TIF Joint Review Board

Annual Joint Review Board Meeting Minutes Palatine Road Tax Increment Financing District November 15, 2023 – 2:45 p.m. Council Chambers, Prospect Heights City Hall, 8 N. Elmhurst Road, Prospect Heights, IL Call to Order – At 2:45 PM, Deputy Clerk Schultheis called to order the Annual Joint Review Board Meeting of the Palatine Road Tax Increment Financing District held at Council Chambers, Prospect Heights City Hall, 8 N. Elmhurst Road, Prospect Heights, IL. Introduction of Representatives and Roll Call – Harper College Controller Grapenthien, City Administrator Wade, Prospect Heights Fire District Chief Smith, District 214 Director of Finance Vargas, Indian Trails Public Library District Business Manager Beal, Assistant Superintendent of Finance Michael DeBartolo Representatives Invited not in attendance – Superintendent District 214 Schuler, Cook County Clerk Yarbrough, Forest Preserve Comptroller Howell, Wheeling Township Director of General Assistance Villarreal, Wheeling Township Director of Finance and Administration Stapleton, MWRD Treasurer Boyle, Northwest Mosquito Abatement District Director Thennisch, Wheeling Township Road manager Toberman, Wheeling Park District President Stein Other Officials in Present – Assistant City Administrator Falcone, Deputy Clerk Schultheis, Attorney Hess Election of Meeting Chairman – Representative Wade moved to elect Representative Smith as Meeting Chairman; seconded by Representative Grapenthien. VOICE VOTE: All Ayes, No Nays Motion carried 5 – 0, Representative Smith abstained. Approve Minutes from October 25, 2022 Meeting – Representative Beal moved to approve the October 25, 2022 Minutes with non-substantive amendments; seconded by Representative Grapenthien. VOICE VOTE: All Ayes, No Nays Motion carried 6 - 0 Approve Agenda – Representative Grapenthien moved to approve the Annual Joint Review Board Meeting Regarding the Palatine Road Tax Increment Financing District, as presented; seconded by Beal. VOICE VOTE: All Ayes, No Nays Motion carried 6 - 0 Status Report on Palatine Road Tax Increment Financing District – Representative Wade said that the TOF is closing out. Finance Director Grieco said that pending an audit from 2023, the anticipated amount is $800,000 to the State to be released when the TIF audit is complete. The money would be transferred to the State to disseminate. She noted that the audit was expected by the end of the year. Representative DeBartolo asked why the audit was not completed? Director Grieco said that there was a component of the audit missing – namely, the Chicago Executive Airport audit. Representative DeBartolo noted that there had been 1 ½ years of issues with the CEA audit. Representative Wade said that the City and Police Pension Board had also been frustrated by the delay in the CEA audit. Director Grieco said that GASB87 required the City to include the airport audit. Representative DeBartolo said that the hold up in the dissemination of the money impacts the District 214 levies. He noted that the District is already “up against the cap.” He wanted to know the values that they would be receiving. Director Grieco said that the TIF is closed. She said that Cook County had been notified that the TIF is closed, and she noted that the $800,000 is a valid number for the surplus. Representative DeBartolo wanted to know the taxing district proportionate shares of the surplus? Director Grieco said that she did not know. Public Comment – None Scheduling, Additional Meetings (if deemed necessary) – No additional meetings were needed Other Business - None Adjourn – At 2:54 PM, Representative DeBartolo moved to Adjourn sine die; seconded by Representative Vargas. VOICE VOTE: All Ayes, No Nays Motion carried 6 - 0