 31, 2012
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 I, 2012 AND ENDING DECEMBER 31, 2012
14
Attachment J. Financial Analysis: TIP 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, 2012 AND ENDING DECEMBER 31, 2012
15
Attachments Kand 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
ExhibitB.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012
16
Attachment M Intergovernmental Agreements
Not applicable.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012
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 I, 2012 AND ENDING DECEMBER 31, 2012
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 IS 210,122 1
Revenue/Cash Receipts Deposited in Fund During Reporting FY: Reporting Year Cumulative*
Property Tax Increment s 361,973 s 1,617,537
State Sales Tax Increment
Local Sales Tax Increment s 75,774 s 370,252
State Utility Tax Increment
Local Utility Tax Increment
Interest s 99 s 2,412
land/Building Sale Proceeds
Bond Proceeds
Transfers from Municipal Sources
Private Sources
Other (identify source · if multiple other sources, attach
schedule)
% of Total
81%
0%
19%
0%
0%
0%
0%
0%
0%
0%
0%
*must be completed where 'Reporting Year' 1s
populated
Total Amount Deposited in Special Tax Allocation
Fund During Reporting Period IS 437,846 I
Cumulative Total Revenues/Cash Receipts IS 1,990,201 1 100%1
Total Expenditures/Cash Disbursements (Carried forward from Section 3.2) Is 426,0421
Distribution of Surplus
Total Expenditures/Disbursements IS 426,042 I
NET INCOME/CASH RECEIPTS OVER/(UNOER) CASH DISBURSEMENTS IS 11,804 I
FUND BALANCE, END OF REPORTING PERIOD• IS 221,926 1
* if there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
FY 2012 TIF NAME Oak Brook TIF 1
1 9
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 1, 2012 AND ENDING DECEMBER 31, 2012
20
Section 3.2 B
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current
reporting year.
There were no vendors, including other municipal funds, paid in excess of
$10,000 during the current reporting period.
Name Service
1311 LLC Note debt service
Five Star Ventures Note debt service
Don Kurasch Note debt service
Ryan Murphy Note debt service
St Paul Fire and Marine Ins. Note debt service
Amount
$ 84,208.00
$ 21,052.00
$ 84,208.00
$ 21,052.00
$ 210,519
FY 2012 TIF NAME Oak Brook TIF 1
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, 2012 AND ENDING DECEMBER 31, 2012
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, 2012 AND ENDING DECEMBER 31, 2012
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
redevelopment project area.
_X_ 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:
FY 2012 28 TIF NAME Oak Bro.ok TIF .1
Section 5.0 Review of Public and Private Investment.
Refer to table attached.
BUTTERFIELD/MEYERS RD.TIP ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012
29
SECTION 5-65 ILCS 5111-74.4-5 (d) (7) (G) and 65 ILCS 5111-74.6-22 (d) (7) (G)
PAGE 1
If NO projects were undertaken by the Municipality Within the Redevelopment Project Area, indicate so in
the space provided:
If Projects WERE undertaken by the Municipality Within the Redevelopment Project Area enter the TOTAL
number of projects and list them in detail below.
SECTION 5 PROVIDES PAGES 1-3 TO ACCOMMODATE UP TO 25 PROJECTS. PAGE 1 MUST BE INCLUDED WITH TIF
REPORT. PAGES 2-3 SHOULD BE INCLUDED JE.PROJECTS ARE LISTED ON THESE PAGES
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 364 315 13 21146
Project 1:
Promenade Retail Proiect
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 364 315 13 21146
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
FY 2012
30 TIF NAME Oak ,.Brook T"I"F~~1 _______ _
EXHIBIT A
Questions · None
Other Business • None
Adjournment
Trustee Stelios Aktipis motioned, Paul Hoss seconded to adjourn the meeting. Voice vote.
Motion carried. Meeting adjourned at 2:26 pm.
ATTEST:
David J. Niemeyer
Village Manager
Date
EXIDBITB
ASSETS
Cash and investments
Receivables
Allotments
Other, hotel/motel tax
Accrued interest
TOT AL ASSETS
VILLAGE OF OAK BROOK, ILLINOIS
NONMAJORGOVERNMENTALFUNDS
COMBINING BALANCE SHEET
December 31, 2012
Seecial Revenue Funds
Foreign Fire
Hotel/Motel Motor Insurance
Tax Fuel Tax Tax
$ 2,699,121 $ 677,377 $ 233,204
16,318
102,579
1,376 423
$ 2,803,076 $ 694,118 $ 233,204
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
$ 27,841 $ $
27,841
694,118
2,775,235
2,775,235 694,118
$ 2,803,076 $ 694,118 $
(See independent auditor's report.)
-78 -
233,204
233,204
233,204
Capital
Projects Fund Total
Nonmajor
Promenade Governmental
TIF Funds
$ 221,926 $ 3,831,628
16,318
102,579
1,799
$ 221,926 $ 3,952,324
$ $ 27,841
27,841
694,118
233,204
2,775,235
221,926 221,926
221,926 3,924,483
$ 221,926 $ 3,952,324
VILLAGE OF OAK BROOK, ILLINOIS
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATE:MENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
Forthe Year Ended December 31, 2012
Capital
Special Revenue Funds Projects Fund
REVENUES
Intergovernmental
Hotel/motel taxes
Investment income
Total revenues
EXPENDITURES
Current
General government
Public safe1y
Culture and recreation
Debt service
Principal
Interest and fiscal charges
Total expenditures
l\TET CHANGE IN FUND BALANCES
FUND BALANCES, JANUARY 1
FUND BALANCES, DECEMBER 31
Foreign Fire
Hotel/Motel Motor Fuel Insurance
Tax Tax Tax
$ $ 230,030 $ 113,169
940,008
5,075 1,346 157
945,083 231,376 113,326
86,685
741,974
741,974 86,685
203,109 231,376 26,641
2,572,126 462,742 206,563
$ 2,775,235 $ 694,118 $ 233,204
(See independent auditor's report.)
-79 -
Promenade
TlF
$ 437,747
99
437,846
5,003
91,000
330,039
426,042
11,804
210,122
$ 221,926
Total
Nonrnajor
Governmental
Funds
$ 780,946
940,008
6,677
1,727,631
5,003
86,685
741,974
91,000
330,039
1,254,701
472,930
3,451,553
$ 3,924,483
REVENUES
Property tax
Sales tax
Investment income
Total revenues
EXPENDITURES
Current
General government
Debt service
Principal
Interest and fiscal charges
Total expenditures
VILLAGE OF OAK BROOK, ILLINOIS
PROMENADE TIF FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE -BUDGET AND ACTUAL
For the Year Ended December 31, 2012
(Willi Comparative Actual)
?01?
Original Final
Budget Budget
$ 345,000 $ 345,000 $
72,800 72,800
25 25
417,825 417,825
5,265 5,265
79,885 79,885
330,115 330,115
415,265 415,265
Actual
361,973
75,774
99
437,846
5,003
91,000
330,039
426,042
NET CHANGE IN FUND BALANCE $ 2,560 $ 2,560 11,804
FUND BALANCE, JANUARY I
FUND BALANCE, DECEMBER 31 $
(See independent auditor's report.)
-83 -
210,122
221,926
Variance
Over 2011
(Under) Actual
$ 16,973 $ 342,240
2,974 72,542
74 57
20,021 414,839
(262) 4,363
11,115 80,924
(76) 336,356
10,777 421,643
$ 9,244 (6,804)
216,926
$ 210,122
INDEPENDENT ACCOUNTANT'S REPORT
The Honorable President
Members of the Board of Trustees
Village of Oak Brook
Oak Brook, Illinois
We have examined management's assertion, included in its representation letter dated April 17,
2013, that the Village of Oak Brook 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 year ended December 31, 2012. Management is responsible for the Village's
assertion and for 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 conducted in accordance with attestation standards established by the
American Institute of Certified Public Accountants and, accordingly, included examining, on a
test basis, evidence about the Village's 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's compliance with statutory requirements.
In our opinion, management's assertion that the Village of Oak Brook complied with the
aforementioned requirements for the year ended December 31, 2012 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
April 17, 2013