S-1120 - 06/06/2005 - TAX - Ordinances Supporting Documentslt
AN
MINUTES OF THE JUNE 6, 2005 SPECIAL MEETING
OF THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF OAK BROOK APPROVED AS
WRITTEN ON JUNE 28, 2005.
1. CALL TO ORDER:
The Special Meeting of the Village Board of Trustees was called to order by
President Quinlan in the Samuel E. Dean Board Room of the Butler
Government Center at 6:05 p.m. as requested by President Quinlan. Pledge of
Allegiance was given.
2. ROLL CALL:
Deputy Village Clerk Carol Harty called the roll:
PRESENT. Trustees Stelios Aktipis, John W. Craig, Jeffrey Kennedy, Kathryn
Manofsky, Robert Sanford and Asif Yusuf.
ABSENT: None.
IN ATTENDANCE: Richard Boehm, Village Manager; Robert Kallien,
Director of Community Development and Darrell J. Langlois, Finance Director.
3. APPROVAL OF MINUTES — None presented.
4. UNFINISHED BUSINESS:
&I', OAK BROOK PROMENADE REDEVELOPMENT PROJECT
President Quinlan announced that the public hearing on the Oak Brook
Promenade Redevelopment Project had been held according to State Statutes. A
joint review has been held and the public hearing was held on May 10, 2005.
He complimented the Board for their efforts in addressing this important issue
as the Board has asked for expert opinions on the matter and received them
accordingly. He explained the Board has asked for an opportunity, when the
vote is taken, to discuss why they voted on the matter as presented. He
indicated that this is the biggest decision the Board of Trustees has faced for
fifteen to twenty years. He offered that he is confident that regardless of the
outcome of the meeting that the Board will make the right decision based upon
the amount of research and due diligence of the Board.
a ak isc ussion and Possible Passage of An Ordinance Approving the Village of
Brook TIF #1 Butterfield- Meyers Road Redevelopment Plan and Project
Trustee Aktipis asked to make a brief comment at this time. He indicated that it
his intention at the meeting to recuse himself from the discussion of the
e
�*VILLAGE OF OAK BROOK Minutes Page 1 of 9 June 6, 2005
4. A. 1)
particular ordinances that would be presented to the Board. He has been the
beneficiary of a TIF in another community. Although the outcome of this
particular TIF will have no bearing at all in terms of any financial interest or
financial benefit that may or may not occur to him, he believes that a matter of
at least appearances, he does not want to give the slightest notion that he would
have any benefit from the manner in which this matter would be disposed at the
meeting. This is the main reason why he would like to recuse himself from the
discussion and from the vote. He, however, stated that he has at the last Board
meeting made a minor contribution to the process by suggesting to the Board
members, based on his experience, the manner by which they could best inform
themselves and how best they could proceed with the evaluation of the project
and the need of the TIF. His urging at that time was that they would need to
engage an independent consultant that is experienced in the area of appraisals
that has an appraiser on the staff and would develop numbers independently
that could be used to evaluate the need for a TIF. With that, Trustee Aktipis
left the table.
President Quinlan indicated that Trustee Atkipis did not need to leave the table
in recusing himself from the vote as this is not required. Trustee Aktipis stated
that he would rather do this.
President Quinlan asked for a motion for the passage of Ordinance 2005 -TX-
TIF -EX4 -S -1120, "An Ordinance Approving the Village of Oak Brook TIF #1
Butterfield- Meyers Road Redevelopment Plan and Project."
Motion by Trustee Manofsky, seconded by Trustee Kennedy, for passage of
Ordinance 2005 -TX -TIF -EX4 -S -1120, An Ordinance Approving the Village of
Oak Brook TIF #1 Butterfield - Meyers Road Redevelopment Plan and Project."
Trustee Sanford explained what process he went through in reviewing a TIF.
He indicated that when Oak Brook was considered blighted in an area his first
reaction was that this was not correct. He felt for himself and residents of Oak
Brook to make sure that any decision that he made was going to be a correct
decision based on facts. He went through a checklist of items he addressed
which are as follows: the word "blight" is a legal term, which means a very
specific hardship for a specific property in a community. Lake Forest,
Barrington and Highland Park have all had TIF's without any adverse affects.
He considered the term "blight" as an economic tool. He questioned if NAI
Hiffrnan is paying too much for the land. Trustees Yusuf and Kennedy with
Manager Boehm researched for an independent appraisal resulting in that the
numbers that were presented to the Board of Trustees were rational. He
indicated this is only the first proposal that has been presented on this property
and why not wait to see what the next developer may offer but they might not
e� ILLAGE OF OAK BROOK Minutes Page 2 of 9 June 6, 2005
4. A. 1)
want a TIF. He met with Mr. Hiffman and discussed the alternative of letting
the property be used as an office building; lower the rents and see what the
market does at some point in the future. What is the best and highest use of that
property today? Residents mentioned to him if the Village needs more traffic
on 22nd Street. A mall compared to an office building would be preferential.
As an office building has peek traffic in the morning and at night while there is
diluted traffic all day at a mall. He noted that the hardships described by the
Hiffman organization were known ahead of time, why should they be reflected
in the price. The price of the land should be reduced due to the hardships. The
hardships are caused by the retention pond, the easements and restrictions on
that property that make the property unique and those hardships are very
specific to that property in terms of how it can be used. The extensive cost in
removing the buildings in order to save the underground garages, which also
will be enlarged. Another area of concern for him was Dr. Martin's comments
from the Downers Grove School District is why should the Village reduce the
taxes for the school districts and park district. If the buildings were to stay as
office buildings, the assessment would go down while at least this will stabilize
the taxes, which will not hurt those entities from this standpoint. Another
concern of his was Oak Brook's lack of a property tax, which should be a great
incentive for a developer without a need for a TIF. However, when he studied
this, the high standards of the complex being developed meets and exceeds Oak
Brook's standards. With these standards, there are more expensive buildings to
build. Another concern discussed by the Board was why have a competitor for
the Oak Brook Shopping Center. The Oak Brook Shopping Center does not
have a problem with this and would even like it closer. His last concern was
would the Village receive an avalanche of TIF's even though it is an economic
tool to be used. He does not believe this will happen as the constraints on the
property are so narrow and unique to that property. He expressed his
satisfaction that the standards of a TIF are met in terms of hardship and he
wanted to explain his process of accepting the proposal.
Trustee Craig also commented on Trustee Sanford's comment of an avalanche
of TIF's being presented to the Village. He remarked that he had a business in
Chicago that had to support a TIF in the area of his business as it did affect his
prices and taxes paid. He asked what would happen if this were to occur in
School District 53, where he is a resident, of a possible TIF where an entity
could prove that due to high vacancies in buildings they have a blighted area. If
it is granted here, then it could be granted to someone in School District 53
which would increase his school taxes.
President Quinlan explained in this particular situation that this is an extremely
unique situation as it addresses this property. For that situation to be re- created
is extremely unlikely. The (EAV) equalized assessed valuation has continued
VILLAGE OF OAK BROOK Minutes Page 3 of 9 June 6, 2005
4. A. 1)
to decline. The projections for that are to either continue decline or best remain
flat. Approving a TIF in this situation does not hurt the school district based on
the projections. In this situation, the school district will be kept whole or even
made better by this project. If the EAV continues to decline, so does their tax
base. If it holds flat, then it is nothing different that what the Board is doing by
enacting the TIF. On the long term, fifteen years from now, the school district
will receive a significant incremental income which will be received as long as
the project is operating that will benefit them' greatly. If that would occur in the
Butler School District or Salt Creek School District, he would treat them all the
same. He would expect the Board would go through the same due diligence on
a case by case basis that was done on this project.
Trustee Yusuf offered that it doesn't matter which school district it is located
in, that the Board has the same obligation to evaluate the need for this and the
affect. The impact of the school districts is that they don't receive a wind fall
that would have resulted from this development taking place but if the
assistance is necessary to make it happen, then they wouldn't get the windfall
anyway. This is the key question, if this project isn't done, will this
development go forward and yield benefits to the school districts, park district,
the county and the Village in terms of sales tax. The school district is giving up
something that they could have potentially received if the development would
have happened without the TIF District. If the answer is no it wouldn't have
happened, then again the value is going to continue to slide, the current building
is obsolete which meets the statutory requirements for "blighted" after thorough
review. This value will keep going down.
President Quinlan, noted for the record, that all of the taxing bodies were
invited to participate in the Joint Review Board and 80% voted in favor of this.
Trustee Kennedy indicated that he has spoken with other local officials in
communities and he believes that Oak Brook has put the developer through one
of the most highest and rigorous burdens of proof that any community around
has done. He agrees that due diligence was done by this Board as they hired a
highly respected financial expert of community development that has worked
on both municipal and the developer side. The Board hired a highly
recommended real estate appraiser from Oak Brook to view comparables.
Trustee Sanford and he took a tour of the site reviewing the buildings and the
various factors that rendered the buildings obsolete. Due diligence has been
done and therefore the Board can make a very confident decision. He believes
that this is a uniquely disadvantaged property. Previously at a Village Board
meeting he had asked Director of Community Development Kallien and Village
Engineer Durfey if there were other properties in Oak Brook that are so
substantially consumed by an on -line water detention pond, or other
p� VILLAGE OF OAK BROOK Minutes Page 4 of 9 June 6 2005
!� g
4. A. 1)
commercial properties that has underground parking garages that may have to
preserve if the buildings were demolished. The answer was no to these
questions as this property is unique. That retention pond consumes almost 25%
of the site and if the site is redeveloped, regardless of residential, retail or
commercial, from his reading of the eligibility study and his tour of the
buildings that site to become a productive part of this community is going to
have to be redeveloped by demolition of those buildings and reconstruction.
When redevelopment occurs, that retention pond automatically becomes subject
to new requirements. It will have to be increased by approximately a 6 -acre
feet capacity or 15% of its present capacity. It will have to be enlarged laterally
or deepened which is expensive. That pond handles stormwater run -off from
400 acres to the north. The property is substantially devoted to the public
interest as it is an important part of regional stormwater control. The expansion
of the pond is an extraordinary cost to this project that would occur virtually
never again in Oak Brook. The parking realistically is less than 55% buildable
once the retention pond is taken out, the substantial easements of
Commonwealth Edison and Northern Illinois Gas and the Village's set back
requirements. A commercially realistic shopping center requires underground
parking on that site in order to comply with the Village Code and ordinances.
The underground parking garages must be preserved and doubled in size.
These are unique factors to this property, which will not occur in any other
properties in Oak Brook. He believes that this property is uniquely burdened
with governmental responsibility and regulation because of the retention pond
as the property cannot be expanded due to the Tollway, Meyers Road,
Butterfield Road and the electrical substation for Commonwealth Edison. He
agrees with Trustee Sanford and President Quinlan that those properties today
are highly underutilized, non - productive and they will not become productive
unless they are redeveloped. The equalized assessed valuation (EAV) of them
has gone down 7% in the last three years. This year, when the property was
reassessed, the decline was 6 %. The assessed evaluation of those properties is
beginning to nose dive which impacts the school districts, park district, etc.
which will not be reversed unless those properties are redeveloped. He believes
that the properties will not be redeveloped because of the unique limitations
they have without some kind of financial assistance from government. He
thinks the TIF will better protect the school districts as only one taxing
jurisdiction out of twelve had an objection to this. He indicated that the school
districts will be better off with this project and this project is totally consistent
with the class and elegance of Oak Brook. It will fit perfectly with the
community and if successful it could produce potentially $1,000,000 annually
in sales tax revenue to this Village. This would be a 8% to 9% of our current
sales tax stream. He has studied this proposal before he was even elected,
having gone through the analysis, having asked many questions of Attorney
�/�tMary Reardon and the Hiffman group and had them answered, asked questions
LAGE OF OAK BROOK Minutes Page 5 of 9 June 6, 2005
4. A. 1)
of the Village's staff as he then suggested that this was a "no brainer"
Trustee Manofsky explained that when she was a candidate, she had stated that
she would not vote on this issue as her family and her are also recipients of TIF
funds. Her husband is a partner with Mr. Hiffman on approximately twenty
buildings but she did want the record to show that they are not involved in this
project at all. The buildings they own with Mr. Hiffman are all industrial
properties and most of them are in South Carolina. She wanted to be on the
record for having said this and she will excuse herself from voting.
ROLL CALL VOTE:
Ayes: 4 - Trustee Craig, Kennedy, Sanford and Yusuf.
Nays: 0 - None.
Absent: 0 -None.
Trustees Aktipis and Manofsky recused themselves from voting.
2) Discussion and Possible Passage of An Ordinance Designating the Village
of Oak Brook TIF #1 Butterfield- Meyers Road Redevelopment Project Area
President requested a motion for passage of Ordinance 2005- TIF -EX4 -S -1121,
"An Ordinance Designating the Village of Oak Brook TIF #1 Butterfield -
Meyers Road Redevelopment Project Area."
Motion by Trustee Kennedy, seconded by Trustee Yusuf, to approve passage of
Ordinance 2005 -TIF -EX4 -S -1121, "An Ordinance Designating the Village of
Oak Brook TIF #1 Butterfield - Meyers Road Redevelopment Project Area."
ROLL CALL VOTE:
Ayes: 4 - Trustee Craig, Kennedy, Sanford and Yusuf.
Nays: 0 - None.
Absent: 0 -None.
Trustees Aktipis and Manofsky recused themselves from voting.
3) Discussion and Possible Passage of An Ordinance Adopting Tax Increment
Financing for the Village of Oak Brook, Cook and DuPage Counties, Illinois, in
Connection with the Designation of the Village of Oak Brook TIF #1
Butterfield- Meyers Road Redevelopment Project Area
President Quinlan sought a motion for passage of Ordinance 2005- TIF- EX3 -S-
1122, "An Ordinance Adopting Tax Increment Financing for the Village of Oak
Brook, Cook and DuPage Counties, Illinois, in Connection witht Designation of
the Village of Oak Brook TIF #1 Butterfield- Meyers Road Redevelopment
Project Area."
Motion by Trustee Kennedy, seconded by Trustee Yusuf, to approve passage of
ILLAGE OF OAK BROOK Minutes Page 6 of 9 June 6, 2005
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Oar Biook, ?L 60523 -2255
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630 990 3000
FAX 630 990 0875
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630 990 3045
FAX 630 990 3985
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Department
630 990 3010
FAX 630 990 3985
Fire Department
630 990 3040
FA)"" 630 990 2392
Police Depariment
630 990 2358
FAX 630 990 7481
Public "Works
Department
630 990 3044
FAX 630 172 0223
Oak Book
FlibHc Librm,,
600 Oak Brook Road
Oak Brook, IL 60523 -2200
630 990 2222
FAX 630 990 4509
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Oak Bi ook. IL 60523 -4600
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June 30, 2005
Mr. Gary A. King
DuPage County Clerk
421 North County Farm Road
Wheaton, Illinois 60187
Via Certified Mail
Re: Village of Oak Brook Tax Increment Financing Ordinances
Dear Mr. King:
Enclosed please find certified copies of ordinances recently passed by
the President and Board of Trustees of the Village of Oak Brook in
regard to the TIF #1 Butterfield- Meyers Road Redevelopment Plan and
Project, as per the requirement of those ordinances to be filed with each
County.
Sincerely,
Linda K. Gonnella, CMC
Village Clerk
LKG /rak
STATE OF ILLINOIS )
SS.
COUN'T'IES OF COOK AND DUPAGE )
I, Linda K. Gonnella, do hereby certify that I am the duly elected and acting
Village Clerk of the Village of Oak Brook, DuPage and Cook Counties, Illinois.
I DO FURTHER CERTIFY that on June 6, 2005 , the corporate
authorities of the above municipality passed and approved
Ordinance 2005 -TX- TIF -EX4 -S -1120 ,
AN ORDINANCE APPROVING THE VILLAGE OF OAK BROOK TIF 41
BUTTERFIELD- MEYERS ROAD REDEVELOPMENT PLAN AND PROJECT
I DO FURTHER CERTIFY that the original document, of which the
annexed copy is a true copy, is entrusted to my care for safekeeping and I am the
keeper of the same.
I DO FURTHER CERTIFY that I am the keeper of the records, journals,
entries, resolutions, ordinances and documents of the said Village of Oak Brook,
DuPage and Cook Counties, Illinois.
IN THE WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of the Village of Oak Brook this 30th day of June 2005.
y:..� cSm4' +i!- .+ti�tir ..i���ry� � �..5.1•f rya, y 4
Linda K. Gonnella, CMC
Village Clerk
Village of Oak Brook
DuPage and Cook Counties, IL
S'T'ATE OF ILLINOIS )
SS.
COUNTIES OF COOK AND DUPAGE )
I, Linda K. Gonnella, do hereby certify that I am the duly elected and acting
Village Clerk of the Village of Oak Brook, DuPage and Cook Counties, Illinois.
I ISO FURTHER CERTIFY that on June 6, 2005 , the corporate
authorities of the above municipality passed and approved
Ordinance 2005- TTF -EX4 -S -1121
AN ORDINANCE DESIGNATING THE VILLAGE OF OAK BROOK TIF #1
BUTTERFIELD- MEYERS ROAD REDEVELOPMENT PROJECT AREA
I DO FURTHER CERTIFY that the original document, of which the
annexed copy is a true copy, is entrusted to my care for-safekeeping and I am the
keeper of the same.
I DO FURTHER CERTIFY that I am the keeper of the records, journals,
entries, resolutions, ordinances and documents of the said Village of Oak Brook,
DuPage and Cook Counties, Illinois.
IN THE WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of the Village of Oak Brook this 30thday of June 20 O.
Linda K. Gonnella, CMC
Village Clerk
Village of Oak Brook
DuPage and Cook Counties, IL
STATE OF ILLINOIS )
SS.
COUNTIES OF COOK AND DUPAGE )
I, Linda K. Gonnella, do hereby certify that I am the duly elected and acting
Village Clerk of the Village of Oak Brook, DuPage and Cook Counties, Illinois.
I DO FURTHER CERTIFY that on June 6, 2005 , the corporate
authorities of the above municipality passed and approved
Ordinance 2005 - TIF -EX3 -S -1122 ,
AN ORDINANCE ADOPTING TAX INCREMENT FINANCING FOR THE
VILLAGE OF OAK BROOK, COOK AND DUPAGE COUNTIES, ILLINOIS, IN
CONNECTION WITH THE DESIGNATION OF THE VILLAGE OF OAK BROOK
TIF #1 BUTTERFIELD- MEYERS ROAD REDEVELOPMENT PROJECT AREA
I DO FURTHER CERTIFY that the original document, of which the
annexed copy is a true copy, is entrusted to my care for safekeeping and I am the
keeper of the same.
I DO FURTHER CERTIFY that I am the keeper of the records, journals,
entries, resolutions, ordinances and documents of the said Village of Oak Brook,
DuPage and Cook Counties, Illinois.
IN THE WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of the Village of Oak ]Brook this 30th day of June 120 05
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Linda K. Gonnella, CMC
Vi
Village Clerk
Village of Oak Brook
of
DuPage and Cook Counties, IL
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Village of
Oak Brook
1200 Oak Brook Road
Oak Brook, IL 60523 -2255
Website
www.oak - brook.org
Administration
630 990 3000
FAX 630 990 0876
Community
Development
630 990 3045
FAX 630 990 3985
Engineering
Department
630 990 3010
FAX 630 990 3985
Fire Department
630 990 3040
FAX 630 990 2392
Police Department
630 990 2358
FAX 630 990 7484
Public Works
Department
630 990 3044
FAX 630 472 0223
Oak Brook
Public Library
600 Oak Brook Road
Oak Brook, IL 60523 -2200
630 990 2222
FAX 630 990 4509
Oak Brook Sports Core
Bath & Tennis Club
700 Oak Brook Road
Oak Brook, IL 60523 -4600
630 990 3020
FAX 630 990 1002
Golf Club
2606 York Road
Oak Brook, IL 60523 -4602
630 990 3032
FAX 630 990 0245
June 23, 2005
Ms. Mary Riordan
Mary Riordan, Ltd.
980 North Michigan Avenue
Suite 950
Chicago, Illinois 60611
RE: Certified Copies of Ordinances
Dear Ms. Riordan:
Per your request, enclosed please find two (2) sets of certified copies of the
ordinances affecting Oak Brook Promenade, which passed June 6, 2005.
Also, enclosed please find a copy of the Liquor Control section of the
Village of Oak Brook Village Code.
Finally, enclosed are two (2) original Redevelopment Agreements for
completion and signature by pertinent parties. Please return both originals
to Richard Boehm so that they can be finalized. A pre- addressed envelope
is included for your convenience. Thank you for your attention to this
matter.
Sincerely,
91�� 11, 4--
Rosemary A. Kane
Legal Department
enclosures
cc Richard Boehm
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630 990 2358
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600 Oak Biool< Road
Oak Biook, 1L 60523 -2200
630 990 2222
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630 990 3032 ;
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June 30, 2005
Mr. David Orr
Cook County Clerk
69 West Washington, 5th Floor
Chicago, Illinois 60602
Via Certified Mail
Re: Village of Oak Brook Tax Increment Financing Ordinances
Dear Mr. Orr:
Enclosed please find certified copies of ordinances recently passed by
the President and Board of Trustees of the Village of Oak Brook in
regard to the TIF #1 Butterfield- Meyers Road Redevelopment Plan and
Project, as per the requirement of those ordinances to be filed with each
County.
Sincerely,
r
Linda K. Gonnella, CMC
Village Clerk
LKG /rak
i
S'T'ATE OF ILLINOIS �
SS.
COUNTIES OF COOK AND DUPAGE )
I, Linda K. Gonnella, do hereby certify that I am the duly elected and acting
Village Clerk of the Village of Oak Brook, DuPage and Cook Counties, Illinois.
I DO FURTHER CERTIFY that on June 6, 2005
authorities of the above municipality passed
Ordinance 2005 -TX- TIF -EX4 -S -1120
, the corporate
and approved
AN ORDINANCE APPROVING THE VILLAGE OF OAK BROOK TIF #1
BUTTERFIELD- MEYERS ROAD REDEVELOPMENT PLAN AND PROJECT
I DO FURTHER CERTIFY that the original document, of which the
annexed copy is a true copy, is entrusted to my care for safekeeping and I am the
keeper of the same.
I DO FURTHER CERTIFY that I am the keeper of the records, journals,
entries, resolutions, ordinances and documents of the said Village of Oak Brook,
DuPage and Cook Counties, Illinois.
IN THE WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of the Village of Oak Brook this 30th day of June Z0 05.
f� Hwy ..i f ry.t'^ ♦,
Ci�- _gym- u.�,���
Linda K. Gonnella, CMC
Village Clerk
Village of Oak Brook
DuPage and Cook Counties, IL
opp-
STATE OF ILLINOIS
SS.
COUNTIES OF COOK AND DUPAGE
I, Linda K. Gonnella, do hereby certify that I am the duly elected and acting
Village Clerk of the Village of Oak Brook, DuPage and Cook Counties, Illinois.
I DO FURTHER CERTIFY that on JUne 6, 2005
the corporate
authorities of the above municipality passed and approved
Ordinance 2005 - TIF -EX4 -S -1121
AN ORDINANCE DESIGNATING THE VILLAGE OF OAK BROOK TIF 41
BUTTERFIELD- MEYERS ROAD REDEVELOPMENT PROJECT AREA
I DO FURTHER CERTIFY that the original document, of which the
annexed copy is a true copy, is entrusted to my care for safekeeping and I am the
keeper of the same.
I DO FURTHER CERTIFY that I am the keeper of the records, journals,
entries, resolutions, ordinances and documents of the said Village of Oak Brook,
DuPage and Cook Counties, Illinois.
IN THE WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of the Village of Oak Brook this 30th day of June ' 20 05
Linda K. Gonnella, CMC
Village Clerk
Village of Oak Brook
DuPage and Cook Counties, IL
STATE OF ILLINOIS )
SS.
COUNTIES OF COOK AND DUPAGE )
I, Linda K. Gonnella, do hereby certify that I am the duly elected and acting
Village Clerk of the Village of Oak Brook, DuPage and Cook Counties, Illinois.
I ISO FURTHER CERTIFY that on June 6, 2005 , the corporate
authorities of the above municipality passed and approved
Ordinance 2005 - TIF -EX3 -S -1122
AN ORDNANCE ADOPTING TAX INCREMENT FINANCING FOR THE
VILLAGE OF OAK BROOK, COOK AND DUPAGE COUNTIES, ILLINOIS, IN
CONNECTION WITH THE DESIGNATION OF THE VILLAGE OF OAK BROOK
TIF 41 BUTTERFIELD- MEYERS ROAD REDEVELOPMENT PROJECT AREA
I DO FURTHER CERTIFY that the original document, of which the
annexed copy is a true copy, is entrusted to my care for safekeeping and I am the
keeper of the same.
I DO FURTHER CERTIFY that I am the keeper of the records, journals,
entries, resolutions, ordinances and documents of the said Village of Oak Brook,
DuPage and Cook Counties, Illinois.
IN THE WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of the Village of Oak Brook this 30th day of June Z005.
i
• {t�r�'g2' � �� i
Linda K. Gonnella, CMC
Village Clerk
Village of Oak Brook
DuPage and Cook Counties, IL
/E OF UAL'
/ P 6
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e A
o y
C l -
C O UN11
Village of
Oak Brook
1200 Oak Brook Road
Oak Brook, IL 60523 -2255
Websrte
www.oak- btook.org
Administration
630 990 3000
FAX 630 990 0876
Community
Development
630 990 3045
FAX 630 990 3985
Engineering
Department
630 990 3010
FAX 630 990 3985
Fire Department
630 990 3040
FAX 630 990 2392
Police Department
630 990 2358
FAX 630 990 7484
Public Works
Department
630 990 3044
FAX 630 472 0223
Oak Brook
Public Library
600 Oak Brook Road
Oak Blook, IL 60523 -2200
630 990 2222
FAX 630 990 4509
Oak Brook Sports Core
Bath & Tennis Club
700 Oak Brook Road
Oak Blook, IL 60523 -4600
630 990 3020
FAX 630 990 1002
Golf Club
2606 Yolk Road
Oak Brook, IL 60523 -4602
630 990 3032
FAX 630 990 0245
OR�fsiNAl� C�l�O�O ��FicWEb
January 10, 2006
NAI HIFFMAN
One Oakbrook Terrace, Suite 600
Oakbrook Terrace, Illinois 60181
Re: Recorded Documents on December 20, 25
ORDINANCE 2005- TX -TIF- EX4- S- 11Y0 /R2005- 281427
ORDINANCE 2005 -TIF- EX4- S- 1121/R2005- 281428
ORDINANCE 2005- TIF- EX3- S- 1122/R2005- 281429
MEMORANDUM OF AGREEMENT /11- 1- 05/R2005- 281430
COVENANT TO PROHIBIT CERTAIN USES /12- 14- 05/R2005- 281431
Oak Brook Promenade /3001 -3003 & 3121 Butterfield Road and
Vacant Parcel 5 at Butterfield Road and Meyers Road
PIN #'s 06 -28 -103 -009, 06 -28- 103 -0143 06 -28- 103 -005 and
06 -28- 103 -018 and 06 -28 -103 -019
Dear Sirs.
Copies of the above noted recorded documents are enclosed for your information. These
are important records and should be retained in a secure area within your files
If you need any further assistance in this matter, feel free to contact me at 630- 990 -5770
on Monday through Friday from 9am to 5pm.
Sincerely,
Linda M. Andrys
Records Management Clerk
/lma
Enclosures
cc. Dale L. Durfey, Jr, Village Engineer
Robert L. Kallien, Jr., Director of Community Development
Official Files ✓ OP-0 S -6111t0
Atty. Kenneth Kubiesa, 533 West North Ave, Suite 204, Elmhurst, IL 60126
Atty. Mary Riordan, 980 North Michigan Ave., Suite 950, Chicago, IL 60611
/RECDOC /2006 - RECLTR -ORD 2005- TX -TIF- EX4 -S -I 120 -NAI HIFFMAN -O B PROMENADE- BUfTERFIELD & MEYERS RD
I
- FRED BUCHOLZ
DUPAGF COUNTY RECORDER
OEC20,2005 3:48 PM
OTHER 1 PAGES R20028-103- 427
(Above Space For Recorder's Office Only)
VILLAGE OF OAK BROOK
1200 Oak Brook Road
Oak Brook, Illinois 60523 -2255
RECORDED DOCUMENT TITLE PAGE
Title of Document ORDINANCE 2005 -TX- TIF -EX4 -S -1120
AN ORDINANCE APPROVING THE VILLAGE OF OAK BROOK TIF #1 BUTTERFIELD - MEYERS
ROAD REDEVELOPMENT PLAN AND PROJECT
Property Address /es 3001 -3003 & 3121 BUTTERFIELD RD., AND VACANT PARCEL PARCEL 5
(If vacant land, state vacant land and list nearest cross streets, Oak Brook, IL 60523 )
AT BUTTERFIELD RD. AND MEYERS RD., DUPAGE COUNTY, ILLINOIS
Pin /s Number 06 -28- 103 -009 AND 06 -28- 103 -014
06 -28- 103 -005 AND 06 -28- 103 -018 AND 06 -28- 103 -019
Name & Address of Applicant: NAI HIFFMAN
ONE OAKBROOK TERRACE, SUITE 600, OAKBROOK TERRACE, IL 60181
Name & Address of Responsible NAI HIFFMAN
Party to Receive Copy of ONE OAKBROOK TERRACE, SUITE 600
Recorded Document and Billing: OAKBROOK TERRACE, IL 60181
G/L Account # to be Charged: 10 -1365 �-
Prepared By: Village of Oak Brook
1200 Oak Brook Road
Oak Brook, Illinois 60523
Name & Address of Recipient
of Consideration (when applicable):
G/L Account # to be Charged:
N/A
Return To: Villaqe of Oak Brook \
1200 Oak Brook Road
Oak Brook, Illinois 60523
{
ORDINANCE 2005 -TX- TIF -EX4 -S -1120
AN ORDINANCE APPROVING THE VILLAGE
OF OAK BROOK TIF #1 BUTTERFIELD- MEYERS
ROAD REDEVELOPMENT PLAN AND PROJECT
WHEREAS, the President and Board of Trustees (the "Corporate Authorities ") of the
Village of Oak Brook, Cook and DuPage Counties, Illinois (the "Village "), have heretofore
determined that the stable economic and physical development of the Village is endangered by
the presence of blighting factors, with a resulting decline of the Village which impairs the value
of private investments and threatens the sound growth and the tax base of the Village and the
taxing districts having the power to tax real property in the Village (the "Taxing Districts ") and
threatens the health, safety, morals and welfare of the public; and
WHEREAS, the Corporate Authorities have heretofore determined that in order to promote
and protect the health, safety, morals and welfare of the public that blighting conditions in the
Village need to be eradicated and that redevelopment of the Village be undertaken and that to
remove and alleviate adverse conditions in the Village it is necessary to encourage private
investment and restore and enhance the tax base of the Village and the Taxing Districts by such
redevelopment; and
WHEREAS, the Village has heretofore caused to be conducted and made available for
public inspection an eligibility study to determine whether the proposed Village of Oak Brook
TIF #1 Butterfield- Meyers Road Redevelopment Project Area (the "Project Area ") qualifies as a
"redevelopment project area" pursuant to the Tax Increment Allocation Redevelopment Act, as
supplemented and amended (the "TIF Act "), which study was conducted by Camiros, Ltd
( "Camiros "); and
WHEREAS, the Village has heretofore evaluated various lawfully available programs to
provide such assistance and has determined that the use of tax increment allocation financing is
necessary to achieve the redevelopment goals of the Village for the proposed Project Area; and
WHEREAS, Camiros is a planning and financial services firm having a national reputation
for expertise in tax increment allocation and redevelopment financing in the State of Illinois; and
WHEREAS, Camiros has heretofore concluded and has advised the Village that the
proposed Prod ect Area qualifies as a "redevelopment prof ect area" under Section 11 -74 4 -3 of the
TIF Act, and
WHEREAS, the Village has further caused the preparation of and made available for
public inspection a proposed redevelopment plan and project for the proposed Project Area (the
"Plan " and "Project"); and
WHEREAS, the proposed Plan does not include the development of vacant land (i) with a
golf course and related clubhouse and other facilities or (ii) designated by federal, state, county,
municipal government as public land for outdoor camping and hunting activities or for nature
Oidmance 2005- TX- TIF -EX4 -S -1120
Y ,
Approving TIF #1 Butteifield -Road
- j Redevelopment Plan & Project Page 2 of 5
preserves and used for that purpose within five (5) years prior to the adoption of this ordinance;
and
WHEREAS, the Corporate Authorities have heretofore, and it hereby is, expressly
determined that the proposed Plan will not result in displacement of residents from ten (10) or
more inhabited units, and accordingly a housing impact study need not be performed; and
WHEREAS, none of the redevelopment project costs enumerated in the proposed Plan and
Project would provide direct financial support to a retail entity initiating operations in the
proposed Project Area while terminating operations at another Illinois location within ten (10)
miles of the proposed Project Area but outside the boundaries of the Village; and
WHEREAS, the proposed Plan and Project sets forth in writing the program to be
undertaken to accomplish the objectives of the Village and include an itemized last of estimated
redevelopment project costs proposed for the proposed Project Area, evidence indicating that the
proposed Project Area on the whole has not been subject to growth and development through
investment by private enterprise, an assessment of the financial impact of the Project Area on or
any increased demand for services from any taxing district affected by the Plan and any program
to address such financial impact or increased demand, the sources of funds to pay costs, the
nature and term of the obligations to be issued, the most recent equalized assessed valuation of
the Project Area, an estimate as to the equalized assessed valuation after redevelopment and the
general land uses to apply in the Project Area, a commitment to fair employment practices and an
affirnatave action plan, and a certification that the Plan will not result in displacement of
residents from 10 or more inhabited units, and the Plan and Project accordingly comply in all
respects with the requirements of the TIF Act; and
WHEREAS, the Village has heretofore convened a point review board consisting of a
representative selected by each community college district, local elementary school distract and
high school district or each local community unit school district, park district, library distract,
township, fire protection distract and county that will have the authority to directly levy taxes on
the property within the proposed Project Area at the time the proposed Project Area is
designated, a representative selected by the Village, and a public member (the "JRB "), as
required by and in all respects in compliance with the provisions of the TIF Act; and
WHEREAS, the JRB has met at the tames and as required by the TIF Act and has reviewed
the public record, planning documents -and a form of proposed ordinance approving the proposed
Plan and Project; and
WHEREAS, the JRB has adopted by a majority vote an advisory, non - binding
recommendation that the Village proceed to implement the Plan and Project and to designate the
proposed Project Area as a redevelopment project area under the TIF Act; and
WHEREAS, the JRB based its decision to approve the proposed Plan and the designation
of the proposed Project Area on the basis of the proposed Project Area's and the proposed Plan's
satisfying the plan requirements, the eligibility criteria defined in Section 11- 74.4 -3 of the TIF
Act, and the objectives of the TIF Act, all as provided in Section 11- 74.4 -5(b) of the TIF Act;
and
Ordinance 2005- TX- TIF -EX4 -S -1120
Approving TIF #1 Butterfield -Road
Redevelopment Plan & Project Page 3 of 5
WHEREAS, pursuant to Section 11- 74.4 -5 of the Act, the Corporate Authorities heretofore
called a public hearing (the "Hearing") relative to the Plan and Project and the designation of the
proposed Project Area as a redevelopment project area under the TEF Act and fixed the time and
place for such Hearing, being the 10th day of May, 2005, at 7:30 P.M., at the Village Hall, 1200
Oak Brook Road, Oak Brook, Illinois; and
WHEREAS, due notice in respect to such Hearing was given pursuant to Section 11- 74.4 -5
of the TIF Act, said notice, together with a copy of the Plan, and the name of a person to contact
for further information, being given to taxing districts and to the Department of Economic
Opportunity of the State of Illinois by certified mail on March 22, 2005, by publication on
April 19, 2005, and April 21, 2005, and by certified mail to taxpayers within the proposed
Project Area on April 19, 2005; and
WHEREAS, notice of the availability of the Report and the Plan, including how to obtain
this information, was provided by mail on the 22nd day of March, 2005, to all residential
addresses that, after a good faith effort, the Village detennined are located outside the boundaries
of the proposed Project Area which are within 750 feet of the boundaries of the proposed Project
Area; and
WHEREAS, the Village has established and given public notice of an "interested persons
registry" for the proposed Project Area in compliance with the requirements of the TEF Act; and
WHEREAS, the Village has given such notice to all persons and organizations who have
registered for information with such registry, all in the manner and at the times as provided in the
TEF Act; and
WHEREAS, the Village held the Hearing on the 10th day of May, 2005, at the Village
Hall, 1200 Oak Brook Road, Oak Brook, Illinois; and
WHEREAS, at the Hearing any interested person or affected taxing district was permitted
to file with the Municipal Clerk written objections and was heard orally in respect to any issues
embodied in the notice of said Hearing, and the Village heard and determined all protests and
objections at the Hearing; and
WHEREAS, the Hearing was adjourned on the 10th day of May 2005; and
WHEREAS, no changes have been made in the proposed Plan or in the parcels of property
to be included in the proposed Project Area since the adjournment of the Hearing; and
WHEREAS, the Plan and Project set forth the factors which cause the proposed Project
Area to be a "blighted area," and the Corporate Authorities have reviewed the information
concerning such factors presented at the Hearing and have reviewed other studies and are
generally informed of the conditions in the Proposed Project Area which could cause the Project
Area to be a "blighted area" as defined in the TIF Act; and
WHEREAS, the Corporate Authorities have reviewed evidence indicating that the
proposed Project Area on the whole has not been subject to growth and development through
Ordinance 2005- TX- TIF -EX4 -S -1120
t
Approving TIF #1 Butterfield -Road
Redevelopment Plan & Project Page 4 of 5
investment by private enterprise and have reviewed the conditions pertaining to lack of private
investment in the proposed Project Area to determine whether private development would take
place in the proposed Project Area as a whole without the adoption of the proposed Plan; and
WHEREAS, the Corporate Authorities have reviewed the conditions pertaining to real
property in the proposed Project Area to determine whether contiguous parcels of real property
and improvements thereon in the proposed Project Area would be substantially benefited by the
proposed Project improvements; and
WHEREAS, the Corporate Authorities have made an assessment of any financial impact of
the proposed Project Area on or any increased demand for services from any taxing district
affected by the Plan and Project and any program to address such financial impact or increased
demand; and
WHEREAS, the Corporate Authorities have reviewed the proposed Plan and Project and
also the existing comprehensive plan for development of the Village as a whole to determine
whether the proposed Plan and Project conform to the such comprehensive plan of the Village.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF OAK BROOK, COOK AND DUPAGE COUNTIES,
ILLINOIS, as follows:
Section 1. Findings. The Corporate Authorities hereby make the following findings:
(a) The proposed Project Area is described in EXHIBIT A attached hereto and
incorporated herein as if set out in full by this reference. The street location (as near as
practicable) for the proposed Project Area is described in EXHIBIT B attached hereto and
incorporated herein as if set out in full by this reference. The snap of the proposed Project
Area is depicted on EXHIBIT C attached hereto and incorporated herein as if set out in
full by this reference.
(b) There exist conditions which cause the proposed Project Area to be subject
to designation as a redevelopment project area under the TIF Act and to be classified as a
"blighted area" as defined in Section 11- 74.4 -3 of the TIF Act.
(c) The proposed Project Area on the whole has not been subject to growth and
development through investment by private enterprise and would not be reasonably
anticipated to be developed without the adoption of the Plan.
(d) The Plan and Project conform to the comprehensive plan for the
development of the Village as a whole
(e) As set forth In the Plan and in the testimony at the public hearing, the
estimated date of completion of the Project is not later than June 1, 2028, and the
estimated date of the retirement of all obligations incurred to finance redevelopment
project costs as defined in the Plan is not later than December 31, 2029, being the year in
which payment to the Municipal Treasurer as provided in subsection (b) of Section 11-
74 4 -8 of the Act is to be made with respect to ad valorem taxes levied in the twenty -
third calendar year following the year in which this ordinance is adopted.
(f) The parcels of real property in the proposed Project Area are contiguous,
and only those contiguous parcels of real property and improvements thereon which will
V
Ordinance 2005- TX- TIF -EX4 -S -1120
Approving TIF#E1 Butterfield -Road
Redevelopment Plan & Project Page 5 of 5
be substantially benefited by the proposed Project improvements are included in the
proposed Project Area.
Section 2. Exhibits Incorporated by Reference. The proposed Plan and Project which
were the subject hatter of the public hearing held on the 10th day of May, 2005, are hereby
adopted and approved. A copy of the Plan and Project is set forth in EXHIBIT D attached hereto
and incorporated herein as if set out in full by this reference.
Section 3. Invalidity of Any Section. If any section, paragraph or provision of this
ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability of such section, paragraph or provision shall not affect any of the remaining
provisions of this ordinance.
Section 4. Superseder and Effective Date. All ordinances, resolutions, motions or
orders in conflict herewith be, and the same hereby are, repealed to the extent of such conflict,
and this ordinance shall be in full force and effect iminediately upon its passage by the Corporate
Authorities and approval as provided by law.
Section 5. Transmittal to County Clerks. The Village Clerk is hereby expressly
directed to transmit forthwith to the County Clerk of Cook County and the County Clerk of the
County of DuPage, Illinois, a certified copy of this ordinance.
APPROVED THIS 6th day of June, 2005.
p<in Quinlan(
illage President
PASSED THIS 6th day of June, 2005.
Ayes. Trustees Craig, Kennedy, Sanford and Yusuf
Nays
None
Absent None
C 6 F
Recuse: Trustees Aktipis and Manofsky
ATTEST:
Linda K. Gonnella, CMC
Village Clerk
t1
EXHIBIT A - LEGAL DESCRIPTION
Commonly known as- 3001 -3003 and 3121 Butterfield Road, Oak Brook, Illinois
PARCEL 1
06 -28- 103 -009
LOT 2 OF BUTLER COMPANY M -1 INC ASSESSMENT PLAT NO. 2 EXCEPT
THE WESTERLY 265 FEET THEREOF AS MEASURED ALONG THE
NORTHERLY LINE THEREOF, AND EXCEPT THAT PART THEREOF
DESCRIBED AS FOLLOWS:
THAT PART OF LOT 2, AFORESAID, IN THE NORTH HALF OF SECTION 28,
TOWNSHIP 39 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN,
ACCORDING TO THE PLAT THEREOF RECORDED JULY 85 1964 AS
DOCUMENT R64 -24069 IN DUPAGE COUNTY, ILLINOIS, MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHEAST CORNER OF SAID LOT 25 BEING THE
POINT OF INTERSECTION OF THE SOUTH RIGHT OF WAY LINE OF F.A.
ROUTE 131 WITH THE EXISTING CENTER LINE OF MEYERS ROAD; THENCE
WESTERLY ALONG SAID SOUTH RIGHT OF WAY LINE, A DISTANCE OF 55.4
FEET TO A POINT ON THE EXISTING WEST RIGHT OF WAY LINE OF MEYERS
ROAD FOR A POINT OF BEGINNING; THENCE SOUTHWESTERLY ALONG
SAID WEST RIGHT OF WAY LINE WHICH FORMS AN ANGLE OF 58 DEGREES
25 MINUTES 31 , SECONDS TO THE LEFT WITH A PROLONGATION OF THE
LAST DESCRIBED COURSE, A DISTANCE OF 361.1 FEET TO A POINT, SAID
WEST RIGHT OF WAY LINE BEING THE EAST LINE OF THE CHICAGO TITLE
AND TRUST COMPANY, AS TRUSTEE UNDER TRUST NUMBER 46940
PROPERTY; THENCE NORTHEASTERLY ALONG A LINE WHICH FORMS AN
ANGLE OF 176 DEGREES 08 MINUTES 00 SECONDS TO THE RIGHT WITH A
PROLONGATION OF THE LAST DESCRIBED COURSE, A DISTANCE OF 347.5
FEET TO A POINT ON THE SOUTH RIGHT OF WAY LINE OF F.A. ROUTE 131;
THENCE EASTERLY ALONG SAID SOUTH RIGHT OF WAY LINE, A DISTANCE
OF 27.5 FEET TO THE POINT OF BEGINNING, BEING THE LAND CONVEYED
TO THE PEOPLE OF THE STATE OF ILLINOIS, DEPARTMENT OF
TRANSPORTATION BY DEED RECORDED JULY 29, 1974 AS DOCUMENT R74-
3 8411.
PARCEL 2
06 -28 -103 -014
THAT PART OF NORTHERN ILLINOIS GAS COMPANY'S 82.5 FOOT RIGHT OF
WAY KNOWN AS NORTHERN ILLINOIS GAS COMPANY YORK TOWNSHIP
ASSESSMENT PLAT NO. 1 (PLAT DOCUMENT 950269) LYING SOUTH OF AND
ABUTTING LOT 2 (EXCEPT THE WESTERLY 265, FEET AS MEASURED ALONG
THE NORTHERLY LINE THEREOF), IN BUTLER COMPANY M -1 INC.
ASSESSMENT PLAT NO. 25 OF PART OF THE NORTHWEST QUARTER OF
SECTION 28, TOWNSHIP 39 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED
JULY 8, 1964 AS DOCUMENT R64- 24069, IN DUPAGE COUNTY, ILLINOIS;
ALSO DESCRIBED AS FOLLOWS:
THAT PART OF NORTHERN ILLINOIS GAS COMPANY PARCEL NO. NIG 2 -63,
AS SHOWN ON NORTHERN ILLINOIS GAS COMPANY YORK TOWNSHIP
ASSESSMENT PLAT NO. I, DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF LOT 1 IN GLIDDEN
SUBDIVISION, AS RECORDED OCTOBER 3, 1969 AS DOCUMENT R69 -43878
FOR A POINT OF BEGINNING; THENCE NORTH 65 DEGREES 27 MINUTES 37
SECONDS EAST ALONG THE NORTH LINE OF SAID PARCEL NIG 2 -63 (BEING
ALSO THE SOUTHERLY LINE OF LOT 2 IN_ BUTLER COMPANY M -1 INC.
ASSESSMENT PLAT NO. 2, AS RECORDED JULY 85 1964 AS DOCUMENT R64-
24069), 517.90 FEET, MORE OR LESS, TO A POINT ON THE NORTHWESTERLY
LINE OF NORTHERN ILLINOIS TOLL HIGHWAY PARCEL NO. E -2 -63 5;
THENCE SOUTH 04 DEGREES 30 MINUTES 01 SECOND WEST ALONG SAID
NORTHWESTERLY LINE OF PARCEL NO. E -2 -63.53 94.36 FEET, MORE OR LESS,
TO AN ANGLE POINT IN SAID NORTHWESTERLY LINE; THENCE SOUTH 65
DEGREES 27 MINUTES 37 SECONDS WEST ALONG SAID NORTHWESTERLY
LINE OF PARCEL NO. E -2 -63.5, 465.95 FEET, MORE OR LESS, TO THE
INTERSECTION OF THE SOUTHERLY EXTENSION OF THE
AFOREMENTIONED EASTERLY LINE OF LOT 1 IN GLIDDEN SUBDIVISION
WITH SAID NORTHWESTERLY LINE OF PARCEL NO. E -2 -63.5; THENCE
NORTH 28 DEGREES 48 MINUTES WEST ALONG THE SOUTHERLY
EXTENSION OF THE EASTERLY LINE OF SAID LOT 1 IN GLIDDEN
SUBDIVISION 82.73 FEET, MORE OR LESS, TO THE POINT OF BEGINNING,
ALL IN SECTION 28, TOWNSHIP 39 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, IN DUPAGE COUNTY, ILLINOIS.
PARCEL 3
06 -28- 103 -005
LOT 1 IN GLIDDEN SUBDIVISION NO. 1, BEING A SUBDIVISION OF THE
WESTERLY 265 FEET AS MEASURED ALONG THE NORTHERLY LINE
THEREOF, OF LOT 2 IN BUTLER COMPANY M -1 INCORPORATED
ASSESSMENT PLAT NO. 2 OF PART OF THE NORTHWEST QUARTER OF
SECTION 28, TOWNSHIP 39 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT OF SAID GLIDDEN
SUBDIVISION NO. 1 RECORDED OCTOBER 3, 1969 AS DOCUMENT R69- 43878,
IN DUPAGE COUNTY, ILLINOIS.
PARCEL 4
06 -28- 103 -014
-2-
THAT PART OF NORTHERN ILLINOIS GAS COMPANY PARCEL NO. NIG 2 -63
AS SHOWN ON NORTHERN ILLINOIS GAS COMPANY YORK TOWNSHIP
ASSESSMENT PLAT NO. 1, DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF LOT 1 IN GLIDDEN
SUBDIVISION AS RECORDED OCTOBER 3, 1969 AS DOCUMENT R69 -43878
AND PROCEEDING SOUTH 28 DEGREES 48 MINUTES EAST ALONG A
SOUTHERLY EXTENSION OF THE EAST LINE OF SAID LOT 15 A DISTANCE OF
82.73 FEET, MORE OR LESS, TO A POINT ON THE NORTHERLY LINE OF
NORTHERN ILLINOIS TOLL HIGHWAY PARCEL E -2 -63.5; THENCE SOUTH 65
DEGREES 27 MINUTES 37 SECONDS WEST ALONG SAID NORTHERLY LINE
265.61 FEET, MORE OR LESS, TO THE INTERSECTION OF THE SOUTHERLY
EXTENSION OF THE WESTERLY LINE OF LOT 2 IN BUTLER COMPANY M -1,
INC. ASSESSMENT PLAT NO. 2 RECORDED JULY 85 1964 AS DOCUMENT R64-
24069 AND THE AFOREMENTIONED NORTHERLY LINE; THENCE NORTH 28
DEGREES 48 MINUTES WEST ALONG SAID SOUTHERLY EXTENSION, 82.73
FEET, MORE OR LESS, TO THE SOUTHWEST CORNER OF LOT 2 IN THE
AFOREMENTIONED BUTLER COMPANY ASSESSMENT PLAT (SAID CORNER
BEING ON THE NORTH LINE OF NORTHERN ILLINOIS GAS COMPANY
PROPERTY PARCEL NO. NIG 2 -63); THENCE NORTH 65 DEGREES 27 MINUTES
37 SECONDS EAST ALONG SAID NORTH LINE (SAID LINE BEING
COINCIDENT WITH THE SOUTH LINE OF AFOREMENTIONED LOT 2), 265.61
FEET, MORE OR LESS, TO THE POINT OF BEGINNING, ALL IN SECTION 28,
TOWNSHIP 39 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN,
IN DUPAGE COUNTY, ILLINOIS.
PARCEL 5
06- 28- 103 -018 and 06 -28- 103 -019
THAT PART OF THE NORTHWEST QUARTER OF SECTION 28, TOWNSHIP 39
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN DUPAGE
COUNTY, ILLINOIS, DESCRIBED AS FOLLOWS:
BEGINNING AT THE EASTERLY MOST NORTHEAST CORNER OF LOT 5 IN
HOMESTEAD VILLAGE, BEING A SUBDIVISION OF PART OF THE
NORTHWEST QUARTER OF SAID SECTION 28 AND SECTION 29, ACCORDING
TO THE PLAT THEREOF RECORDED SEPTEMBER 1, 1998 AS DOCUMENT R98-
179522, SAID POINT OF BEGINNING BEING ON THE SOUTHERLY LINE OF
NORTHERN ILLINOIS GAS COMPANY ASSESSMENT PLAT NO. 1 PARCEL NO.
NIG2 -63N ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT
950269; THENCE NORTH 65 DEGREES 32 MINUTES 08 SECONDS EAST (NORTH
65 DEGREES 37 MINUTES EAST, RECORD) ALONG SAID SOUTHERLY LINE OF
NORTHERN ILLINOIS GAS COMPANY ASSESSMENT PLAT NO. 1 PARCEL NO
NIG2 -63N, A DISTANCE OF 451.02 FEET (450.89 FEET RECORD) TO THE
EASTERLY LINE OF SAID NORTHERLY ILLINOIS GAS COMPANY
ASSESSMENT PLAT NO. 1 PARCEL NO NIG2 -63N; THENCE NORTH 04
DEGREES 34 MINUTES 53 SECONDS EAST (NORTH 04 DEGREES 47 MINUTES
-3-
EAST, RECORD) ALONG SAID EAST LINE OF THE NORTHERN ILLINOIS GAS
COMPANY ASSESSMENT PLAT NO. I PARCEL NO. NIG2 -63N, AND ALONG AN
EASTERLY LINE OF LOT 2 IN BUTLER COMPANY M -1 INC. ASSESSMENT
PLAT NO. 2 ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT
NO. R64- 24069, A DISTANCE OF 191.20 FEET (191.21 FEET RECORD) TO A
SOUTHEASTERLY CORNER OF SAID LOT 2 IN BUTLER COMPANY M -1 INC.
ASSESSMENT PLAT NO. 2; THENCE SOUTH 85 DEGREES 23 MINUTES 50
SECONDS EAST (SOUTH 85 DEGREES 13 MINUTES EAST RECORD), ALONG A
SOUTHERLY LINE OF SAID LOT 2 IN BUTLER COMPANY M -1 INC.
ASSESSMENT PLAT NO. 2, A DISTANCE OF 100 00 FEET TO A
SOUTHEASTERLY CORNER OF SAID LOT 2 IN BUTLER COMPANY M -1 INC.
ASSESSMENT PLAT NO 2, SAID POINT BEING ON THE WESTERLY LINE OF
THE NORTHERN ILLINOIS TOLL HIGHWAY PERMANENT EASEMENT
PARCEL NO. E -2 -63.1 ACCORDING TO DOCUMENT NO. 846924; THENCE
SOUTH 04 DEGREES 35 MINUTES 51 SECONDS WEST (SOUTH 04 DEGREES 47
MINUTES WEST, RECORD) ALONG THE WESTERLY LINE OF THE NORTHERN
ILLINOIS TOLL HIGHWAY PERMANENT EASEMENT PARCEL NO. E -2 -63.15
AND ALONG THE WESTERLY LINE OF THE NORTHERN ILLINOIS GAS
COMPANY YORK TOWNSHIP ASSESSMENT PLAT NO. 1 LOT 8 -2 ACCORDING
TO THE PLAT THEREOF RECORDED AS DOCUMENT NO. R64- 28042, A
DISTANCE OF 250.00 FEET TO THE NORTHERLY LINE OF THE NORTHERN
ILLINOIS TOLL HIGHWAY; THENCE SOUTH 65 DEGREES 32 MINUTES 08
SECONDS WEST (SOUTH 65 DEGREES 37 MINUTES WEST, RECORD) ALONG
SAID NORTHERLY LINE OF THE NORTHERN ILLINOIS TOLL HIGHWAY, A
DISTANCE OF 349.98 FEET TO THE SOUTHEASTERLY CORNER OF
TECHNOLOGY DRIVE AS DEDICATED BY THE PLAT OF SAID HOMESTEAD
VILLAGE; THENCE THE FOLLOWING SIX (6) COURSES AND DISTANCES
ALONG THE EASTERLY AND NORTHERLY LINE OF SAID TECHNOLOGY
DRIVE: 1) THENCE NORTH 24 DEGREES 22 MINUTES 20 SECONDS WEST
(NORTH 25 DEGREES 41 MINUTES 17 SECONDS WEST, RECORD) A DISTANCE
OF 97.36 FEET TO THE NORTHEAST CORNER OF SAID TECHNOLOGY DRIVE;
2) THENCE SOUTH 65 DEGREES 37 MINUTES 40 SECONDS WEST (SOUTH 64
DEGREES 18 MINUTES 43 SECONDS WEST, RECORD) A DISTANCE OF 80.00
FEET; 3) THENCE SOUTH 24 DEGREES 22 MINUTES 20 SECONDS EAST
(SOUTH 25 DEGREES 41 MINUTES 17 SECONDS EAST, RECORD) A DISTANCE
OF 15 00 FEET; 4) THENCE SOUTH 65 DEGREES 37 MINUTES 40 SECONDS
WEST (SOUTH 64 DEGREES 18 MINUTES 43 SECONDS WEST, RECORD) A
DISTANCE OF 4.75 FEET; 5) THENCE SOUTH 13 DEGREES 41 MINUTES 39
SECONDS WEST, (SOUTH 12 DEGREES 00 MINUTES 14 SECONDS WEST,
RECORD) A DISTANCE OF 20.78 FEET; 6) THENCE SOUTH 65 DEGREES 32
MINUTES 08 SECONDS WEST, (SOUTH 64 DEGREES 13 MINUTES 1 I SECONDS
WEST, RECORD) A DISTANCE OF 62.44 FEET TO THE SOUTHEAST CORNER
OF SAID LOT 5 IN HOMESTEAD VILLAGE; THENCE NORTH 24 DEGREES 22
MINUTES 20 SECONDS WEST (NORTH 25 DEGREES 41 MINUTES 17 SECONDS
WEST, RECORD) ALONG THE EASTERLY MOST LINE OF SAID LOT 5, A
-4-
r ,
DISTANCE OF 33.80 FEET TO SAID POINT OF BEGINNING, IN DUPAGE
COUNTY, ILLINOIS.
-s-
EXHIBIT A
� EXHIBIT
2. PROJECT AREA DESCRIPTION
The proposed boundaries of the Village of Oak Brook TIF # 1 Oak Brook Promenade
Redevelopment Project Area are shown in Figure I Redevelopment Project Area Boundary
Map (see Appendix A). The Project Area is approximately 19.7 acres in size. A legal description
of the Project Area is included as Appendix B of this document. The Project Area includes only
those contiguous parcels that are anticipated to be substantially benefited by the proposed
redevelopment project improvements and, which, collectively qualify for designation as a
"blighted area."
The Project Area is irregular in shape and is generally bounded by Butterfield Road on the north,
Meyers Road on the east, I -88 East -West Tollway on the south and the Commonwealth Edison
substation on the west. The property is designated as ORA -1 on Oak Brook's official zoning
map which allows for a variety of retail and office uses. A zoning application is currently being
considered by the Village to rezone the Project Area to B -1 Local Shopping Center District.
Community Context
The Project Area is part of Oak Brook's Butterfield Road business and commercial area. The
Commonwealth Edison substation immediately to the west of the Project Area forms a portion of
Oak Brook's western boundary. The Butterfield Road corridor is developed primarily with
commercial retail and office developments in Oak Brook, Oakbrook Terrace and Lombard.
The Illinois Tollway right -of -way separates the Project Area from residential uses to the south.
The land use pattern to the north of the Project Area includes Fountain Square Plaza, a retail and
restaurant development within the Village of Lombard and the Oak Brook Towers residential
complex at the northeast corner of Butterfield and Meyers Road. Office uses are located
immediately to the east of the Project Area at the southeast corner of the Butterfield and Meyers
Road intersection.
Current Land Use and Community Facilities
The current land use within the Project Area consists of three office buildings located on two tax
parcels. There are two three -story buildings that were built in 1978 and a one -story brick
warehouse and office building built In 1969 Over the past few years the occupancy rate of the
buildings has dropped below 30 %, with approximately 140,000 square feet of office space
advertised as for lease within the Project Area. The current configuration of land use is
represented in Figure 2, Existing Land Use (see Appendix A). The Project Area is currently
zoned ORA -1, which accommodates a variety of office and commercial uses.
5 February 2005
EXHIBIT B - STREET LOCATION
The Project Area contains acres. The street location of the Project Area is:
EXHIBIT B
STREET LOCATION
The Project Area is approximately 18.5 acres and is bounded by I -88 on the south,
Meyers Road to the east, Butterfield Road to the north, and the ComEd substation to the
west and is commonly known as:
3001 -3003 Butterfield Road
Oak Brook, Illinois 60523
3121 Butterfield Road
Oak Brook, Illinois 60523
Butterfield Road
Oak Brook, Illinois 60523
EXHIBIT C - MAP
' EXHIBIT"''--' �
,
FIGURE 1:
REDEVELOPMENT PROJECT AREA BOUNDARY MAP
VILLAGE OF OAK BROOK TIF # 1
OAK BROOK PROMENADE TAX INCREMENT FINANCING
REDEVELOPMENT PLAN AND PROJECT
1102
I
PLAN DATE FEBRUARY 2005
CAM I R,,,�PS
EXHIBIT D - PLAN AND PROJECT
= 3
EXHIBIT
VILLAGE OF OAK BROOK TIF #1
OAK BROOK PROMENADE
TAX INCREMENT FINANCING
REDEVELOPMENT PLAN AND PROJECT
Prepared for the
Village of Oak Brook
By:
Camiros, Ltd.
February 2005
This plan is subject to review and may be revised after comment and public hearing
i V.
TABLE OF CONTENTS
1 INTRODUCTION .......................... .......................... ............................... . ...... ........... l
2. PROJECT AREA DESCRIPTION .............................................. ............................... .5
3 ELIGIBILITY OF THE PROJECT AREA FOR DESIGNATION .......................... ............7
AS A BLIGHTED AREA
4. REDEVELOPMENT PLAN GOALS AND OBJECTIVES .. ............................... ... 9
5. REDEVELOPMENT PLAN .................................................................. .............................10
6 REDEVELOPMENT PROJECT DESCRIPTION ................................ .............................12
7. GENERAL LAND USE PLAN AND MAP ......................................... .............................13
8. REDEVELOPMENT PLAN FINANCING ............................................. .............................14
9. HOUSING IMPACT AND RELATED MATTERS ...................... .................. ..... 24
10. ANNEXATION AGREEMENT PROVISIONS .................................. .............................25
11. PROVISIONS FOR AMENDING THE PLAN .............. ............................... .....................26
12. VILLAGE OF OAK BROOK COMMITMENT TO FAIR EMPLOYMENT
PRACTICES AND AFFIRMATIVE ACTION ....................................... .............................27
APPENDIX A. FIGURES 1 - 3 ................................................... ............................... A -1
APPENDIX B. LEGAL DESCRIPTION ............. ... ............................. ...... . ................... B-1
APPENDIX C. ELIGIBILITY STUDY . ....... .. .................. ....... .. ............... . ................... . C-1
APPENDIX D. INITIAL EQUALIZED ASSESSED VALUE (EAV) ............................. D -1
LIST OF FIGURES
FIGURE 1. REDEVELOPMENT PROJECT AREA BOUNDARY MAP .......................... A-2
FIGURE 2 EXISTING LAND USE MAP .. ........................ ........................ ..... ... . ..... A-3
FIGURE3. LAND USE PLAN ... ........ ... . ................... . .. . ...... .... . ... .. ... .. .. ........ A-4
FIGURE A. STUDY AREA BOUNDARY MAP .. .............................................. . .......... .. . C-2
FIGUREB. PROPERTY TYPE ................. ...... . ....... ............................... ..... ......... ........... C-6
FIGURE C. EXISTING LAND USE MAP .............. ................... ....................... .................0 -7
11
lk
LIST OF TABLES
TABLE 1. ESTIMATED REDEVELOPMENT PROJECT COSTS ....................... ............18
TABLE A. COMPARATIVE INCREASE IN EQUALIZED ASSESSED VALUE -
IMPROVEDPROPERTY ................................. ......................... ...... ..... . ...... C-18
TABLE B. COMPARATIVE INCREASE IN EQUALIZED ASSESSED VALUE -
VACANTLAND .......... ....................... ................................................ ........... C-21
TABLE C. DISTRIBUTION OF BLIGHTING FACTORS ............................. .... ..... ....... C-22
111
1. INTRODUCTION
This document presents a Tax Increment Financing Redevelopment Plan and Project (hereinafter
referred to as the "Plan ") pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS
5/11- 74.4 -1 et seq.) as amended, (the "Act ") for the Village of Oak Brook TIF #1 Oak Brook
Promenade Redevelopment Project Area (the "Project Area ") located in the Village of Oak
Brook, Illinois (the "Village ") The Project Area boundaries are delineated on Figure 1:
Redevelopment Project Area Boundary Map in Appendix A and legally described in Appendix B.
The Project Area boundaries are generally Butterfield Road on the north, Meyers Road on the
east, I -88 East -West Tollway on the south and the Commonwealth Edison substation and
Technology Drive on the west.
The Plan responds to problem conditions within the Project Area and reflects a commitment by
the Village to improve and revitalize the Project Area. As described in the Plan, the Project Area
has significant potential for new commercial retail development.
The Plan summarizes the analyses and findings of Camiros, Ltd. (hereinafter referred to as "The
Consultant ") which, unless otherwise noted, is the responsibility of the Consultant The Village
is entitled to rely on the findings and conclusions of this Plan in designating the Redevelopment
Project Area as a redevelopment project area under the "Act." The Consultant has prepared this
Plan and the related eligibility study with the understanding that the Village would rely: 1) on
the findings and conclusions of the Plan and the related eligibility study in proceeding with the
designation of the Redevelopment Project Area and the adoption and implementation of the Plan,
and 2) on the fact that the Consultant has obtained the necessary information to conclude that the
Plan and the related eligibility study are in compliance with the Act.
The Plan presents certain factors, research and analysis undertaken to document the eligibility of
the Project Area for designation as a "blighted area" tax increment financing ( "TIF ") district.
The need for public intervention, goals and objectives, land use policies, and other policy
materials are presented in the Plan. The results of a study documenting the eligibility of the
Project Area as a blighted area are presented in Appendix C, Eligibility Study (the "Study ").
Tax Increment Financing
In adopting the Act, the Illinois State Legislature pursuant to Section 5/11- 74.4 -2(a) found that:
...there exists in many municipalities within this State blighted, conservation and
industrial park conservation areas as defined herein;
and pursuant to Section 5/11- 74.4 -2(b) also found that:
. in order to promote and protect the health, safety, morals and welfare of the public,
that blighted conditions need to be eradicated... and that redevelopment of such areas
February 2005
i
be undertaken... The eradication of blighted areas... by redevelopment projects is
hereby declared to be essential to the public interest.
In order to use the tax increment financing technique, a municipality must first establish that the
proposed redevelopment project area meets the statutory criteria for designation as a "blighted
area," "conservation area" or "industrial park conservation area." A redevelopment plan must
then be prepared pursuant to Sections 65 ILCS 5/11- 74.4 -3, et seq. of the Act, which describes
the development or redevelopment program intended to be undertaken to reduce or eliminate
those conditions which qualified the redevelopment project area as a "blighted area,"
"conservation area," or combination thereof, or "industrial park conservation area," and thereby
enhance the tax base of the taxing districts which extend into the redevelopment project area.
In order to be adopted, a municipality seeking to qualify a redevelopment project area as a
"blighted area" must find that a Plan meets the following conditions pursuant to Section 5/11 -
74.4-3(n) of the Act:
(1) The redevelopment project area on the whole has not been subject to growth and
development through investment by private enterprise and would not be reasonably
anticipated to be developed without the adoption of the redevelopment plan, (2) the
redevelopment plan and project conform to the comprehensive plan for the development of
the municipality as a whole, or, for municipalities with a population of 100,000 or more,
regardless of when the redevelopment plan and project was adopted, the redevelopment plan
and project either: (1) conforms to the strategic economic development or redevelopment plan
issued by the designated planning authority of the municipality, or (ii) includes land uses that
have been approved by the planning commission of the municipality; and (3) the
redevelopment plan establishes the estimated dates of completion of the redevelopment
project and retirement of obligations issued to finance redevelopment project costs (which
dates shall not be later than December 31 of the year in which the payment to the municipal
treasurer as provided in 65 ILCS 5/11- 74.4 -8(b) of the Act is to be made with respect to ad
valorem taxes levied in the twenty -third calendar year after the year in which the ordinance
approving the redevelopment project area is adopted.
Redevelopment projects are defined as any public or private development projects undertaken in
furtherance of the objectives of the redevelopment plan and in accordance with the Act. The Act
provides a means for municipalities, after the approval of a redevelopment plan and project, to
redevelop blighted, conservation, or industrial park conservation areas and to finance eligible
"redevelopment project costs" with incremental property tax revenues. "Incremental Property
Tax" or "Incremental Property Taxes" are derived from the increase in the current equalized
assessed value ( "EAV ") of real property within the redevelopment project area over and above
the "Certified Initial EAV" of such real property. Any increase in EAV is then multiplied by the
current tax rate to arrive at the Incremental Property Taxes. A decline in current EAV does not
result in a negative Incremental Property Tax.
To finance redevelopment project costs, a municipality may issue obligations secured by
Incremental Property Taxes to be generated within the redevelopment project area. In addition, a
municipality may pledge towards payment of such obligations any part or any combination of
the following:
2 February 2005
04
(a) net revenues of all or part of any redevelopment project;
(b) taxes levied and collected on any or all property in the municipality;
(c) the full faith and credit of the municipality;
(d) a mortgage on part or all of the redevelopment project; or
(e) any other taxes or anticipated receipts that the municipality may lawfully pledge.
The Village will not pledge its full faith and credit nor any source of revenue other than the
incremental taxes generated by the redevelopment project.
Tax increment financing does not generate tax revenues. This financing mechanism allows the
municipality to capture, for a certain number of years, the new tax revenues produced by the
enhanced valuation of properties resulting from the municipality's redevelopment program,
improvements and activities, various redevelopment projects, and the reassessment of properties.
This revenue is then reinvested in the area through rehabilitation, developer subsidies, public
improvements and other eligible redevelopment activities. Under tax increment financing, all
taxing districts continue to receive property taxes levied on the initial valuation of properties
within the redevelopment project area. Additionally, taxing districts can receive distributions of
excess Incremental Property Taxes when annual Incremental Property Taxes received exceed
principal and interest obligations for that year and redevelopment project costs necessary to
implement the redevelopment plan have been paid and such excess Incremental Property Taxes
are not otherwise required, pledged or otherwise designated for other redevelopment projects.
Taxing districts also benefit from the increased property tax base after redevelopment project
costs and obligations are paid.
The Village authorized an evaluation to determine whether a portion of the Village, to be known
as the Oak Brook Promenade Redevelopment Project Area, qualifies for designation as a
blighted area pursuant to the provisions contained in the Act. If the Project Area is so qualified,
the Village requested the preparation of a redevelopment plan for the Project Area in accordance
with the requirements of the Act.
Oak Brook Promenade Redevelopment Project Area Overview
The Project Area is approximately 19.7 acres in size and includes improved property, vacant
land and a portion of Meyers Road that was never publicly dedicated. There are five tax parcels
within the Project Area with a total land area of 18 2 acres. Undedicated Meyers Road right -of-
way makes up 8 1 % of the Project Area.
Three tax parcels are classified as improved by the York Township Assessor and are presently
located within the Village. The two largest parcels contain three office buildings There are two
three -story buildings that were built in 1978 and a one -story brick building built in 1969 The
third improved parcel is paved for parking and contains above ground and underground utility
easements including Commonwealth Edison high tension lines and related utility tower. These
improved parcels comprise 85.8% Project Area. There is also a five acre pond that serves as an
on -line detention pond for the properties located upstream.
Two parcels are vacant land and will be annexed by the Village. These parcels are immediately
adjacent to the Tollway and account for 6.1 % of the Project Area's acreage.
February 2005
The improved portion of the Project Area is characterized by:
• Obsolescence
• Deterioration
• Excessive vacancies
• Excessive land coverage or overcrowding of community facilities
• Deleterious land use or layout
• Lack of community planning
• Lagging or declining equalized assessed valuation (EAV)
The vacant land within the Project Area was found to suffer from the following factors:
• Obsolete platting
• Deterioration of structure or site improvements in areas adjacent to the vacant land
• Lagging or declining equalized assessed valuation (EAV)
As a result of these conditions, the Project Area is in need of redevelopment. In recognition of
the unrealized potential of the Project Area, the Village is taking action to facilitate its
revitalization. The Project Area, as a whole, has not been subject to growth and development by
private enterprise and would not reasonably be anticipated to be developed without the adoption
of the Plan.
The Eligibility Study, attached hereto as Appendix C, concludes that property in this area is
experiencing deterioration and disinvestment. The analysis of conditions within the Project Area
indicates that it is appropriate for designation as a blighted area in accordance with the Act.
The purpose of the Plan is to create a mechanism to allow for the development of a new retail
center on vacant and underutilized property; the improvement of the area's physical environment
and infrastructure; and furthering the Village's interest in developing a retail center to serve the
community and support the Village's tax base.
The Plan has been formulated in accordance with the provisions of the Act. This document is a
guide to all proposed public and private actions in the Project Area.
4 February 2005
2. PROJECT AREA DESCRIPTION
The proposed boundaries of the Village of Oak Brook TIF # 1 Oak Brook Promenade
Redevelopment Project Area are shown in Figure 1: Redevelopment Project Area Boundary
Map (see Appendix A). The Project Area is approximately 19.7 acres in size. A legal description
of the Project Area is included as Appendix B of this document. The Project Area includes only
those contiguous parcels that are anticipated to be substantially benefited by the proposed
redevelopment project improvements and, which, collectively qualify for designation as a
"blighted area."
The Project Area is irregular in shape and is generally bounded by Butterfield Road on the north,
Meyers Road on the east, I -88 East -West Tollway on the south and the Commonwealth Edison
substation on the west. The property is designated as ORA -1 on Oak Brook's official zoning
map which allows for a variety of retail and office uses. A zoning application is currently being
considered by the Village to rezone the Project Area to B -1 Local Shopping Center District.
Community Context
The Project Area is part of Oak Brook's Butterfield Road business and commercial area. The
Commonwealth Edison substation immediately to the west of the Project Area forms a portion of
Oak Brook's western boundary. The Butterfield Road corridor is developed primarily with
commercial retail and office developments in' Oak Brook, Oakbrook Terrace and Lombard.
The Illinois Tollway right -of -way separates the Project Area from residential uses to the south.
The land use pattern to the north of the Project Area includes Fountain Square Plaza, a retail and
restaurant development within the Village of Lombard and the Oak Brook Towers residential
complex at the northeast corner of Butterfield and Meyers Road. Office uses are located
immediately to the east of the Project Area at the southeast corner of the Butterfield and Meyers
Road intersection.
Current Land Use and Community Facilities
The current land use within the Project Area consists of three office buildings located on two tax
parcels. There are two three -story buildings that were built in 1978 and a one -story brick
warehouse and office building built in 1969. Over the past few years the occupancy rate of the
buildings has dropped below 30 %, with approximately 140,000 square feet of office space
advertised as for lease within the Project Area. The current configuration of land use is
represented in Figure 2, Existing Land Use (see Appendix A). The Project Area is currently
zoned ORA -1, which accommodates a variety of office and commercial uses.
February 2005
Transportation Characteristics
The Project Area has excellent vehicular regional accessibility. The I -88 East -West Tollway
forms the southern boundary of the Redevelopment Project Area The closest access point to the
Project Area is the Highland Avenue interchange.
Butterfield Road provides primary access to the Project Area and carries approximately 41,000
vehicles per day with a posted speed limit of 45 miles per hour. Butterfield Road is a major east -
west arterial that provides three lanes in each direction in the vicinity of the site with a painted
median that is used to provide separate left turn lanes. At its signalized intersection with Meyers
Road a separate left and right turn lane is provided on the east and west approaches in addition to
the three through lanes in each direction.
Meyers Road is a north -south minor arterial with two lanes in each direction. Meyers Road north
of Butterfield road has a traffic volume of approximately 22,000 vehicles per day South of
Butterfield Road, the traffic volume is 15,000 vehicles per day. The Project Area cannot be
accessed from Meyers Road because of the large detention pond located at the southwest corner
of the Meyers and Butterfield Road intersection and the elevated approach to the bridge that
spans the Illinois Tollway.
Technology Drive provides secondary access to the Project Area. At its signalized intersection
with Butterfield Road, it is a north -south local road under the jurisdiction of the Village of
Lombard. As it approaches the Tollway right -of -way Technology Road runs east -west parallel to
the Tollway and terminates at the Project Area boundary.
6 Febmary 2005
3.- ELIGIBILITY OF THE PROJECT AREA FOR DESIGNATION AS A
BLIGHTED AREA
The Project Area, on the whole, has not been subject to significant growth and development
through investment by private enterprise. Based on the conditions present, the Project Area is not
likely to be comprehensively or effectively developed without the adoption of the Plan. A series
of studies were undertaken to establish whether the proposed Project Area is eligible for
designation as a blighted area in accordance with the requirements of the Act. This analysis
concluded that the Project Area so qualifies.
The Project Area contains a total of five tax parcels. Three of these tax parcels are classified as
improved property and account for 85.8% of Project Area. Two small parcels located along the I-
88 East -West Tollway right -of -way are classified as vacant land and comprise 6.1% of the
Proj ect Area. The remaining 8.1 % of the Prod ect Area consists of Meyers Road right -of -way that
was never publicly dedicated.
For improved property, the presence of five of the 13 conditions set forth in the Act is required
for designation as a blighted area. These factors must be meaningfully present and reasonably
distributed within the Project Area. Of the 13 factors cited in the Act for improved property, nine
factors are present within the Project Area. All of these factors are meaningfully present and
reasonably distributed throughout the Project Area.
The following factors were found to a meaningful extent within the Project Area:
• Obsolescence
• Deterioration
• Presence of structures below minimum code standards
• Excessive vacancies
• Inadequate utilities
• Excessive land coverage or overcrowding of community facilities
• Deleterious land use or layout
• Lack of community planning
• Lagging or declining equalized assessed valuation
Two tax parcels consist entirely of vacant land. With respect to vacant land within the Project
Area, the following factors were found to be present and reasonably distributed
• Obsolete platting
• Deterioration of structure or site improvements in areas adjacent to vacant land
• Lagging or declining EAV
7 February 2005
For more detail on the basis for eligibility, refer to the Study in Appendix C.
Need for Public Intervention
Public intervention is needed to achieve the Village's development objectives for the Project
Area. In order to maintain the community's image as a premier commercial center,
redevelopment of obsolete office facilities is required. A review of building permit activity
within the Project Area indicates only minor investments over the past ten years which have not
been sufficient to keep the buildings competitive in the marketplace and in productive use. The
owner of these buildings would have to rebuild the structures to be competitive Given that the
vacancy rate for office space in the area is 30 %, it is unlikely that a private company would
invest in new office buildings when the market is already over - built.
In order to support retail growth which currently funds most Village operations, new retail
centers are needed. Redevelopment of the Project Area for retail uses is needed to reduce the
amount of vacant office space within the Village and expand the retail tax base.
Excluding land devoted to Meyers Road right -of -way, there are 18.2 acres of land within the
Project Area. However, only 11.7 acres is available for construction of new commercial
facilities. The remaining land contains a five -acre pond that functions as a regional detention
pond, 0.5 acres of floodplain that cannot be built upon, and a one acre Commonwealth Edison
easement with high- tension wires. Nothing can be built in this easement. In view of the
significant portions of the Project Area that are and will continue to be devoted to storm water
detention, utility easements and other site impediments, public assistance is needed to offset the
cost of demolition and other site improvements.
While the equalized assessed value of Oak Brook increased by 32% between 1998 and 2003, the
total equalized assessed value of the Project Area grew by only 1.6% for the same period.
However, a fact that should be of even more concern for taxing districts that levy property taxes
is the 3.2% decline that occurred between 1998 and 2003 in the equalized assessed value of the
largest tax parcel in the Project Area with the newest buildings. This trend supports the finding
of blight contained in the Eligibility Study and the need for public intervention to ensure that the
trend is reversed.
8 February 2005
l
4. REDEVELOPMENT PLAN GOALS AND OBJECTIVES
The proposed Redevelopment Plan and Project is consistent with Village plans for the area. The
land uses contained in the General Land Use Plan are consistent with the Oak Brook
Comprehensive Plan and Zoning Ordinance. The following goals and objectives are provided to
guide development in the Project Area.
General Goals
• Reduce or eliminate deleterious conditions.
• Provide for the orderly transition from obsolete land uses to more appropriate land use
patterns.
• Enhance the retail sales tax base of the Project Area to support the Village's economic
development objectives.
Redevelopment Objectives
• Encourage private investment within the Project Area.
• Facilitate development of underutilized property for uses that have demonstrated market
support.
• Promote redevelopment that will provide a unique new retail focal point within Oak
Brook.
• Create an attractive environment that supports commercial redevelopment.
• Provide an adequate supply of conveniently located and attractively designed parking to
accommodate shoppers, business patrons and employees.
Design Objectives
• Create an attractive and exciting "town center" environment that is pedestrian- oriented
and different from other nearby commercial areas.
• Design required storm water facilities as public amenities.
• Encourage visually attractive buildings, rights -of -way and open spaces and encourage
high standards of design.
9 February 2005
t
S. REDEVELOPMENT PLAN
The Village proposes to achieve its redevelopment goals and objectives for the Project Area
through the use of public financing techniques, including tax increment financing, and by
undertaking some or all of the following actions:
Property Assembly, Site Preparation and Environmental Remediation
Site preparation is a significant element of the Plan. All of the buildings must be
demolished and grading will be needed to create an appropriate development site.
Although not anticipated at this time, to meet the goals and objectives of the Plan, the
Village may acquire and assemble property throughout the Project Area. Land assemblage
by the Village may be through reimbursement to a developer or by purchase, exchange,
donation, lease, or eminent domain, and may be for the purpose of (a) sale, lease or
conveyance to private developers, or (b) sale, lease, conveyance or dedication for the
construction of public improvements or facilities. Furthermore, the Village may require
written redevelopment agreements with developers before acquiring any properties. As
appropriate, the Village may devote acquired property to temporary uses until such
property is scheduled for disposition and development
The Village may exercise its powers to acquire real property, including the exercise of the
power of eminent domain, under the Act in implementing the Plan, the Village will follow
its customary procedures. Acquisition of such real property as may be authorized by the
Village does not constitute a change in the nature of this Plan. The acquisition of such
property may be paid for using TIF funds.
Intergovernmental and Redevelopment Agreements
The Village may enter into redevelopment agreements or intergovernmental agreements
with private entities or public entities to construct, rehabilitate, renovate or restore private
or public improvements on one or several parcels (collectively referred to as
"Redevelopment Projects "). Such redevelopment agreements may be needed to support the
rehabilitation or construction of allowable private improvements, in accordance with the
Plan; incur costs or reimburse developers for other eligible redevelopment project costs as
provided in the Act in implementing the Plan, insure that the Redevelopment Project is
constructed and operated as delineated in the Plan; and provide public improvements and
facilities which may include, but are not limited to utilities, streetscape enhancements,
signalization, parking, surface right -of -way improvements, and community amenities.
Terms of redevelopment as part of this redevelopment project may be incorporated in the
appropriate redevelopment agreements. For example, the Village may agree to reimburse a
10 February 2005
DI
developer for incurring certain eligible redevelopment project costs under the Act. Such
agreements may contain specific development controls as allowed by the Act
Financial Impact on Taxing Districts
The Act requires an assessment of any financial impact of the Project Area on, or any
increased demand for services from, and any taxing district affected by the Plan and a
description of any program to address such financial impacts or increased demand. The
Village intends to monitor development in the Project Area and with the cooperation of the
other affected taxing districts will attempt to ensure that any increased needs are addressed
in connection with any particular development.
Analysis, Professional Services and Administrative Activities
The Village may undertake or engage professional consultants, engineers, architects,
attorneys, and others to conduct various analyses, studies, administrative or legal services
to establish, implement, and manage the Plan, or market the land within the Project Area
for private development.
Provision of Public Improvements and Facilities
Adequate public improvements and facilities may be provided to service the Project Area.
Public improvements and facilities may include, but are not limited to upgrading existing
access within or immediately adjacent to the Project Area, signalization improvements,
provision of streetscape amenities, stop -n water management, retaining walls, parking
improvements, and utility improvements.
11 February 2005
6. REDEVELOPMENT PROJECT DESCRIPTION
The Plan seeks to encourage redevelopment of the Project Area as a retail- oriented commercial
development. The intent is to develop commercial facilities that act as a coordinated center to
replace aging office buildings that reflect a number of poor planning decisions.
The Plan recognizes that new investment in commercial property is needed to improve the
Project Area. Attracting new private investment will require the redevelopment of existing
properties. Proposals for infrastructure improvements will stress projects that serve and benefit
the surrounding community. A comprehensive program of aesthetic enhancements will include
streetscape improvements and aesthetically compatible new development. The components will
create the quality environment required to sustain the revitalization of the Project Area. The
major physical improvement elements anticipated as a result of implementing the proposed Plan
are outlined below.
Commercial Development
The Plan recognizes that attractive new commercial retail development will enhance Oak
Brook's desirability as a community. Office use is no longer desirable in this location because
the market is so over -built and there is a substantial surplus of office space. The current uses
produce no sales tax revenues to support Village services.
Land Acquisition and Tenant Relocation
The developer of the Redevelopment Project will be required to acquire the Project Area. The
current owner will sell the land as an improved property with three office buildings. The
developer must pay for the office buildings and then demolish them. This will result in an
approximately $8 million loss. Additionally, there are a few tenants currently in the buildings.
The developer may have to enter into lease termination agreements and pay for relocation
expenses, and in some cases, a rent differential.
Public Improvements
Improvements to public infrastructure and facilities are needed to complement and attract private
sector investment Infrastructure improvements may include:
• New water and sewer infrastructure;
• New street lighting;
• New landscaping in compliance with Village ordinances;
• Construction of other public facilities that meet the needs of the community; and
• Storm water management facilities to serve new development.
12 February 2005
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7. GENERAL LAND USE PLAN AND MAP
Figure 3 - Land Use Plan (see Appendix A), identifies land use policies to be pursued in the
implementation of the Plan. The land use category planned for the Project Area is commercial.
This land use designation applies to portions of the Project Area where retail facilities and
supportive commercial uses will be used to create a coordinated retail environment.
The Land Use Plan allows for a prudent level of flexibility in land use policy to respond to
future market forces. The Land Use Plan is intended to serve as a guide for future land use
improvements and developments within the Project Area. The Land Use Plan is intended to
serve as a broad guide for land use and redevelopment policy. The plan is general in nature to
allow adequate flexibility to respond to shifts in the market and private investment.
The land uses proposed for the Project Area are consistent with the redevelopment goals of this
Plan and are generally consistent with the land use designation contained in the Oak Brook
Comprehensive Plan and Zoning Ordinance.
These land use strategies are intended to direct development toward the most appropriate land
use pattern for the various portions of the Project Area and enhance the overall development of
the Project Area in accordance with the goals and objectives of the Plan. Locations of specific
uses, or public infrastructure improvements, may vary from the Land Use Plan as a result of
more detailed planning and site design activities Such variations are permitted without
amendment to the Plan as long as they are consistent with the Plan's goals and objectives and the
land uses and zoning approved by the Village of Oak Brook.
13 February 2005
8. REDEVELOPMENT PLAN FINANCING
Tax increment financing 'is an economic development tool designed to facilitate the
redevelopment of blighted areas and to arrest decline in areas that may become blighted without
public intervention. It is expected that tax increment financing will be an important means,
although not necessarily the only means, of financing improvements and providing development
incentives in the Project Area throughout its 23 -year life.
Tax increment financing can only be used when private investment would not reasonably be
expected to occur without public assistance. The Act sets forth the range of public assistance that
may be provided.
It is anticipated that expenditures for redevelopment project costs will be carefully staged in a
reasonable and proportional basis to coincide with expenditures for redevelopment by private
developers and the projected availability of tax increment revenues.
The various redevelopment expenditures that are eligible for payment or reimbursement under
the Act are reviewed below. Following this review is a list of estimated redevelopment project
costs that are deemed to be necessary to implement this Plan (the "Redevelopment Project
Costs ").
In the event the Act is amended after the date of the approval of this Plan by the Oak Brook
Village Board to (a) include new eligible redevelopment project costs, or (b) expand the scope or
increase the amount of existing eligible redevelopment project costs (such as, for example, by
increasing the amount of incurred interest costs that may be paid under 65 ILCS 5/11-74.4 -
3(q)(11)), this Plan shall be deemed to incorporate such additional, expanded or increased
eligible costs as Redevelopment Project Costs under the Plan, to the extent permitted by the Act.
In the event of such amendment(s) to the Act, the Village may add any new eligible
redevelopment project costs as a line item in Table 1 or otherwise adjust the line items in Table 1
without amendment to this Plan, to the extent permitted by the Act. In no instance, however,
shall such additions or adjustments result in any increase in the total Redevelopment Project
Costs without a further amendment to this Plan.
Eligible Redevelopment Project Costs
Redevelopment project costs include the sum total of all reasonable or necessary costs incurred,
or estimated to be incurred, or incidental to the Plan pursuant the Act. Eligible costs may
include, without limitation, the following:
1. Costs of studies and surveys, development of plans and specifications, implementation
and administration of the Plan including, but not limited to, staff and professional service
costs for architectural, engineering, legal, financial, planning or other services (excluding
14 February 2005
• j
lobbying expenses), provided however, that no charges for professional services may be
based on a percentage of the tax increment collected;
2. The cost of marketing sites within the Project Area to prospective businesses, developers
and investors;
3. Property assembly costs, including, but not limited to, acquisition of land and other
property, real or personal, or rights or interests therein, demolition of buildings, site
preparation, site improvements that serve as an engineered barrier addressing ground
level or below ground environmental contamination, including, but not limited to parking
lots and other concrete or asphalt barriers, and the clearing and grading of land,
4 Costs of rehabilitation, reconstruction, repair or remodeling of existing public or private
buildings, fixtures and leasehold improvements; and the cost of replacing an existing
public building, if pursuant' to the implementation of a redevelopment project, the
existing public building is to be demolished to use the site for private investment or
devoted to a different use requiring private investment;
5 Costs of the construction of public works or improvements subject to the limitations in
Section 11- 74.4- 3(q)(4) of the Act;
6 Costs of job training and retraining- projects including the cost of "welfare -to- work"
programs implemented by businesses located within the Project Area and such proposals
featuring a community -based training program which ensures maximum reasonable
employment opportunities for residents of the Project Area with particular attention to the
needs of those residents who have previously experienced inadequate opportunities and
development of job- related skills, including residents of public and other subsidized
housing and people with disabilities.
7 Financing costs, including, but not limited to, all necessary and incidental expenses
related to the issuance of obligations and, which may include payment of interest on any
obligations issued there under, including interest accruing during the estimated period of
construction of any redevelopment project for which such obligations are issued and for a
period not exceeding 36 months following completion and including reasonable reserves
related thereto;
8. To the extent the Village, by written agreement accepts and approves the same, all or a
portion of a taxing district's capital costs resulting from the Redevelopment Project
necessarily incurred or to be incurred within a taxing district in furtherance of the
objectives of the Plan.
9. Relocation costs, to the extent that the Village determines that relocation costs shall be
paid or is required to make payment of relocation costs by state or federal law or in
accordance with the requirements of Section 74.4- 3(n)(7) of the Act (see "Relocation"
section);
10. Payment in lieu of taxes, as defined in the Act;
15
February 2005
11. Costs of job training, retraining, advanced vocational education or career education,
including but not limited to, courses in occupational, semi - technical or technical fields
leading directly to employment, incurred by one or more taxing districts, provided that
such costs: (1) are related to the establishment and maintenance of additional job training,
advanced vocational education or career education programs for persons employed or to
be employed by employers located in the Project Area; and (ii) when incurred by a taxing
district or taxing districts other than the Village, are set forth in a written agreement by or
among the Village and the taxing district or taxing districts, which agreement describes
the program to be undertaken including but.not limited to, the number of employees to be
trained, a description of the training and services to be provided, the number and type of
positions available or to be available, itemized costs of the program and sources of funds
to pay for the same, and the term of the agreement. Such costs include, specifically, the
payment by community college districts of costs pursuant to Sections 3 -37, 3 -38, 3 -40,
and 3 -40.1 of the Public Community College Act, 110 ILCS 805/3 -37, 805/3 -38, 805/3-
40 and 805/3 -40.1, and by school districts of costs pursuant to Sections 10- 22.20a and
10 -23.3a of the School Code, 105 ILCS 5/10- 22.20a and 5/10- 23.3a.
12. Interest costs incurred by a developer related to the construction, renovation or
rehabilitation of a redevelopment project provided that:
• such costs are to be paid directly from the special tax allocation fund established
pursuant to the Act;
• such payments in any one year may not exceed 30% of the annual interest costs
incurred by the redeveloper with regard to the redevelopment project during that year,
• if there are not sufficient funds available in the special tax allocation fiend to make the
payment pursuant to this provision, then the amounts so due shall accrue and be
payable when sufficient funds are available in the special tax allocation fund;
• the total of such interest payments paid pursuant to the Act may not exceed 30% of
the total (i) cost paid or incurred by the redeveloper for such redevelopment project,
plus (ii) redevelopment project costs excluding any property assembly costs and any
relocation costs incurred by the Village pursuant to the Act; and
• up to 75% of the interest cost incurred by a redeveloper for the financing of
rehabilitated or new housing units for low- income households and very low- income
households, as defined in Section 3 of the Illinois Affordable Housing Act.
13. The cost of constructing new privately -owned buildings is not an eligible redevelopment
project cost, unless specifically authorized by the Act,
14 An elementary, secondary or unit school district's increased costs attributable to assisted
housing units will be reimbursed as provided for in the Act;
15. Up to 50% of the cost of construction, renovation and /or rehabilitation of all low- income
and very low - income housing units (for ownership or rental) as defined in Section 3 of
the Illinois Affordable Housing Act If the units are part of a residential redevelopment
project that includes units not affordable to low - income and very low - income
households, only the low- and very low - income households shall be eligible for benefits
under the Act, and
16 February 2005
� 4
16 The cost of day care services for children of employees from low- income families
working for businesses located within the Project Area and all or a portion of the cost of
operation of day care centers established by Project Area businesses to serve employees
from low - income families working in businesses located in the Project Area, within a
municipality with a population of more than 100,000. For the purposes of this paragraph,
"low- income families" means families whose annual income does not exceed 80% of the
Village, county or regional median income as determined from time to time by the United
States Department of Housing and Urban Development.
If a special service area has been established pursuant to the Special Service Area Tax Act, 35
ILLS 235/0.01 et sect., then any tax increment revenues derived from the tax imposed pursuant to
the Special Service Area Tax Act may be used within the redevelopment Project Area for the
purposes permitted by the Special Service Area Tax Act as well as the purposes permitted by the
Act.
Estimated Project Costs
A range of activities and improvements may be required to implement the Plan. The proposed
eligible activities and their estimated costs over the life of the Project Area are briefly described
below and shown in Table 1. Estimated Redevelopment Project Costs.
1 Professional services including planning studies, legal, surveys, real estate marketing
costs, fees and other costs related to the implementation and administration of the Plan.
This budget element provides for studies and survey costs for planning and
implementation of the project, including planning and legal fees, architectural and
engineering, development site marketing, and financial and special service costs.
(Estimated cost: $750, 000)
2. Property assembly costs, including, but not limited to, acquisition of land and other
property, real or personal, or rights or interests therein, and other appropriate and eligible
costs needed to prepare the property for redevelopment. These costs may include the
reimbursement of acquisition costs incurred by private developers. Land acquisition may
include acquisition of both improved and vacant property in order to create development
sites, accommodate public rights -of -way or to provide other public facilities needed to
achieve the goals and objectives of the Plan. Property assembly costs also include-
demolition of existing improvements, including clearance of blighted properties or
clearance required to prepare sites for new development, site preparation, including
grading, and other appropriate and eligible site activities needed to facilitate new
construction, and environmental remediation costs associated with property assembly
which are required to render the property suitable for redevelopment. (Estimated cost
$17,000,000)
3. Construction of public improvements, infrastructure and facilities. These improvements
are intended to improve access within the Project Area, stimulate private investment and
address other identified public improvement needs, and may include all or a portion of a
taxing district's eligible costs, including increased costs attributable to assisted housing
17 February 2005
units within the Project Area in accordance with the requirements of the Act. (Estimated
cost. $1,250, 000)
The estimated gross eligible project cost over the life of the Project Area is approximately $19
million. All project cost estimates are in 2005 dollars Any bonds issued to finance portions of
the redevelopment project may include an amount of proceeds sufficient to pay customary and
reasonable charges associated with issuance of such obligations, as well as to provide for
capitalized interest and reasonably required reserves. The total project cost figure excludes any
costs for the issuance of bonds. Adjustments to estimated line items, which are upper estimates
for these costs, are expected and may be made without amendment to the Plan.
Additional funding from other sources such as federal, state, county, or local grant funds may be
utilized to supplement the Village's ability to finance Redevelopment Project Costs identified
above
Table 1:
ESTIMATED REDEVELOPMENT PROJECT COSTS
Eligible Expense
Estimated Cost
Analysis, Administration, Studies, Surveys, Legal, Marketing, etc
$750,000
Property Assembly including Acquisition, Site Prep and Demolition and
Environmental Remedlation
$17,000,000
Public Works & Improvements, including streets, utilities, public open space
and other public amenities[']
$1,250,000
TOTAL REDEVELOPMENT COSTS [2113]
$19,000,0004]
'This category may also include paying for or rei nbursing (1) an elementary, secondary or unit school
district's increased costs attributed to assisted housing units, and (ii) capital costs of taxing districts impacted by the
redevelopment of the Project Area As permitted by the Act, to the extent the Village by written agreement accepts
and approves the same, the Village may pay, or reimburse all, or a portion of a taxing district's capital costs
resulting from a redevelopment project necessarily incurred or to be incurred within a taxing district in furtherance
of the objectives of the Plan
2Total Redevelopment Project Costs exclude any additional financing costs, mcludmg any interest expense,
capitalized interest and costs associated with optional redemptions These costs are subject to prevailing market
conditions and are in addition to Total Redevelopment Project Costs
'The amount of the Total Redevelopment Project Costs that can be incurred in the Project Area will be
reduced by the amount of redevelopment project costs incurred in contiguous redevelopment project areas, or those
separated from the Project Area only by a public right -of -way, that are permitted under the Act to be paid, and are
paid, from incremental property taxes generated in the Project Area, but will not be reduced by the amount of
redevelopment project costs incurred in the Project Area which are paid from incremental property taxes generated
in contiguous redevelopment project areas or those separated from the Project Area only by a public right -of -way
4Increases in estimated Total Redevelopment Project Costs of more than five percent, after adjustment for
inflation from the date of the Plan adoption, are subject to the Plan amendment procedures as provided under the
Act
Additional funding from other sources such as federal, state, county, or local grant fiends may be
utilized to supplement the Village's ability to finance Redevelopment project Costs identified
above.
18 February 2005
Sources of Funds
The funds necessary to pay for Redevelopment Project Costs and secure municipal obligations
issued for such costs are to be derived primarily from Incremental Property Taxes Other sources
of funds which may be used to pay for Redevelopment Project Costs or secure municipal
obligations are land disposition proceeds, state and federal grants, investment income, private
financing, and other legally permissible funds as the Village may deem appropriate. The Village
may incur redevelopment project costs (costs for line items listed on Table 1: Estimated
Redevelopment Project Costs) which are paid for from funds of the Village other than
incremental taxes, and the Village may then be reimbursed for such costs from incremental
taxes. Also, the Village may permit the utilization of guarantees, deposits and other forms of
security made available by private sector developers.
Additionally, the Village may utilize revenues, other than State sales tax increment revenues,
received under the Act from one redevelopment project area for eligible costs in another
redevelopment project area that is either contiguous to, or is separated only by a public right -of-
way from, the redevelopment project area from which the revenues are received.
The Project Area may be contiguous to or separated by only a public right -of -way from other
redevelopment project areas created tinder the Act. The Village may utilize net incremental
property taxes received from the Project Area to pay eligible redevelopment project costs, or
obligations issued to pay such costs, in other contiguous redevelopment project areas, or project
areas separated only by a public right -of -way, and vice versa The amount of revenue from the
Project Area, made available to support such contiguous redevelopment project areas, or those
separated only by a public right -of -way, when added to all amounts used to pay eligible
redevelopment project costs within the Project Area, shall not at any time exceed the total
redevelopment project costs described in this Plan.
The Project Area may become contiguous to, or be separated only by a public right -of -way from,
redevelopment project areas created under the Industrial Jobs Recovery Law (65 ILCS 5111-
74 61 -1 et seq.). If the Village finds that the goals, objectives and financial success of such
contiguous redevelopment, proj ect areas, or those separated only by a public right -of -way, are
interdependent with those `of the Project Area, the Village may determine that it is in the best
interests of the Village and the furtherance of the purposes of the Plan that net revenues from the
Project Area be made available to support any such redevelopment project areas and vice versa.
The Village therefore proposes to utilize net incremental revenues received from the Project
Area to pay eligible redevelopment project costs (which are eligible under the Industrial Jobs
Recovery Law referred to above) in any such areas, and vice versa. Such revenues may be
transferred or loaned between the Project Area and such areas. The amount of revenue from the
Project Area so made available, when added to all amounts used to pay eligible redevelopment
project costs within the Project Area, or other areas described in the preceding paragraph, shall
not at any time exceed the total redevelopment project costs described in Table 1, Estimated
Redevelopment Project Costs
Development of the Project Area would not be reasonably expected to occur without the use of
the incremental revenues provided by the Act. Redevelopment project costs include those
eligible project costs set forth in the Act. Tax increment financing or other public sources will be
used only to the extent - needed to secure commitments for private redevelopment activity.
19 February 2005
P
Nature and Term of Obligations to be Issued
The Village may issue obligations secured by Incremental Property Taxes pursuant to Section
11- 74.4 -7 of the Act. To enhance the security of a municipal obligation, the Village may pledge
its full faith and credit through the issuance of general obligation bonds. Additionally, the
Village may provide other legally permissible credit enhancements to any obligations issued
pursuant to the Act. The Village will not pledge its full faith and credit nor any other source of
revenue other than the incremental revenues generated by the project to secure any obligation
issued pursuant to this Redevelopment Plan.
The redevelopment project shall be completed, and all obligations issued to finance
redevelopment costs shall be retired, no later than December 31 of the year in which the payment
to the Village treasurer as provided in the Act is to be made with respect to ad valorem taxes
levied in the twenty -third calendar year following the year in which the ordinance approving the
Project Area is adopted (i e., assuming Village Board approval of the Project Area and Plan in
2005), by 2029). Also, the final maturity date of any such obligations which are issued may not
be later than 20 years from their respective dates of issue. One or more series of obligations may
be sold at one or more times in order to implement this Plan. Obligations may be issued on a
parity or subordinated basis.
In addition to paying Redevelopment Project Costs, Incremental Property Taxes may be used for
the scheduled retirement of obligations, mandatory or optional redemptions, establishment of
debt service reserves and bond sinking fiends. To the extent that Incremental Property Taxes are
not needed for these purposes, and are not otherwise required, pledged, earmarked or otherwise
designated for the payment of Redevelopment Project Costs, any excess Incremental Property
Taxes shall then become available for distribution annually to taxing districts having jurisdiction
over the Project Area in the manner provided by the Act.
Most Recent Equalized Assessed Valuation
The purpose of identifying the most recent equalized assessed valuation ( "EAV ") of the Project
Area is to provide an estimate of the initial EAV, which the DuPage County Clerk will certify
for the purpose of annually calculating the incremental EAV and incremental property taxes of
the Project Area. The 2003 EAV of all taxable parcels within the Project Area is $6,907,510.
This total EAV amount by Parcel Identification Number (PIN) is summarized in Appendix D and
is subject to verification by the DuPage County Clerk. After verification, the final figure shall be
certified by the DuPage County Clerk, and after the Village files its ordinance creating a tax
increment financing district in accordance with the Act shall become the Certified Initial EAV
from which all incremental property taxes in the Project Area will be calculated by DuPage
County.
Anticipated Equalized Assessed Valuation
By the tax year 2028 (collection year 2029) and following the substantial completion of the Oak
Brook Promenade Redevelopment Project, the EAV of the Project Area is estimated to at
20 February 2005
approximately $11.8 million. The estimated range is based on several key assumptions,
including. 1) redevelopment of the Project Area will occur in a timely manner; 2) an estimated
annual inflation rate in EAV of 2.0 percent through 2028); and 3) the 2003 DuPage County state
equalization factor of 1.00 is used in all years to calculate estimated EAV.
Financial Impact on Taxing Districts
The Act requires an assessment of any financial impact of the Project Area on, or any increased
demand for services from, any taxing district affected by the Plan and a description of any
program to address such financial impacts or increased demand. The Village intends to monitor
development in the Project Area and with the cooperation of the other affected taxing districts
will attempt to ensure that any increased needs are addressed in connection with any particular
development.
The following taxing districts presently have the authority to levy taxes on some or all of the
properties located within the Project Area: ,
Village of Oak Brook: The Village is responsible for the provision of a wide range of
municipal services, including police and fire protection, capital improvements and
maintenance, public works and library services. The Village does not levy property taxes
against real property within the Village.
Oak Brook Park District: The Oak Brook Park District was created in 1962 and currently
owns and maintains Six parks in Oak Brook,
DuPage Water Commission: The DuPage Water Commission is responsible for purchase and
redistribution of Lake Michigan water from the City of Chicago. The Commission has the
authority to levy taxes, but does not have a current levy.
DuPage Airport Authority: The DuPage Airport Authority is responsible for managing the
DuPage Airport which is the third busiest airport in the state, following Chicago O'Hare and
Midway Airports. Facilities on the 2,800 airport site include a championship -style public golf
course.
Hinsdale Sanitary District: The Hinsdale Sanitary District does not currently levy taxes
within its jurisdiction.
Grade School District 58: Grade School District 58 is responsible for the provision,
maintenance and operations of educational facilities and services for approximately 4,900
kindergarten through eight grade students Living in Downers Grove and portions of Oak
Brook, Westmont and Woodridge.
High School District 99 High School District 99 operates educational facilities and educates
students from 9"' through 12"' grade Current enrollment totals approximately 5,300. The
District was established in 1923 and serves a 32 square mile area that includes portions of
seven separate municipalities and unincorporated DuPage County.
21 February 2005
College of DuPage District 502• The Community College District is a unit of the State of
Illinois system of public community colleges, whose objective is to meet the educational
needs of residents of the Village and other students seeking higher education programs and
services.
DuPage County_ The County has principal responsibility for the protection of persons and
property and the maintenance of County highways.
DuPage County Health Department: DuPage County has a separate tax levy for the provision
of public health services.
DuPage County Forest Preserve District: The Forest Preserve District is responsible for
acquisition, restoration and- management of lands for the purpose of protecting and
preserving open space in the Village and County for the education, pleasure and recreation of
the public.
York Township: York Township is responsible for a variety of services including general
assistance and the assessor's office.
York Township Road: The York Township Highway Department has jurisdiction over all
township tights -of -way within York Township and maintains 75 lane miles of paved
roadways and approximately 80 miles of stormwater drainage pipes, ditches and laterals.
York Township Special Police: This tax district levy only applies to the two tax parcels that
are not presently within the Village of Oak Brook. Upon annexation, this levy will no longer
apply.
The proposed revitalization of the Project Area is expected to create moderate demands on
public services. Because there will be no residential development within the Project Area there
will not be an increased the demand for school, parks and other residential services. Demands on
police and fire services may increase slightly due to the increase in retail activity. The demand
for water and sewer services may increase as well.
When completed, developments in the Project Area will generate property tax revenues for all
taxing districts. Other revenues may also accrue to the Village in the form of sales tax, business
fees and licenses, and utility user fees. The costs of some services such as water and sewer
service, building inspections, etc. are typically covered by user charges.
For most taxing districts levying taxes on property within the Project Area, increased service
demands are expected to be negligible because they are already serving the Project Area. Upon
completion of the Plan, all taxing districts are expected to share the benefits of a substantially
improved tax base. However, prior to the completion of the Plan, certain taxing districts may
experience an increased demand for services.
It is expected that any increases in demand for the services and programs of the aforementioned
taxing districts, associated with the Project Area, can be adequately handled by the existing
services and programs maintained by these taxing districts. However, the Project Budget line
22 February 2005
item I public improvements, includes "taxing district capital costs" to address potential
demands associated with implementing the Plan.
Real estate tax revenues resulting from increases in the EAV, over and above the Certified Initial
EAV established with the adoption of the Plan, will be used to pay eligible redevelopment costs
in the Project Area. Following termination of the Project Area, the real estate tax revenues,
attributable to the increase in the EAV over the Certified Initial EAV, will be distributed to all
taxing districts levying taxes against property located in the Project Area. Successful
implementation of the Plan is expected to result in new development and private investment on a
scale sufficient to overcome blighted conditions and substantially improve the long -term
economic value of the Project Area.
Completion of the Redevelopment Project and Retirement of Obligations to
Finance Redevelopment Project Costs
The Plan will be completed, and all obligations issued to finance redevelopment costs shall be
retired, no later than December 31 st of the year in which the payment to the Village Treasurer as
provided in the Act is to be made with respect to ad valorem taxes levied in the twenty -third
calendar year following the year in which the ordinance approving the Plan is adopted (assuming
adoption in 2005, by December 31, 2029).
23 February 2005
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9. HOUSING IMPACT AND RELATED MATTERS
Amendments to the Act that became effective November 1, 1999, require the preparation of a
housing impact study if the Project Area contains 75 or more inhabited residential units unless
the Village certifies in the Plan that displacement will not result from the Plan or the Plan would
not result in the displacement of ten or more inhabited residential units.
There are no inhabited residential units in the Project Area. Therefore, a housing impact study is
not a required element of this Plan.
24 February 2005
a i
10. ANNEXATION AGREEMENT PROVISIONS
The Act requires that the Redevelopment Plan include the terms of the annexation agreement if
property is to be annexed to the municipality The Project Area includes two small vacant parcels
that will be annexed to the Village of Oak Brook prior to the adoption of the Oak Brook
Promenade Tax Increment Redevelopment Plan and Project.
The annexation agreement will incorporate the Redevelopment Agreement for the
Redevelopment Project, which will include the following terms:
1. Developer will covenant to finance and construct the Redevelopment Project in
accordance with the terms of this Redevelopment Plan and the ordinances adopted by the
Village approving the specific project that will constitute the Redevelopment Project.
2. The Village will issue TIF obligations to assist the developer with eligible costs.
3. The developer will complete the Project in accordance with a schedule to be agreed upon
by the parties.
25 February 2005
11. PROVISIONS FOR AMENDING THE PLAN
The Plan may be amended pursuant to the provisions of the Act.
26 February 2005
12. VILLAGE OF OAK BROOK COMMITMENT TO FAIR
EMPLOYMENT PRACTICES AND AFFIRMATIVE ACTION
As part of any Redevelopment Agreement entered into by the Village and any private developer,
both will agree to establish and implement an affirmative action program that serves appropriate
sectors of the Village of Oak Brook. Developers or redevelopers will meet Village of Oak Brook
standards for participation of Minority Business Enterprises and Woman Business Enterprises as
required in Redevelopment Agreements.
With respect to the public /private development's internal operations, both entities will pursue
employment practices which provide equal opportunity to all people regardless of sex, color,
race, religion or creed. Neither party will countenance discrimination against any employee or
applicant because of sex, marital status, national origin, age, or the presence of physical
handicaps. These nondiscriminatory practices will apply to all areas of employment, including
hiring, upgrading and promotions, terminations, compensation, benefit programs and educational
opportunities.
Anyone involved with employment or contracting for this Plan will be responsible for
conformance with this policy and the compliance requirements of applicable state and federal
regulations.
The Village and the private developers involved in the implementation of this Plan will adopt a
policy of equal employment opportunity and will include or require the inclusion of this
statement in all contracts at any level for redevelopment projects being undertaken in the Project
Area. Any public /private partnership established with respect to implementation of the Plan will
seek to ensure and maintain a working environment free of harassment, intimidation and
coercion at all sites, and in all facilities at which employees are assigned to work. It shall be
specifically ensured that all on -site supervisory personnel are aware of and carry out the
obligation to maintain such a working environment, with specific attention to mmonty and /or
female individuals. The partnership will utilize affirmative action to ensure that business
opportunities are provided and that fob applicants are employed and treated in a
nondiscriminatory manner.
Underlying this policy is the recognition that successful affirmative action programs are
important to the continued growth and vitality of the Village of Oak Brook.
27 February 2005
APPENDIX A
OAK BROOK PROMENADE
REDEVELOPMENT PROJECT AREA
FIGURES 1 -3
A -1 February 2005
d 1
K
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FIGURE 1.
REDEVELOPMENT PROJECT AREA BOUNDARY MAP
VILLAGE OF OAK BROOK TIF # 1
OAK BROOK PROMENADE TAX INCREMENT FINANCING
REDEVELOPMENT PLAN AND PROJECT
1p�
PLAN DATE FEBRUARY 2005
CAM S
1 + t
LEGEND
,sf^x OFFICE
VACANT LAND
r�
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FIGURE 2:
EXISTING LAND USE
VILLAGE OF OAK BROOK TIF # 1
OAK BROOK PROMENADE TAX INCREMENT FINANCING
REDEVELOPMENT PLAN AND PROJECT
1'
PLAN DATE FEBRUARY 2005
CAM I R
--I
"
rt
sA�
r�
61
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FIGURE 2:
EXISTING LAND USE
VILLAGE OF OAK BROOK TIF # 1
OAK BROOK PROMENADE TAX INCREMENT FINANCING
REDEVELOPMENT PLAN AND PROJECT
1'
PLAN DATE FEBRUARY 2005
CAM I R
--I
fa.
r
f 1 ,
LEGEND
RETAIL 1 COMMERCIAL
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FIGURE 3:
LAND USE PLAN
VILLAGE OF OAK BROOK TIF # 1 PLAN DATE FEBRUARY 2005
OAK BROOK PROMENADE TAX INCREMENT FINANCING CAM ROS REDEVELOPMENT PLAN AND PROJECT
APPENDIX B
VILLAGE OF OAK BROOK TIF #1
OAK BROOK PROMENADE
REDEVELOPMENT AND PROJECT AREA
LEGAL DESCRIPTION
PARCEL l:
LOT 2 OF BUTLER COMPANY M -1 INC ASSESSMENT PLAT NO 2 EXCEPT THE WESTERLY
265 FEET THEREOF AS MEASURED ALONG THE NORTHERLY LINE THEREOF, AND EXCEPT
THAT PART THEREOF DESCRIBED AS FOLLOWS
THAT PART OF LOT 2, AFORESAID, IN THE NORTH HALF OF SECTION 28, TOWNSHIP 39
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT
THEREOF RECORDED JULY 8, 1964 AS DOCUMENT R64 -24069 IN DUPAGE COUNTY,
ILLINOIS, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHEAST CORNER OF SAID LOT 2, BEING THE POINT OF
INTERSECTION OF THE SOUTH RIGHT OF WAY LINE OF F.A. ROUTE 131 WITH THE
EXISTING CENTER LINE OF MEYERS ROAD; THENCE WESTERLY ALONG SAID SOUTH
RIGHT OF WAY LINE, A DISTANCE OF 55 4 FEET TO A POINT ON THE EXISTING WEST
RIGHT OF WAY LINE OF MEYERS ROAD FOR A POINT OF BEGINNING, THENCE
SOUTHWESTERLY ALONG SAID WEST RIGHT OF WAY LINE WHICH FORMS AN ANGLE OF
58 DEGREES 25 MINUTES 31 SECONDS TO THE LEFT WITH A PROLONGATION OF THE LAST
DESCRIBED COURSE, A DISTANCE OF 361.1 FEET TO A POINT, SAID WEST RIGHT OF WAY
LINE BEING THE EAST LINE OF THE CHICAGO TITLE AND TRUST COMPANY, AS TRUSTEE
UNDER TRUST NUMBER 46940 PROPERTY, THENCE NORTHEASTERLY ALONG A LINE
WHICH FORMS AN ANGLE OF 176 DEGREES 08 MINUTES 00 SECONDS TO THE RIGHT WITH
A PROLONGATION OF THE LAST DESCRIBED COURSE, A DISTANCE OF 347.5 FEET TO A
POINT ON THE SOUTH RIGHT OF WAY LINE OF F.A. ROUTE 131, THENCE EASTERLY
ALONG SAID SOUTH RIGHT OF WAY LINE, A DISTANCE OF 27 5 FEET TO THE POINT OF
BEGINNING, BEING THE LAND CONVEYED TO THE PEOPLE OF THE STATE OF ILLINOIS,
DEPARTMENT OF TRANSPORTATION BY DEED RECORDED JULY 29, 1974 AS DOCUMENT
R74-38411
PARCEL 2.
THAT PART OF NORTHERN ILLINOIS GAS COMPANY'S 82.5 FOOT RIGHT OF WAY KNOWN
AS NORTHERN ILLINOIS GAS COMPANY YORK TOWNSHIP ASSESSMENT PLAT NO 1
(PLAT DOCUMENT 950269) LYING SOUTH OF AND ABUTTING LOT 2 (EXCEPT THE
WESTERLY 265, FEET AS MEASURED ALONG THE NORTHERLY LINE THEREOF), IN
BUTLER COMPANY M -1 INC. ASSESSMENT PLAT NO. 2, OF PART OF THE NORTHWEST
QUARTER OF SECTION 28, TOWNSHIP 39 NORTH, RANGE 11 EAST OF THE THIRD
B -1 February 2005
PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED JULY 8, 1964 AS
DOCUMENT R64- 24069, IN DUPAGE COUNTY, ILLINOIS; ALSO DESCRIBED AS FOLLOWS-
THAT PART OF NORTHERN ILLINOIS GAS COMPANY PARCEL NO NIG 2 -63, AS SHOWN ON
NORTHERN ILLINOIS GAS COMPANY YORK TOWNSHIP ASSESSMENT PLAT NO 1,
DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF LOT 1 IN GLIDDEN SUBDIVISION, AS
RECORDED OCTOBER 3, 1969 AS DOCUMENT R69 -43878 FOR A POINT OF BEGINNING,
THENCE NORTH 65 DEGREES 27 MINUTES 37 SECONDS EAST ALONG THE NORTH LINE OF
SAID PARCEL NIG 2 -63 (BEING ALSO THE SOUTHERLY LINE OF LOT 2 IN BUTLER
COMPANY M -1 INC. ASSESSMENT PLAT NO 2, AS RECORDED JULY 8, 1964 AS DOCUMENT
R64- 24069), 517 90 FEET, MORE OR LESS, TO A POINT ON THE NORTHWESTERLY LINE OF
NORTHERN ILLINOIS TOLL HIGHWAY PARCEL NO E -2 -63.5; THENCE SOUTH 04 DEGREES
30 MINUTES 01 SECOND WEST ALONG SAID NORTHWESTERLY LINE OF PARCEL NO. E -2-
63.5, 94.36 FEET, MORE OR LESS, TO AN ANGLE POINT IN SAID NORTHWESTERLY LINE;
THENCE SOUTH 65 DEGREES 27 MINUTES 37 SECONDS WEST ALONG SAID
NORTHWESTERLY LINE OF PARCEL NO E -2- 63.5, 465 95 FEET, MORE OR LESS, TO THE
INTERSECTION OF THE SOUTHERLY EXTENSION OF THE AFOREMENTIONED EASTERLY
LINE OF LOT 1 IN GLIDDEN SUBDIVISION WITH SAID NORTHWESTERLY LINE OF PARCEL
NO E -2 -63.5, THENCE NORTH 28 DEGREES 48 MINUTES WEST ALONG THE SOUTHERLY
EXTENSION OF THE EASTERLY LINE OF SAID LOT 1 IN GLIDDEN SUBDIVISION 82.73 FEET,
MORE OR LESS, TO THE POINT OF BEGINNING, ALL IN SECTION 28, TOWNSHIP 39 NORTH,
RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN DUPAGE COUNTY, ILLINOIS.
PARCEL 3
LOT 1 IN GLIDDEN SUBDIVISION NO 1, BEING A SUBDIVISION OF THE WESTERLY 265
FEET AS MEASURED ALONG THE NORTHERLY LINE THEREOF, OF LOT 2 IN BUTLER
COMPANY M -1 INCORPORATED ASSESSMENT PLAT NO 2 OF PART OF THE NORTHWEST
QUARTER OF SECTION 28, TOWNSHIP 39 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT OF SAID GLIDDEN SUBDIVISION NO 1
RECORDED OCTOBER 3, 1969 AS DOCUMENT R69 - 43878, IN DUPAGE COUNTY, ILLINOIS
PARCEL 4:
THAT PART OF NORTHERN ILLINOIS GAS COMPANY PARCEL NO. NIG 2 -63 AS SHOWN ON
NORTHERN ILLINOIS GAS COMPANY YORK TOWNSHIP ASSESSMENT PLAT NO 1,
DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF LOT 1 IN GLIDDEN SUBDIVISION AS
RECORDED OCTOBER 3, 1969 AS DOCUMENT R69 -43878 AND PROCEEDING SOUTH 28
DEGREES 48 MINUTES EAST ALONG A SOUTHERLY EXTENSION OF THE EAST LINE OF
SAID LOT 1, A DISTANCE OF 82.73 FEET, MORE OR LESS, TO A POINT ON THE NORTHERLY
LINE OF NORTHERN ILLINOIS TOLL HIGHWAY PARCEL E -2 -63.5, THENCE SOUTH 65
DEGREES 27 MINUTES 37 SECONDS WEST ALONG SAID NORTHERLY LINE 265.61 FEET,
MORE OR LESS, TO THE INTERSECTION OF THE SOUTHERLY EXTENSION OF THE
WESTERLY LINE OF LOT 2 IN BUTLER COMPANY M -1, INC ASSESSMENT PLAT NO 2
RECORDED JULY 8, 1964 AS DOCUMENT R64 -24069 AND THE AFOREMENTIONED
NORTHERLY LINE, THENCE NORTH 28 DEGREES 48 MINUTES WEST ALONG SAID
SOUTHERLY EXTENSION, 82.73 FEET, MORE OR LESS, TO THE SOUTHWEST CORNER OF
LOT 2 IN THE AFOREMENTIONED BUTLER COMPANY ASSESSMENT PLAT (SAID CORNER
BEING ON THE NORTH LINE OF NORTHERN ILLINOIS GAS COMPANY PROPERTY PARCEL
NO NIG 2 -63); THENCE NORTH 65 DEGREES 27 MINUTES 37 SECONDS EAST ALONG SAID
B -2 February 2005
NORTH LINE (SAID LINE BEING COINCIDENT WITH THE SOUTH LINE OF
AFOREMENTIONED LOT 2), 265 61 FEET, MORE OR LESS, TO THE POINT OF BEGINNING,
ALL IN SECTION 28, TOWNSHIP 39 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL
MERIDIAN, IN DUPAGE COUNTY, ILLINOIS
PARCEL 5:
THAT PART OF THE NORTHWEST QUARTER OF SECTION 28, TOWNSHIP 39 NORTH, RANGE
11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN DUPAGE COUNTY, ILLINOIS, DESCRIBED
AS FOLLOWS:
BEGINNING AT THE EASTERLY MOST NORTHEAST CORNER OF LOT 5 IN HOMESTEAD
VILLAGE, BEING A SUBDIVISION OF PART OF THE NORTHWEST QUARTER OF SAID
SECTION 28 AND SECTION 29, ACCORDING TO THE PLAT THEREOF RECORDED
SEPTEMBER 1, 1998 AS DOCUMENT R98- 179522, SAID POINT OF BEGINNING BEING ON THE
SOUTHERLY LINE OF NORTHERN ILLINOIS GAS COMPANY ASSESSMENT PLAT NO 1
PARCEL NO. NIG2 -63N ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT
950269; THENCE NORTH 65 DEGREES 32 MINUTES 08 SECONDS EAST (NORTH 65 DEGREES
37 MINUTES EAST, RECORD) ALONG SAID SOUTHERLY LINE OF NORTHERN ILLINOIS GAS
COMPANY ASSESSMENT PLAT NO 1 PARCEL NO NIG2 -63N, A DISTANCE OF 451.02 FEET
(450.89 FEET RECORD) TO THE EASTERLY LINE OF SAID NORTHERLY ILLINOIS GAS
COMPANY ASSESSMENT PLAT NO 1 PARCEL NO NIG2 -63N, THENCE NORTH 04 DEGREES
34 MINUTES 53 SECONDS EAST (NORTH 04 DEGREES 47 MINUTES EAST, RECORD) ALONG
SAID EAST LINE OF THE NORTHERN ILLINOIS GAS COMPANY ASSESSMENT PLAT NO. 1
PARCEL NO. NIG2 -63N, AND ALONG AN EASTERLY LINE OF LOT 2 IN BUTLER COMPANY
M -1 INC. ASSESSMENT PLAT NO 2 ACCORDING TO THE, PLAT THEREOF RECORDED AS
DOCUMENT NO R64- 24069, A DISTANCE OF 19120 FEET (191 21 FEET RECORD) TO A
SOUTHEASTERLY CORNER OF SAID LOT 2 IN BUTLER COMPANY M -1 INC. ASSESSMENT
PLAT NO. 2, THENCE SOUTH 85 DEGREES 23 MINUTES 50 SECONDS EAST (SOUTH 85
DEGREES 13 MINUTES EAST RECORD), ALONG A SOUTHERLY LINE OF SAID LOT 2 IN
BUTLER COMPANY M -1 INC. ASSESSMENT PLAT NO 2, A DISTANCE OF 100 00 FEET TO A
SOUTHEASTERLY CORNER OF SAID LOT 2 IN BUTLER COMPANY M -1 INC ASSESSMENT
PLAT NO. 2, SAID POINT BEING ON THE WESTERLY LINE OF THE NORTHERN ILLINOIS
TOLL HIGHWAY PERMANENT EASEMENT PARCEL NO E -2 -631 ACCORDING TO
DOCUMENT NO. 846924; THENCE SOUTH 04 DEGREES 35 MINUTES 51 SECONDS WEST
(SOUTH 04 DEGREES 47 MINUTES WEST, RECORD) ALONG THE WESTERLY LINE OF THE
NORTHERN ILLINOIS TOLL HIGHWAY PERMANENT EASEMENT PARCEL NO. E -2 -63.1, AND
ALONG THE WESTERLY LINE OF THE NORTHERN ILLINOIS GAS COMPANY YORK
TOWNSHIP ASSESSMENT PLAT NO 1 LOT 8 -2 ACCORDING TO THE PLAT THEREOF
RECORDED AS DOCUMENT NO R64- 280421 A DISTANCE OF 250 00 FEET TO THE
NORTHERLY LINE OF THE NORTHERN ILLINOIS TOLL HIGHWAY, THENCE SOUTH 65
DEGREES 32 MINUTES 08 SECONDS WEST (SOUTH 65 DEGREES 37 MINUTES WEST,
RECORD) ALONG SAID NORTHERLY LINE OF THE NORTHERN ILLINOIS TOLL HIGHWAY, A
DISTANCE OF 349 98 FEET TO THE SOUTHEASTERLY CORNER OF TECHNOLOGY DRIVE AS
DEDICATED BY THE PLAT OF SAID HOMESTEAD VILLAGE; THENCE THE FOLLOWING SIX
(6) COURSES AND DISTANCES ALONG THE EASTERLY AND NORTHERLY LINE OF SAID
TECHNOLOGY DRIVE. 1) THENCE NORTH 24 DEGREES 22 MINUTES 20 SECONDS WEST
(NORTH 25 DEGREES 41 MINUTES 17 SECONDS WEST, RECORD) A DISTANCE OF 97 36 FEET
TO THE NORTHEAST CORNER OF SAID TECHNOLOGY DRIVE, 2) THENCE SOUTH 65
DEGREES 37 MINUTES 40 SECONDS WEST (SOUTH 64 DEGREES 18 MINUTES 43 SECONDS
WEST, RECORD) A DISTANCE OF 80.00 FEET, 3) THENCE SOUTH 24 DEGREES 22 MINUTES
20 SECONDS EAST (SOUTH 25 DEGREES 41 MINUTES 17 SECONDS EAST, RECORD) A
DISTANCE OF 15.00 FEET; 4) THENCE SOUTH 65 DEGREES 37 MINUTES 40 SECONDS WEST
B -3 February 2005
(SOUTH 64 DEGREES 18 MINUTES 43 SECONDS WEST, RECORD) A DISTANCE OF 4 75 FEET,
5) THENCE SOUTH 13 DEGREES 41 MINUTES 39 SECONDS WEST, (SOUTH 12 DEGREES 00
MINUTES 14 SECONDS WEST, RECORD) A DISTANCE OF 20 78 FEET; 6) THENCE SOUTH 65
DEGREES 32 MINUTES 08 SECONDS WEST, (SOUTH 64 DEGREES 13 MINUTES 11 SECONDS
WEST, RECORD) A DISTANCE OF 62.44 FEET TO THE SOUTHEAST CORNER OF SAID LOT 5
IN HOMESTEAD VILLAGE; THENCE NORTH 24 DEGREES 22 MINUTES 20 SECONDS WEST
(NORTH 25 DEGREES 41 MINUTES 17 SECONDS WEST, RECORD) ALONG THE EASTERLY
MOST LINE OF SAID LOT 5, A DISTANCE OF 33.80 FEET TO SAID POINT OF BEGINNING, IN
DUPAGE COUNTY, ILLINOIS.
B -4 February 2005
APPENDIX C
VILLAGE OF OAK BROOK TIF #1
OAK BROOK PROMENADE
REDEVELOPMENT AND PROJECT AREA
ELIGIBILITY STUDY
The purpose of this study is to ' determine whether a portion of the Village of Oak Brook
identified as the Oak Brook Promenade Redevelopment Project Area qualifies for designation as
a tax increment financing district within the definitions set forth under 65 ILCS 5/11 -74.4
contained in the "Tax Increment Allocation Redevelopment Act" (65 ILCS 5/11- 74.4 -1 et seq.),
as amended. This legislation focuses on the elimination of blighted or rapidly deteriorating areas
through the implementation of a redevelopment plan. The Act authorizes the use of tax
increment revenues derived in a project area for the payment or reimbursement of eligible
redevelopment project costs.
The area proposed for designation as the Oak Brook Promenade Redevelopment Project Area,
hereinafter referred to as the "Study Area," is shown in Figure A. Study Area Boundary Map
The Study Area is generally bounded by Butterfield Road on the north, Meyers Road on the east,
I -88 East -West Tollway on the south and the Coimrionwealth Edison substation on the west. The
Study Area is approximately 19.7 acres in size and includes five tax parcels and undedicated
Meyers Road right -of -way
This study summarizes the analyses and findings of the consultant's work, which, unless
otherwise noted, is solely the responsibility of Camiros, Ltd. and does not necessarily reflect the
views and opinions of potential developers or the Village of Oak Brook. Camiros, Ltd. has
prepared this report with the understanding that the Village would rely 1) on the findings and
conclusions of this report in proceeding with the designation of the Study Area as a
redevelopment project area under the Act, and 2) on the fact that Camiros, Ltd. has obtained the
necessary information to conclude that the Study Area meets the requirements for designation as
a redevelopment project area in compliance with the Act.
C -1 February 2005
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FIGURE A:
STUDY AREA BOUNDARY MAP
VILLAGE OF OAK BROOK TIF # 1
OAK BROOK PROMENADE TAX INCREMENT FINANCING �
REDEVELOPMENT PLAN AND PROJECT
PLAN DATE FEBRUARY 2005
CAM I R 0 S
a
st i
1. INTRODUCTION
The Tax Increment Allocation Redevelopment Act (the "Act ") permits municipalities to induce
redevelopment of eligible "blighted," "conservation" or "industrial park conservation areas" in
accordance with an adopted redevelopment plan. The Act stipulates specific procedures, which
must be adhered to, in designating a redevelopment project area. One of those procedures is the
determination that the area meets the statutory eligibility requirements. Under 65 ILCS 5/11 -
74.4-3(p), the Act defines a "redevelopment project area" as:
"... an area designated by the municipality, which is not less in the aggregate than 1-1/2
acres, and in respect to which the municipality has made a finding that there exist conditions
which cause the area to be classified as a blighted area, conservation area or industrial park
conservation area, or combination of both blighted and conservation areas."
In adopting the Act, the Illinois State Legislature found that:
1. ...there exists in many municipalities within this State blighted, conservation and
industrial park conversation areas ... (at 65 ILCS 5/11- 74.4- 2(a)); and
2. ..the eradication of blighted areas and treatment and improvement of conservation areas
by redevelopment projects is hereby declared to be essential to the public interest (at 65
ILLS 5/11- 74.4- 2(b)).
The legislative findings were made on the basis that the presence of blight, or conditions that
lead to blight, is detrimental to the safety, health, welfare and morals of the public. The Act
specifies certain requirements, which must be met, before a municipality may proceed with
implementing a redevelopment project in order to ensure that the exercise of these powers is
proper and in the public interest.
Before the tax increment financing ( "TIP) technique can be used, the municipality must first
determine that the proposed redevelopment area qualifies for designation as a "blighted area,"
"conservation area," or "industrial park conservation area." Based on the conditions present, this
Eligibility Study (the "Study ") finds that the Study Area qualifies for designation as a blighted
area, both with respect to its improved area and with respect to its vacant area.
Blighted Areas
If the property under consideration is improved, a combination of five or more of the following
factors must be present for designation as a blighted area, as more fully discussed in Section
74.4- 3(a)(1) of the Act:
1. Dilapidation
2. Obsolescence
3. Deterioration
4 Presence of structures below minimum code standards
5. Illegal use of individual structures
C -3 February 2005
6. Excessive vacancies
7. Lack of ventilation, light or sanitary facilities
8. Inadequate utilities
9. Excessive land coverage and overcrowding of structures and community facilities
10. Deleterious land use or layout
11. Environmental clean -up requirements
12. Lack of community planning
13. Lagging or declining equalized assessed value
If the property consists of vacant land, a combination of two or more of the following factors
qualifies the area as blighted, all as more frilly discussed in Section 74.4- 3(a)(2) of the Act (the
"Vacant Blighted Area Option A Factors "):
1. Obsolete platting of vacant land
2. Diversity of ownership of vacant land
3. Tax or special assessment delinquencies on such land
4. Deterioration of structures or site improvements in neighboring areas adjacent to the
vacant land
5. Environmental clean -up requirements
6. Lagging or declining equalized assessed value
Vacant land may also qualify as blighted if any one of the following factors is present, all as
more fully described in Section 74.4- 3(a)(3) of the Act (the "Vacant Blighted Area Option B
Factors "):
1. The area consists of one or more unused quarries, mines or strip mine ponds
2. The area consists of unused rail yards, tracks or rights -of -way
3. The area is subject to flooding as certified by a registered professional engineer or
appropriate regulatory agency
4. The area consists of an unused or illegal disposal site containing earth, stone,
building debris, or similar materials that were removed from construction, demolition,
excavation or dredge sites
5. The area is between 50 to 100 acres, 75 percent vacant, shows deleterious qualities
and was designated as a town center before 1.982, but not developed for that purpose
6 The area qualified as blighted immediately before it became vacant
The Act defines blighted areas and amendments to the Act also provide guidance as to when the
factors present qualify an area for such designation. Where any of the factors defined in the Act
are found to be present in the Study Area, they must be: 1) documented to be present to a
meaningful extent so that the municipality may reasonably find that the factor is clearly present
within the intent of the Act; and 2) reasonably distributed throughout the vacant or improved part
of the Study Area, as applicable, to which such factor pertains.
The test of eligibility of the Study Area is based on the conditions of the area as a whole. The
Act does not require that eligibility be established for each and every property in the Study Area.
C -4 February 2005
2. ELIGIBILITY STUDIES AND ANALYSIS
An analysis was undertaken to determine whether any or all of the blighting factors listed in the
Act are present in the Study Area, and if so, to what extent and in which locations.
In order to accomplish this evaluation the following tasks were undertaken:
1. Exterior survey of the condition and use of each building.
2. Field survey of environmental conditions involving parking facilities, public
infrastructure, site access, fences and general property maintenance.
3 Analysis of existing land uses and their relationships.
4. Comparison of surveyed buildings to zoning regulations.
5. Analysis of the current platting, building size and layout.
6. Analysis of building floor area and site coverage.
7. Review of previously prepared plans, studies, inspection reports and other data.
8 Analysis of real estate assessment data.
9. Review of available building permit records to determine the level of
development activity in the area.
10. Review of building code violations
Exterior building condition and site conditions surveys of the Study Area were undertaken in
November and December 2004. The analysis of site conditions was organized by tax parcel and
type of property (improved or vacant) as shown in Figure B: Property Type Map. Existing land
use shown in Figure C Existing Land Use Map.
Where a factor is described as being present to a meaningful extent, the factor is present with
respect to a majority of the improved or vacant tax parcels in the Study Area, as applicable. The
presence of such conditions has a mayor adverse impact or influence on adjacent and nearby
property. A factor described as being present to a minor extent indicates that the factor is
present, but that the distribution of impact of the condition is more limited, affecting fewer than
50% of the improved or vacant tax parcels, as applicable. A statement that the factor is not
present indicates that either no information was available or that no evidence was documented as
a result of the various surveys and analyses. Factors whose presence could not be determined
with certainty were not considered in establishing eligibility
Each factor identified in the Act for determining whether an area qualifies as a blighted area is
discussed below and a conclusion is presented as to whether or not the factor is present in the
Study Area to a degree sufficient to warrant its inclusion as a blighting factor in establishing the
eligibility of the area as a blighted area under the Act. These findings describe the conditions that
exist and the extent to which each factor is present.
C -5 February 2005
LEGEND
IMPROVED PROPERTY
VACANT LAND
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FIGURE B•
PROPERTY TYPE
VILLAGE OF OAK BROOK TIF # 1
OAK BROOK PROMENADE TAX INCREMENT FINANCING
REDEVELOPMENT PLAN AND PROJECT
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PLAN DATE FEBRUARY 2005
CAM I R-0 S
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FIGURE B•
PROPERTY TYPE
VILLAGE OF OAK BROOK TIF # 1
OAK BROOK PROMENADE TAX INCREMENT FINANCING
REDEVELOPMENT PLAN AND PROJECT
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PLAN DATE FEBRUARY 2005
CAM I R-0 S
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LEGEND
OFFICE
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FIGURE C:
EXISTING LAND USE
VILLAGE OF OAK BROOK TIF # 1
OAK BROOK PROMENADE TAX INCREMENT FINANCING
REDEVELOPMENT PLAN AND PROJECT
PLAN DATE FEBRUARY 2005
CAM I R 0 S
3. PRESENCE AND DISTRIBUTION OF ELIGIBILITY FACTORS
The Act establishes different eligibility factors for improved property and vacant land. Property
within the Study Area consists of a combination of improved property and vacant land.
Improved property includes parcels that contain buildings, structures, parking or other physical
improvements. Improved property may include single parcels or multiple parcels under single or
common ownership. Landscaped yards, open space or other ancillary functions may also be
classified as improved property for the purposes of the eligibility analysis if they are obviously
accessory to an adjacent building (primary use)
In order to establish the eligibility of a redevelopment project area under the improved "blighted
area" criteria established in the Act, at least five of 13 eligibility factors must be meaningfully
present and reasonably distributed throughout the Study Area with respect to improved property.
For vacant land, either two Vacant Blighted Area Option A Factors (described below) or one
Vacant Blighted Area Option B Factor (also described below) must be meaningfully present and
reasonably distributed with respect to the vacant land.
This eligibility study finds that the Study Area qualifies for designation as a combination of an
improved blighted area and vacant blighted area under the criteria contained in the Act. The
following qualifying factors for an improved blighted area are meaningfully and reasonably
distributed within the improved portions of the Study Area:
1. Obsolescence
2. Deterioration
3. Presence of structures below minimum code standards
4. Excessive vacancies
5 Inadequate utilities
6. Excessive land coverage or overcrowding of community facilities
7 Deleterious land use or layout
8. Lack of community planning
9 Lagging or declining EAV
The following Vacant Blighted Area Option A Factors apply to the vacant land in the Study
Area:
1. Obsolete platting
2. Deterioration of structures or site improvements in neighboring areas adjacent to the
vacant land
3 Lagging or declining EAV
These Option A Factors are meaningfully present and reasonably distributed, affecting both
vacant tax parcels. Thus, the vacant portion of the Study Area qualifies as blighted under the
Act.
C -8 February 2005
The presence and distribution of eligibility factors related to the qualification of the Study Area
for designation as a combination of an improved blighted area and a vacant blighted area are
discussed below. Following this discussion, the Vacant Blighted Area Option A eligibility
factors related to vacant land are discussed. None of the Vacant Blighted Area Option B Factors
are applicable to property in the Study Area.
All of applicable factors are well distributed throughout the Study Area, as indicated in Table C,
Distribution of Blighting Factors.
Improved Property
The Study Area contains three tax parcels that are classified as improved property which
comprise 93.3% of the Study Area. The two largest parcels contain a total of three office
buildings. Also classified as improved is an 82 73 foot wide parcel at the southern end of the
Study Area that is subject to several utility easements including a 15 -foot Oak Brook Utility
Company easement, a Northern Illinois Gas Company easement and a Commonwealth Edison
Company easement. This parcel is paved and contains a Commonwealth Edison high- voltage
utility pole. The evaluation of the Study Area with respect to each of the 13 factors used to
establish eligibility of improved property as blighted is described below.
1. Dilapidation
As defined in the Act, "dilapidation" refers to an advanced state of disrepair or neglect of
necessary repairs to the primary structural components of buildings or improvement in such a
combination that a documented building condition analysis determines that major repair is
required or the defects are so serious and so extensive that the buildings must be removed.
This section summarizes the process used for assessing building conditions in the Study
Area, the standards and criteria used for evaluation, and the findings as to the existence of
dilapidation or deterioration of structures
The building condition analysis is based on a thorough exterior inspection and limited
interior inspection of the buildings and sites conducted by Camiros, Ltd. in November 2004.
Structural deficiencies in building components and related environmental deficiencies in the
Study Area were noted during the survey
Building Components Evaluated
During the field survey, each component of the buildings in the Study Area was examined to
determine whether it was in sound condition or had minor, major, or critical defects.
Building components examined were of two types:
Primary Structural Components
These include the basic elements of any building: foundation walls, load - bearing walls
and columns, roof, roof structures and facades.
C -9 February 2005
Secondary Components
These are components generally added to the primary structural components and are
necessary parts of the building, including exterior and interior stairs, windows and
window units, doors and door units, interior walls, chimney, and gutters and downspouts
Each primary and secondary component was evaluated separately as a basis for determining
the overall condition of individual buildings. This evaluation considered the relative
importance of specific components within a building and the effect that deficiencies In
components will have on the remainder of the building.
Building Component Classification
The four categories used in classifying building components and systems and the criteria
used in evaluating structural deficiencies are described below:
Sound
Building components that contain no defects, are adequately maintained, and require no
treatment outside of normal ongoing maintenance.
Deficient — Requiring Minor Repair
Building components containing defects (loose or missing material or holes and cracks
over a limited area), which often may be corrected through the course of normal
maintenance. Minor defects have no real effect on either the primary or secondary
components and the correction of such defects may be accomplished by the owner or
occupants, such as tuckpointing masonry joints over a limited area or replacement of less
complicated components Minor defects are not considered in rating a building as
structurally substandard.
Deficient — Requiring Major Repair
Building components that contain major defects over a widespread area that would be
difficult to correct through normal maintenance. Buildings in the mayor deficient category
would require replacement or rebuilding of components by people skilled in the building
trades.
Critical
Building components that contain major defects (bowing, sagging, or settling to any or
all exterior components causing the structure to be out -of- plumb, or broken, loose or
missing material and deterioration over a widespread area) so extensive that the cost of
repair would be excessive.
Final Building Rating
After completion of the exterior building condition survey, each structure was placed in one of
three categories based on the combination of defects found in various primary and secondary
building components. Each final rating is described below:
C -10 February 2005
Sound
Sound buildings can be kept in a standard condition with normal maintenance. Buildings so
classified have no minor defects.
T)(-,fl ri ent
Deficient buildings contain defects that collectively are not easily correctable and cannot be
accomplished in the course of normal maintenance. The classification of mayor or minor
reflects the degree or extent of defects found during the survey of the building.
• Deficient -Minor
Buildings classified as "deficient — requiring minor repairs" have more than one minor
defect, but no major defects.
Deficient -Mayor
Buildings classified as "deficient — requiring mayor repairs" have at least one mayor
defect in one of the primary components or in the combined secondary components, but
less that one critical defect.
Substandard
Structurally substandard buildings contain defects that are so serious and so extensive that
the building must be removed. Buildings classified as structurally substandard have two or
more mad or defects.
Minor deficient and mayor deficient buildings are considered to be the same as deteriorating
buildings as referenced in the Act. Substandard buildings are the same as dilapidated
buildings.
Conclusion Dilapidation was not found to be present within the Study Area Whale all of the
structures an the Study Area contained identifiable deficiencies none was significant enough
for the building to be classified as substandard or dilapidated.
2. Obsolescence
As defined in the Act, "obsolescence" refers to the condition or process of falling into disuse.
Structures have become ill suited for the original use.
In making findings with respect to buildings, it is important to distinguish between functional
obsolescence which relates to the physical utility of a structure, and economic obsolescence
which relates to a property's ability to compete in the marketplace.
Functional Obsolescence
Historically, structures have been built for specific uses or purposes. The design,
location, height, and space arrangement are intended for a specific occupant at a given
time. Buildings become obsolete when they contain characteristics or deficiencies which
limit their use and marketability after the original use ceases. The characteristics may
include loss in value to a property resulting from an inherent deficiency existing from
C -11 February 2005
poor design or layout, the improper orientation of the building on its site, etc., which
detracts from the overall usefulness or desirability of a property.
Economic Obsolescence
Economic obsolescence is normally a result of adverse conditions which cause some
degree of market rejection and depreciation in market values.
If functionally obsolete properties are not periodically improved or rehabilitated, or
economically obsolete properties are not converted to higher and better uses, the income and
value of the property erodes over time. This value erosion leads to deferred maintenance,
deterioration, and excessive vacancies. These manifestations of obsolescence then begin to
have an overall blighting influence on surrounding properties and detract from the economic
vitality of the overall area.
Obsolescence as a factor should be based upon the documented presence and reasonable
distribution of buildings evidencing such obsolescence. Obsolete buildings contain
characteristics or deficiencies that limit their long -term sound use or reuse. Obsolescence in
such buildings is typically difficult and expensive to correct. Obsolete building types have an
adverse affect on nearby and surrounding development and detract from the physical,
functional and economic vitality of the area.
Buildings within the Study Area are both functionally and economically obsolete. Functional
obsolescence is demonstrated by the difficulty is leasing office space and the high vacancy
rate
The two three -story office buildings are largely vacant with approximately 140,000 square
feet of available space. These buildings lack the amenities needed to be competitive in the
current office market. Garage parking is limited, there is no atrium or formal entry and
ceilings are low. Even more problematic is column spacing which makes interior space
layout inefficient and the lack of electric or telecommunications infrastructure in the floor,
requirements for open office floor plans. The concrete floors and ceiling heights make
retrofitting uneconomical. These office buildings were connected as an addition, with a
variation in floor heights that required ramping. Among other building deficiencies are the
lack of loading docks and freight elevators, amenities required by today's potential office
tenants.
The single -story building within the Study Area was built originally as a warehouse with
office space fronting on Butterfield Road. The original main entrances are no longer used,
having been replaced with signs directing visitors to the reception desk which has been
relocated to the rear of the building near the original loading dock locations. Warehouse use
has been discontinued and the original warehouse space has been converted to offices, with
enclosed offices with drop ceilings along the perimeter and office areas open to the roof
framing in the interior. The high ceilings that were needed for the former use are not required
for current use.
Economic obsolescence is demonstrated by a lack of growth in equalized assessed value. The
equalized assessed value of the tax parcel that contains the two three -story buildings has
decreased by 3.2% over its 1998 value While the equalized assessed value of the single-
C -12 February 2005
1 9,
story office /warehouse building registered a 4% increase between the 1998 and 2003 tax
years, this falls far short of the 32% increase in equalized assessed value experienced by Oak
Brook as a community for the same period.
Conclusion Obsolescence is present to a meaningful extent and reasonably distributed
within the Study Area, affecting each of the three office buildings within the Study Area
3. Deterioration
As defined in the Act, "deterioration" refers to, with respect to buildings, defects including,
but not limited to, major defects in the secondary building components such as doors,
windows, porches, gutters and downspouts, and fascia. With respect to surface
improvements, the condition of roadways, alleys, curbs, gutters, sidewalks, off - street
parking, and surface storage areas evidence deterioration, including, but not limited to,
surface cracking, crumbling, potholes, depressions, loose paving material, and weeds
protruding through paved surfaces.
Based on the definition given by the Act, deterioration refers to any physical deficiencies or
disrepair in buildings or site improvements requiring treatment or repair. All of the improved
tax parcels within the Study Area exhibit deterioration to varying degrees, with respect to site
improvements, structures and buildings
Evidence of deterioration with respect to the single -story office building includes rusting
sofits along the warehouse section of the building and stained brick that is indicative of water
damage and a broken exterior light fixture at the side entrance on the west fagade of the
building. Pavement cracking and deterioration was observed throughout the paved areas of
this parcel.
An interior inspection of the two three -story office buildings was conducted as part of the
eligibility analysis. Water damage is evident from air conditioning system leaks throughout
the building. Window seals have also deteriorated. Limestone cracks are present in exterior
building walls.
Cracking is also evident in building entryways and maintenance efforts have not successfully
corrected the damage, indicating more serious structural failure. Parking lot pavement is also
deteriorated, and rusted storm sewer grates were observed. Paved walkways around the
building are heaving in places, especially near the detention pond.
Peeling paint and rust spots were observed with respect to the Commonwealth Edison utility
pole. The concrete base also contained minor cracks.
Conclusion Deterioration is present to a meaningful extent and reasonably distributed
throughout the Study Area, affecting all improved parcels.
4. Presence of Structures Below Minimum Code Standards
As defined in the Act, the "presence of structures below minimum code standards" refers to
all structures that do not meet the standards of zoning, subdivision, building, fire, and other
C -13 February 2005
governmental codes applicable to property, but not including housing and property
maintenance codes.
As referenced in the definition above, the principal purposes of governmental codes
applicable to properties are to require buildings to be constructed in such a way as to sustain
safety of loads expected from the type of occupancy; to be safe for occupancy against fire
and similar hazards; and /or to establish minimum standards essential for safe and sanitary
habitation. Structures below minimum code standards are characterized by defects or
deficiencies that threaten health and safety.
None of the office buildings have office street loading docks as required by current Oak
Brook development regulations. Buildings must be brought up to code during tenant build -
out. The owners and leasing agents for the two three -story office buildings have studied a
number of options for providing freight elevators and loading dock facilities, but the design
of the buildings has precluded the provision of such facilities.
Additionally, the single -story office building at 3121 Butterfield Road has no provision for
stormwater detention which would be required today. This building was built in 1969, before
such facilities were required
Conclusion. This factor is meaningfully present and reasonably distributed within the Study
Area affecting the two largest improved parcels
5. Illegal Use of Structures
There is an illegal use of a structure when structures are used in violation of federal, state or
local laws. Based on the surveys conducted, no structures in the Study Area are used
illegally.
Conclusion: This factor was found not to be present within the Study Area.
6. Excessive Vacancies
As defined in the Act, "excessive vacancies" refers to the presence of buildings that are
unoccupied or under - utilized and that represent an adverse influence on the area because of
the frequency, extent, or duration of the vacancies
The buildings in the Study Area are more than 70% vacant, a condition that has been present
for several years, despite sustained efforts to lease the property. Approximately 140,000
square feet of space is currently available. Since the vacancy rate in the surrounding office
market is approximately 30% and includes space in buildings with the type of amenities
demanded by prospective office tenants, it is unlikely that the property owner will be able to
successfully re -lease these buildings As noted in the discussion of obsolescence, these
buildings lack amenities such as impressive lobbies, dining facilities, loading docks, and
freight elevators that are requirements in today's competitive office market.
Conclusion: Excessive vacancy as a factor is meaningfully present and reasonably
distributed within the Study Area
C -14 February 2005
7. Lack of Ventilation, Light, or Sanitary Facilities
As defined in the Act, "lack of ventilation, light, or sanitary facilities" refers to the absence
of adequate ventilation for light or air circulation in spaces or rooms without windows, or
that require the removal of dust, odor, gas, smoke, or other noxious airborne materials.
Inadequate natural light and ventilation means the absence or inadequacy of skylights or
windows for interior spaces or rooms and improper window sizes and amounts by room area
to window area ratios. Inadequate sanitary facilities refers to the absence or inadequacy of
garbage storage and enclosure, bathroom facilities, hot water and kitchens, and structural
inadequacies preventing ingress and egress to and from all rooms and units within a
building.
Conclusion This condition is not present within the Study Area The buildings are all less
than 40 years old and were build in accordance with applicable building codes that required
provision of ventilation, light and sanitary facilities
8. Inadequate Utilities
As defined in the Act, "inadequate utilities" refers to underground and overhead utilities such
as storm sewers and storm drainage, sanitary sewers, water lines, and gas, telephone, and
electrical services that are shown to be inadequate. Inadequate utilities are those that are: (i)
of insufficient capacity to serve the uses in the redevelopment project area, (ii) deteriorated,
antiquated, obsolete, or in disrepair, or (iii) lacking within the redevelopment project area.
Despite having a five -acre detention pond on the property, additional stormwater capacity
must be secured to allow redevelopment of the Study Area. This pond serves as an on -line
detention pond for the properties up stream, but cannot be used to provide storage for
additional development or redevelopment within the Study Area. The 3121 Butterfield Road
lacks stormwater detention entirely. The Study Area contains easements for several mayor
gas and electric lines that impede redevelopment of this property.
Conclusion This factor is meaningfully present and reasonably distributed within the Study
Area affecting the entire Study Area
9. Excessive Land Coverage or Overcrowding of Community Facilities
As defined in the Act, "excessive land coverage or overcrowding of community facilities"
refers to the over - intensive use of property and the crowding of buildings and accessory
facilities onto a site. Examples of problem conditions warranting the designation of an area
as one exhibiting excessive land coverage are: (i) the presence of buildings either improperly
situated on parcels or located on parcels of inadequate size and shape in relation to present -
day standards of development for health and safety and (ii) the presence of multiple buildings
on a single parcel. For there to be a finding of excessive land coverage, these parcels must
exhibit one or more of the following conditions: insufficient provision for light and air within
or around buildings, increased threat of spread of fire due to the close proximity of buildings,
lack of adequate or proper access to a public right -of -way, lack of reasonably required off -
street parking, or inadequate provision for loading and service.
C -15 February 2005
s
All of the buildings within the Study Area have inadequate provision for loading and service.
The two three -story buildings lack freight elevators and loading docks. The single -story
building, while built as a warehouse, has been reconfigured with offices and no longer
contains any space specifically designated for loading and_ service. This building also has
issues related to proper access to a public right -of -way since access to Butterfield Road is
limited to right -in, right -out turns.
Conclusion This factor is meaningfully present and reasonably distributed throughout the
Study Area
10. Deleterious Land Use or Layout
As defined in the Act, "deleterious land -use or layout" refers to the existence of incompatible
land -use relationships, buildings occupied by inappropriate mixed -uses, or uses considered to
be noxious, offensive, or unsuitable for the surrounding area.
This factor is present due to the presence of the Commonwealth Edison utility lines that
distribute power to from the substation immediately west of the Study Area to the regional
power grid. Additionally, the, right in, right out access limitations for 3121 Butterfield Road
that require informal cross access across adjacent parcels for west bound traffic movement on
either Butterfield Road or Technology Drive create potential impediments to the individual
redevelopment of these parcels
Conclusion: This factor affects two of the three improved tax parcels and creates
impediments to the redevelopment potential of the entire Study Area.
11. Environmental Clean -Up Requirements
As defined in the Act, "environmental clean -up" means that the area has incurred Illinois
Environmental Protection Agency or United States Environmental Protection Agency
remediation costs for, or a study conducted by an independent consultant recognized as
having expertise in environinental remediation has determined a need for, the clean -up of
hazardous waste, hazardous substances, or underground storage tanks required by State or
federal law, provided that the remediation costs constitute a material impediment to the
development or redevelopment of the redevelopment project area.
Conclusion. No evidence of environmental contamination of clean up requirements was
identified as part of this eligibility analysis Consequently, this factor was not found to be
present in the Study Area and was not used to establish eligibility as a blighted area under
the Act
C -16 February 2005
i
12. Lack of Community Planning
As defined in the Act, "lack of community planning" means that the proposed redevelopment
project area was developed prior to or without the benefit or guidance of a community plan
This means that the development occurred prior to the adoption by the municipality of a
comprehensive or other community plan or that the plan was not followed at the time of the
area's development. This factor must be documented by evidence of adverse or incompatible
land -use relationships, inadequate street layout, improper subdivision, parcels of inadequate
shape and size to meet contemporary development standards, or other evidence
demonstrating an absence of effective community planning
Evidence of this factor includes the fact that the Study Area includes land that forms part of
the Meyers Road right -of -way, but which was never formally dedicated. Although the
County's tax maps do not show this deficiency, discussions with the County Clerk's office
confirmed that this is the situation.
Oak Brook has developed as a community largely without the benefit of a formally adopted
comprehensive plan. Before Oak Brook was established as a municipality, Paul Butler, a
prominent land owner established a polo club and assembled approximately 3,600 acres of
contiguous land to establish a "new town." His vision was a large development that included
residences, retail, office and hotels that served and reinforced each other. In the initial
development of the Village, the approach to density was based on the development of a
standard two to three story building with surface parking. The amount of land not covered by
building or parking was largely determined by what "looked right."
The community grew on a largely ad hoc basis responding to market -driven development
proposals that included the approval of Oakbrook Center, which has become the primary
economic engine of the Village The Village's first comprehensive plan was adopted in June
1969, with subsequent comprehensive plan updates approved in February '973, May 1978
and November 1988. In 1995 an update to the Oak Brook Comprehensive Plan was prepared,
but has not been adopted by the Village. At present land use policy is established by the
Village's Zoning Ordinance and Zoning
ID
Map.
While the 1995 Comprehensive Plan Update has not been adopted by the Village it provides
useful insights and information concerning conditions that have impacted opportunities for
redevelopment of increasingly obsolete office and other commercial uses along the
Butterfield Road corridor.
Oak Brook is challenged by its own maturation and competition from other suburbs. Former
bedroom communities have become mayor office centers in their own right, redeveloping
obsolete facilities to accommodate mixed -use office developments at higher densities, with
structured parking as well as retail, restaurant and recreational uses that are integral parts of
the development.
Many of the office buildings found in Oak Brook were built more than 25 years ago and have
not been renovated to accommodate new communications technologies. At the time these
buildings were built, business was conducted in substantially different ways. Today, many of
these buildings are largely vacant, including those found in the Study Area.
C -17 February 2005
� , f
The Village has been able to rely largely on the sales tax revenues produced by Oakbrook
Center and does not currently have a property tax levy to support Village services. However,
this reliance on sales tax revenues means that new retail facilities must be developed to help
augment those that currently exist. No sales tax revenues are generated by the current uses
that can be used to offset public service costs
The planning principles that created Oak Brook were focused on the automobile rather than
creating retail and other activity centers to serve residents. As a result, Oak Brook lacks an
area that can be viewed as a "town center" an amenity that many similarly situated suburbs
have worked to create over the past few decades
Conclusion. Lack of community planning affects the entire Study Area to a meaningful
extent. The improved portions of the Study Area were developed nearly ten years apart and
are linked by informal, ad hoc access points rather than a coordinated internal circulation
system.
13. Lagging or Declining Equalized Assessed Value
As defined in the Act, this factor is present when the Study Area can be described by one of
the following three conditions: 1) the total equalized assessed value ( "EAV ") has declined in
three of the last five years; 2) the total EAV is increasing at an annual rate that is less than
the balance of the municipality for three of the last five years; or 3) the total EAV is
increasing at an annual rate that is less than the Consumer Price Index for all Urban
Consumers for three of the last five years.
Table A, Comparative Increase in Equalized Assessed Value — Improved Property compares
the annual change in EAV for improved property within the Study Area with the balance of
the Village.
Table A
COMPARATIVE INCREASE IN EQUALIZED ASSESSED VALUE — IMPROVED
PROPERTY
Source York Township, DuPage County Clerk, Cook County Clerk
As shown in Table A, the equalized assessed value of improved property within the Study
Area has declined for four of the last five tax years and lagged that of the Village for the fifth
year.
C -18 February 2005
2003
2002
2001
2000
1999
Improved Property
$6,705,490
$6,711,110
$7,009,238
$6,662,760
$6,664,940
within the Study
Area — EAV and %
Change over Prior
-008%
-425%
520%
-003%
-198%
Year
Balance of Oak
Brook - % Change
259%
959%
738%
524%
4.09%
over Prior Year
Source York Township, DuPage County Clerk, Cook County Clerk
As shown in Table A, the equalized assessed value of improved property within the Study
Area has declined for four of the last five tax years and lagged that of the Village for the fifth
year.
C -18 February 2005
V
f
Conclusion Lagging or declining EAV is meaningfully present and reasonably distributed
within the Study Area
VACANT LAND
Two tax parcels are classified as vacant land for purposes of this eligibility analysis and
comprise 6.7% of the land in the Study Area. Vacant land qualifies as a blighted area if any of
two of the six Vacant Blighted Area Option A Factors exist or if any one of the Vacant Blighted
Area Option B factors exist.
Both vacant tax parcels within the Study Area meet the criteria required for designation as a
"vacant blighted area" as set forth in the Act. The vacant part of the Study Area satisfies three of
the Vacant Blighted Area Option A Factors, as described below. None of the Vacant Blighted
Area Option B factors are applicable to land in the Study Area.
Vacant Blighted Area Option A Factors
Vacant areas within the Study Area may qualify for designation as part of a redevelopment
project area, if the sound growth of the redevelopment project area is impaired by a combination
of two of six factors listed in section 11 -74 4- 3(a)(2) of the Act, each of which is (i) present, with
that presence documented, to a meaningful extent so that a municipality may reasonably find that
the factor is clearly present within the intent of the Act and (ii) reasonably distributed throughout
the vacant part of the redevelopment project area to which it pertains These factors include:
a. Obsolete Platting
This factor is present when the platting of vacant land results in parcels of limited or narrow
size or configuration of parcels in irregular size or shape that would be difficult to develop on
a planned basis, in a manner compatible with contemporary standards and requirements.
Obsolete platting is also evident where there is a failure to create rights -of -way for streets or
alleys or where public rights -of -way are of inadequate widths, or easements for public
utilities have not been provided.
One of the two vacant parcels is only 2,704 square feet in size and appears to have been
platted as an access point to Technology Drive However, neither of the two parcels that are
improved with buildings are immediately adjacent to this parcel. The second vacant parcel is
100 feet in width and appears to have been platted to allow Technology Drive to be extended
to connect with Meyers Road. The size and shape of these parcels makes them unsuitable for
development of commercial uses. Consolidation with larger adjacent parcels is required to
create a site that developed in accordance with contemporary development standards
Conclusion Obsolete platting is meaningfully present and reasonably distributed within the
Study Area, since it applies to all vacant land within the Study Area
b. Diversity of Ownership
This factor is present when the number of owners of the vacant land is sufficient in number
to retard or impede the assembly of land for development.
C -19 February 2005
a
Conclusion. This factor is not present within the Study Area since all of the property is
under common ownership
c. Tax and Special Assessment Delinquencies
This factor exists when tax or special assessment delinquencies exist or the vacant land has
been the subject of tax sales under the property tax code within the last five years. No tax
delinquencies were identified during the analysis of equalized assessed value changes.
Conclusion • This factor is not present within the Study Area.
d. Deterioration of Structures or Site Improvements in Neighboring Areas Adjacent to the
Vacant Land
Deterioration of structures or site improvements in neighboring areas adjacent to the vacant
land includes the improved areas as described in the previous sections. The criteria used for
evaluating the deterioration of structures and site improvements in neighboring areas is
presented in greater detail elsewhere in the Eligibility Study.
The improved part of the Study Area is adjacent to the vacant portion of the Study Area. As
described previously in this report, deterioration is present to a meaningful degree in the
improved portion of the Study Area, which makes up 93 3% of the total land area.
Conclusion: This factor is present to a meaningful extent and impacts both vacant tax
parcels.
e. Lagging. or Declining EAV
As defined in the Act, a "declining or lagging equalized assessed valuation" means that the
total equalized assessed value of the proposed redevelopment project area has declined for 3
of the last 5 calendar years prior to the year in which the redevelopment project is designated
or is increasing at an annual rate that is less than the balance of the municipality for 3 of the
last 5 calendar years for which information is available or is increasing at an annual rate that
is less than the Consumer Price Index for All Urban Consumers published by the United
States Department of Labor or successor agency for 3 of the last 5 calendar years prior to the
year in which the redevelopment project area is designated.
Table B
COMPARATIVE INCREASE IN EQUALIZED ASSESSED VALUE — VACANT LAND
Source York Township, DuPage County Clerk, Crook County Clerk
C -20 February 2005
2003
2002
2001
2000
1999
Vacant Land
$202,020
$202,020
$185,770
$176,590
$170,290
within the Study
000%
875%
520%
370%
N/A
Area — EAV and %
Change over Prior
Year
Balance of Oak
Brook - % Change
259%
959%
738%
524%
409%
over Prior Year
Source York Township, DuPage County Clerk, Crook County Clerk
C -20 February 2005
The two vacant tax parcels in the Study Area were exempt prior to 1999. Consequently the
prior year comparison only applies to a four year period However, the EAV of the Study
Area lagged that of the balance of the Village in each of the four years.
Conclusion. The vacant portion of the Study Area satisfies the definition contained in the
Act with respect to stagnant or declining EAV for four of the past five years Therefore, this
factor is meaningfully present and reasonably distributed throughout the Study Area.
f. Environmental Clean -Up
As defined in the Act, "environmental clean -up" means that the area has incurred Illinois
Environmental Protection Agency or United States Environmental Protection Agency
remediation costs for, or a study conducted by an independent consultant recognized as
having expertise in environmental remediation has determined a need for, the clean -up of
hazardous waste, hazardous substances, or underground storage tanks required by State or
federal law, provided that the remediation costs constitute a material impediment to the
development or redevelopment of the redevelopment project area.
Conclusion No existing environmental surveys were found that identify other sites within
the Study Area as environmentally contaminated, nor were any such surveys conducted as
part of this Study Therefore, this factor was not found to be present within the Study Area
ELIGIBILITY ANALYSIS SUMMARY
On the basis of the above review of current conditions, the improved portion of the Study Area
meets the criteria for qualification as a blighted area. The Project Area exhibits the presence of
nine of the 13 improved blighted area factors. All of these factors are meaningfully present and
reasonably distributed throughout the Study area. Only five factors are required to qualify as a
blighted area under the Act. The vacant land within the Study Area also meets the applicable
eligibility test.
The presence of the factors applicable to the determination of blight with respect to improved
property and vacant land are summarized in Table C- Distribution of Blighting Factors. This
summary demonstrates that the degree to which these conditions are meaningfully present and
reasonably present within the Study Area.
C -21 February 2005
e�
Table C:
DISTRIBUTION OF BLIGHTING FACTORS
* - These tax parcels are comprised solely of railroad right -of -way not subject to private investment and were, therefore, not analyzed as part
of the Eligibility Study
Improved Pro pert Eligibility Factors ( "X"
factor pr esent )
Improved Tax Parcels
1
2
3
4
5
6
7
8
9
10
11
12
13
06 -28- 103 -005
9
X
X
X
11
X
12
X
X
X
X
X
06 -28- 103 -009
X
X
X
X
X
X
X
X
06 -28- 103 -014
X
X
X
X
X
X
X
Number of Parcels
Where Factor is
Present
3
3
2
2
3
3
2
3
3
% of Improved Parcels
100%
100%
67%
67%
100%
100%
67%
100%
100%
* - These tax parcels are comprised solely of railroad right -of -way not subject to private investment and were, therefore, not analyzed as part
of the Eligibility Study
C -22 February 2005
Legend of Eligibility Factors- Improved Property
1
Dilapidation
2
Obsolescence
3
Deterioration
4
Presence of structures below minimum code standards
5
Illegal use of structures
6
Excessive vacancies
7
Lack of ventilation, light or sanitary facilities
8
Inadequate utilities
9
Excessive land coverage or overcrowding of community facilities
10
Deleterious land use or layout
11
Environmental contamination
12
Lack of community planning
13
Lagging or declining EAV
C -22 February 2005
JC
Z /
Table C: (Continued)
DISTRIBUTION OF BLIGHTING FACTORS
C -23 February 2005
Vacant Land Eligibility Factors "X" = factor resent
Vacant Tax Parcels
Option
A Factors (2 required)
Option B Factors (1 required)
C
A
B
C
D
E
F
G
H
I
J
K
06 -28- 103 -018
X
J
Unused or illegal disposal site
X
Blighted before becoming vacant
X
06 -28- 103 -019
X
X
X
Number of Parcels
Where Factor Is
Present
2
2
2
% of Total
100%
100%
100%
C -23 February 2005
Legend of Eligibility Factors - Vacant Land
A
Obsolete platting
B
Diversity of ownership
C
Tax andspecial assessment delinquencies
D
Deterioration of structure or site improvements in areas adjacent to vacant land
E
Environmental contamination
F
Lagging or declining equalized assessed valuation
G
Unused quarries, mines or strip ponds
H
Unused rail yards, rail tracks or railroad right-of-ways
I
Subject to chronic flooding as certified by registered engineer or regulatory agency
J
Unused or illegal disposal site
K
Blighted before becoming vacant
C -23 February 2005
•
APPENDIX D
VILLAGE OF OAK BROOK TIF #1
OAK BROOK PROMENADE
REDEVELOPMENT AND PROJECT AREA
INITIAL EQUALIZED ASSESSED VALUE
#
PIN NO.
2003 EAV
1
06 -28- 103 -005
$1,051,830
2
06 -28- 103 -009
$5,394,080
3
06 -28- 103 -014
$259,580
4
06 -28- 103 -018
$10,370
5
06 -28- 103 -019
$191,650
Total Initial EAV
$6,907,510
D -1
February 2005
i " r
STATE OF ILLINOIS )
SS.
COUNTIES OF COOK AND DUPAGE )
I, Linda K. Gonnella, do hereby certify that I am the duly elected and acting
Village Clerk of the Village of Oak Brook, DuPage and Cook Counties, Illinois.
I DO FURTHER CERTIFY that on June 6 2005 , the corporate
authorities of the above municipality passed and approved
Ordinance 2005 -TX- TIF -EX4 -S -1120 ,
AN ORDINANCE APPROVING THE VILLAGE
OF OAK BROOK TIF #1 BUTTERFIELD- MEYERS
ROAD REDEVELOPMENT PLAN AND PROJECT
I DO FURTHER CERTIFY that the original document, of which the
annexed copy is a true copy, is entrusted to my care for safekeeping and I am the
keeper of the same.
I DO FURTHER CERTIFY that I am the keeper of the records, journals,
entries, resolutions, ordinances and documents of the said Village of Oak Brook,
DuPage and Cook Counties, Illinois.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of the Village of Oak Brook this 15th day of December , 2005.
r'cp b 04
r `4A
i
w1/l-
Linda K. Gonnella, CMC
Village Clerk
Village of Oak Brook
DuPage and Cook Counties, IL