TIF Annual Report 2014VILLAGE OF OAK BROOK
TAX INCREMENT FINANCING DISTRICT NO. 1
BUTTERFIELD/MEYERS ROAD
ANNUAL REPORT FOR FISCAL YEAR
BEGINNING JANUARY 1, 2014 AND ENDING DECEMBER 31, 2014
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2014 AND ENDING DECEMBER 31, 2014
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, 2014 AND ENDING DECEMBER 31, 2014
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
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 OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2014 AND ENDING DECEMBER 31, 2014
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, 2014 AND ENDING DECEMBER 31, 2014
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, 2014 AND ENDING DECEMBER 31, 2014
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, 2014 and ending December 31, 2014.
Refer to the attached certification.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2014 AND ENDING DECEMBER 31, 2014
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 1, 2014 AND ENDING DECEMBER 31, 2014
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 reporting fiscal year; 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, 2014 AND ENDING DECEMBER 31, 2014
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, 2014 AND ENDING DECEMBER 31, 2014
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 1, 2014 AND ENDING DECEMBER 31, 2014
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 1, 2014 AND ENDING DECEMBER 31, 2014
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 21, 2014. 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 1, 2014 AND ENDING DECEMBER 31, 2014
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, 2014 AND ENDING DECEMBER 31, 2014
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, 2014 AND ENDING DECEMBER 31, 2014
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 1, 2014 AND ENDING DECEMBER 31, 2014
16
Attachment M Intergovernmental Agreements
Not applicable.
BUTTERFIELD/MEYERS RD. TIF ANNUAL REPORT FOR VILLAGE OF OAK BROOK FISCAL YEAR
BEGINNING JANUARY 1, 2014 AND ENDING DECEMBER 31, 2014
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, 2014 AND ENDING DECEMBER 31, 2014
1 8
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 2014
TIF NAME: Oak Brook TIF No. 1
Fund Balance at Beginning of Reporting Period IS 2a5,a61 1
Revenue/Cash Receipts Deposited in Fund During Reporting FY: Reporting Year Cumulative*
Property Tax Increment s 326,896 s 2,452,398
State Sales Tax Increment
Local Sales Tax Increment s 95,471 s 465,723
State Utility Tax Increment
Local Utility Tax Increment
Interest s 13 s 2,452
Land/Building Sale Proceeds
Bond Proceeds
Transfers from Municipal Sources
Private Sources
Other (identify source · if multiple other sources, attach
schedule)
% of Total
84%
0%
16%
0%
0%
0%
0%
0%
0%
0%
0%
*must be completed where 'Reporting Year' Is
populated
Total Amount Deposited in Special Tax Allocation
Fund During Reporting Period
Cumulative Total Revenues/Cash Receipts
IS 422,3ao 1
is
Total Expenditures/Cash Disbursements (Carried forward from Section 3.2) .... I S'---__ 4_79--'-1 _68_4_.I
Distribution of Surplus
Total Expenditures/Disbursements I .... S ___ 4_79_,_68_4_.I
NET INCOME/CASH RECEIPTS OVER/(UNDER) CASH DISBURSEMENTS l,_S'-----''-57...:.,_30_4..:..J)I
FUND BALANCE, END OF REPORTING PERIOD* ._I s'---__ 2_2...:.8,_55_7_.I
* if there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
SURPLUS*/(DEFICIT)(Carried forward from Section 3.3) Is (3,543,619)1
1 9
2,920,573 I 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 1, 2014 AND ENDING DECEMBER 31, 2014
20
SECTION 3.2 A-(65 ILCS 5/11-74.4-5 (d) (5) and 65 ILCS 5/11-74.6-22 (d) (5))
FY 2014
TIF NAME: Oak Brook TIF No. 1
ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND
(by category of permissible redevelopment cost, amounts expended during reporting period)
FOR AMOUNTS >$10,000 SECTION 3.2 B MUST BE COMPLETED
Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6-
10 (o)] Amounts Reporting Fiscal Year
1. Costs of studies, administration and professional services-Subsections (q)(1) and (o) (1) :
3,230 .. . .
.· .
:
$ 3,230
2. Cost of marketing sites-Subsections (q)(1.6) and (o)(1.6)
·.· . : . ·;
r
•••
)
· .. .· ••. r .. . ' . ; •,; : .
j :;
$ .
3. Property assembly, demolition, site preparation and environmental site improvement costs. .. ~ ....
Subsection (q){2), (o)(2) and (o)(3) ., . . ; c;
' ··•·
:r. ,
.. · ...
\" .• .
;
.•.
•: C .
$ .
4. 1,,;osts or renao11I1auon, reconstrucuon, repair or remoaenng or exIsung puonc or private ou11amgs. .... ; : ·.·· ;: : ..
Subsection (q)(3) and (o)(4) .· .. ·• :
.: . • .. .. ·. : · ..
:: . ...
... . :: \ :
.· :
·•· .. ... >
·.; ; ; ·::•
.. · : ....
$ .
5. Costs of construction of public works and improvements. Subsection (q)(4) and (o){5) •. . . .·
:; . . · . . . .
•: :· . .
:•
•· ;: : ... .. ·• .• ' " ~
. ,. .... .::
: ·•.·
.. .·· :; :
$ .
6. Costs of removing contaminants required by environmental laws or rules (0)(6) -Industrial Jobs .. : :
Recovery TIFs ONLY
;
.· ..
·•.·...:<
•·: .
· .. · . ·.··: : ... :
.··· .. :·,
$ .
21
SECTION 3.2 A
PAGE 2
7. t;ost or JOO training ana retraining, incIuaing ·weI1are to worK .. programs :suosectIon (q)(5), (0)(7) .
and (o)(12) •• .....
. .
... ..
.
. .·
; _ .....
$ "
8. Financing costs. Subsection (q) (6) and (0)(8) .. . .
..
Redevelopment Agreement Payments 476,454 . . .
.·
• . \
...
$ 476,454
9. Approved capital costs. Subsection (q)(7) and (o)(9) .
.. .• . . .. :••
.· ;
.. .
· .... .
$ "
1 o. Cost of Reimbursing school districts for their increased costs caused by TIF assisted housing °;
projects. Subsection (q)(7.5) -Tax Increment Allocation Redevelopment TIFs ONLY .· ..
.• "· • .
.. ;
. • • •
. .. \;
...•. ;. •
$ "
11. Relocation costs. Subsection (q}{8} and (o)(10) .· <i. C.
. ••;
; .... .· <· ..
'°•; ..•
.. ·:• .
$ "
12. Payments in lieu of taxes. Subsection (q)(9) and (o)(11) . ·• . < •
<
•.· . ·• .•.
.. ; . ···•·
··•
. .;
. ;;
$ "
13. t;osts ot JOO training, retraining advanced vocational or career eaucauon provided Dy other .. l taxing bodies. Subsection (q)(10) and (o)(12) .. ·. . ..
.·.
·. / ,.
. . ..
;
· .. · . .. ;
$ "
22
SECTION 3.2 A
PAGE3
14. Costs of reimbursing private developers for interest expenses incurred on approved ·. ·\
redevelopment projects. Subsection (q)(11 )(A-E) and (o)(13)(A-E) . .. .. .·.•·
,\' : .,, ',
·• .·
. •.•·
... ·· .. ...... .. .· . .:; ·,:t .
. .. . ; · .. . ..
· .. . .. ,·
$ -
15. Costs of construction of new housing units for low income and very low-income households. ;; ·.
Subsection (q)(11)(F) -Tax Increment Allocation Redevelopment TIFs ONLY : : .
·. ; ..
•··
.
• .
$
16. Cost of day care services and operational costs of day care centers. Subsection (q) (11.5) -Tax ; ··. • ..
Increment Allocation Redevelopment TIFs ONLY .. · .. .. •, ·.
•
.,
.
·.
$ -
!TOTAL ITEMIZED EXPENDITURES 479,684 I
23
Section 3.2 B
FY 2014
TIF NAME: Oak Brook TIF No. 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
$ 95,291.00
$ 23,823.00
$ 95,291.00
$ 23,823.00
$ 238,226.00
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, 2014 AND ENDING DECEMBER 31, 2014
25
SECTION 3.3 -(65 ILCS 5/11-74.4-5 (d) (5) 65 ILCS 11-74.6-22 (d) (5))
Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period
FY 2014
TIF NAME: Oak Brook TIF No. 1
FUND BALANCE, END OF REPORTING PERIOD
1. Description of Debt Obligations
Limited Obligation Note -Series 2005
Total Amount Designated for Obligations
2. Description of Project Costs to be Paid
Total Amount Designated for Project Costs
TOTAL AMOUNT DESIGNATED
SURPLUS*/(DEFICIT)
Amount of riginal
Issuance
$ 4,250,000 $
4,2so,ooo 1 $
•. \
'
... . . ..
;
•'·
. ..
I$
I$
I$
22s,ss1 1
Amount Designated
3,772,176
3,772,176 I
-I
3,772,176 I
(3,543,619) 1
* NOTE: If a surplus is calculated, the municipality may be required to repay the amount to overlapping taxing
26
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, 2014 AND ENDING DECEMBER 31, 2014
27
SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)1
FY 2014
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_ 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
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 I, 2014 AND ENDING DECEMBER 31, 2014
. ',
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 2014
TIF NAME: Oak Brook TIF No. 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
Aux Sable Plant
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
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 2014
TIF NAME: Oak Brook TIF No. l
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
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
uescrIptIon and 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
Map of District
31
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
EXHIBIT A
Questions. Questions were answered during the repmi review.
Discussion ensued regarding the closing of the Grotto restaurant.
Other Business -Bob Kallien explained that the Promenade is going to purchase a price of land,
Technology Drive, just south of the Promenade. Lombard is going to de-annex the property and
the Village of Oak Brook will annex it. This property (Technology Drive) will not be included in
the T.I.F. district.
Adjournment
Trustee Don Adler motioned to adjourn the Joint Review Board meeting. Seconded by
Bonnie Gibellina. Voice vote. Motion carried. Meeting adjourned at 2:21 pm.
ATTEST:
Riccardo F. Gin ex
Village Manager
Date
EXHIBITB
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
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE -BUDGET AND ACTUAL
PROMENADE TIF FUND
$
For the Year Ended December 31, 2014
(With Comparative Actual)
2014
Original Final
Budget Budget Actual
345,000 $ 345,000 $ 326,896
80,000 80,000 95,471
50 50 13
425,050 425,050 422,380
4,250 4,250 3,230
145,000 145,000 165,000
311,775 311,775 311,454
461,025 461,025 479,684
NET CHANGE IN FUND BALANCE $ (35,975) $ (35,975) (57,304)
FUND BALANCE, JANUARY I
FUND BALANCE, DECEMBER 31
285,861
$ 228,557
(See independent auditor's report.)
-90 -
Variance
Over 2013
(Under) Actual
$ (18,104) $ 344,233
15,471 163,732
(37) 26
(2,670) 507,991
(1,020) 4,130
20,000 117,800
(321) 322,126
18,659 444,056
$ (21,329) 63,935
221,926
$ 285,861