TIF Annual Report 2013VILLAGE OF OAK BROOK
TAX INCREMENT FINANCING DISTRICT NO. 1
BUTTERFIELD/MEYERS ROAD
ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2013 AND ENDING DECEMBER 31, 2013
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2013 AND ENDING DECEMBER 31, 2013
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 TIP 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 TIP Consultants
Reports Submitted by Joint Review Board
Summary of any obligations issued by the municipality and
official statements
Financial Analysis: TIP 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, 2013 AND ENDING DECEMBER 31, 2013
SECTION
Attachments
Kand L
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
Exhibit B
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 OAJ( BROOI( FISCAL YEAR
BEGINNING JANUARY 1, 2013 AND ENDING DECEMBER 31, 2013
Section 1. Name of Redevelopment Project Area and Contact Information
Refer to chart attached.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOI( FISCAL YEAR
BEGINNING JANUARY I, 2013 AND ENDING DECEMBER 31, 2013
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 OAI( BROOK FISCAL YEAR
BEGINNING JANUARY I, 2013 AND ENDING DECEMBER 31, 2013
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, 2013 and ending December 31, 2013.
Refer to the attached certification.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2013 AND ENDING DECEMBER 31, 2013
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 OAJ( BROOK FISCAL YEAR
BEGINNING JANUARY I, 2013 AND ENDING DECEMBER 31, 2013
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, 2013 aw.~.~z::ofmyknowlodgo aadbellof
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAI( BROOK FISCAL YEAR
BEGINNING JANUARY I, 2013 AND ENDING DECEMBER 31, 2013
8
Attachment D.
A.
B.
Statement setting forth all act1v1t1es 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 1, 2013 AND ENDING DECEMBER 31, 2013
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 OAI( BROOJ( FISCAL YEAR
BEGINNING JANUARY 1, 2013 AND ENDING DECEMBER 31, 2013
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 OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2013 AND ENDING DECEMBER 31, 2013
II
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 armual report. No contracts for such services included contingent payments associated
with TIF revenues.
BUTTERFIELD/MEYERS RD. TTF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2013 AND ENDING DECEMBER 31, 2013
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, 2013. 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, 2013 AND ENDING DECEMBER 31, 2013
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, 2013 AND ENDING DECEMBER 31, 2013
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, 2013 AND ENDING DECEMBER 31, 2013
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
Exhibit B.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY I, 2013 AND ENDING DECEMBER 31, 2013
16
Attachment M Intergovernmental Agreements
Not applicable.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAI( BROOK FISCAL YEAR
BEGINNING JANUARY I, 2013 AND ENDING DECEMBER 31, 2013
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, 2013 AND ENDING DECEMBER 31, 2013
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.
FY 2013
TIF NAME: OAK BROOK TIF 1
Fund Balance at Beginning of Reporting Period IS 221,926 1
Revenue/Cash Receipts Deposited in Fund During Reporting FY: Reporting Year Cumulative* % of Total
Property Tax Increment s 507,965 s 2,125,502 85%
State Sales Tax Increment 0%
Local Sales Tax Increment s 370,252 15%
State Utility Tax Increment 0%
Local Utility Tax Increment 0%
Interest s 27 s 2,439 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%
'. *must be completed where Reportmg Year 1s
populated
Total Amount Deposited in Special Tax Allocation
Fund During Reporting Period
Cumulative Total Revenues/Cash Receipts
IS sa1,992 1
IS
Total Expenditures/Cash Disbursements (Carried forward from Section 3.2) ~I __ S ___ 4_4_4~,0_S_6~1
Distribution of Surplus
Total Expenditures/Disbursements ~1 '-S ___ 4_4_4,c..O_S_6~1
NET INCOME/CASH RECEIPTS OVER/(UNDER) CASH DISBURSEMENTS lc.Sc_ _ __c6cc3ce,9_c3_c6~1
FUND BALANCE, END OF REPORTING PERIOD' lc.Sc_ __ 2=c8cc5ce,8cc6 __ 2~1
* if there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
Total Amount Designated (Carried forward from Section 3.3) IS 2ss,s62 1
1 9
2,498,193 1
Oak Brook TIF 2013.xlsx
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 OAI( BROO[( FISCAL YEAR
BEGINNING JANUARY I, 2013 AND ENDING DECEMBER 31, 2013
20
SECTION 3.2 A
PAGE3
14. Costs of reimbursing private developers for interest expenses incurred on approved ••·. :l•i)f < •.·•.······ .... > >J .•
redevelopment projects. Subsection (q)(11)(A-E) and (0)(13)(A-E) ", '',' '_-::,:: ., :-,-.,'-_, ,::/,"_,;'·'.', .,,'-_.,:-, ,,' ,·,,'
ii • • ..... , .. · ...
'·· .
. ..
• • • •••• .. ··.• .. ....
... ····> .. ... •·· .. ••···· .·.·
••••• ',:'·".,-·,•',.'_ .. ,:,; ... · .. ·
.····· . ,",, <_-,";,,,,, ,-, ,-,,_,,, -\::_-:
$ -
15. Costs of construction of new housing units for low income and very low-income households. \;ft·.······ .. ·.···•.·•<, ;~i.\.\·.•.•.;~ Subsection (q)(11)(F) -Tax increment Allocation Redevelopment TIFs ONLY . '. ..•
.. ·.•. '. ··•···· ... -.
·•··•·< • ,'./,,,,', -ii\\'_:,,· '. .
-.··.··.•·.·•·· \'.'. ... ·•· .
$
16. Cost of day care services and operational costs of day care centers. Subsection (q) (11.5) -Tax ~ .... :;.•• ... · •••••
Increment Allocation Redevelopment TIFs ONLY •• ••• • • , ··• .
••• • . •.
·:-,--',," '-,,.,-:-,--\,'-",:'.':·,, ·-:;_,; . .
$
IToTAL ITEMtZED EXPEND!TURES 444,056 1
23 Oak Brook TIF 2013.xlsx
Section 3.2 B
FY 2013
TIF NAME: OAK BROOK TIF 1
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
24
Amount
$ 87,985.00
$ 21,996.00
$ 87,985.00
$ 21,996.00
$ 219,964.00
Oak Brook TIF 2013.xlsx
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 I, 2013 AND ENDING DECEMBER 31, 2013
25
Section 4.0 A description of all property pnrchased by the municipality within the
Redevelopment Project Area including:
A. Street Address
B. Approximate size or description of property
C. Pnrchase 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 OAJ( BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2013 AND ENDING DECEMBER 31, 2013
27
SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)]
FY 2013
TIF NAME: OAK BROOK TIF 1
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:
28
Oak Brook TIF 2013.xlsx
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 I, 2013 AND ENDING DECEMBER 31, 2013
29
SECTION 5 -65 ILCS 5/11-74.4-5 (d) (7) (G) and 65 ILCS 5/11-74.6-22 (d) (7) (G)
PAGE 1
FY 2013
TIF NAME: OAK BROOK TIF 1
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 ONLY IF PROJECTS ARE LISTED ON THESE PAGES
Check here if NO projects were undertaken by the Municipality Within the Redevelopment Project Area:
ENTER total number of projects undertaken by the Municipality Within the Redevelopment Project Area
and list them in detail below*. 1
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 13 21/46
Project 1: *IF PROJECTS ARE LISTED NUMBER MUST BE ENTERED ABOVE
PromenDW 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 Oak Brook TIF 2013.xlsx
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 2013
TIF NAME: OAK BROOK TIF 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
200s 1 $
Base EAV
Reporting Fiscal Year
EAV
6,604,760 1 $ 12,707,610 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 Taxing District project area to overlapping districts
$
$
$
$
$
$
$
$
$
$
$
$
$
$
SECTION 7
Provide information about job creation and retention
uescriptton ana I ype
Number of Jobs Number of Jobs (Temporary or
Retained Created Permanent) of Jobs Total Salaries Paid
$
$
$
$
$
$
$
SECTION 8
Provide a general description of the redevelopment project area using only major boundaries:
Optional Documents Enclosed
Legal description of redevelopment project area X
Map of District X
31
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Oak Brook TIF 2013.xlsx
EXHIBIT A
Other Business -None
Adjournment
Trustee Don Adler motioned, Tom Glaser seconded to adjourn the meeting. Voice vote.
Motion carried. Meeting adjourned at 2:34 pm.
ATTEST:
David J. Niemeyer
Village Manager
Date
EXHIBITB
ASSETS
Cash and investments
Receivables
Allotments
Other
Accrued interest
TOTAL ASSETS
VILLAGE OF OAK BROOK, ILLINOIS
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
December 31, 2013
Foreign Fire
Motor Insurance
Fuel Tax Tax
$ 908,584 $ 201,358
19,726
66,223
141
$ 928,451 $ 267,581
LIABILITIES AND FUND BALANCES
LIABILITIES
None $ $
Total liabilities
FUND BALANCES
Restricted
Highways and streets 928,451
Public safety 267,581
Economic development
Total fund balances 928,451 267,581
TOTAL LIABILITIES AND
FUND BALANCES $ 928,451 $ 267,581
(See independent auditor's report.)
-75 -
Capital
Projects Fund Total
Nonmajor
Promenade Governmental
TIF Fuuds
$ 285,862 $ 1,395,804
19,726
66,223
141
$ 285,862 $ 1,481,894
$ $
928,451
267,581
285,862 285,862
285,862 1,481,894
$ 285,862 $ 1,481,894
VILLAGE OF OAK BROOK, ILLINOIS
NONMAJOR GOVERNMENT AL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
For the Year Ended December 31, 2013
Foreign Fire
Motor Fuel Insurance
Tax Tax
REVENUES
Intergovernmental $ 230,669 $ 66,223
Investment income 2,150 208
Miscellaneous 1,514
Total l'evenues 234,333 66,431
EXPENDITURES
Current
General government
Public safety 32,054
Debt service
Principal
Interest and fiscal charges
Total expenditmes 32,054
NET CHANGE IN FUND BALANCES 234,333 34,377
FUND BALANCES, JANUARY I 694,118 233,204
FUND BALANCES, DECEMBER 31 $ 928,451 $ 267,581
(See independent auditor's report.)
-76 -
Capital
Projects Fund
Promenade
TIF
$ 507,965
27
507,992
4,130
117,800
322,126
444,056
63,936
221,926
$ 285,862
Total
Nonmajor
Governmental
Funds
$ 804,857
2,385
1,514
808 756
4,130
32,054
117,800
322,126
476,110
332,646
1,149,248
$ 1,481,894
VILLAGE OF OAK BROOK, ILLINOIS
PROMENADE Tlf FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES lN 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 cxpcnditmcs
NET CHANGE IN FUND BALANCE
FUND BALANCE, JANUARY l
FUND BALANCE, DECEMBER 31
Forthc Year Ended December 31, 2013
(With Comparative Actual)
2013
Original Final
Budget Budget Actual
$ 362,000 $ 362,000 $
77,o35 77,035
75 75
439 110 439,110
5,380 5,380
107,700 117,800
322,290 322,290
435,370 445,470
$ 3,740 $ (6,360)
$
(See independent auditor's report.)
-79 -
344,233
163,732
27
507,992
4,130
117,800
322,126
444,056
63,936
221,926
285,862
V:u·i:rnce
Over 2012
(Under) Actual
$ (17,767) $ 361,973
86,697 75,774
48 99
68 882 437,846
(1,250) 5,003
91,000
(164) 330,039
(1,414) 426,042
$ 70,296 11,804
210,122
$ 221,926