EAST STATE STREET TIF 2 FOX RIVER REDEVELOPMENT TIF 3 JOINT BOARD OF REVIEW

Transcription

1 EAST STATE STREET TIF FOX RIVER REDEVELOPMENT TIF 3 JOINT BOARD OF REVIEW City of Geneva, City Hall Second Floor Conference Room 19 James Street Geneva IL, 6134 December 14, 17 1: a.m. 1. Approval of Minutes of the TIF JRB December 8, 16. Tax District Equalized Assessed Report: (TIF and TIF 3) 3. Annual Reports: Not yet released by State of IL Comptroller- TBD 4. Annual Audits: TIF attached; TIF 3 not required/completed. 5. Other Business a. IL RT 38 (East State Street) Reconstruction Project b. Southeast Subarea Industrial Development 6. Next Meeting Date (December 13, 18) 7. Adjournment

2 Joint Review Board East State Street Tax Increment Finance (TIF) District December 8, 16 The Joint Board of Review Hearing for the East State Street Tax Increment Financing District (ESS TIF#) convened at 1:6 a.m. on Thursday, December 8, 16 at Geneva City Hall. Cathleen Tymoszenko, Economic Development Director called the meeting to order with Mark Armstrong, Kane y; Todd Latham, D34; Christy Powell, Geneva Park District; Stephanie Dawkins, City Administrator; Rita Kruse, Finance Manager; Jamie Heflin, Business Development Specialist in attendance. APPROVAL OF MINUTES Mr. Latham moved to approve the minutes, Mr. Armstrong seconded and the motion carried. REPORT OF CURRENT PROPERTY VALUE ASSEMSSMENTS Ms. Tymoszenko disturbed the Tax District Equalized Assessed Report and the TIF Parcel Report by TIF District. Mr. Armstrong asked if any consideration has been given to extending the TIF. Ms. Tymoszenko discussed stalled progress due to the state construction projects for East State Street and the associated land acquisition. The City has recently been informed that the State is moving the project forward. To extend the TIF resolutions would be needed by all taxing bodies. The City met with Senator McConnaughay who helped move the project to its current point. Mr. Armstrong feels the TIF is doing well based on the remainder of the bond balance. Mr. Latham asked if the Council has given any further consideration to property assembly, zoning changes and the use of eminent domain. Ms. Dawkins stated that is an unknown but that it was recently presented to the Council as a tool. Mr. Latham asked if IDOT plans to include signage to slow down traffic on East State as he observed the current flow could be a hindrance to development. Ms. Tymoszenko said that is something the City Engineers will look into as the project progresses. Ms. Tymoszenko shared a project update on Aldi which will be expanding their building on their current footprint. Ms. Tymoszenko gave an overview of the TIF Report. NEW BUSINESS Ms. Tymoszenko shared a parcel report for TIF 3 and stated the Base for TIF is what was anticipated in the original report. Per State Statue, there will be no JRB held for TIF 3 this year. Mr. Latham asked if the City intends to issue bonds for TIF 3. Ms. Tymoszenko said no decision has been made at this time since no projects have been proposed. The group agreed the statewide trend for TIFs is moving to a pay as you go method. ADJOURNMENT Mr. Armstrong moved to adjourn the meeting of the ESS TIF # at 1:34 a.m. Mr. Latham seconded and the motion passed with a unanimous voice vote. NEXT MEETING DAY The next meeting is scheduled for Thursday, December 14, 17 from 1: 11: a.m. at City Hall. Respectfully submitted, Jamie Heflin Business Development Specialist

3 Tax Year: GENEVA TIF Totals State Multiplier 1. Generated: 4/1/17 13:49:7 Board of Review - Exemptions - Under Assessed + State Assessed Tax District Equalized Assessed Report Kane y 5,656,416 33,381 +/- State Multiplier Total EAV 5,63,35 - Tif Increment / Ezone,679,485 Rate Setting EAV,943,55 Page 314 of 77 4/1/17 1:49:7 PM Exemption Category Parcel Board of Review - Model Home Board of Review Abstract - Home Improvement - Veteran's + State Assessed = Subtotal X State Multiplier = After DOR Multiplier - Historic Freeze - Fraternal Freeze - Sr. Assessment Freeze - Owner Occupied - Senior Citizen's - Disabled Person - Disabled Veteran - Returning Veteran - Natural Disaster - E-Zone - Under Assessed - TIF - Drainage - Vet Freeze = Taxable Commercial 5,18,4 5,18,4 5,18,4 5,18,4 39,467,87,714,17 Exempt 5 Farm Industrial Local Rail Road Mineral Residential 474, , , ,374 5,381 18, 1, ,613 9,38 State Rail Road 5,656,416 Totals 5,656,416 5,656,416 5,656,416 5,381 18, 1, 49 3,679,485,943,55 Copyright (C) DEVNET Incorporated TEXJRE

4 Tax Year: GENEVA TIF 3 Totals State Multiplier 1. Generated: 4/1/17 13:49:7 Board of Review - Exemptions - Under Assessed + State Assessed Tax District Equalized Assessed Report Kane y 7,41,871 51,353 +/- State Multiplier Total EAV 7,361,518 - Tif Increment / Ezone 38,36 Rate Setting EAV 6,981,158 Page 717 of 77 4/1/17 1:49:7 PM Exemption Category Parcel Board of Review - Model Home Board of Review Abstract - Home Improvement - Veteran's + State Assessed = Subtotal X State Multiplier = After DOR Multiplier - Historic Freeze - Fraternal Freeze - Sr. Assessment Freeze - Owner Occupied - Senior Citizen's - Disabled Person - Disabled Veteran - Returning Veteran - Natural Disaster - E-Zone - Under Assessed - TIF - Drainage - Vet Freeze = Taxable Commercial 6,58,976 6,58,976 6,58,976 6,58,976 6, ,3 5,731,656 Exempt 4 Farm Industrial 151, , , , ,47 144,44 Local Rail Road Mineral Residential 1,,179 1,,179 1,,179 1,,179 17,353 18, 1, ,568 1,15,58 State Rail Road 7,41,871 Totals 7,41,871 7,41,871 7,41,871 17,353 4, 1, ,36 6,981,158 Copyright (C) DEVNET Incorporated TEXJRE

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6 CITY OF GENEVA, ILLINOIS TAX INCREMENT FINANCING DISTRICT NO. FUND REPORT ON COMPLIANCE WITH PUBLIC ACT For the Year Ended April 3, 17

7 CITY OF GENEVA, ILLINOIS TAX INCREMENT FINANCING DISTRICT NO. FUND TABLE OF CONTENTS Page(s) INDEPENDENT ACCOUNTANT S REPORT... 1 INDEPENDENT AUDITOR S REPORT ON SUPPLEMENTARY INFORMATION... SUPPLEMENTARY INFORMATION Schedule of Revenues, Expenditures and Changes in Fund Balance... 3 Schedule of Fund Balance by Source... 4

8 INDEPENDENT ACCOUNTANT S REPORT

9 INDEPENDENT ACCOUNTANT S REPORT The Honorable Mayor Members of the City Council City of Geneva, Illinois We have examined management of the City of Geneva s assertion that the City of Geneva (the City) complied with the provisions of subsection (q) of Section of the Illinois Tax Increment Redevelopment Allocation Act (Illinois Public Act ) during the year ended April 3, 17. The City of Geneva s management is responsible for its assertion. Our responsibility is to express an opinion on management s assertion about the City s compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management s assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about whether management s assertion is fairly stated, in all material respects. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management s assertion, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the City of Geneva s compliance with the specified requirements. In our opinion, management s assertion that the City of Geneva, Illinois complied with the aforementioned requirements for the year ended April 3, 17 is fairly stated, in all material respects. This report is intended solely for the information and use of the Mayor, the City Council, management of the City, Illinois State Comptroller s Office and the joint review boards and is not intended to be and should not be used by anyone other than these specified parties. Naperville, Illinois September 11,

10 INDEPENDENT AUDITOR S REPORT ON SUPPLEMENTARY INFORMATION

11 INDEPENDENT AUDITOR S REPORT ON SUPPLEMENTARY INFORMATION The Honorable Mayor Members of the City Council City of Geneva, Illinois We have audited the financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the City of Geneva, Illinois (the City) as of and for the year ended April 3, 17, and the notes to the financial statements, which collectively comprise the basic financial statements of the City, and have issued our report thereon dated September 11, 17, which expressed an unmodified opinion on those statements. Our audit was conducted for the purpose of forming an opinion on the basic financial statements as a whole. The supplementary information (schedule of revenues, expenditures and changes in fund balance and schedule of fund balance by source for the Tax Increment Financing (TIF) District No. Fund) is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a whole. Naperville, Illinois September 11,

12 SUPPLEMENTARY INFORMATION

13 CITY OF GENEVA, ILLINOIS TAX INCREMENT FINANCING DISTRICT NO. FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE For the Year Ended April 3, 17 REVENUES Property taxes $ 3,784 Investment income,47 Total revenues 33,31 EXPENDITURES Economic development Personnel services 44,93 Commodities 45 Contractual services 1,758 Debt service Principal 59,43 Interest,666 Total Expenditures 1,51 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 11,98 OTHER FINANCING SOURCES (USES) Transfers in 37, Total other financing sources (uses) 37, NET CHANGE IN FUND BALANCE 15,18 FUND BALANCE, MAY 1 668,594 FUND BALANCE, APRIL 3 $ 818,776 (See independent auditor s report on supplementary information.) - 3 -

14 CITY OF GENEVA, ILLINOIS TAX INCREMENT FINANCING DISTRICT NO. FUND SCHEDULE OF FUND BALANCE BY SOURCE For the Year Ended April 3, 17 BEGINNING BALANCE, MAY 1, 16 $ 668,594 DEPOSITS AND TRANSFERS Property taxes 3,784 Investment income,47 Transfers in 37, Total deposits 7,33 Balance plus deposits 938,87 EXPENDITURES AND TRANSFERS Economic development Personnel services 44,93 Commodities 45 Contractual services 1,758 Debt service Principal 59,43 Interest,666 Total expenditures 1,51 ENDING BALANCE, APRIL 3, 17 $ 818,776 ENDING BALANCE BY SOURCE Property taxes $ 779,37 Investment income,47 Transfers from other funds 37, ENDING BALANCE, APRIL 3, 17 $ 818,776 (See independent auditor s report on supplementary information.) - 4 -