Finance Legal Administrative General Government

I have reviewed the minutes, and they accurately represent the actions taken by the Finance, Legal, Administrative, and General Government Committee. Lisa Petersen Lisa Petersen Director of Finance Finance Legal Administrative General Government Minutes of January 19, 2026 CALL TO ORDER The Finance Legal Administrative General Government meeting was called to order at 7:00 p.m. by Trustee Bieschke. ROLL CALL Members Present: Brian Bieschke Jamie Clar Jack Sullivan Member(s) Absent: none Staff Present: Paula Hewson, Deputy Village Manager Lisa Petersen, Finance Director Alex Thorpe, Assistant Finance Director Matt Frank, Economic Development Director Andrew Buckwinkler, Assistant to the Village Manager David Becker, PHC Zach Kafitz, Sarniff Property Tax Jitender Makkar, 955/953 Greg Diamantopoulos Patrick Preissing, Renaissance Schaumburg Convention Center Hotel APPROVAL OF MINUTES: A motion was made by Trustee Sullivan, seconded by Trustee Clar, to approve the minutes of November 25, 2025. Voice vote 3-0. All Ayes. MOTION CARRIED 1|Page Finance Legal Administrative General Government January 19, 2026 - Meeting Minutes NEW BUSINESS: 1. Finance Department Monthly Report – November 2025 Ms. Petersen explained that since we didn’t meet in December the November monthly report is slightly dated. Everything is still looking great and the year continues to produce results better than expected, especially for Woodfield, which is included in the November report. A motion was made by Trustee Sullivan, seconded by Trustee Clar, to recommend the Village Board accept the Finance Department Monthly Report for November 2025. Voice Vote 3-0. All Ayes 2. Finance Department Monthly Report – December 2025 Ms. Petersen explained that the licensing team has been very busy with business licenses in the new OpenGov platform. The platform requires two steps, the first is a registration step and the second is the actual application for the business license. Communication with businesses started back in August to try and get businesses to start as soon as possible. We still have some catch up to do as there are a lot of applications and we’ve had some turnover in the Finance department. Ms. Petersen continued that OpenGov uses email as a unique identifier, so the Finance team has been advising businesses to create an email connected to the overall business not just to one person. Trustee Bieschke asked how it is going. Mr. Thorpe added that more sophisticated businesses haven’t struggled at all, but small businesses require more assistance. Despite the early start, many businesses waited until the holiday season to begin the process so there was a large push mid to late December. Our call center 311 is helping triage a lot of those first-level calls. We’re going to do a compliance check to see who has not applied and then send out an email or letter to inform them they are late. Ms. Petersen stated that the year continues to look good and sales taxes are doing great. An updated cash forecast for the Hotel and Convention Center is included. Also, on page 9 of the report it is still showing Police and Fire departments as being significantly underbudget but that is due to the delay of property taxes which have just started to come in. Trustee Clar said that the Business License process through OpenGov was pretty easy and he has had no problems. A motion was made by Trustee Clar, seconded by Trustee Sullivan, to recommend the Village Board accept the Finance Department Monthly Report for December 2025. Voice Vote 3-0. All Ayes MOTION CARRIED 2|Page Finance Legal Administrative General Government January 19, 2026 - Meeting Minutes 3. Recommendation to Approve Contribution to the Chicago Metropolitan Agency for Planning Ms. Hewson explained this is our annual contribution and it's slightly under budget. We do this every year and appreciate the information that we receive from the organization. A motion was made by Trustee Sullivan, seconded by Trustee Clar, to approve the contribution to the Chicago Metropolitan Agency for Planning. Voice vote 3-0. All Ayes. MOTION CARRIED 4. Recommendation to Approve the 2026 Business Plan for the Renaissance Schaumburg Convention Center Hotel Ms. Petersen explained that 2025 was a difficult year for the Renaissance which we were expecting due to the renovation of all 500 guest rooms. Tariffs are one of the other things that hindered sales. The government shut down which affected air traffic control was also a factor in less than expected occupancy. As a result, a number of the 2025 goal were just missed but we communicate regularly with the staff and we expected these results. Ms. Petersen continued that on the positive side 2026 is looking to be a banner year. If everything goes to plan we are projecting to have the highest revenues and the highest occupancy in the history of the center. Ms. Petersen noted that she discovered the chart for cash projections for the Renaissance is incorrect as a couple of debt service payments are missing. She said an updated memo with corrected chart will be shared with the Village Board. Ms. Petersen said the capital program is quite small this year and hopefully all projections come in as expected, especially with all the exciting things going on with Andretti coming online soon and the parking deck. A motion was made by Trustee Sullivan, seconded by Trustee Clar, to approve the 2026 Business Plan for the Renaissance Schaumburg Convention Center Hotel. Voice vote 3-0. All Ayes. MOTION CARRIED 5. Recommendation to Accept Municipal Compliance Reports for the Police and Firefighters' Pension Funds Ms. Petersen stated that a few of the statistics that are included in this report are redundant to information that was included when the property tax levy is presented. This is a separate report that the pension funds must file to the village. It does a little bit of comparison to the previous year and then shows where we are from a percentage funded level. The village is meeting the required contributions. A motion was made by Trustee Clar, seconded by Trustee Sullivan to accept Municipal Compliance Reports for the Police and Firefighters' Pension Funds . Voice Vote 3-0. All Ayes. MOTION CARRIED 3|Page Finance Legal Administrative General Government January 19, 2026 - Meeting Minutes 6. Recommendation to Adopt an Ordinance Abating the Tax Levy (Debt Service on Bonds) Mr. Thorpe explained General Obligation debt that the village has issued backed by the full faith and credit of the village. This ordinance instructs the Cook County Clerk to not put this debt service on the property tax as the village has identified other revenues to service the debt. Without this abatement an additional $36.8 million dollars would be included on the village’s tax rolls. Within the ordinance is a breakdown of each of the bonds, how much is currently on file, and the lifetime remaining. Mr. Thorpe said we do this every year and it must be filed with the county by the end of March. A motion was made by Trustee Sullivan, seconded by Trustee Clar to adopt an Ordinance Abating the Tax Levy (Debt Service on Bonds). Voice Vote 3-0. All Ayes. MOTION CARRIED 7. Recommendation to Adopt a Schaumburg Legislative Action Program for 2026 Mr. Buckwinkler explained that many of Schaumburg’s priorities are heavily influenced by the outcome of county, state and federal legislation. Therefore, the village develops an annual Legislative Action Plan (LAP) to provide local officials and community stakeholders with the information they need to stay informed on the issues that matter the most to the village and its residents. In addition to its local LAP, the village has long recognized the importance of advocating its priorities through legislative action and has relied on local legislators and pro- municipal coalitions, such as the DuPage Mayors and Managers Conference, the Illinois Municipal League, the Northwest Municipal Conference, and the Metropolitan Mayors Caucus to advance their priorities and protect their interests. The 2026 Legislative Action Plan focuses on the following priorities: Promote Pension Sustainability, Ensure Sustainable Municipal Budgets, and Protecting Local Zoning Authority Trustee Bieschke stated that the nuisance ordinance is part of the transit bill and needs to be addressed. A motion was made by Trustee Clar, seconded by Trustee Sullivan to Adopt a Schaumburg Legislative Action Program for 2026. Voice Vote 3-0. All Ayes. 8. Recommendation to Approve a Cook County Class 7B Request for IndusPAD- BRAVEHEART III Mr. Frank explained that this is a Cook County Class 7B Application from IndusPAD- BRAVEHEART III for the reoccupation of the 109,486 square-feet at 953 American Lane and 177,892 square-feet at 955 American Lane. The Applicant owns 1500 and 1600 McConnor Parkway and purchased the Subject Property in November 2024 for $3,950,000. The Applicant is seeking a Class 7B tax incentive, in which the property would be assessed at a 10% assessment level for the first ten years, 15% for the eleventh year, and 20% for the twelfth year instead of the normal 25% assessment level. The Applicant is expecting to create over 500 jobs in the next 5 years at the Subject Property with the Class 7B incentive. The Applicant is working with JLL to attract new tenants to the Subject Property. There are four interested parties including The Beverage Incubators, Smith Financial LLC, TechDen, and Broadino who will move forward if the 4|Page Finance Legal Administrative General Government January 19, 2026 - Meeting Minutes capital investment is made through the Class 7B incentive. The Applicant is looking to move forward with the improvements this year and complete the project in 6 months. The Schaumburg Business Development Commission reviewed this at the January 12th meeting and recommended approval of the Class 7B request. If approved, staff will work with the Applicant and make the Class 7B contingent upon a Development Agreement outlining IndusPAD- BRAVEHEART III investment of $1,500,000, employing 500 employees on the Subject Property, and establishing their local community support. Trustee Bieschke asked if we have letters of intent for those four tenants, is it really going to take two years to get them to move in? Why is that timeframe so long? Mr. Frank answered that the four businesses will not occupy the full space and we will want them to move in as soon as possible and fill in the rest of the space. Then you have the milestone of the 500 jobs at the end of 2028 to give them a ramp up period. A motion was made by Trustee Sullivan, seconded by Trustee Clar, to recommend the Village Board to Approve a Cook County Class 7B Request for IndusPAD-BRAVEHEART III. Voice Vote 3-0. All Ayes MOTION CARRIED 9. Recommendation to Approve a Cook County Class 7A Request for TM Real Estate Holdings LLC Mr. Frank stated that TM Real Estate Holdings LLC applied for the reoccupation of the 11,906 square foot restaurant building at 1901 McConnor Parkway. An entity related to the Applicant purchased the Subject Property in 2020 with plans to open a Blue Martini Lounge but the deal fell through due to Covid and other factors. The Applicant is seeking a Class 7A tax incentive, in which the property would be assessed at a 10% assessment level for the first ten years, 15% for the eleventh year, and 20% for the twelfth year instead of the normal 25% assessment level. Mr. Frank continued that the Subject Property was last occupied by the RAM restaurant in 2018, so it meets the real estate taxes criteria. The applicant has an agreement with First Hospitality to open an Italian restaurant concept called Avellino. First Hospitality has a large portfolio with over 30 bars and restaurants and 70 hotels. With the incentive, they anticipate investing over $1,000,000 to open in fall 2026. The Schaumburg Business Development Commission reviewed this at the January 12th meeting and recommended approval of the Class 7A request. If approved, staff will work with the Applicant and make the Class 7A contingent upon a Development Agreement outlining TM Real Estate Holdings LLC investment of $1,000,000, employing 40 employees on the Subject Property, and establishing their local community support. The Schaumburg Business Association recommended approval as well. A motion was made by Trustee Clar, seconded by Trustee Sullivan, to recommend the Village Approve a Cook County Class 7A Request for TM Real Estate Holdings LLC. Voice Vote 3-0. All Ayes MOTION CARRIED 5|Page Finance Legal Administrative General Government January 19, 2026 - Meeting Minutes 10. Recommendation to Approve Additional Expenditures for the 90 North Parking Garage - Construction with W.A. Randolph, Inc. Mr. Frank explained that on June 25, 2024, the Village Board approved a construction budget of $31,155,606 which included a contract award to W.A. Randolph, Inc. to construct the 90 North Entertainment District Parking Garage for a cost of $29,643,550. The 90 North Entertainment District Parking Garage received a conditional certificate of occupancy on December 31, 2025. W.A. Randolph is coordinating with the Renaissance for use of the parking garage during peak shows while it finalizes work. W.A. Randolph anticipates completing the ped bridge and other minor items in the next 30 days. The TIF expenses are split over two fiscal years for the construction of the 90 North Entertainment District Parking Garage. As construction of the parking garage has progressed, additional items have been required. As such, change order number 10 for $147,965.50 is requested. This change order is needed to address the utility and retaining wall work associated with the relocations and connections not originally anticipated. This change order resulted in a new total contract of $30,423,172.18. The Village has budgeted funds for the 90 North Entertainment District Parking Garage project in the 90 North TIF fund. There is a contingency budget that will help offset these requested change orders. A motion was made by Trustee Sullivan, seconded by Trustee Clar, to recommend the Village Board to Approve Additional Expenditures for the 90 North Parking Garage - Construction with W.A. Randolph, Inc. Voice Vote 3-0. All Ayes MOTION CARRIED UNFINISHED BUSINESS: None DEFERRALS: None COMMENTS FROM THE AUDIENCE: None ADJOURNMENT: A motion was made by Trustee Clar, seconded by Trustee Sullivan to adjourn the Finance Legal Administrative General Government at 7:28 p.m. Voice vote 3-0. All Ayes. MOTION CARRIED 6|Page