Economic Development Commission

Public participation is invited. When called upon, please approach the microphone and state your name. Kindly limit your remarks to three (3) minutes. VILLAGE OF VILLA PARK Village Hall, Committee of the Whole Room 20 S. Ardmore Avenue Villa Park, IL 60181 Economic Development Commission April 16, 2025 5:30 PM Chairman: Tony Oddo Commissioners: Ghada Abdelhafez-Fahmy, Larry Calvert, Patrice Gallagher, JP Hochbaum, Ethan Tutor-Leon and John Drogos 1. Call to Order - Roll Call 2. Approval of Minutes a. March 19, 2025 Minutes 3. Public Comments 4. Business a. Review of Draft TIF Annual Reports for FY23 5. Commissioner Comments 6. Village Board Liaison Comments 7. Staff Liaison Comments 8. Adjournment The Villa Park Village Hall is subject to the requirements of the Americans with Disabilities Act of 1990. An elevator is operational at the north side entrance to the Village Hall during normal work hours and also during evenings. lndividuals with special needs are requested to contact the Village's Compliance Officer at (630) 834-8500 so that reasonable accommodations can be made for those persons. Page 1 of 108  ECONOMIC DEVELOPMENT COMMISSION MINUTES March 19, 2025 The meeting of the Economic Development Commission was called to order March 19, 2025, at 5:30 p.m. PRESENT: Commissioners: Larry Calvert, Patrice Gallagher, Ethan Tudor-Leon and John Drogos. OTHERS PRESENT: Director Marc McLaughlin. PUBLIC INPUT ON AGENDA ITEMS: None. APPROVAL OF THE MINUTES: Motion to accept the minutes made by Commissioner Tudor-Leon and seconded by Commissioner Drogos, verbal rollcall and passed with all ayes. The minutes for the Economic Development Commission for February 19, 2025, were approved. GENERAL DISCUSSION/BUSINESS: Director McLaughin opened the meeting with attendance and looking for a Motion to make Commission Calvert Chairman Pro Tem. Commissioner Tudor-Leon made the motion for Commissioner Larry Calvert to act as Chairman Pro Tem and seconded by Commissioner Drogos. Verbal roll call, motion passed. 3-Year New Business Report for 2022-2024 was the topic of discussion. This is the second year the department has put this report out. Some revisions were made. Years 22 and 23 there were no changes, but with 2024 the increase in the Service Industry was heavier. The summary pages have been updated. Construction came in second followed by Retail and Restaurant. The counts have increased due to a push to get the Certificate of Occupancy to obtain their licenses. Totals reflect the actual completion of the licenses. Businesses should not be open until the Certificate of Occupancy is granted. The report does not show any businesses that took advantage of the grant programs. A different spreadsheet would need to be created to reflect this. A few businesses are responding to the TIF program along with the Grant Programs. They are working on the scope of work they would like to complete. After the commission’s review and discussion, the report will be forwarded to the Village Board. PUBLIC COMMENTS NON-AGENDA ITEMS: None. COMMISSIONER COMMENTS: Commissioner Gallagher: Brian Wong’s place Mistic Vines is there a way the commission can support him; he has spent a lot on marketing and still needs help. Economic Development has worked with him already, he does know the programs that are available. The other comment regards the curb cuts to slow down traffic, however this is in Elmhurst on St. Charles Road. Boundaries were reviewed. Commissioner Drogos: Update on the Farmers Market progress, we are going to use this year to gather information, organize for an opening in 2026. Looking to develop a website for information and applications. We are avoiding a hasty opening. Page 2 of 108 Commissioner Tudor-Leon: Was wondering what the requirements are for Food Trucks, must be registered with DuPage County Health Department and cannot be on public property without the required permits and approval. Private property only with the individual property owner’s permission. Commissioner Calvert: Wondering what was going on with the property on Roosevelt, this is owned by Thornton’s but has multi jurisdiction with Villa Park and Oak Brook Terrace. Will need an Intergovernmental Agreement to develop. No other Commissioners comments. VILLAGE BOARD LIAISON COMMENTS: None. STAFF LIAISON COMMENTS: None. ADJOURNMENT: Motion to adjourn the meeting was made by Commissioner Tudor-Leon and seconded by Commissioner Gallagher. The motion passed with all ayes. The meeting was adjourned at 5:55 p.m. Complete recorded minutes will be available on the Village Website. Respectfully Submitted by, Pat Boksha Page 3 of 108  MEMORANDUM TO: Economic Development Commission FROM: Marc Mclaughlin, Director DATE: April 16, 2025 SUBJECT: Review of Draft TIF Annual Reports for FY23 RECOMMENDED ACTION: This is an informational item only. There is no action to be taken. BACKGROUND: Staff must prepare the Annual TIF Reports for each active TIF District, once the audit is complete. The attached draft Annual Reports are for the 4 active TIFs in FY23, TIF 3, 4, 5 and 6. TIF 1 and 2 have been closed and TIF 7 was not created until FY24. After these are finalized, they will be sent to the Illinois Comptroller for acceptance and the Annual Joint Review Board (JRB) meeting will be scheduled and held. DISCUSSION: Staff can answer any questions EDC may have on TIF reporting. Page 4 of 108 FY 2023 ANNUAL TAX INCREMENT FINANCE REPORT Name of Municipality: Village of Villa Park Reporting Fiscal Year: 2023 County: DuPage Fiscal Year End: 12/31/2023 Unit Code: 022/100/32 FY 2023 TIF Administrator Contact Information-Required First Name: Marc Last Name: McLaughlin Address: 20 S Ardmore Ave Title: Dir. of Community & Economic Development Telephone: 630-433-4300 City: Villa Park Zip: 60181 E-mail mmclaughlin@invillapark.com I attest to the best of my knowledge, that this FY 2023 report of the redevelopment project area(s) in the City/Village of: Villa Park, Illinois is complete and accurate pursuant to Tax Increment Allocation Redevelopment Act [65 ILCS 5/11-74.4-3 et. seq.] and or Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.]. __________________________________________________________________________ _________________________________ Written signature of TIF Administrator Date Section 1 (65 ILCS 5/11-74.4-5 (d) (1.5) and 65 ILCS 5/11-74.6-22 (d) (1.5)*) FILL OUT ONE FOR EACH TIF DISTICT Date Designated Date Terminated Name of Redevelopment Project Area MM/DD/YYYY MM/DD/YYYY TIF 3 - North Avenue 12/18/2006 *All statutory citations refer to one of two sections of the Illinois Municipal Code: The Tax Increment Allocation Redevelopment Act [65 ILCS 5/11-74.4-3 et. seq.] or the Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.] Page 5 of 108  SECTION 2 [Sections 2 through 8 must be completed for each redevelopment project area listed in Section 1.] FY 2023 Name of Redevelopment Project Area: TIF 3 - North Avenue Primary Use of Redevelopment Project Area*: *Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed. If "Combination/Mixed" List Component Types: Under which section of the Illinois Municipal Code was the Redevelopment Project Area designated? (check one): Tax Increment Allocation Redevelopment Act X Industrial Jobs Recovery Law ______ Please utilize the information below to properly label the Attachments. No Yes For redevelopment projects beginning prior to FY 2022, were there any amendments, to the redevelopment plan, the redevelopment project area, or the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)] If yes, please enclose the amendment (labeled Attachment A). For redevelopment projects beginning in or after FY 2022, were there any amendments, enactments or extensions to the redevelopment X plan, the redevelopment project area, or the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)] If yes, please enclose the amendment, enactment or extension, and a copy of the redevelopment plan (labeled Attachment A). Certification of the Chief Executive Officer of the municipality that the municipality has complied with all of the requirements of the Act during the preceding fiscal year. [65 ILCS 5/11-74.4-5 (d) (3) and 5/11-74.6-22 (d) (3)] X Please enclose the CEO Certification (labeled Attachment B). Opinion of legal counsel that municipality is in compliance with the Act. [65 ILCS 5/11-74.4-5 (d) (4) and 5/11-74.6-22 (d) (4)] Please enclose the Legal Counsel Opinion (labeled Attachment C). X Statement setting forth all activities undertaken in furtherance of the objectives of the redevelopment plan, including any project implemented and a description of the redevelopment activities. [65 ILCS 5/11-74.4-5 (d) (7) (A and B) and 5/11-74.6-22 (d) (7) (A X and B)] If yes, please enclose the Activities Statement (labled Attachment D). Were any agreements entered into by the municipality with regard to the disposition or redevelopment of any property within the redevelopment project area or the area within the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (7) (C) and 5/11-74.6-22 (d) X (7) (C)] If yes, please enclose the Agreement(s) (labeled Attachment E). Is there additional information on the use of all funds received under this Division and steps taken by the municipality to achieve the objectives of the redevelopment plan? [65 ILCS 5/11-74.4-5 (d) (7) (D) and 5/11-74.6-22 (d) (7) (D)] X If yes, please enclose the Additional Information (labeled Attachment F). Did the municipality's TIF advisors or consultants enter into contracts with entities or persons that have received or are receiving payments financed by tax increment revenues produced by the same TIF? [65 ILCS 5/11-74.4-5 (d) (7) (E) and 5/11-74.6-22 (d) (7) X (E)] If yes, please enclose the contract(s) or description of the contract(s) (labeled Attachment G). Were there any reports submitted to the municipality by the joint review board? [65 ILCS 5/11-74.4-5 (d) (7) (F) and 5/11-74.6-22 (d) (7) (F)] X If yes, please enclose the Joint Review Board Report (labeled Attachment H). Were any obligations issued by the municipality? [65 ILCS 5/11-74.4-5 (d) (8) (A) and 5/11-74.6-22 (d) (8) (A)] If yes, please enclose any Official Statement (labeled Attachment I). If Attachment I is answered yes, then the Analysis must X be attached (labeled Attachment J). An analysis prepared by a financial advisor or underwriter, chosen by the municipality, setting forth the nature and term of obligation; projected debt service including required reserves and debt coverage; and actual debt service. [65 ILCS 5/11-74.4-5 (d) (8) (B) and 5/11-74.6-22 (d) (8) (B)] X If attachment I is yes, the Analysis and an accompanying letter from the municipality outlining the contractual relationship between the municipality and the financial advisor/underwriter MUST be attached (labeled Attachment J). Has a cumulative of $100,000 of TIF revenue been deposited into the special tax allocation fund? 65 ILCS 5/11-74.4-5 (d) (2) and 5/11-74.6-22 (d) (2) X If yes, please enclose audited financial statements of the special tax allocation fund (labeled Attachment K). Cumulatively, have deposits of incremental taxes revenue equal to or greater than $100,000 been made into the special tax allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)] If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or X noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L). A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d) (10)] X If yes, please enclose the list only, not actual agreements (labeled Attachment M). For redevelopment projects beginning in or after FY 2022, did the developer identify to the municipality a stated rate of return for each redevelopment project area? Stated rates of return required to be reported shall be independently verified by a third party chosen by the municipality. X If yes, please enclose evidence of third party verification, may be in the form of a letter from the third party (labeled Attachment N). Page 6 of 108  SECTION 3.1 [65 ILCS 5/11-74.4-5 (d)(5)(a)(b)(d)) and (65 ILCS 5/11-74.6-22 (d) (5)(a)(b)(d)] FY 2023 Name of Redevelopment Project Area: TIF 3 - North Avenue Provide an analysis of the special tax allocation fund. Special Tax Allocation Fund Balance at Beginning of Reporting Period $ 2,518,136 Cumulative Revenue/Cash Totals of Receipts for Revenue/Cash SOURCE of Revenue/Cash Receipts: Current Receipts for life Reporting Year of TIF % of Total Property Tax Increment $ 900,324 $ 17,334,271 100% State Sales Tax Increment 0% Local Sales Tax Increment 0% State Utility Tax Increment 0% Local Utility Tax Increment 0% Interest 0% Land/Building Sale Proceeds 0% Bond Proceeds 0% Transfers from Municipal Sources 0% Private Sources 0% Other (identify source _____________; if multiple other sources, attach schedule) 0% All Amount Deposited in Special Tax Allocation Fund $ 900,324 Cumulative Total Revenues/Cash Receipts $ 17,334,271 100% Total Expenditures/Cash Disbursements (Carried forward from $ 13,409 Section 3.2) Transfers to Municipal Sources Distribution of Surplus Total Expenditures/Disbursements $ 13,409 Net/Income/Cash Receipts Over/(Under) Cash Disbursements $ 886,915 Previous Year Adjustment (Explain Below) . FUND BALANCE, END OF REPORTING PERIOD* $ 3,405,051 * If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3 Previous Year Explanation: Page 7 of 108  SECTION 3.2 A [65 ILCS 5/11-74.4-5 (d) (5) (c) and 65 ILCS 5/11-74.6-22 (d) (5)(c)] FY 2023 Name of Redevelopment Project Area: TIF 3 - North Avenue ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND PAGE 1 Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6- 10 (o)] Amounts Reporting Fiscal Year 1. Cost of studies, surveys, development of plans, and specifications. Implementation and administration of the redevelopment plan, staff and professional service cost. $ - 2. Annual administrative cost. Gardiner Koch Weisberg - Legal 6,684 Storino, Ramello & Durkin - Legal 6,725 $ 13,409 3. Cost of marketing sites. $ - 4. Property assembly cost and site preparation costs. $ - 5. Costs of renovation, rehabilitation, reconstruction, relocation, repair or remodeling of existing public or private building, leasehold improvements, and fixtures within a redevelopment project area. $ - 6. Costs of the constructuion of public works or improvements. $ - Page 8 of 108  SECTION 3.2 A PAGE 2 7. Costs of eliminating or removing contaminants and other impediments. $ - 8. Cost of job training and retraining projects. $ - 9. Financing costs. $ - 10. Capital costs. $ - 11. Cost of reimbursing school districts for their increased costs caused by TIF assisted housing projects. $ - 12. Cost of reimbursing library districts for their increased costs caused by TIF assisted housing projects. $ - Page 9 of 108  SECTION 3.2 A PAGE 3 13. Relocation costs. $ - 14. Payments in lieu of taxes. $ - 15. Costs of job training, retraining, advanced vocational or career education. $ - 16. Interest cost incurred by redeveloper or other nongovernmental persons in connection with a redevelopment project. $ - 17. Cost of day care services. $ - 18. Other. $ - TOTAL ITEMIZED EXPENDITURES $ 13,409 Page 10 of 108  Section 3.2 B [Information in the following section is not required by law, but may be helpful in creating fiscal transparency.] FY 2023 Name of Redevelopment Project Area: TIF 3 - North Avenue List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year. Name Service Amount Page 11 of 108  SECTION 3.3 [65 ILCS 5/11-74.4-5 (d) (5d) 65 ILCS 5/11-74.6-22 (d) (5d] FY 2023 Name of Redevelopment Project Area: TIF 3 - North Avenue Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period by source FUND BALANCE BY SOURCE $ 3,405,051 1. Description of Debt Obligations Amount of Original Issuance Amount Designated Total Amount Designated for Obligations $ - $ - 2. Description of Project Costs to be Paid Amount of Original Issuance Amount Designated Land Acquisition $ 2,000,000 Demolition $ 500,000 ROW Impropvements $ 500,000 Parking Improvements $ 500,000 Total Amount Designated for Project Costs $ 3,500,000 TOTAL AMOUNT DESIGNATED $ 3,500,000 SURPLUS/(DEFICIT) $ (94,949) Page 12 of 108  SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)] FY 2023 Name of Redevelopment Project Area: TIF 3 - North Avenue Provide a description of all property purchased by the municipality during the reporting fiscal year within the redevelopment project area. Indicate an 'X' if no property was acquired by the municipality within the redevelopment project area. Property (1): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (2): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (3): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (4): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (5): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (6): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (7): Street address: Approximate size or description of property: Purchase price: Seller of property: Page 13 of 108  SECTION 5 [20 ILCS 620/4.7 (7)(F)] FY 2023 Name of Redevelopment Project Area: TIF 3 - North Avenue PAGE 1 Page 1 MUST be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed. Select ONE of the following by indicating an 'X': 1. NO projects were undertaken by the Municipality Within the Redevelopment Project Area. 2. The municipality DID undertake projects within the Redevelopment Project Area. (If selecting this option, complete 2a and 2b.) 2a. The total number of ALL activities undertaken in furtherance of the objectives of the redevelopment plan: 2b. The total number of NEW projects undertaken by the municipality in fiscal year 2022 and any fiscal year thereafter, within the Revelopment Project area, if any. LIST ALL projects undertaken by the Municipality Within the Redevelopment Project Area: Estimated Investment for Total Estimated to TOTAL: 11/1/99 to Date Subsequent Fiscal Year Complete Project Private Investment Undertaken (See Instructions) $ 4,500,000 $ - $ - Public Investment Undertaken $ 4,266,128 $ - $ - Ratio of Private/Public Investment 1 4/73 0 Project 1 Name: Wildfire Harley Davidson Private Investment Undertaken (See Instructions) $ 1,500,000 Public Investment Undertaken $ 2,900,549 Ratio of Private/Public Investment 15/29 0 Project 2 Name: North Avenue Townhome Lift Station Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 199,500 Ratio of Private/Public Investment 0 0 Project 3 Name: 325 E North Avenue Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 45,021 Ratio of Private/Public Investment 0 0 Project 4 Name: 729 N Ardmore Avenue Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 69,068 Ratio of Private/Public Investment 0 0 Project 5 Name: North Avenue Streetscape Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 30,868 Ratio of Private/Public Investment 0 0 Project 6 Name: Pet Supplies Plus Private Investment Undertaken (See Instructions) $ 3,000,000 Public Investment Undertaken $ 808,748 Ratio of Private/Public Investment 3 22/31 0 Page 14 of 108  PAGE 2 **ATTACH ONLY IF PROJECTS ARE LISTED** Project 7 Name: North Avenue Townhomes Cameras & Lighting Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 66,837 Ratio of Private/Public Investment 0 0 Project 8 Name: North Side Sidewalks Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 72,225 Ratio of Private/Public Investment 0 0 Project 9 Name: Flood Control Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 73,312 Ratio of Private/Public Investment 0 0 Project 10 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 11 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 12 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 13 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 14 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 15 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Page 15 of 108  SECTION 6 [Information requested in SECTION 6.1 is not required by law, but may be helpful in evaluating the performance of TIF in Illinois. SECTIONS 6.2, 6.3, and 6.4 are required by law, if applicable. (65 ILCS 5/11-74.4-5(d))] FY 2023 Name of Redevelopment Project Area: TIF 3 - North Avenue SECTION 6.1-For redevelopment projects beginning before FY 2022, complete the following information about job creation and retention. Job Description and Type Number of Jobs Retained Number of Jobs Created (Temporary or Permanent) Total Salaries Paid $ - SECTION 6.2-For redevelopment projects beginning in or after FY 2022, complete the following information about projected job creation and actual job creation. The number of jobs, if any, created as a result of the development to date, for the reporting period, under the same guidelines and The number of jobs, if any, projected to be created at the assumptions as was used for the projections used at the time of time of approval of the redevelopment agreement. approval of the redevelopment agreement. Project Name Temporary Permanent Temporary Permanent SECTION 6.3-For redevelopment projects beginning in or after FY 2022, complete the following information about increment projected to be created and actual increment created. The amount of increment created as a result of the development to date, for the reporting period, using the same assumptions as was used for The amount of increment projected to be created at the the projections used at the time of the approval of the redevelopment Project Name time of approval of the redevelopment agreement. agreement. SECTION 6.4-For redevelopment projects beginning in or after FY 2022, provide the stated rate of return identified by the developer to the municipality and verified by an independent third party, IF ANY: Project Name Stated Rate of Return Page 16 of 108  SECTION 7 [Information in the following section is not required by law, but may be helpful in evaluating the performance of TIF in Illinois.] FY 2023 Name of Redevelopment Project Area: TIF 3 - North Avenue Provide a general description of the redevelopment project area using only major boundaries. North Avenue between Villa Avenue and Grace Street Optional Documents Enclosed Legal description of redevelopment project area Map of District Page 17 of 108  SECTION 8 [Information in the following section is not required by law, but may be helpful in evaluating the performance of TIF in Illinois.] FY 2023 Name of Redevelopment Project Area: TIF 3 - North Avenue Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area. Year of Designation Base EAV Reporting Fiscal Year EAV 2006 $ 37,135,920 51,407,320 List all overlapping tax districts in the redevelopment project area. If overlapping taxing district received a surplus, list the surplus. Indicate an 'X' if the overlapping taxing districts did not receive a surplus. Surplus Distributed from redevelopment Overlapping Taxing District project area to overlapping districts $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Page 18 of 108  Attachment B Village of Villa Park 20 South Ardmore Avenue, Villa Park, Illinois 60181 Nick Cuzzone, Village President Hosanna Korynecky, Village Clerk Matt Harline, Village Manager VILLAGE OF VILLA PARK, ILLINOIS Unit Code 022/100/32 CERTIFICATION OF CHIEF EXECUTIVE OFFICER I, Nick Cuzzone, the President of the Village of Villa Park, DuPage County, Illinois, certify that the Village has complied with all of the requirements of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., during the calendar year ending December 31, 2023, in connection with the administration of the North Avenue (TIF 3) Tax Increment Redevelopment Project Area. __________________________ Nick Cuzzone, Village President Page 19 of 108  Attachment H Joint Review Board 2022 Annual Meeting TIF #3, North Avenue Redevelopment Project Area Minutes from October 9, 2024 Call Meeting to Order: Meeting for review of fiscal year 2022 was called to order by Director, Marc McLaughlin at 10:00 a.m. and roll call was taken. Roll Call: Present were the following representatives: Attorney Brian Baugh, Village of Villa Park Chuck Howard, Finance Director Villa Park Ryan Domeracki, High School District 88 Jeff Eagan, School District 45 Sandy Hill ,Villa Park Library Paul Hoss, DuPage County Dean Stathopoulos, Addison Park District Jessica Ramirez, Lombard Park District and Janelle Manzke, Public Member No representation for College of DuPage #502, Addison Township, York Township, Addison School District #4. Elect or Re-elect Public Member: Motion was made by Paul Hoss to elect Janelle Manzke for Public Member and seconded by Jeff Eagan. Passed with all ayes. Elect or Re-elect Chairperson: Motion made by Pal Hoss for Marc McLaughlin to act as Chairperson, seconded by Jeff Egan. Passed with all ayes. Public Comment: None. Status of TIF Fiscal Year 2022: The North Avenue TIF started in 2006 and will close in 2029. The Revenue/Cash Receipts were approximately $700,000 with expenditures of $9,237 with an ending fund balance of $2,554.386. Discussion DuPage County is working on a program on housing solutions and will partner with surrounding communities. The goal is to provide financial assistance to assist with property improvements for affordable housing. Adjournment: At the conclusion of all TIF agendas, the motion to adjourn the meeting was made by Paul Hoss and seconded by Jeff Eagan. The motion passed with all ayes. The meeting adjourned at 10:07 a.m. Respectively submitted by, Pat Boksha Page 20 of 108  Attachment K VILLAGE OF VILLA PARK, ILLINOIS TAX INCREMENT FINANCING DISTRICTS Statement of Revenues, Expenditures and Changes in Fund Balance For the Fiscal Year Ended December 31, 2023 Tax Tax Tax Tax Increment Increment Increment Increment Financing #3 Financing #4 Financing #5 Financing #6 Revenues Taxes Property Taxes $ 900,324 36,770 302,406 70,029 Investment Income — — 10,144 33,219 Total Revenues 900,324 36,770 312,550 103,248 Expenditures General Government Contractual Services 13,409 61,278 165,701 12,548 Capital Outlay — 52,000 8,401 — Total Expenditures 13,409 113,278 174,102 12,548 Net Change in Fund Balance 886,915 (76,508) 138,448 90,700 Fund Balances - Beginning 2,518,136 (96,369) 159,201 519,584 Fund Balances - Ending 3,405,051 (172,877) 297,649 610,284 5 Page 21 of 108  Attachment L INDEPENDENT AUDITOR'S REPORT ON SUPPLEMENTAL INFORMATION December 26, 2024 The Honorable Village President Members of the Board of Trustees Village of Villa Park, Illinois We have audited the basic financial statements of the Village of Villa Park, Illinois, for the year ended December 31, 2023, and have issued our report thereon dated December 26, 2024, which expressed an unmodified opinion on those financial statements. The financial statements are the responsibility of the Village of Villa Park, Illinois’ management. Our responsibility is to express opinions on the basic financial statements based on our audit. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the basic financial statements of the Village of Villa Park, Illinois. The Balance Sheet and Schedule of Revenues, Expenditures and Changes in Fund Balance for Tax Increment Financing Funds (TIF) #3, #4, #5, and #6 is presented for purposes of additional analysis and are not a required part of the basic financial statements. This information is the responsibility of management and derives from and relates directly to the underlying and other records used to prepare the basic financial statements. That information has been subjected to the auditing procedures applied to the audit of the basic financial statements and certain other procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements, or to the 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. LAUTERBACH & AMEN, LLP 3 Page 22 of 108 FY 2023 ANNUAL TAX INCREMENT FINANCE REPORT Name of Municipality: Village of Villa Park Reporting Fiscal Year: 2023 County: DuPage Fiscal Year End: 12/31/2023 Unit Code: 022/100/32 FY 2023 TIF Administrator Contact Information-Required First Name: Marc Last Name: McLaughlin Address: 20 S Ardmore Ave Title: Dir. of Community & Economic Development Telephone: 630-433-4300 City: Villa Park Zip: 60181 E-mail mmclaughlin@invillapark.com I attest to the best of my knowledge, that this FY 2023 report of the redevelopment project area(s) in the City/Village of: Villa Park, Illinois is complete and accurate pursuant to Tax Increment Allocation Redevelopment Act [65 ILCS 5/11-74.4-3 et. seq.] and or Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.]. __________________________________________________________________________ _________________________________ Written signature of TIF Administrator Date Section 1 (65 ILCS 5/11-74.4-5 (d) (1.5) and 65 ILCS 5/11-74.6-22 (d) (1.5)*) FILL OUT ONE FOR EACH TIF DISTICT Date Designated Date Terminated Name of Redevelopment Project Area MM/DD/YYYY MM/DD/YYYY TIF 4 - St Charles Road 4/13/2009 *All statutory citations refer to one of two sections of the Illinois Municipal Code: The Tax Increment Allocation Redevelopment Act [65 ILCS 5/11-74.4-3 et. seq.] or the Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.] Page 23 of 108  SECTION 2 [Sections 2 through 8 must be completed for each redevelopment project area listed in Section 1.] FY 2023 Name of Redevelopment Project Area: TIF 4 - St Charles Road Primary Use of Redevelopment Project Area*: *Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed. If "Combination/Mixed" List Component Types: Under which section of the Illinois Municipal Code was the Redevelopment Project Area designated? (check one): Tax Increment Allocation Redevelopment Act X Industrial Jobs Recovery Law ______ Please utilize the information below to properly label the Attachments. No Yes For redevelopment projects beginning prior to FY 2022, were there any amendments, to the redevelopment plan, the redevelopment project area, or the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)] If yes, please enclose the amendment (labeled Attachment A). For redevelopment projects beginning in or after FY 2022, were there any amendments, enactments or extensions to the redevelopment X plan, the redevelopment project area, or the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)] If yes, please enclose the amendment, enactment or extension, and a copy of the redevelopment plan (labeled Attachment A). Certification of the Chief Executive Officer of the municipality that the municipality has complied with all of the requirements of the Act during the preceding fiscal year. [65 ILCS 5/11-74.4-5 (d) (3) and 5/11-74.6-22 (d) (3)] X Please enclose the CEO Certification (labeled Attachment B). Opinion of legal counsel that municipality is in compliance with the Act. [65 ILCS 5/11-74.4-5 (d) (4) and 5/11-74.6-22 (d) (4)] Please enclose the Legal Counsel Opinion (labeled Attachment C). X Statement setting forth all activities undertaken in furtherance of the objectives of the redevelopment plan, including any project implemented and a description of the redevelopment activities. [65 ILCS 5/11-74.4-5 (d) (7) (A and B) and 5/11-74.6-22 (d) (7) (A X and B)] If yes, please enclose the Activities Statement (labled Attachment D). Were any agreements entered into by the municipality with regard to the disposition or redevelopment of any property within the redevelopment project area or the area within the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (7) (C) and 5/11-74.6-22 (d) X (7) (C)] If yes, please enclose the Agreement(s) (labeled Attachment E). Is there additional information on the use of all funds received under this Division and steps taken by the municipality to achieve the objectives of the redevelopment plan? [65 ILCS 5/11-74.4-5 (d) (7) (D) and 5/11-74.6-22 (d) (7) (D)] X If yes, please enclose the Additional Information (labeled Attachment F). Did the municipality's TIF advisors or consultants enter into contracts with entities or persons that have received or are receiving payments financed by tax increment revenues produced by the same TIF? [65 ILCS 5/11-74.4-5 (d) (7) (E) and 5/11-74.6-22 (d) (7) X (E)] If yes, please enclose the contract(s) or description of the contract(s) (labeled Attachment G). Were there any reports submitted to the municipality by the joint review board? [65 ILCS 5/11-74.4-5 (d) (7) (F) and 5/11-74.6-22 (d) (7) (F)] X If yes, please enclose the Joint Review Board Report (labeled Attachment H). Were any obligations issued by the municipality? [65 ILCS 5/11-74.4-5 (d) (8) (A) and 5/11-74.6-22 (d) (8) (A)] If yes, please enclose any Official Statement (labeled Attachment I). If Attachment I is answered yes, then the Analysis must X be attached (labeled Attachment J). An analysis prepared by a financial advisor or underwriter, chosen by the municipality, setting forth the nature and term of obligation; projected debt service including required reserves and debt coverage; and actual debt service. [65 ILCS 5/11-74.4-5 (d) (8) (B) and 5/11-74.6-22 (d) (8) (B)] X If attachment I is yes, the Analysis and an accompanying letter from the municipality outlining the contractual relationship between the municipality and the financial advisor/underwriter MUST be attached (labeled Attachment J). Has a cumulative of $100,000 of TIF revenue been deposited into the special tax allocation fund? 65 ILCS 5/11-74.4-5 (d) (2) and 5/11-74.6-22 (d) (2) X If yes, please enclose audited financial statements of the special tax allocation fund (labeled Attachment K). Cumulatively, have deposits of incremental taxes revenue equal to or greater than $100,000 been made into the special tax allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)] If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or X noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L). A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d) (10)] X If yes, please enclose the list only, not actual agreements (labeled Attachment M). For redevelopment projects beginning in or after FY 2022, did the developer identify to the municipality a stated rate of return for each redevelopment project area? Stated rates of return required to be reported shall be independently verified by a third party chosen by the municipality. X If yes, please enclose evidence of third party verification, may be in the form of a letter from the third party (labeled Attachment N). Page 24 of 108  SECTION 3.1 [65 ILCS 5/11-74.4-5 (d)(5)(a)(b)(d)) and (65 ILCS 5/11-74.6-22 (d) (5)(a)(b)(d)] FY 2023 Name of Redevelopment Project Area: TIF 4 - St Charles Road Provide an analysis of the special tax allocation fund. Special Tax Allocation Fund Balance at Beginning of Reporting Period $ (96,369) Cumulative Revenue/Cash Totals of Receipts for Revenue/Cash SOURCE of Revenue/Cash Receipts: Current Receipts for life Reporting Year of TIF % of Total Property Tax Increment $ 36,770 $ 238,944 97% State Sales Tax Increment 0% Local Sales Tax Increment 0% State Utility Tax Increment 0% Local Utility Tax Increment 0% Interest $ - $ 27 0% Land/Building Sale Proceeds 0% Bond Proceeds 0% Transfers from Municipal Sources $ - $ 7,788 3% Private Sources 0% Other (identify source _____________; if multiple other sources, attach schedule) 0% All Amount Deposited in Special Tax Allocation Fund $ 36,770 Cumulative Total Revenues/Cash Receipts $ 246,759 100% Total Expenditures/Cash Disbursements (Carried forward from $ 113,278 Section 3.2) Transfers to Municipal Sources Distribution of Surplus Total Expenditures/Disbursements $ 113,278 Net/Income/Cash Receipts Over/(Under) Cash Disbursements $ (76,508) Previous Year Adjustment (Explain Below) . FUND BALANCE, END OF REPORTING PERIOD* $ (172,877) * If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3 Previous Year Explanation: Page 25 of 108  SECTION 3.2 A [65 ILCS 5/11-74.4-5 (d) (5) (c) and 65 ILCS 5/11-74.6-22 (d) (5)(c)] FY 2023 Name of Redevelopment Project Area: TIF 4 - St Charles Road ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND PAGE 1 Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6- 10 (o)] Amounts Reporting Fiscal Year 1. Cost of studies, surveys, development of plans, and specifications. Implementation and administration of the redevelopment plan, staff and professional service cost. Teska - TIF Planning 14,047 Thomson Surveying - Legal Description 1,230 Paddock Publications - TIF notification 3,885 Gentile & Associates - Survey 1,675 Potstage - TIF mailings 1,000 Printsmart - Printing Plans 237 $ 22,073 2. Annual administrative cost. Storino Ramello & Durkin - Legal 14,177 DuPage County - Property Tax 24,948 DuPage County - Property Tax Refund (47) 127 $ 39,205 3. Cost of marketing sites. $ - 4. Property assembly cost and site preparation costs. 110 S Villa Ave - lease buy-out 52,000 $ 52,000 5. Costs of renovation, rehabilitation, reconstruction, relocation, repair or remodeling of existing public or private building, leasehold improvements, and fixtures within a redevelopment project area. $ - 6. Costs of the constructuion of public works or improvements. $ - Page 26 of 108  SECTION 3.2 A PAGE 2 7. Costs of eliminating or removing contaminants and other impediments. $ - 8. Cost of job training and retraining projects. $ - 9. Financing costs. $ - 10. Capital costs. $ - 11. Cost of reimbursing school districts for their increased costs caused by TIF assisted housing projects. $ - 12. Cost of reimbursing library districts for their increased costs caused by TIF assisted housing projects. $ - Page 27 of 108  SECTION 3.2 A PAGE 3 13. Relocation costs. $ - 14. Payments in lieu of taxes. $ - 15. Costs of job training, retraining, advanced vocational or career education. $ - 16. Interest cost incurred by redeveloper or other nongovernmental persons in connection with a redevelopment project. $ - 17. Cost of day care services. $ - 18. Other. $ - TOTAL ITEMIZED EXPENDITURES $ 113,278 Page 28 of 108  Section 3.2 B [Information in the following section is not required by law, but may be helpful in creating fiscal transparency.] FY 2023 Name of Redevelopment Project Area: TIF 4 - St Charles Road List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year. Name Service Amount Teska Planning $ 14,046.75 Storino Ramello & Durkin Legal $ 14,176.51 Page 29 of 108  SECTION 3.3 [65 ILCS 5/11-74.4-5 (d) (5d) 65 ILCS 5/11-74.6-22 (d) (5d] FY 2023 Name of Redevelopment Project Area: TIF 4 - St Charles Road Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period by source FUND BALANCE BY SOURCE $ (172,877) 1. Description of Debt Obligations Amount of Original Issuance Amount Designated Total Amount Designated for Obligations $ - $ - 2. Description of Project Costs to be Paid Amount of Original Issuance Amount Designated Façade Improvements $ 150,000 Total Amount Designated for Project Costs $ 150,000 TOTAL AMOUNT DESIGNATED $ 150,000 SURPLUS/(DEFICIT) $ (322,877) Page 30 of 108  SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)] FY 2023 Name of Redevelopment Project Area: TIF 4 - St Charles Road Provide a description of all property purchased by the municipality during the reporting fiscal year within the redevelopment project area. Indicate an 'X' if no property was acquired by the municipality within the X redevelopment project area. Property (1): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (2): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (3): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (4): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (5): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (6): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (7): Street address: Approximate size or description of property: Purchase price: Seller of property: Page 31 of 108  SECTION 5 [20 ILCS 620/4.7 (7)(F)] FY 2023 Name of Redevelopment Project Area: TIF 4 - St Charles Road PAGE 1 Page 1 MUST be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed. Select ONE of the following by indicating an 'X': 1. NO projects were undertaken by the Municipality Within the Redevelopment Project Area. 2. The municipality DID undertake projects within the Redevelopment Project Area. (If selecting this option, complete 2a and 2b.) X 2a. The total number of ALL activities undertaken in furtherance of the objectives of the redevelopment 2 plan: 2b. The total number of NEW projects undertaken by the municipality in fiscal year 2022 and any fiscal year 0 thereafter, within the Revelopment Project area, if any. LIST ALL projects undertaken by the Municipality Within the Redevelopment Project Area: Estimated Investment for Total Estimated to TOTAL: 11/1/99 to Date Subsequent Fiscal Year Complete Project Private Investment Undertaken (See Instructions) $ - $ - $ - Public Investment Undertaken $ 1,601,621 $ - $ - Ratio of Private/Public Investment 0 0 Project 1 Name: AK Mulch Relocation Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 1,500,093 Ratio of Private/Public Investment 0 0 Project 2 Name: Street Improvements Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 101,528 Ratio of Private/Public Investment 0 0 Project 3 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 4 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 5 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 6 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Page 32 of 108  SECTION 6 [Information requested in SECTION 6.1 is not required by law, but may be helpful in evaluating the performance of TIF in Illinois. SECTIONS 6.2, 6.3, and 6.4 are required by law, if applicable. (65 ILCS 5/11-74.4-5(d))] FY 2023 Name of Redevelopment Project Area: TIF 4 - St Charles Road SECTION 6.1-For redevelopment projects beginning before FY 2022, complete the following information about job creation and retention. Job Description and Type Number of Jobs Retained Number of Jobs Created (Temporary or Permanent) Total Salaries Paid $ - SECTION 6.2-For redevelopment projects beginning in or after FY 2022, complete the following information about projected job creation and actual job creation. The number of jobs, if any, created as a result of the development to date, for the reporting period, under the same guidelines and The number of jobs, if any, projected to be created at the assumptions as was used for the projections used at the time of time of approval of the redevelopment agreement. approval of the redevelopment agreement. Project Name Temporary Permanent Temporary Permanent SECTION 6.3-For redevelopment projects beginning in or after FY 2022, complete the following information about increment projected to be created and actual increment created. The amount of increment created as a result of the development to date, for the reporting period, using the same assumptions as was used for The amount of increment projected to be created at the the projections used at the time of the approval of the redevelopment Project Name time of approval of the redevelopment agreement. agreement. SECTION 6.4-For redevelopment projects beginning in or after FY 2022, provide the stated rate of return identified by the developer to the municipality and verified by an independent third party, IF ANY: Project Name Stated Rate of Return Page 33 of 108  SECTION 7 [Information in the following section is not required by law, but may be helpful in evaluating the performance of TIF in Illinois.] FY 2023 Name of Redevelopment Project Area: TIF 4 - St Charles Road Provide a general description of the redevelopment project area using only major boundaries. Villa Avenue and St Charles Road Optional Documents Enclosed Legal description of redevelopment project area Map of District Page 34 of 108  SECTION 8 [Information in the following section is not required by law, but may be helpful in evaluating the performance of TIF in Illinois.] FY 2023 Name of Redevelopment Project Area: TIF 4 - St Charles Road Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area. Year of Designation Base EAV Reporting Fiscal Year EAV 2009 $ 2,834,880 3,470,320 List all overlapping tax districts in the redevelopment project area. If overlapping taxing district received a surplus, list the surplus. Indicate an 'X' if the overlapping taxing districts did not receive a surplus. Surplus Distributed from redevelopment Overlapping Taxing District project area to overlapping districts $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Page 35 of 108  Attachment B Village of Villa Park 20 South Ardmore Avenue, Villa Park, Illinois 60181 Nick Cuzzone, Village President Hosanna Korynecky, Village Clerk Matt Harline, Village Manager VILLAGE OF VILLA PARK, ILLINOIS Unit Code 022/100/32 CERTIFICATION OF CHIEF EXECUTIVE OFFICER I, Nick Cuzzone, the President of the Village of Villa Park, DuPage County, Illinois, certify that the Village has complied with all of the requirements of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., during the calendar year ending December 31, 2023, in connection with the administration of the St Charles Road (TIF 4) Tax Increment Redevelopment Project Area. __________________________ Nick Cuzzone, Village President Page 36 of 108  Attachment D The Village approved a Letter of Intent December 6, 2021 with Catalyst Partners and Marquette Companies to develop the Village owned property at 100-11- S Villa Avenue. The developers proposed a $80 million, mixed-use project consisting of 224 market rate apartments on a 2-story parking deck that includes 8,000 square feet of retail space. Page 37 of 108  Attachment H Joint Review Board 2022 Annual Meeting TIF #4, St. Charles Road, Redevelopment Project Area Minutes from October 9, 2024 Call Meeting to Order: Meeting for review of fiscal year 2022 was called to order by Director, Marc McLaughlin at 10:16 a.m. and roll call was taken. Roll Call: Present were the following representatives: Attorney Brian Baugh, Village of Villa Park Chuck Howard, Finance Director Villa Park Ryan Domeracki, High School District 88 Jeff Eagan, School District 45 Sandy Hill, Villa Park Library Paul Hoss, DuPage County and Janelle Manzke, Public Member No representation for College of DuPage #502, York Township. Elect or Re-elect Public Member: Motion was made by Paul Hoss to elect Janelle Manzke for Public Member and seconded by Jeff Eagan. Passed with all ayes. Elect or Re-elect Chairperson: Motion made by Pal Hoss for Marc McLaughlin to act as Chairperson, seconded by Jeff Egan. Passed with all ayes. Public Comment: None. Status of TIF Fiscal Year 2021: The St. Charles Road TIF was created in 2009. The beginning fund balance was $11,713. The ending fund balance was $(88,579). Total expenditures were: $141,331. Discussion: This TIF will be closed as the creation of TIF 7 will incorporate this area. The new TIF will have a life span of 23 years. Reporting for TIF 7 will begin next year. Adjournment: At the conclusion of all TIF agendas, the motion to adjourn the meeting was made by Paul Hoss and seconded by Jeff Eagan. The motion passed with all ayes. The meeting adjourned at 10:18 a.m. Respectively submitted by, Pat Boksha Page 38 of 108  Attachment K VILLAGE OF VILLA PARK, ILLINOIS TAX INCREMENT FINANCING DISTRICTS Statement of Revenues, Expenditures and Changes in Fund Balance For the Fiscal Year Ended December 31, 2023 Tax Tax Tax Tax Increment Increment Increment Increment Financing #3 Financing #4 Financing #5 Financing #6 Revenues Taxes Property Taxes $ 900,324 36,770 302,406 70,029 Investment Income — — 10,144 33,219 Total Revenues 900,324 36,770 312,550 103,248 Expenditures General Government Contractual Services 13,409 61,278 165,701 12,548 Capital Outlay — 52,000 8,401 — Total Expenditures 13,409 113,278 174,102 12,548 Net Change in Fund Balance 886,915 (76,508) 138,448 90,700 Fund Balances - Beginning 2,518,136 (96,369) 159,201 519,584 Fund Balances - Ending 3,405,051 (172,877) 297,649 610,284 5 Page 39 of 108  Attachment L INDEPENDENT AUDITOR'S REPORT ON SUPPLEMENTAL INFORMATION December 26, 2024 The Honorable Village President Members of the Board of Trustees Village of Villa Park, Illinois We have audited the basic financial statements of the Village of Villa Park, Illinois, for the year ended December 31, 2023, and have issued our report thereon dated December 26, 2024, which expressed an unmodified opinion on those financial statements. The financial statements are the responsibility of the Village of Villa Park, Illinois’ management. Our responsibility is to express opinions on the basic financial statements based on our audit. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the basic financial statements of the Village of Villa Park, Illinois. The Balance Sheet and Schedule of Revenues, Expenditures and Changes in Fund Balance for Tax Increment Financing Funds (TIF) #3, #4, #5, and #6 is presented for purposes of additional analysis and are not a required part of the basic financial statements. This information is the responsibility of management and derives from and relates directly to the underlying and other records used to prepare the basic financial statements. That information has been subjected to the auditing procedures applied to the audit of the basic financial statements and certain other procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements, or to the 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. LAUTERBACH & AMEN, LLP 3 Page 40 of 108 FY 2023 ANNUAL TAX INCREMENT FINANCE REPORT Name of Municipality: Village of Villa Park Reporting Fiscal Year: 2023 County: DuPage Fiscal Year End: 12/31/2023 Unit Code: 022/100/32 FY 2023 TIF Administrator Contact Information-Required First Name: Marc Last Name: McLaughlin Address: 20 S Ardmore Ave Title: Dir. of Community & Economic Development Telephone: 630-433-4300 City: Villa Park Zip: 60181 E-mail mmclaughlin@invillapark.com I attest to the best of my knowledge, that this FY 2023 report of the redevelopment project area(s) in the City/Village of: Villa Park, Illinois is complete and accurate pursuant to Tax Increment Allocation Redevelopment Act [65 ILCS 5/11-74.4-3 et. seq.] and or Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.]. __________________________________________________________________________ _________________________________ Written signature of TIF Administrator Date Section 1 (65 ILCS 5/11-74.4-5 (d) (1.5) and 65 ILCS 5/11-74.6-22 (d) (1.5)*) FILL OUT ONE FOR EACH TIF DISTICT Date Designated Date Terminated Name of Redevelopment Project Area MM/DD/YYYY MM/DD/YYYY TIF 5 - Kenilworth 9/22/2014 *All statutory citations refer to one of two sections of the Illinois Municipal Code: The Tax Increment Allocation Redevelopment Act [65 ILCS 5/11-74.4-3 et. seq.] or the Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.] Page 41 of 108  SECTION 2 [Sections 2 through 8 must be completed for each redevelopment project area listed in Section 1.] FY 2023 Name of Redevelopment Project Area: TIF 5 - Kenilworth Primary Use of Redevelopment Project Area*: *Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed. If "Combination/Mixed" List Component Types: Under which section of the Illinois Municipal Code was the Redevelopment Project Area designated? (check one): Tax Increment Allocation Redevelopment Act X Industrial Jobs Recovery Law ______ Please utilize the information below to properly label the Attachments. No Yes For redevelopment projects beginning prior to FY 2022, were there any amendments, to the redevelopment plan, the redevelopment project area, or the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)] If yes, please enclose the amendment (labeled Attachment A). For redevelopment projects beginning in or after FY 2022, were there any amendments, enactments or extensions to the redevelopment X plan, the redevelopment project area, or the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)] If yes, please enclose the amendment, enactment or extension, and a copy of the redevelopment plan (labeled Attachment A). Certification of the Chief Executive Officer of the municipality that the municipality has complied with all of the requirements of the Act during the preceding fiscal year. [65 ILCS 5/11-74.4-5 (d) (3) and 5/11-74.6-22 (d) (3)] X Please enclose the CEO Certification (labeled Attachment B). Opinion of legal counsel that municipality is in compliance with the Act. [65 ILCS 5/11-74.4-5 (d) (4) and 5/11-74.6-22 (d) (4)] Please enclose the Legal Counsel Opinion (labeled Attachment C). X Statement setting forth all activities undertaken in furtherance of the objectives of the redevelopment plan, including any project implemented and a description of the redevelopment activities. [65 ILCS 5/11-74.4-5 (d) (7) (A and B) and 5/11-74.6-22 (d) (7) (A X and B)] If yes, please enclose the Activities Statement (labled Attachment D). Were any agreements entered into by the municipality with regard to the disposition or redevelopment of any property within the redevelopment project area or the area within the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (7) (C) and 5/11-74.6-22 (d) X (7) (C)] If yes, please enclose the Agreement(s) (labeled Attachment E). Is there additional information on the use of all funds received under this Division and steps taken by the municipality to achieve the objectives of the redevelopment plan? [65 ILCS 5/11-74.4-5 (d) (7) (D) and 5/11-74.6-22 (d) (7) (D)] X If yes, please enclose the Additional Information (labeled Attachment F). Did the municipality's TIF advisors or consultants enter into contracts with entities or persons that have received or are receiving payments financed by tax increment revenues produced by the same TIF? [65 ILCS 5/11-74.4-5 (d) (7) (E) and 5/11-74.6-22 (d) (7) X (E)] If yes, please enclose the contract(s) or description of the contract(s) (labeled Attachment G). Were there any reports submitted to the municipality by the joint review board? [65 ILCS 5/11-74.4-5 (d) (7) (F) and 5/11-74.6-22 (d) (7) (F)] X If yes, please enclose the Joint Review Board Report (labeled Attachment H). Were any obligations issued by the municipality? [65 ILCS 5/11-74.4-5 (d) (8) (A) and 5/11-74.6-22 (d) (8) (A)] If yes, please enclose any Official Statement (labeled Attachment I). If Attachment I is answered yes, then the Analysis must X be attached (labeled Attachment J). An analysis prepared by a financial advisor or underwriter, chosen by the municipality, setting forth the nature and term of obligation; projected debt service including required reserves and debt coverage; and actual debt service. [65 ILCS 5/11-74.4-5 (d) (8) (B) and 5/11-74.6-22 (d) (8) (B)] X If attachment I is yes, the Analysis and an accompanying letter from the municipality outlining the contractual relationship between the municipality and the financial advisor/underwriter MUST be attached (labeled Attachment J). Has a cumulative of $100,000 of TIF revenue been deposited into the special tax allocation fund? 65 ILCS 5/11-74.4-5 (d) (2) and 5/11-74.6-22 (d) (2) X If yes, please enclose audited financial statements of the special tax allocation fund (labeled Attachment K). Cumulatively, have deposits of incremental taxes revenue equal to or greater than $100,000 been made into the special tax allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)] If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or X noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L). A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d) (10)] X If yes, please enclose the list only, not actual agreements (labeled Attachment M). For redevelopment projects beginning in or after FY 2022, did the developer identify to the municipality a stated rate of return for each redevelopment project area? Stated rates of return required to be reported shall be independently verified by a third party chosen by the municipality. X If yes, please enclose evidence of third party verification, may be in the form of a letter from the third party (labeled Attachment N). Page 42 of 108  SECTION 3.1 [65 ILCS 5/11-74.4-5 (d)(5)(a)(b)(d)) and (65 ILCS 5/11-74.6-22 (d) (5)(a)(b)(d)] FY 2023 Name of Redevelopment Project Area: TIF 5 - Kenilworth Provide an analysis of the special tax allocation fund. Special Tax Allocation Fund Balance at Beginning of Reporting Period $ 159,201 Cumulative Revenue/Cash Totals of Receipts for Revenue/Cash SOURCE of Revenue/Cash Receipts: Current Receipts for life Reporting Year of TIF % of Total Property Tax Increment $ 302,406 $ 1,092,875 99% State Sales Tax Increment 0% Local Sales Tax Increment 0% State Utility Tax Increment 0% Local Utility Tax Increment 0% Interest $ 10,144 $ 12,849 1% Land/Building Sale Proceeds 0% Bond Proceeds 0% Transfers from Municipal Sources $ - $ 500 0% Private Sources 0% Other (identify source _____________; if multiple other sources, attach schedule) 0% All Amount Deposited in Special Tax Allocation Fund $ 312,550 Cumulative Total Revenues/Cash Receipts $ 1,106,224 100% Total Expenditures/Cash Disbursements (Carried forward from $ 174,102 Section 3.2) Transfers to Municipal Sources Distribution of Surplus Total Expenditures/Disbursements $ 174,102 Net/Income/Cash Receipts Over/(Under) Cash Disbursements $ 138,448 Previous Year Adjustment (Explain Below) . FUND BALANCE, END OF REPORTING PERIOD* $ 297,649 * If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3 Previous Year Explanation: Page 43 of 108  SECTION 3.2 A [65 ILCS 5/11-74.4-5 (d) (5) (c) and 65 ILCS 5/11-74.6-22 (d) (5)(c)] FY 2023 Name of Redevelopment Project Area: TIF 5 - Kenilworth ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND PAGE 1 Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6- 10 (o)] Amounts Reporting Fiscal Year 1. Cost of studies, surveys, development of plans, and specifications. Implementation and administration of the redevelopment plan, staff and professional service cost. Kenilworth Townhome RDA payment 52,029 Kenilworth Townhome RDA payment 68,918 Civil Tech - Engineering 24,706 STORINO RAMELLO & DURKIN - Legal 49 $ 145,701 2. Annual administrative cost. $ - 3. Cost of marketing sites. $ - 4. Property assembly cost and site preparation costs. $ - 5. Costs of renovation, rehabilitation, reconstruction, relocation, repair or remodeling of existing public or private building, leasehold improvements, and fixtures within a redevelopment project area. John Paul Demirdjian - 212 S Villa Ave 20,000 $ 20,000 6. Costs of the constructuion of public works or improvements. NuToys Leisure Products - Streetscape 4,964 Angela Rojek - Streetscape 897 Midland Plaumbing - Irrigation 2,200 Ace Hardware - Streetscape 340 $ 8,401 Page 44 of 108  SECTION 3.2 A PAGE 2 7. Costs of eliminating or removing contaminants and other impediments. $ - 8. Cost of job training and retraining projects. $ - 9. Financing costs. $ - 10. Capital costs. $ - 11. Cost of reimbursing school districts for their increased costs caused by TIF assisted housing projects. $ - 12. Cost of reimbursing library districts for their increased costs caused by TIF assisted housing projects. $ - Page 45 of 108  SECTION 3.2 A PAGE 3 13. Relocation costs. $ - 14. Payments in lieu of taxes. $ - 15. Costs of job training, retraining, advanced vocational or career education. $ - 16. Interest cost incurred by redeveloper or other nongovernmental persons in connection with a redevelopment project. $ - 17. Cost of day care services. $ - 18. Other. $ - TOTAL ITEMIZED EXPENDITURES $ 174,102 Page 46 of 108  Section 3.2 B [Information in the following section is not required by law, but may be helpful in creating fiscal transparency.] FY 2023 Name of Redevelopment Project Area: TIF 5 - Kenilworth List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year. Name Service Amount Kenilworth Townhome LLC Development Agreement Repayment $ 52,028.86 Kenilworth Townhome LLC Development Agreement Repayment $ 68,917.55 Civil Tech Engineering $ 24,706.33 Page 47 of 108  SECTION 3.3 [65 ILCS 5/11-74.4-5 (d) (5d) 65 ILCS 5/11-74.6-22 (d) (5d] FY 2023 Name of Redevelopment Project Area: TIF 5 - Kenilworth Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period by source FUND BALANCE BY SOURCE $ 297,649 1. Description of Debt Obligations Amount of Original Issuance Amount Designated Total Amount Designated for Obligations $ - $ - 2. Description of Project Costs to be Paid Amount of Original Issuance Amount Designated Kenilworth Townhomes $ 520,000 Total Amount Designated for Project Costs $ 520,000 TOTAL AMOUNT DESIGNATED $ 520,000 SURPLUS/(DEFICIT) $ (222,351) Page 48 of 108  SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)] FY 2023 Name of Redevelopment Project Area: TIF 5 - Kenilworth Provide a description of all property purchased by the municipality during the reporting fiscal year within the redevelopment project area. Indicate an 'X' if no property was acquired by the municipality within the X redevelopment project area. Property (1): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (2): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (3): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (4): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (5): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (6): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (7): Street address: Approximate size or description of property: Purchase price: Seller of property: Page 49 of 108  SECTION 5 [20 ILCS 620/4.7 (7)(F)] FY 2023 Name of Redevelopment Project Area: TIF 5 - Kenilworth PAGE 1 Page 1 MUST be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed. Select ONE of the following by indicating an 'X': 1. NO projects were undertaken by the Municipality Within the Redevelopment Project Area. 2. The municipality DID undertake projects within the Redevelopment Project Area. (If selecting this option, complete 2a and 2b.) X 2a. The total number of ALL activities undertaken in furtherance of the objectives of the redevelopment 16 plan: 2b. The total number of NEW projects undertaken by the municipality in fiscal year 2022 and any fiscal year 0 thereafter, within the Revelopment Project area, if any. LIST ALL projects undertaken by the Municipality Within the Redevelopment Project Area: Estimated Investment for Total Estimated to TOTAL: 11/1/99 to Date Subsequent Fiscal Year Complete Project Private Investment Undertaken (See Instructions) $ 4,700,000 $ - $ - Public Investment Undertaken $ 2,152,820 $ - $ - Ratio of Private/Public Investment 2 13/71 0 Project 1 Name: Cortesi Veteran's Memorial Park Renovation Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 242,300 Ratio of Private/Public Investment 0 0 Project 2 Name: Street Improvements Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 452,885 Ratio of Private/Public Investment 0 0 Project 3 Name: Depot Renovation Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 139,670 Ratio of Private/Public Investment 0 0 Project 4 Name: Façade Assitance Program Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 99,001 Ratio of Private/Public Investment 0 0 Project 5 Name: Streetscaping Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 7,165 Ratio of Private/Public Investment 0 0 Project 6 Name: Astor/Myrtle Stormsewer Seperation Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 53,000 Ratio of Private/Public Investment 0 0 Page 50 of 108  PAGE 2 **ATTACH ONLY IF PROJECTS ARE LISTED** Project 7 Name: Building Improvements Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 48,403 Ratio of Private/Public Investment 0 0 Project 8 Name: Parking Improvements Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 93,791 Ratio of Private/Public Investment 0 0 Project 9 Name: Great Western Trail Private Investment Undertaken (See Instructions) $ - Public Investment Undertaken $ 40,679 Ratio of Private/Public Investment 0 0 Project 10 Name: Museum Improvements Private Investment Undertaken (See Instructions) Public Investment Undertaken $ 2,312 Ratio of Private/Public Investment 0 0 Project 11 Name: Big Time (shelter construction) Private Investment Undertaken (See Instructions) Public Investment Undertaken $ 18,093 Ratio of Private/Public Investment 0 0 Project 12 Name: More Brewing Façade Assistance Private Investment Undertaken (See Instructions) Public Investment Undertaken $ 15,550 Ratio of Private/Public Investment 0 0 Project 13 Name: Meagrah Façade Assistance Private Investment Undertaken (See Instructions) Public Investment Undertaken $ 15,550 Ratio of Private/Public Investment 0 0 Project 14 Name: Kiosks & Wayfinding Private Investment Undertaken (See Instructions) Public Investment Undertaken $ 4,404 Ratio of Private/Public Investment 0 0 Project 15 Name: Geotechincal and Feasibility Studies Private Investment Undertaken (See Instructions) Public Investment Undertaken $ 20,017 Ratio of Private/Public Investment 0 0 Page 51 of 108  PAGE 3 **ATTACH ONLY IF PROJECTS ARE LISTED** Project 16 Name: Kenilworth Townhomes Project Private Investment Undertaken (See Instructions) $ 4,700,000 Public Investment Undertaken $ 900,000 Ratio of Private/Public Investment 5 2/9 0 Project 17 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 18 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 19 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 20 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 21 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 22 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 23 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 24 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 25 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Page 52 of 108  SECTION 6 [Information requested in SECTION 6.1 is not required by law, but may be helpful in evaluating the performance of TIF in Illinois. SECTIONS 6.2, 6.3, and 6.4 are required by law, if applicable. (65 ILCS 5/11-74.4-5(d))] FY 2023 Name of Redevelopment Project Area: TIF 5 - Kenilworth SECTION 6.1-For redevelopment projects beginning before FY 2022, complete the following information about job creation and retention. Job Description and Type Number of Jobs Retained Number of Jobs Created (Temporary or Permanent) Total Salaries Paid $ - SECTION 6.2-For redevelopment projects beginning in or after FY 2022, complete the following information about projected job creation and actual job creation. The number of jobs, if any, created as a result of the development to date, for the reporting period, under the same guidelines and The number of jobs, if any, projected to be created at the assumptions as was used for the projections used at the time of time of approval of the redevelopment agreement. approval of the redevelopment agreement. Project Name Temporary Permanent Temporary Permanent SECTION 6.3-For redevelopment projects beginning in or after FY 2022, complete the following information about increment projected to be created and actual increment created. The amount of increment created as a result of the development to date, for the reporting period, using the same assumptions as was used for The amount of increment projected to be created at the the projections used at the time of the approval of the redevelopment Project Name time of approval of the redevelopment agreement. agreement. SECTION 6.4-For redevelopment projects beginning in or after FY 2022, provide the stated rate of return identified by the developer to the municipality and verified by an independent third party, IF ANY: Project Name Stated Rate of Return Page 53 of 108  SECTION 7 [Information in the following section is not required by law, but may be helpful in evaluating the performance of TIF in Illinois.] FY 2023 Name of Redevelopment Project Area: TIF 5 - Kenilworth Provide a general description of the redevelopment project area using only major boundaries. Cortesi Ave and Kenilworth Ave Optional Documents Enclosed Legal description of redevelopment project area Map of District Page 54 of 108  SECTION 8 [Information in the following section is not required by law, but may be helpful in evaluating the performance of TIF in Illinois.] FY 2023 Name of Redevelopment Project Area: TIF 5 - Kenilworth Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area. Year of Designation Base EAV Reporting Fiscal Year EAV 2014 $ 4,653,680 8,854,040 List all overlapping tax districts in the redevelopment project area. If overlapping taxing district received a surplus, list the surplus. Indicate an 'X' if the overlapping taxing districts did not receive a surplus. Surplus Distributed from redevelopment Overlapping Taxing District project area to overlapping districts $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Page 55 of 108  Attachment B Village of Villa Park 20 South Ardmore Avenue, Villa Park, Illinois 60181 Nick Cuzzone, Village President Hosanna Korynecky, Village Clerk Matt Harline, Village Manager VILLAGE OF VILLA PARK, ILLINOIS Unit Code 022/100/32 CERTIFICATION OF CHIEF EXECUTIVE OFFICER I, Nick Cuzzone, the President of the Village of Villa Park, DuPage County, Illinois, certify that the Village has complied with all of the requirements of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., during the calendar year ending December 31, 2023, in connection with the administration of the Kenilworth (TIF 5) Tax Increment Redevelopment Project Area. __________________________ Nick Cuzzone, Village President Page 56 of 108  Attachment D Preliminary engineering for the Rec Center was initiated. Environmental clean-up was performed in the District. Page 57 of 108  Attachment H Joint Review Board 2022 Annual Meeting TIF #5, Kenilworth, Redevelopment Project Area Minutes from October 9, 2024 Call Meeting to Order: Meeting for review of fiscal year 2022 was called to order by Director, Marc McLaughlin at 10:07 a.m. and roll call was taken. Roll Call: Present were the following representatives: Attorney Brian Baugh, Village of Villa Park Chuck Howard, Finance Director Villa Park Ryan Domeracki, High School District 88 Jeff Eagan, School District 45 Sandy Hill, Villa Park Library Paul Hoss, DuPage County and Janelle Manzke, Public Member No representation for College of DuPage #502, York Township. Elect or Re-elect Public Member: Motion was made by Paul Hoss to elect Janelle Manzke for Public Member and seconded by Jeff Eagan. Passed with all ayes. Elect or Re-elect Chairperson: Motion made by Pal Hoss for Marc McLaughlin to act as Chairperson, seconded by Jeff Egan. Passed with all ayes. Public Comment: None. Status of TIF Fiscal Year 2022: The Kenilworth TIF was created in 2014. The beginning fund balance was $18,431 with the ending fund balance at $159,201. Total expenditures were $86,794. The Kenilworth Townhomes RDA payment is the main expense. Discussion: None. Adjournment: At the conclusion of all TIF agendas, the motion to adjourn the meeting was made by Paul Hoss and seconded by Jeff Eagan. The motion passed with all ayes. The meeting adjourned at 10:09 a.m. Respectively submitted by, Pat Boksha Page 58 of 108  Attachment K VILLAGE OF VILLA PARK, ILLINOIS TAX INCREMENT FINANCING DISTRICTS Statement of Revenues, Expenditures and Changes in Fund Balance For the Fiscal Year Ended December 31, 2023 Tax Tax Tax Tax Increment Increment Increment Increment Financing #3 Financing #4 Financing #5 Financing #6 Revenues Taxes Property Taxes $ 900,324 36,770 302,406 70,029 Investment Income — — 10,144 33,219 Total Revenues 900,324 36,770 312,550 103,248 Expenditures General Government Contractual Services 13,409 61,278 165,701 12,548 Capital Outlay — 52,000 8,401 — Total Expenditures 13,409 113,278 174,102 12,548 Net Change in Fund Balance 886,915 (76,508) 138,448 90,700 Fund Balances - Beginning 2,518,136 (96,369) 159,201 519,584 Fund Balances - Ending 3,405,051 (172,877) 297,649 610,284 5 Page 59 of 108  Attachment L INDEPENDENT AUDITOR'S REPORT ON SUPPLEMENTAL INFORMATION December 26, 2024 The Honorable Village President Members of the Board of Trustees Village of Villa Park, Illinois We have audited the basic financial statements of the Village of Villa Park, Illinois, for the year ended December 31, 2023, and have issued our report thereon dated December 26, 2024, which expressed an unmodified opinion on those financial statements. The financial statements are the responsibility of the Village of Villa Park, Illinois’ management. Our responsibility is to express opinions on the basic financial statements based on our audit. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the basic financial statements of the Village of Villa Park, Illinois. The Balance Sheet and Schedule of Revenues, Expenditures and Changes in Fund Balance for Tax Increment Financing Funds (TIF) #3, #4, #5, and #6 is presented for purposes of additional analysis and are not a required part of the basic financial statements. This information is the responsibility of management and derives from and relates directly to the underlying and other records used to prepare the basic financial statements. That information has been subjected to the auditing procedures applied to the audit of the basic financial statements and certain other procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements, or to the 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. LAUTERBACH & AMEN, LLP 3 Page 60 of 108 FY 2023 ANNUAL TAX INCREMENT FINANCE REPORT Name of Municipality: Village of Villa Park Reporting Fiscal Year: 2023 County: DuPage Fiscal Year End: 12/31/2023 Unit Code: 022/100/32 FY 2023 TIF Administrator Contact Information-Required First Name: Marc Last Name: McLaughlin Address: 20 S Ardmore Ave Title: Dir. of Community & Economic Development Telephone: 630-433-4300 City: Villa Park Zip: 60181 E-mail mmclaughlin@invillapark.com I attest to the best of my knowledge, that this FY 2023 report of the redevelopment project area(s) in the City/Village of: Villa Park, Illinois is complete and accurate pursuant to Tax Increment Allocation Redevelopment Act [65 ILCS 5/11-74.4-3 et. seq.] and or Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.]. __________________________________________________________________________ _________________________________ Written signature of TIF Administrator Date Section 1 (65 ILCS 5/11-74.4-5 (d) (1.5) and 65 ILCS 5/11-74.6-22 (d) (1.5)*) FILL OUT ONE FOR EACH TIF DISTICT Date Designated Date Terminated Name of Redevelopment Project Area MM/DD/YYYY MM/DD/YYYY TIF 6 - North Adrmore-Vermnont 9/22/2014 *All statutory citations refer to one of two sections of the Illinois Municipal Code: The Tax Increment Allocation Redevelopment Act [65 ILCS 5/11-74.4-3 et. seq.] or the Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.] Page 61 of 108  SECTION 2 [Sections 2 through 8 must be completed for each redevelopment project area listed in Section 1.] FY 2023 Name of Redevelopment Project Area: TIF 6 - North Ardmore-Vermont Primary Use of Redevelopment Project Area*: *Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed. If "Combination/Mixed" List Component Types: Under which section of the Illinois Municipal Code was the Redevelopment Project Area designated? (check one): Tax Increment Allocation Redevelopment Act X Industrial Jobs Recovery Law ______ Please utilize the information below to properly label the Attachments. No Yes For redevelopment projects beginning prior to FY 2022, were there any amendments, to the redevelopment plan, the redevelopment project area, or the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)] If yes, please enclose the amendment (labeled Attachment A). For redevelopment projects beginning in or after FY 2022, were there any amendments, enactments or extensions to the redevelopment X plan, the redevelopment project area, or the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)] If yes, please enclose the amendment, enactment or extension, and a copy of the redevelopment plan (labeled Attachment A). Certification of the Chief Executive Officer of the municipality that the municipality has complied with all of the requirements of the Act during the preceding fiscal year. [65 ILCS 5/11-74.4-5 (d) (3) and 5/11-74.6-22 (d) (3)] X Please enclose the CEO Certification (labeled Attachment B). Opinion of legal counsel that municipality is in compliance with the Act. [65 ILCS 5/11-74.4-5 (d) (4) and 5/11-74.6-22 (d) (4)] Please enclose the Legal Counsel Opinion (labeled Attachment C). X Statement setting forth all activities undertaken in furtherance of the objectives of the redevelopment plan, including any project implemented and a description of the redevelopment activities. [65 ILCS 5/11-74.4-5 (d) (7) (A and B) and 5/11-74.6-22 (d) (7) (A X and B)] If yes, please enclose the Activities Statement (labled Attachment D). Were any agreements entered into by the municipality with regard to the disposition or redevelopment of any property within the redevelopment project area or the area within the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (7) (C) and 5/11-74.6-22 (d) X (7) (C)] If yes, please enclose the Agreement(s) (labeled Attachment E). Is there additional information on the use of all funds received under this Division and steps taken by the municipality to achieve the objectives of the redevelopment plan? [65 ILCS 5/11-74.4-5 (d) (7) (D) and 5/11-74.6-22 (d) (7) (D)] X If yes, please enclose the Additional Information (labeled Attachment F). Did the municipality's TIF advisors or consultants enter into contracts with entities or persons that have received or are receiving payments financed by tax increment revenues produced by the same TIF? [65 ILCS 5/11-74.4-5 (d) (7) (E) and 5/11-74.6-22 (d) (7) X (E)] If yes, please enclose the contract(s) or description of the contract(s) (labeled Attachment G). Were there any reports submitted to the municipality by the joint review board? [65 ILCS 5/11-74.4-5 (d) (7) (F) and 5/11-74.6-22 (d) (7) (F)] X If yes, please enclose the Joint Review Board Report (labeled Attachment H). Were any obligations issued by the municipality? [65 ILCS 5/11-74.4-5 (d) (8) (A) and 5/11-74.6-22 (d) (8) (A)] If yes, please enclose any Official Statement (labeled Attachment I). If Attachment I is answered yes, then the Analysis must X be attached (labeled Attachment J). An analysis prepared by a financial advisor or underwriter, chosen by the municipality, setting forth the nature and term of obligation; projected debt service including required reserves and debt coverage; and actual debt service. [65 ILCS 5/11-74.4-5 (d) (8) (B) and 5/11-74.6-22 (d) (8) (B)] X If attachment I is yes, the Analysis and an accompanying letter from the municipality outlining the contractual relationship between the municipality and the financial advisor/underwriter MUST be attached (labeled Attachment J). Has a cumulative of $100,000 of TIF revenue been deposited into the special tax allocation fund? 65 ILCS 5/11-74.4-5 (d) (2) and 5/11-74.6-22 (d) (2) X If yes, please enclose audited financial statements of the special tax allocation fund (labeled Attachment K). Cumulatively, have deposits of incremental taxes revenue equal to or greater than $100,000 been made into the special tax allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)] If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or X noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L). A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d) (10)] X If yes, please enclose the list only, not actual agreements (labeled Attachment M). For redevelopment projects beginning in or after FY 2022, did the developer identify to the municipality a stated rate of return for each redevelopment project area? Stated rates of return required to be reported shall be independently verified by a third party chosen by the municipality. X If yes, please enclose evidence of third party verification, may be in the form of a letter from the third party (labeled Attachment N). Page 62 of 108  SECTION 3.1 [65 ILCS 5/11-74.4-5 (d)(5)(a)(b)(d)) and (65 ILCS 5/11-74.6-22 (d) (5)(a)(b)(d)] FY 2023 Name of Redevelopment Project Area: TIF 6 - North Ardmore-Vermont Provide an analysis of the special tax allocation fund. Special Tax Allocation Fund Balance at Beginning of Reporting Period $ 519,584 Cumulative Revenue/Cash Totals of Receipts for Revenue/Cash SOURCE of Revenue/Cash Receipts: Current Receipts for life Reporting Year of TIF % of Total Property Tax Increment $ 70,029 $ 460,016 91% State Sales Tax Increment 0% Local Sales Tax Increment 0% State Utility Tax Increment 0% Local Utility Tax Increment 0% Interest $ 33,219 $ 44,838 9% Land/Building Sale Proceeds 0% Bond Proceeds 0% Transfers from Municipal Sources 0% Private Sources 0% Other (identify source _____________; if multiple other sources, attach schedule) 0% All Amount Deposited in Special Tax Allocation Fund $ 103,248 Cumulative Total Revenues/Cash Receipts $ 504,854 100% Total Expenditures/Cash Disbursements (Carried forward from $ 12,549 Section 3.2) Transfers to Municipal Sources Distribution of Surplus Total Expenditures/Disbursements $ 12,549 Net/Income/Cash Receipts Over/(Under) Cash Disbursements $ 90,699 Previous Year Adjustment (Explain Below) . FUND BALANCE, END OF REPORTING PERIOD* $ 610,283 * If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3 Previous Year Explanation: Page 63 of 108  SECTION 3.2 A [65 ILCS 5/11-74.4-5 (d) (5) (c) and 65 ILCS 5/11-74.6-22 (d) (5)(c)] FY 2023 Name of Redevelopment Project Area: TIF 6 - North Ardmore-Vermont ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND PAGE 1 Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6- 10 (o)] Amounts Reporting Fiscal Year 1. Cost of studies, surveys, development of plans, and specifications. Implementation and administration of the redevelopment plan, staff and professional service cost. DuPage County Recorder - Recording fee 58 $ 58 2. Annual administrative cost. Stornio, Ramello & Durkin - Legal 5,292 $ 5,292 3. Cost of marketing sites. $ - 4. Property assembly cost and site preparation costs. $ - 5. Costs of renovation, rehabilitation, reconstruction, relocation, repair or remodeling of existing public or private building, leasehold improvements, and fixtures within a redevelopment project area. $ - 6. Costs of the constructuion of public works or improvements. Romano Landscape - Streetscape 6,200 $ 6,200 Page 64 of 108  SECTION 3.2 A PAGE 2 7. Costs of eliminating or removing contaminants and other impediments. $ - 8. Cost of job training and retraining projects. $ - 9. Financing costs. Amalgamated COI Fees 1,000 $ 1,000 10. Capital costs. $ - 11. Cost of reimbursing school districts for their increased costs caused by TIF assisted housing projects. $ - 12. Cost of reimbursing library districts for their increased costs caused by TIF assisted housing projects. $ - Page 65 of 108  SECTION 3.2 A PAGE 3 13. Relocation costs. $ - 14. Payments in lieu of taxes. $ - 15. Costs of job training, retraining, advanced vocational or career education. $ - 16. Interest cost incurred by redeveloper or other nongovernmental persons in connection with a redevelopment project. $ - 17. Cost of day care services. $ - 18. Other. $ - TOTAL ITEMIZED EXPENDITURES $ 12,549 Page 66 of 108  Section 3.2 B [Information in the following section is not required by law, but may be helpful in creating fiscal transparency.] FY 2023 Name of Redevelopment Project Area: TIF 6 - North Ardmore-Vermont List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year. Name Service Amount Page 67 of 108  SECTION 3.3 [65 ILCS 5/11-74.4-5 (d) (5d) 65 ILCS 5/11-74.6-22 (d) (5d] FY 2023 Name of Redevelopment Project Area: TIF 6 - North Ardmore-Vermont Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period by source FUND BALANCE BY SOURCE $ 610,283 1. Description of Debt Obligations Amount of Original Issuance Amount Designated Total Amount Designated for Obligations $ - $ - 2. Description of Project Costs to be Paid Amount of Original Issuance Amount Designated Bond Payment $ 450,000 Property Acquisition $ 250,000 Total Amount Designated for Project Costs $ 700,000 TOTAL AMOUNT DESIGNATED $ 700,000 SURPLUS/(DEFICIT) $ (89,717) Page 68 of 108  SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)] FY 2023 Name of Redevelopment Project Area: TIF 6 - North Ardmore-Vermont Provide a description of all property purchased by the municipality during the reporting fiscal year within the redevelopment project area. Indicate an 'X' if no property was acquired by the municipality within the X redevelopment project area. Property (1): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (2): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (3): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (4): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (5): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (6): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (7): Street address: Approximate size or description of property: Purchase price: Seller of property: Page 69 of 108  SECTION 5 [20 ILCS 620/4.7 (7)(F)] FY 2023 Name of Redevelopment Project Area: TIF 6 - North Ardmore-Vermont PAGE 1 Page 1 MUST be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed. Select ONE of the following by indicating an 'X': 1. NO projects were undertaken by the Municipality Within the Redevelopment Project Area. 2. The municipality DID undertake projects within the Redevelopment Project Area. (If selecting this option, complete 2a and 2b.) X 2a. The total number of ALL activities undertaken in furtherance of the objectives of the redevelopment 2 plan: 2b. The total number of NEW projects undertaken by the municipality in fiscal year 2022 and any fiscal year 0 thereafter, within the Revelopment Project area, if any. LIST ALL projects undertaken by the Municipality Within the Redevelopment Project Area: Estimated Investment for Total Estimated to TOTAL: 11/1/99 to Date Subsequent Fiscal Year Complete Project Private Investment Undertaken (See Instructions) $ - $ - $ - Public Investment Undertaken $ 401,843 $ - $ - Ratio of Private/Public Investment 0 0 Project 1 Name: North Ardmore Streetscape Private Investment Undertaken (See Instructions) Public Investment Undertaken $ 300,672 Ratio of Private/Public Investment 0 0 Project 2 Name: Commuter Lot & Station Repairs Private Investment Undertaken (See Instructions) Public Investment Undertaken $ 101,171 Ratio of Private/Public Investment 0 0 Project 3 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 4 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 5 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 6 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Page 70 of 108  SECTION 6 [Information requested in SECTION 6.1 is not required by law, but may be helpful in evaluating the performance of TIF in Illinois. SECTIONS 6.2, 6.3, and 6.4 are required by law, if applicable. (65 ILCS 5/11-74.4-5(d))] FY 2023 Name of Redevelopment Project Area: TIF 6 - North Ardmore-Vermont SECTION 6.1-For redevelopment projects beginning before FY 2022, complete the following information about job creation and retention. Job Description and Type Number of Jobs Retained Number of Jobs Created (Temporary or Permanent) Total Salaries Paid $ - SECTION 6.2-For redevelopment projects beginning in or after FY 2022, complete the following information about projected job creation and actual job creation. The number of jobs, if any, created as a result of the development to date, for the reporting period, under the same guidelines and The number of jobs, if any, projected to be created at the assumptions as was used for the projections used at the time of time of approval of the redevelopment agreement. approval of the redevelopment agreement. Project Name Temporary Permanent Temporary Permanent SECTION 6.3-For redevelopment projects beginning in or after FY 2022, complete the following information about increment projected to be created and actual increment created. The amount of increment created as a result of the development to date, for the reporting period, using the same assumptions as was used for The amount of increment projected to be created at the the projections used at the time of the approval of the redevelopment Project Name time of approval of the redevelopment agreement. agreement. SECTION 6.4-For redevelopment projects beginning in or after FY 2022, provide the stated rate of return identified by the developer to the municipality and verified by an independent third party, IF ANY: Project Name Stated Rate of Return Page 71 of 108  SECTION 7 [Information in the following section is not required by law, but may be helpful in evaluating the performance of TIF in Illinois.] FY 2023 Name of Redevelopment Project Area: TIF 6 - North Ardmore-Vermont Provide a general description of the redevelopment project area using only major boundaries. Ardmore Ave and Vermont St Optional Documents Enclosed Legal description of redevelopment project area Map of District Page 72 of 108  SECTION 8 [Information in the following section is not required by law, but may be helpful in evaluating the performance of TIF in Illinois.] FY 2023 Name of Redevelopment Project Area: TIF 6 - North Ardmore-Vermont Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area. Year of Designation Base EAV Reporting Fiscal Year EAV 2014 $ 1,851,617 3,071,190 List all overlapping tax districts in the redevelopment project area. If overlapping taxing district received a surplus, list the surplus. Indicate an 'X' if the overlapping taxing districts did not receive a surplus. Surplus Distributed from redevelopment Overlapping Taxing District project area to overlapping districts $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Page 73 of 108  Attachment B Village of Villa Park 20 South Ardmore Avenue, Villa Park, Illinois 60181 Nick Cuzzone, Village President Hosanna Korynecky, Village Clerk Matt Harline, Village Manager VILLAGE OF VILLA PARK, ILLINOIS Unit Code 022/100/32 CERTIFICATION OF CHIEF EXECUTIVE OFFICER I, Nick Cuzzone, the President of the Village of Villa Park, DuPage County, Illinois, certify that the Village has complied with all of the requirements of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., during the calendar year ending December 31, 2023, in connection with the administration of the North Ardmore-Vermont (TIF 6) Tax Increment Redevelopment Project Area. __________________________ Nick Cuzzone, Village President Page 74 of 108  ATTACHMENT D Hawthorne Development has proposed a StZO million, transit-oriented development adjacent to the Metra station. Eco Terra will consist of 348 market rate units and a two-story parking deck that will provide 450 parking spaces. The Village approved intergovernmentalagreements March 8,21z1.,with School District 45 and School District 88. The Planned Unit Development was approved June L4,2A2L. The redevelopment agreement was approved August 23,2021, as well as an ordinance providing for the issuance of TIF revenue bonds. Hawthorne Development closed on the properties September 30,2OZL. Demolition and excavation were scheduled to begin spring2022 Page 75 of 108  Arlr+ert'te*t ( € PUBLISHED IN PAMPHLET FORM THE FOLLOWING: ORDINANCE 4242 TITLED: AN ORDINANCE APPROVING A DEVELOPMENT AGREEMENT BETWEEN THE VILLAGE OF VILLA PARK, DUPAGE COUNTY, ILLINOIS, AND HAWTHORNE DEVELOPMENT CORPORATION HOSANNA KORYNECKY VILLAGE CLERK VILLAGE OF VILLA PARK Page 76 of 108  6:. / STATE OF TLL|NO|S) )ss couNTY oF DU PAGE) l, Hosanna Korynecky, Village Clerk of the Village of Villa Park, lllinois, DO HEREBY CERTIFY that as such Village Clerk and keeper of the records of the Village of Villa Park, that the foregoing is a true and duplicate copy of: 4242 - AN ORDINANCE APPROVING A DEVELOPMENT AGREEMENT BETWEEN THE VILLAGE OF VILLA PARK, DUPAGE COUNTY, ILLINOIS, AND HAWTHORNE DEVELOPM ENT CORPORATION Passed on and approved by the President and Board of Trustees of the Village of Villa Park on: Dated 23 2021 lN WITNESS WHEREOF, I have subscribed my name and affixed my sealthis 23rd day ofAugust 2A21. Seal OF .\S9A Hosanna u WA& Village Villa Page 77 of 108  e 2- ORDINANCE NO. 4242 AN ORDINANCE APPROVING A DEVELOPMENT AGREEMENT BETWEEN THE VILLAGE OF VILLA PARK, DUPAGE COUNTY, ILLINOIS AND HAWTHORNE DEVELOPMENT CORPORATION WHEREAS, the Village of Villa Park, DuPage County, lllinois, an lllinois Municipal Corporation (the "Village"), is a non-home rule unit of local government organized under the Constitution of the State of lllinois of 1970 and the laws of this State and as such has authority to promote the health, safety and welfare of the Village and its citizens; authority to encourage private investment in industry, business, and housing in order to enhance the tax base of the Village; authority to ameliorate blight; and, authority to enter into contractual agreements with third persons to achieve these purposes; and, WHEREAS, the Village has identified certain areas within its municipal boundaries where there is a need for economic assistance in order to address the extraordinary measures which must be undertaken to accomplish redevelopment and induce private investment; and WHEREAS, pursuanl to their powers and in accordance with the requirements of the Tax lncrement Allocation Redevelopment Act of the State of lllinois, 65 ILCS 5111-74,4-1, et seq., as from time to time amended (the "TIF Acf'), on september 22, 2414, the President and Board of Trustees of the Village (collectively, the "Corporate Authorities") adopted ordinance Nos. 3826, 3827, and 3828, which approved a redevefopment plan and project (the "Redevelopment Plan") for the North ArdmoreA/ermont Redevelopment Project Area (the "Redevelopment Project Area"), and adopted tax increment allocation financing for the Redevelopment Project Area; and WHEREAS, pursuant to the TIF Act, the Corporate Authorities are empowered to undertake the redevelopment of a designated area within its municipal limits in which existing conditions permit such area to be classified as a "conservation area" as defined in Section 1'l.74.4-3 of the TIF Act and, WHEREAS, the Village has been informed by Hawthorne Development Corporation, an lllinois corporation (the "Developel'), that the Developer will acquire 2.91 acres located within the Redevelopment Project Area which is bordered by Vermont to the north, Beverly to the east, Ardmore to the west, and Terrace Street to the south, approximately 150 north feet of lhe Union Pacific railroad tracks (the " Subject Propeft!') ; and, WHEREAS, the Developer proposes to develop a mixed use complex on the Subject Property with approximately 348 dwelling units, 8,653 square feet of commercial space, 440 parking spaces, a swimming pool, sundeck and other amenities to be known as Garden Station Development (the "Projecf'), which shall Page 78 of 108  e 3 Ordinance No.4242 result in an investment by the Developer of not less than $1 19,000,000; and, WHEREAS, the Village is authorized under the TIF Act to enter into development agreements with developers and reimburse them for redevelopment project costs as set forth in a development agreement; and, WHEREAS, the Corporate Authorities have determined that the Project, when completed, shall eliminate the factors which qualified the Subject Property to be included in the Redevelopment Project Area as a "conservation area", and in order to induce the Developer to undertake the Prolect at the Subject Propedy, it is in the best interests of the Village, and the health, safety, morals, and welfare of the residents of the Village, for the Village to reimburse the Developer for certain eligible Redevelopment Project Costs in accordance with the terms and conditions set forth in the attached Development Agreement by and between the Village and the Developer. NOW, THEREFORE, BE lT ORDAINED by the Village President and Board of Trustees of the Village of Villa Park, DuPage, lllinois, as follows: Section 1. That the preambles of this Ordinance are hereby incorporated into this Section as if set out herein in full. Secfion 2. That the Development Agreement by and between the Village of Villa Park, DuPage County, lllinois and HaMhorne Development Corporation, an lllinois Corporation, attached hereto and made a part hereof, is hereby approved and the Village President and Village Clerk are hereby authorized to execute and deliver said Agreement on behalf of the Village. Secfion 3. That the Village President and Village Manager are hereby authorized and directed to undertake any and all actions as may be required to implement the terms of said Agreement. Section 4. That this Ordinance shall be in full force and effect from and after its passage and approval as provided by law. PASSED this 23rd day of August, 2021, pursuant to a roll call vote as follows: AYES: 6 NAYS: 1 ABSENT: 0 APPROVED by me, as Village President of the Village of Villa Park, DuPage County, lllinois, this 23rd day of August, 2A21. 2 Page 79 of 108  €.( Ordinance No.4242 -W&** Village ?residenffi OF I I g 3 Page 80 of 108  €.d DEVtrLOPMENT AGREEMENT BY AND BETWEEN THE VILLAGE OF VILLA PARK AND HAWTHORNE DEVELOPMENT CORPORATTON ,THIS RBDEVnI,OrMA,NT AGRttttMENT ('"Agreernew"l is entercd into as of thc )1tl- d7y of _/fuyr:H!f_ *. . ,ZAZI (t!fibetive fiate"i by and betwesn the Village of Villa ilrk. Dut'a'gc Counfi-lllinrrfi; ar lllinois municipal corporation ("ltillage*j, ancl f"lawthome Development Corporation, an lllineris corpeiration {lhe " Deve loper"}' In consideration of the mutual covenants and agreements set forth in this Agreement, the Village and Developer hereby agree as follows: ARTICLE 1: RECITALS 1.1 The Village is a duly organized and validly existing non-home rule municipality created in accordance with the Constitution of the State of Illinois of 1970 and the laws of the State of Illinois. 1,2 The Village is engaged in thc revitalization and development of ce4ain properties zoned for a mixed-use transit oriented development (MX-l), comprising a total of 2.91 acres, bordered by Vermont to the north, Beverly to the east, Ardmore to the west and Tenace Street to the south, approximately 150 feet north of the Union Pacific railroad tracks,legally described on Exhtbit Aatiached hereto (the "Development Site") and includes the property owned by the Village legally described onExhibit B (the*l/illage Parcel")- 1.3 The Village has the authority pursuant to the laws of the State of lllinois, to promote privatc the health, safbty arrcl weitbre ol'it$ inhabitanis, to prevent the spreacl af hlight to encoxrage clevetopment in r:rrler to enhance thc local tax base, to increasejob r:pportunities, and tn enter into soptraitual algreemcnts with third pnrlies flor ths purpose of achieving these goals. 1.4 Pwsuant to the Tax lncrement Allocation Redevelopment Act of the State of Illinois, OS tt CS 5tll-74.4-1, et seq.,as fiom time to time amended (the_"??I Af!), the President anel Boare{ al l'rusiees of ihg Village {collectively, the "Corporale iulhtx'itie'v").nre empowered to undertake the development ur tjr* redevelopmerrl of a ciesignated ryea witlrjl its municipal $oundaries ip which cxisting contlitions permit such area to be classified as a "blighte(l area'n or a "conservation area" as such terms are defined in the TIF Act. 1,5 To stimulate and induce development artcl rcdevelopment pur$usnt to the 'l'lF Act, fhe Villagc, aller giving allrequirccl troticcs, condrcting t p*hlie hearing and makilq all t'indings reqrrireti if to*, n"n ,1rii2rrd day ol' Scptcrnl:er- 201.1. pursuanl to Onlinnnee Nos' 3&2(>,3&27 anrl 3828, approved a Redevelopmenl Pian & Ilre{ect {thc'ull.eele.velop.rncnt.l'lo,:') lbr an atea designaiert as the Norlh Areirnore/Vernlont llecleveloprnont Froje*l Area {the "Praieet Araa"} whiir Prlject Area ineludcs thc Developnrent Site anel the Villagc -FRrcel, -ancl .adopkel tax incrsrnent iinane ing fi:r the payrnenl ancl firranein g of '" Ruelevalopmenl Itrr$ecl Co$'Ll'", as defined by the TIF Act, incuned within the Project Area as authorized by the'l'lr Act' 1.6 Thc Develop* on May i9, 2A2A , submitted a proposal to the.Villagc to nequire and redevelop the l)evclopment Site ana tite Village Parcel as amixed-use marksit rate residential project, to include approximately: Page 81 of 108  €,L (a) 348 rasidential units; (b) 8,653 square fest of commercial space; {c) 440 parking spaces; and, (d) Amenities, including but not limited to a swimming pool on a sundeck, resident lounge, business c,enter, conference room, fitness center and pet spa' All of theloregoing being the components of the development collectively,"Componenls af the Developmenl"). 1.7 The Developer has submitted a concept plan lcr the redevelopment of the Developmcnt Site and the Village ltarpel with renderings of the Components of the Developmenl, a copy'of which is attaehsd hireio as Exhibit C"', and is prepared to proceed lo tlemolish all structures currently located on the Development Sitc and the Village Parsel: construct all required infrastructure and iite imp.overnents including utilities, sidewalks and landseaping; and, construct all of thE Components of'the Development (collectively, the "Project") resulting in an investment of approxirnately $ I19,000,000 in the Project Area. 1.8 The Developer advised the Village that its ability tc undertake thc Praject is contingent upon financial aisistance and requestedthc Village ttl consider the usc of "lnsremental 'l'axes'i as hereinafter definsd, to be generaled by the Developmcnt Site and the Villagc Farcel tn reimbuise the Developer for certain clsts in connection with ihe Project, as hereinafter provicled. L9 The Village believes the redevelopment of the Developrnelt ,Sitg an{ the Viffage Parcet, as the Developer-has proposed, would cnhance the transit oriented district of the.Village and therefore desires to have thi Development Site and thE Village Parcel reeleveloped. by the Devcloper which the Village betieves woutd have a synergistic effect upon the local busincsses; insrease the tax base for-ihe Village and taxing ciistricis authorized to levy taxes.upon the Dcvelopment Site and the Village Farcel; and, proviele job opporlunities.ftrr .its citizens u'rcdevelopnrent and theretbie is prepared to reirnbuie the l)evelopcr for certain eligible project costso', as heieinifter defined, through the issuance ol'revenue borrds secured stllely by ryy9nty pereenr OA%) of the Incremental 'lixes generatcd frgm tl.r9 pevei.o.Rm91t Si.tg..and the Villagc barcel and not secured by t|e l'uli-faith aird credit of the Village (the "Bonrls") as providccl in Section 3,5 herecf; an<t, to the extent not required to pay debt servicc on the llonds, tirr reimbursernent of ciigible redevelopment praject costs to the Developer {"l4eelged Revenues"). 1.I 0 For purposes of this Agreement, oolncremcntal Taxes" shall rnean the amount of ad valoren tares attriltutaile to the increlsc in the equatized assessed value cf the Development,Site una th* Village Parcel over the initial equalized assesseel vnlue of the t)evelopment'$ite and the Vittug" ParceT as established by the DuPage County Assessor as olthe designation of the Project Area. o'Reclevelopment Projcct Corts".shall mean and 1.ll For purpases of this Agreement" *'redsvelopment include all costs nnd eip*trses as defindd as; projesl costs" in Section 11'74.4.3(q) of the TIF Act. ARTICLE 2: DEVELOPER'S OBLIGATION 2.1 The Developer covenants and agrees to acquire fee simple title of the Development Site and the Village Parcel from the current owners, on the date on which the Bonds are issued (the "Bond Closing Date") but no later than September 3A,202I, and provide the Village with proof of financing in an amount required to pay the total cost of the Project' t Page 82 of 108  €.1 2.2 It is understood and agreed that the Villagc is prepared to convey the.Village Parcel (a porlion of which is currently used to provide 55 parking spaces and light aecessible spaccs for commuters of Metra upon proof of the acquisition 6y the Dcveloper of the properties comrrcnly known as 403-405 North B-everly and4W-qOg No*h Beverly, and legally describcd an Exhibit D (the"Parking Arca");receipt by ttre Village of a perfbrmance bond for the purposes as hercinafter provided; praof of acquisitibn of the Development Site; and, proof of financi*g for thc Projectas . irrovided in Section 2.1 Feir and in consideration of the conveyance of the Village Parcel, the Developer eovenants *nd agrccs tc the following: (a) To submit to the Village; an application for demolition of all structures currently on the Parking Area on or before the Bond Closing Date ; and, (b) To providc the Village with a performance bond guaranteeing that the Developer shall complete the construction of improvements to the Parking Area, as provided in Section 2.4 including permeable pavers, eight (8) foot privacy fence, parking lot srorm inlets, landscaping, md, lighting as depicted on Exhibit Fand striping of no less than 53 parking spaces, not including accessible spaces, in accordance with the requirements of Village Code; and convey title to the Parking Area to the Village with all required improvements as provided in Section 2.4 on or before Marchl, 2A22 2.3 The Developer shall have received all tequired permits to commence construction of lhe Project on or before Decsmber 31,20?1, and shall have commenced construclion of the Project on or before March 31,2022. 2.4 The Developer shall have completed the demolition of all structures on the Parking Area in accordance with alt applicable ordinances and, thereafter, constructed a parking lot, in substantial compliance with the plans prepared by Jones & Jones dated May 6,2A21, in addition to the components in Section 2 .2,wzdsubmitted to the Village, with no less than 61 parking spaces, including spaces along the Beverly right-of-way, resulting in 53 net new spaces, after changes are made to the existing MEtra lot to the south, not including accessible spaces, as shown on Exhibil F, on or before March 1,2022, the Village hereby authorizes the Developer to modify the lot to the south of the Parking Area, as shown on Exhibit F. The Developer shall, upon completion of construction of the Parking Area as a parking lot for commuters, convey the Parking Area to the Village in exchange for the conveyance of the Village Parcel to the Developer as hereinaller provided. 2.5 The l)eveloper covenants and agrees to complete construction of the Project substantially in accordance with Exhibit C which is anticipated to occur on or before December 37,2023, but in no event later than 3 years from the Bond Closing Date, and shall have received certificates of occupancy by such date for all Components of the Development, to the extent required by applicable law, ARTICLE 3: VILLAGE OBLIGATIONS 3.I The Village shall convey the Village Parcel to the Developer upon proof that the Developer has secured all financing to complete the Project and components oi the Project pursuant to Section 2.1, on or before the Bond Closing Date and the establishment of an escrow 3 Page 83 of 108  e- oa into which proceeds from the Bonds will be deposited and used for the purchase of the Development Site. 3.2 1bl-Y*illsse-slsffsresg; (a) To deliver the February 7, z}A},letter from the Illinois Environmental Protection Agency specising no further remediation is required on the western portion of the Village Parcel; (b) To provide title insurance for the Village Parcel at the sole cost of the Developer, insuring title in the name of the Developer; and, (c) To provide a right of entry and easement to the Developerto re-stripe parking spaces on the Metra parking lot to replace accessible parking spaces. 3.3 Commencing on the Bond Closing Date, the Village shall annually apply seventy percent (7}o/a)ofthe Insremental Taxes generated by the Development Site and the Village Parcel for payment of debt service on the Bonds, and to the extent any funds from the seventy perccnt 0A6/o) after payment of the debt service, to the Developer as reimbursement of eligible Redevelopment Project Costs, 3.4 The Village acknowledges that the Developer has requested the Village to issus the Llonds payable solely from Incrcmental Taxes, a debt service rcserve fund, and other amounts on deposiiiri certain funds and accounts created by and as described in a"l'rust lndenture pursuanl to *hich the Bonds are to be issued (the "Indentuie") the procecds o{'which shall be used to finance Red*velopment Praject Costs. Thc Village Bgrees to use commercially reasonable effo* to issue the Bonds, the interesl on which will be ledcrally tax exempt and shall be at an annual rate necessary io allow for their sale in the marketplace.- The issuance of the Bonds shall be subject kr the following conditions: (a) ' ' l'he principal amount of the Bonds shall bc detennined by a bond underwriterapproved by tlie Village and payable solely from seventy porccnt (79%, of the lncrementalTaxes ginerated U! tne nlvblopment Site and the Viliage Parcel, the proceeds of which shall iund a debt service reserve fund not to exceed lAq/a of the par anrount of the Bonds, and other funds and accounts as described in the Indenture, it being understood that the Bonds shall not, in any way, obligate the full-faith and credit of the Village or other fuirds ofthe Village; (b) 'l'he term of the Bonds shall not exceed the term of the Redevelopment Plan and the expiralinn of the Frajcct Area which is Decembcr 31, 2038; -(c)- Ali costs of issuanciof any kind incured as a rcsult of the issuance of the Bond, shall be paid from Bond ptocceds on the date of isstrance of the Bonds; (d) To.the extent the fncremerrtal Taxes gcnerated by the Project are in excess of the ' amount rcquired to pay the debt service CIn the ltonels in any calendar year, such exeess shall be transfened io a Surplus Fund created under the Indenture and used to reimburse the Developer for Redevelopment Projecl Costs nct tirnsled by Bond prueeeds; (e) The Developer has detivered or will deliver io thc Village proof of Redevclopment ' ' Project Cosis incurred in connection with the Praject including..cxecute<i closing statements on the acquisition of the Dcvelopment Site and the Village, Parccl,-paid invoices, bills or reieipts of any kiucl foi sush Praiect Costs which qualify as Redevelopment Project Costs under the TIF AcU 4 Page 84 of 108  e: .q (f) The Bonds may be issued prior to the issuance of certificates of occupangl b,ut only to the extent all'Bond purciraser. are fully infonned of the status of the Project as described in an offering document d*scriLing the Bonds and submitted to the Village; and, (g) Thc Villagc shall pay the sehool districts any amounts owed from the 30% share of - Increrncntfu t"**r that it retains pursuant to ihe terms of a certain Intergovernmental -the Agreement by and between Village and School District 45 and an Iritergovernmental Agreement with School District 88, and no 9rryh payments shall be madJfrom the Garddn Station Subaccount of the STAF (as defined below) or from amounts pledged to pay debt service on the Bonds under the Indenture. ARTICLE 4. PROCEDURBS TO REIMBURSE THE DEVELOPER The Village has established a special tax allocation fund solely for the Project Area (the *STAF')into which the Village shall deposit Incremental Taxes, as hereinafter defined, generated from the Project Area. On January I of each ye ar commcncing January I , 2022 [or, if later, that date which is ten 1tO; days following the date upon which the Village teceives lncremental Taxes from the final installmeni of real estaie taxes (lhe"STAF Allocation Dafa")1, seventy percent (70%) of the Incremental Taxes with respect to the Development Site and the Village Parcel during the period from the immediately preceding STAF Allocation Date to but not including, the current Sfgf Allocation Date shalf Ui transfened and deposited into the Garden Station Subaccount of the STAF (which Subaccount was automatically created by the ordinance approving this Agreement) and used to pay debt service owed on the Bonds as provided in the Indenture, and to r"i*butp ihe Develop"ifot Project Costs which qualify as Redevelopment Project Costs under the Act. The Incremental Taxes deposited to the Garden Station Subaccounl shall be held by a trustee under the lndenture and pledged to payment of debt service owed on the Bonds. Payments of debt service on the Bonds shall be in accordance with the Indenture. Construction draws for Redevelopment Project Costs shall be funded from the proceeds of the Bonds in acsordance with a Disbursement Request in the form set forth in the Indenture. Reimbursements to the Developer after payment of debt serviceo as hereinafter provided, shall be pursuant to a Request for Reimb*rem"nt in the form attached hereto as Exhibit E, but only to the ixtent the costs itemized therein constitute Redevelopment Project Costs and have not been funded by Bond proceeds and only after amounts have been set aside for the payment of any debt service due on ths Bonds in such calendar year. The reimbursements to the Developer, after payment of debt service owed on the Bonds, ai provided for herein shall cease upon the termination of this Agteement for any reason. THE VILLAGE'S OBLIGATION TO PAY DEBT SERVICE ON THE BONDS AND TO RE1MBURSE THE DEVELOPER FOR REDEVELOPMENT PROJECT COSTS UNDER 1HIS AGREEMENT IS A LIMTTED OBLIGATION PAYABLE SOLELY F'ROM SEVENTY PERCENT (7OVA OF THE INCREMENTAL TAXES DEPOSITED IN THE GARDEN STATION SUBACCOUNT OF THE STAF FROM TIME TO TIME AND SHALL NOT BE SECURED BY THE FULL FAITH AND CREDIT OF THE VILLAGE. ARTICLE 5. REPRESENTATIONS, WARRANTIES, AND COVENANTS 5.1 To induce the Village to enter into this Agreement, the Developer represents, covenants, warrants, and agrees that: 5 Page 85 of 108  €., o (a) All representations and agreements made in Article I are true, complete, and accurate in all respects. (b) The Project shall be maintained in accordance with all applicable Village codes and other laws. (c) All fees, fines, utility bills and to<es due to the Village, State of lllinois, fEderal govcmment and all taxing districts having the Development Site ancl ihc Village Farcel within their respective jurisdictions, including but not limited to all real estate taxes, shall be paid when due; provided that the Developer shall have the right to contest any such taxes in accordance with applicable iaw. (d) Developer is a duly formed and existing corporation organized under the laws of the State of Illinois and is authorized to do business in lllinois, and has the power to enter into, and by proper action has been duly authorized to execute, deliver, and perform, lhis Agreement. The Developer will do, cr cause to be done, all things necessary to preserve and keep in full force and effbcl its existencs and standing as an entity authorized to do business in the State of Iltinois while this Agreement is in full force and effect. (e) The execution, delivery, and performance of this Agreement by the Developer, the consummation of the trnnsactions contemplated hereby, and the fulfillment of or compliance with the tcrms and conditions of this Agreement shall not conflict with or result in a violation or breach of any of the tems, conditionso or provisions of any offering or disclosure statement made, or to be made, on behalf of Developer, or any restriction, organizational document, or any material agreement, or instrument to which the Developer, is now a par;ty or by which the Developer, is bound, or constitute a default under any ofthe foregoing. (t There are no actions al taw or similar proceedings either pending or, lo the best of l)eveloper's knowledge, threatened against the Developer that would materially or adversely affect: (i) The Developer's financial condition; (it The level or condition of the Developer's assets as of the date of this Agreement; or (iii) The Developer's ability to perform its obligations hereunder. 5.2 To induce the Developer to er$er into this Agreement and to undertake the performance of its obligations under this Agreement, the Village represents, covenantso warrants and agrees as follows: (a) All representations and agreements made in Article 1 are true, complete, and accurate in all respects. 6 Page 86 of 108  €,rt (b) The Village has the power to enter into and perfbrm its obligations under this Agrcemeni and by pioper action has duly authorized the Village President zurd Village Clerk to execute and deliver this Ageement, (c) The execution, delivery, and performance of this Agrcement by the Village, the consummaticn of the fransactions contemplated hereby and the fulfillment of or compliance with the terms and conditions of this Agreement shall not conflist with or result in a violation or breach of the terms of any order, agreement, or other instrument to which the Village is a party or by which the Village is now bound' (d) There are ns actions ai law or similar proceedings either pending or to the best of the Village's knuwledge bcing threatened against thc Village that would matcrially or adversely affeet the ability of the Village to perlorm its ohligaticns under this Agrcement, ARTICLE 6: ENFORCEMDNT AND REMEDIES 6.1 The parties may enforce or compel the performance of this Agreement, in law or in equity, by suit, action, mandamus, or any other proceeding, including specific performance. Nltwittrsianding the foregoing, the parlies hereto agree that they will not seek, and do not have the right to seek, to recover a judgment for monetary damages against the other or any elected or appointed officials, officers, employees, agents, representativesn engineers, consultants, or uttotneys thereof, on account of the negotiation, execution, or breach of any ofthe terms and conditions of this Agreement. 6.2 In the event of a breach of this Agreement, the parties agree that the party alleged to be in breach shall have, unless specifrcally provided otherwise by any other provision of this Article 6, 30 days after notice of ani breach delivered in accordance with Article 9 to correct the same prior to the non-breaching party's pursuit of any remedy provided for in Section 6'4 and 6.7 provided, however, that the 30-day period shall be extended, but only (0 if the alleged breach is not reasonably susceptible to being cured within the 30-day period, and (ii) if the defaulting party has promptly initiated the cure of the breach, and (iii) if the defaulting party diligently and continuously pursues the cure of the breach until its completion. If any party shall fail to perform any of its obiigations under this Agreement, and if the party affected by the default shall have given written notice of tlre default to the defaulting party, and if the defaulting party shall have ibil*d to cure the defhult as provided in this Sectitrn 6.2, then, except as specifically providcd otherwise in the following sections of this Article 6 and in addition to any and all other remedies that may be available either in law or equity, a party affeoted by the default shali have the righl (but not the obligation) to take any action as in its discretion and judgrnent shall be necessary to cure the default. In any event, the defaulting party hereby agrees to pay and reimburse the party affected by the default for all costs and expenses reasonably incurred by it in connection with action taken to cure the default, including reasonable attorney's fees and court costs. 6.3 LVggli9l"pgl&Ul1-l1_tlUrgyelttgg1. Any of the following events or circumslances shall be an evsnt of default by the Developer with respect to this Agrcement: (a) If any rnaterial representation mnde by the Developcr in this Agreement, or in any certificate, notice, demand to the Village, or request rnade by the Village in 7 Page 87 of 108  €.tz- connection with any of the documents, shall prove to be untrue or incorrect in any material respect as of the date made . (b) Default by the Developer in the performance or breach of any material covenant contained in this Agreement conceming the existence, structure, or financial condition of the Developer, (c) The Developer in the performance or breach of any material covenant, wananty, or obligation contained in this Agreement, including, but not limited io the Devilopcr's failure to maintain tie Developmert Sitc and the Village Parcel in accordance with applicable lnws or pay any tax or fee when due as requircd by Section 5.1(c), respectively. (d) The enhy. of a decree or order for reljef by. a court having jurisdiction.in the premtses -bankruptcyrn respect of the Developer in an involuntary sase under the fbderal laws, as now or hereaftei constituted, or any other applicable federal or state b'ankruptcy, insolvenoy, or other similar law, ot appointing- a- receiver, liquidator, aisignee, custodian, trustee, sequestrator, or similar official of the Developer for any substantial part of its propeily, or ord*ring the winding'up or liquidation of its iffairs and the continuance of any such decree or order un+tayecl and in effect lor a period of 90 consecutive days" l'here shall be no curo period for this event of default. (e) The commencement by the Developer of a voluntary case under the federal bankruptcy laws, as now or hereaftcr constituted, or any other applicable fedetal or state bankruptcy, insolvency, or other similar law, or the consent by the Developer to the appointment of or taking possession, by a receiver, liquidator, assignee, trustee, custodian, sequestrator, or similar official of the Developer or of any substantial part of the beveloper's respective property, or the making by any such entity of any assignment for the benefit of creditors or the failure of the Developer geneially to pay such entity's debts as such debts become due or the tu\ig of action by the Deveioper in furtherance of any of the foregoing. There shall be no cure period for this event of default. (f) The determination that the Developer did notn in fact, complete the obligations as set forth in Article 2. 6.4 . of an event of default by the ' - Subject to the provisions of this Agreement, in the case (a) Deviloper, the Village may terminate this Agrccment, other than the obligation to pay debt seivice on the *F Bonds from Available Incremental Taxes which shall survive any default or termination of the other obligations set forth in this Agreement and any and all other obligations hercunder shall be null and void or, pursuant to.Section 6.1, may institute sucli prclceedings as may be necessary or tlesirable in its opinion to cure or remecly such default d brcach, inctuding proceedings to cnmpel specific performance of the Developer's obligations under this Agreement. 8 Page 88 of 108  €. /3 (b) In case the Village shall have proceeded to enforce its rights under this Agreement and such proceedings shall have 6een discontinued or abandoned for any reason or shall have bcen eletermined adversely to the Village, then, and in every such casc, the D*vek:per and the Village shall be restored respcctively to their several positiont and rights hereunder, and all rights, remedies and powers of the Developer and the Village shall continue as though no such proceedings had been taken. 6,5 Lr-elelryut.;:rtitln !* lltq- Dsrgl{Usl'$-Aglqstlleltt .lq Pay*-A!!ar[syd [xnsgq$. fhe ncveloper ttt&.; i; indcmnify ihc Viilag*, and all of its elected and appointed officers, employees, agents, representativcs, engineers, consultants, and attorneys, "lfi"ials; agailst any and alicl*ims ihut moy b., osscried at any time against any of suclt parties in conneclion with or as a result nf (i) Developer's development, construction, maintenancs, ol rtse of ihc Developrnenl site and Viilage ltariel; or, (ii) the Devek:per's delkul{ rrneler the provisions of this Agrcenielt. Such inclempihcation obligation, howcver, shall not extend to claims assertod egainsi ttte Vitlag" or any of the aforcsaid parties in connection with or as a result of (i) the performance of the Village's iepresentations, warranties and covenants under Article 6 of this Agreement; (ii) the Villagei clefault uncler thc provisions of this Agrecnrent; or (iii) the act, omission, neglig*nce or misconduct of the Village or any of the albresaid parties. lf the Developcr shalI ctlmmit an event of defbult and the Villageihauld irnploy an al.torney or attorneys or incur other cxpcnses for thc collection of the paymints due under this Agreement or the enforcement of performance or observance of any oitigation or agrcement on the part ol' the Developer herein_ containcd, the Develcper, on the Villafe's demand shall pay to the Village the reasanabls f'ees of such allorneys and such other reasonable expenses so incurred by the Village. 6.6 l:ye4r o{llEf,butt hfVjllqrie. Any of the following events or circumstances shall be an event of default by the Village with respect to this Agteement: (a) A {efhult o1'any term, condition, or provision cotrtainecl in any agreement or document relating to the Prclject {other than this Agreement), thal would rnaterialiy and adversely imiair the abiiity df the Village to pirform its obligations under this Agreement, ind fhe failure to iure such defbult within the esrlier of 30. days after thi Developer's written notice to the Village of suclt dcfbult or in a time period reasonably'rcquired to c$re such defhult or in accordance with the time period provided therein. tb) Irailure to comply with any material term, prtrvision. or condition of'thisag{ttft{ within thc tinre lierein spieified anel failing lo curs such noncomp.liance within 30 days aflcr written ncticl from the Developer of such failurc or in a time perioel reasr:nab,ly requircd to cure such default. (c) A reprcsentation or warranty o1'the Village containcd herein is not lrue and sorrect in ariy material rcspect lor a pcriod cl'30 ttays after written notice to thc Villagc by the Dev*loper. Il'iuch <tetirilt is incapablc af being clred within 30 days, but the Village begins reasonable effort* to iure such default within 30 clays, then suqh defauit sha'il not be considered an event of default hereunder for so iong as the Village continues to diligently pursue its cure. 6.7 .tiemedlgs lbr llcktdl_bJ -V:|tggg. Subject to the provisions of this Agreement, in the case of an event of default by the Village, the Developer, pursuant to Section 6. I , may institute I Page 89 of 108  €. ry' such proccedings as may be necessary or desirable in its opinion to cure or remedy such default or breach, including proceedings to compel the Village's specilic performance of its obligations under this Agreement; provided, however, no recourse under any obligation contained herein or for any claim based thereon shall be had against the Village, its officers, agents, attomeys, representatives in any anount in excess of the specific sum agreed to be paid by the Village hereunder, and no liability, right or claim at law or in equity shall be attached to or incurred by the Village, its officers, agents, attorneys, representatives or employees in any amount in excess of specific sums agreed by the Villagc to be paid hereunder and any such claim is hereby expressly waived and released as a condition of and as consideration for the execution of this Agreement by the Village. ARTTCLS 7: GENERAL PROVISIONS 7.t l,jshi I ity ancl lnd{,ruLitv Qll{illass. (a) The Developer acknowledges and agrees that (i) the Village is not, and shall not be, in any way liable for any damages or iqiuries that may be sustained as the result of the Viliage's review and approval of any plans or improvements or as a result of the issuance of any approvals, permits, certificates, or acceptances for the development or use of any portion of the Development Site and the Village Parcel or the improvements thereon and (ii) the Village's review and approval of any plans and the issuance <lf any approvals, permits, certificates, or acceptances docs not, and shall not, in any way be deemed to insure the Developer, or Bny of its succcssors, assigns, tenants, or licensees, or any third party, against violations or damage or injury of any kind at any time. (b) The Developer shall hold harmless the Village, and all of its elected and appointed officials, employees, ag€ntso representatives, engineers, consultants, and attorneys from any and all claims that may be asserted at any time against any of such parties in connection with (i) the Village's review and approval of any plans or improvements or (ii) the Village's issuance of any approval, permit or certificate' The foregoing provision, however, shall not apply to claims made against the Village ai a risult of a Village event of default under this Agreement, claims that are made against the Village that relate to one or more of the Village's representations, warranties, of covenants under Articic 5 and claims that the Village, either pursuant to the terms of this Agreement or otherwise explicitly has agreed to assume. 7.2 No !$pliqsl .!V..*jver o{'Villpgg-ltights. lltre Village shall be under no obligation to exercise rights granted to it in this Agreement except as it shall determine to be in its best interest from time io time. Except to the extent embodied in a duly authorized and written waiver of the Village, no failure to exeicise at any time any right granted herein to the Village shall be construed as a waiver of that or any other right. 7.3 f,glgg_ MaigurE. Time is of the essence of this Agreement, pJ'ayidgd, horvevern a par"ty shall not be deeryred in material breach ofthis Agreement wilh respe,ctto any ofits obligations irndlr this Agreenrent on such party's part t* be performed if such pa*y fails to tirnely perform the same and such failure is due in-wh6k ir in part tb any strike, lock-out, labor trouble {whether,legal or illegal), civil disorder, weather conditicns, failure or interruptions of po\,ver, testrictivc goveminental laws and regulations, conclemnatinnso riots, ins*rreetions, acts of terrorism, war, luel t0 Page 90 of 108  €. ts' shcttages, supply chain shortages, accidents, casualties, floods, earthquakes, firc$, acts ol(iods, epideriics, ,iuaiantine restrielions, including restrietions on eviotians of tenants, freight embargoes, acts saused directly or indirectly by the either party (or the othcr parly's _agents, emplolces or invitees) or sinrilar causes beyond the reasonnble control 9f sugh p**y ("Farce Miieire'). If one of the fbregoing events shall occur cr eilher party shall slaim that such an event shatl trave erccu*ed, thc party to whc,m such claim is made shall investigate same and consult with the party making such ciaim regarding the same ancl the party to whottt such claim is macle shall grant any exten;ion for the performance of the unsatislied obligation equal to the period of the dehy, *'trictr period shall commence to run from the time of the commencement of the Force Majeure; provided that the failure of performance was reasonably caused by such Force Majeure' ARTICLE 8. TERM Term. Unless otherwise terminated as provided herein, this Agreement shall be in full force and effect upon its execution by the parties and terminate December 31,2038. ARTICLE 9. NOTICES lrloliceq. All notices and other communications in connection with this Agreement shall be ln w*ting and shall be deemed delivered to the addressee thereof (a) whgn delivered-in Plrs.on exr a busincls clay al the address set farlh below, or {b} on the thircl busincss day aftcr being r{epositecl in any main or branch tJnitcrl {ilates post office, fcrr dclivery by properly addresseel, postage prepaid, certif ied or registered mail, return receipt requested, at thc adclress,sct_lorth helow, ilr (c) by &csimile or email lransmission, when transmit{cd to eithcr the f'acsirni}e telephonc number or email addrsss set foth below, when aetually received. Notices and communications to Developer shall be addressed to, and delivercd at, the following addresses: wit}; eqPY tq: Hawthome DevelopmentCorporation Cregory Ivlizen 100 Tower Drive,#238 Mizen Law Bun Ridge, lL 6A527 1l I East Jefferson Avcnue Attn: Ganesan Visvabharathy Naperville,IL 60540 Notices and communications to the Village shall be addressed to and delivered at these addresses: !-v,*b-CI'sa,pyls: Village of Villa Park Kathleen Field On 20 South Ardmore Kathleen Field On & Associates Villa Park, IL 60181 2024 Hickory Road, Suite 205 Attention: Village Administrator Homewood,IL 60430 1l Page 91 of 108  € ./b By notice complying with the requirements of this Section, each party shall have the right to change the addieis or addressee, oi both, for all future notices and communications to such party, but nL nctice ofa change ofaddress or addressEe shall be effective until actually received. ARTICLE IO, IN GENERAL l0.l Amendments 4nd Waivq. No modification, addition, deletion, revision, alteration, or other change to tt is agreiment shall Ue effective unless and until the change is- reduced to writing and executed and delivered by the Village and the Developer- No term or condition of this Agreement shall be deemed waived by any pa*y unless the term or condition to be waived, the ciicumstances giving rise to the waiver and,-whbrc applicable, the conditions and limitations on the waiver are set forth specifically in a duly authoiiied and written waiver of such party. No waiver by any pa*y of any term or condition olttris Agreement shall be deemed or construed as a waiver oi any othei term or condition of this Agreement, nor shall waiver of any breach be deemed to constitute a waiver of any subsequent brcacf, whether of the same or different prcvisions of this Agreement. 10.2 Entire.&grgsnrcnt. This Agreement shall constitute the entire agreement of the Parties; ali prior agreements between the Parties, whether written or oral, are merged into this Agreement and shall be of no force and effect. 10.3 Cttunt$rpqrlq. This Agreement is to be executed in two or more counterparts, each of which shall be deembd an original but all of which shall constitute the same instrument. IN WITNESS WHERtrOF, the Parties have exeouted this Agreement as of the dates set forth below their respective signatures, to be effective as of the Commencement Date' Village of Villa Parlq an lllinois municipal Attest: corporation By: ){,,2b* VitaeePffiafg By: Clerk Date: ,2021 Hawthorne Development Corporation Attest: By 6,; President B 12 Page 92 of 108  E ,rz EXHIBIT A LEGAL DESCRTPTION OF THE DEYpLOPMENT SITE LOTS S9 THRU 97, BOTH INCLUSryE IN GEORGE M. COLLTNS VILLA PARK, BEING A SUBDIVISION IN THE NORTHWEST QUARTEROF SECTION 3 'I'OWNSHIP 39 NORTH, RANOE 1I, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDTNG TO THE PLAT THEREOF RECORDED DECEMBER ?, 1923 AS DOCUMENT 172335, AND LOTS t THROUOH 11, BOTH INCLUSIVE, IN TOWNLEY'S VILLA PARK HIGHLANDS, BEING A SUBDIVISION IN THE SOUTHWEST II4 OF SECTION 3, TOWNSHIP 39 NORTH, RANGE 1 I, EAST OF THE THiRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED JULY 28, 1925 AS DOCUMENT 196958, AND THAT PART OF A PUBLIC ALLEY DEDICATED IN SAID SUBDIVISION I,YING NORTHERLY OF THE SAID LOTS AND EASTERT,Y OF THE SOUTHERLY EXTENSION OF LOT 94 IN SAID GEORGE M, COLLINS VILLA PARK AND 'THAT PART OF A VACATED PUBLIC ALLEY, (PREVTOUSLY DEDICATED TN TOWNLEY'S VILLA PARK HIGHLANDS SUBDIVISTON LYING \TESTERLY OF THE SOUTHERLY EXTENSION OF LOT 94 IN SAID GEORGE M. COLLINS VILLA PARK, IN DUPAGE COL'N'IY, ILLINOIS. PINs: 06-03-122-001 06-43-n2-008 06-03-122-009 06-03-122-01 0 06-a3-1.22-A1-2 06-03-122-013 a6-a3-122-014 06-03-122-015 06-03-122-0t6 06-03-300-00s 06-03-301-001 Page 93 of 108  €,/g EXHIBIT B LEGAL DESCRIPTION O[' YILLAGE PARCEL Lots I through I l, both inclusive, in Townley's Villa Park Highlands, being a subdivision in the Southwest tl+ of Section 3, Township 39 North, Range I l, east of the Third Principal Meridian, according to the plat thereof recorded July ?8,1925 as document nurnber 196958 and that part of a public alley dedicated in said subdivision lying northerly of the said lots and easterly of the southerly extension of lot 94 in George M. Collins Villa Park, being a Subdivision in the Northwest Quarter of Section 3 Township 39 North, Range 11, East of the Third Principal Meridian, according to the Plat thereof recorded December 7, 1923 as document 177335, in DuPage County Illinois. PINs: 06-03-300-005 06-03-301-001 Page 94 of 108  €,/1 EXHIBIT C CONCEPT PLAN Page 95 of 108 El)[S nsj@&es@mm4 rc#&&rdrrs8*r ffi@w]a#. %*mdgsFffig- I I dEa@d&ffi*M, I w&dtslMwf@@.i@6 %6'@rq- #&'&rlffB&r*Etr- .raa*r*r4".wH_l kEdc.\*ffiqffi!@q I N!.tt6r.rEsg6*a.rre rg!kr6:r!tb@ jmr'B- t #! 1{4 &'J'M I ffiffi" FE-EIF-1MgA tI i ,-*s r gr** ; I I I \:i "lwwM3frlffiA I EFB {ffi'':!rur*ffidru $, i ! wffigqffi*w i*- laffiftwffiew ! 83f; ,J e ! I t Ei HE l-r*. I i i I I tt- I a i 6rt44 U : J I tl !-, H r-- n ri 9A * f.- "!frl"'.-...,al: U i - t. -..' i ,4 I -t t€ li tl a t : !&Ci!'*t \'s+! ,@#, I $ff ry*:!e I I *'S' tt il: ffiffi* 5Asaf,, *'es "rc*ilr& -+. I T ffi t ! :{i{ n LJ 1 t 2& !* ti iI E \ tl a Page 96 of 108 7, n \J Q: fq [6 F -{ $ (i ' f1 f,r t-. U) 7, trl CONCEPTUAL ELEVATION CORNER OF ARDMORE & VER$ONT a I & $ ,onu, + Jones Assocjates ;[ CONCEPTUAL ELEVATION CORNER OF AROMOR€ & VERI{OiIT ft1 t Page 97 of 108 z o trf '. --- -ia't;:d_.=t:r:s -:€ --.-t-+.1| .+ 1. 1 "ffi, :.3l_&F* - t--' CONCEPTUAL F CONCEFTUAI FOOL OECK JACVZZT CONCEPTUAL WALKING TRAIL CN z IJJ n d, g CONCEPTUAL COURTYARD h tl il Page 98 of 108 z n \J l* -{ F {n CONCEPTUAL CONCEPTUAL FISH TANK CONCEPTUAL RESTAURANT z COMMUNITY ROOM n rJJ lr{ & r) COT{CEPTUAL FITNESS ROOM CONCEPTUAL LOUNGE -lj '*::i":r.t':'-*, CONCEPTUAL zuSINEgS LOUNGE F t) \l Page 99 of 108  €,2'{ NXHIBIT D LEGAL DESCRIPTION of 403 N' BEVERLY and 4A7'A9 N. BEVERLY Page 100 of 108  E,z{ Losal. Deecrintion LOT I57 IN GEORGE M. COLLINS VILLA PARK'SEING A SUBDIVISION IN TITE NORTHWEST 1/4 OF SECTION 3, TOWNSHIP 39 NORTH, RAl.lCB I I, EAST OF TIIE THIRD pRrNctrAL MERIDIAN ACCORDTNG T0 TFIE PLAT THEREOF RECORDED DECEMBER 7, Igr23 AS DOCI"'MENTNUMSER 172335IN DTJPAGE COUNTY, ILLINOIS. PINs: 06-03-123-0A7 CKA: 403 North Beverly Ave., Villa Park, IL, 60181-21l7 485$,187&6822.1 Page 101 of 108  €,zc Lqg$lFsEcfiption LOT 158 INCEORGE M. COLLTNS VrLr.A, PARK BErNG A SUBDIWSION OF PARTOFTIIE souTl{ }iALF OF LOT I OF THENORTHWEST QUARTYS OF SECTIO},I 3, TOWNSHIP 39 NORTFI RANGE I 1, EASTOF TFIE THIRD PRINCIPAL MERIDIAN, ACCORDING TOTHE PLAT TI{EREOF RECORDED DECEMBER 7, IE23 AS DOCUMENT TN$5,IN DTJPAGECOI.JNTY, ITIINOIS. PlNs: 06-03-123-006 CKA: 40?-09 North Beverly Ave., Villa Part, IL, 60181-21l7 48il&.9800{102.1 Page 102 of 108  6.2-1 EXHIBIT E Form of Requesl lot Relmbuwement Requeslfor Relmbursemenl' Pay ts yoa Go Village of Vitla Park 20 South Ardmore Villa Park, Illinois 60181 Re: Development Agreementt dated 2O21, by tnd among the Village of Villa Park, Illinois; Hawthorne Development Corporution (the'3 Developer"l Dear Village Manager: You are requested to disburse funds pursuant to the Redeveloprnent Agreement described above in the amount(s), and for tire items set forth in this Request for Reimbursement. The terms used in this Request for Reimbursement shall have the meanings given to those terms in the Redevelopmant Agreement. l. Request for Reimbursement No': 2. The amount requested to be dkbursed in this Request tbr Reimbursement will be used to reimburse thc Developer for Redevelopment Projcct Costs attached to this Request for Reimbursement. 4. The undersigned certifies that: (i) the]amounts included in 2 above were made or incuned or financed in accordance with approvecl plans, permits and specifications ofthe Project as defined in the Redevelopment Agreement; (i0 thi amounts paid or to be paid, as set forth in this Request for Reimbursement, rcpresent a part of thc reinthursement due and payablo as Rcdevelopment Pdect.Costs; (iii) ihe axpenditures for which amounis aro requisitioned rcprcrcnt cliglble Redevelopment Projeci Costs have not been included in any previous Request ibr Reimbursement, inciuding requests funded with proceeds of TIF Bonds, with paid invoices aftached for all sums for whioh reimbur$elDent is requesled; (iv) the moneys requisitioned arc not greater than thoso necessary to meet otligations duc and payable * to tri*burse the Deveioper for its funds actually advanced for Redevelopmont Project Costs; (v) the Developer is not in defbult under the Rcdevelopmenl Agreement and nothing has occurred to the knowledge of the Developer that would prevont thc performance of its obligations under the Redevelopment Agreement. Hawthorne Development Corporation Date By: APPROVED: Village of Villa Park, an Illinois municipal corporation Dale: Village Manager Page 103 of 108  G.>B f,XHIBIT F PARKING PLAN FOR PARKING AREA /, t Page 104 of 108  €.2q tfioNl?[ ]llvt ffiIA l t\ Xnu,8 J.NOtnnA / il'lJtUAY ntoilOtlY ftNDtry'V iUWn lmE) l, I E i:l' l"l u ,irlli,.illi ll:l'lj!rr 1 t l.' .F \J tb I lit ll 1,tl *i 6v (D 1 l ) ;t t*i I ,| H -l I i d l*i lr i ] {t g ? * t ilu I{ mYlaE Hi qF --<.1-r$tu * dtnr#t'6- Page 105 of 108  Attachment K VILLAGE OF VILLA PARK, ILLINOIS TAX INCREMENT FINANCING DISTRICTS Statement of Revenues, Expenditures and Changes in Fund Balance For the Fiscal Year Ended December 31, 2023 Tax Tax Tax Tax Increment Increment Increment Increment Financing #3 Financing #4 Financing #5 Financing #6 Revenues Taxes Property Taxes $ 900,324 36,770 302,406 70,029 Investment Income — — 10,144 33,219 Total Revenues 900,324 36,770 312,550 103,248 Expenditures General Government Contractual Services 13,409 61,278 165,701 12,548 Capital Outlay — 52,000 8,401 — Total Expenditures 13,409 113,278 174,102 12,548 Net Change in Fund Balance 886,915 (76,508) 138,448 90,700 Fund Balances - Beginning 2,518,136 (96,369) 159,201 519,584 Fund Balances - Ending 3,405,051 (172,877) 297,649 610,284 5 Page 106 of 108  Attachment L INDEPENDENT AUDITOR'S REPORT ON SUPPLEMENTAL INFORMATION December 26, 2024 The Honorable Village President Members of the Board of Trustees Village of Villa Park, Illinois We have audited the basic financial statements of the Village of Villa Park, Illinois, for the year ended December 31, 2023, and have issued our report thereon dated December 26, 2024, which expressed an unmodified opinion on those financial statements. The financial statements are the responsibility of the Village of Villa Park, Illinois’ management. Our responsibility is to express opinions on the basic financial statements based on our audit. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the basic financial statements of the Village of Villa Park, Illinois. The Balance Sheet and Schedule of Revenues, Expenditures and Changes in Fund Balance for Tax Increment Financing Funds (TIF) #3, #4, #5, and #6 is presented for purposes of additional analysis and are not a required part of the basic financial statements. This information is the responsibility of management and derives from and relates directly to the underlying and other records used to prepare the basic financial statements. That information has been subjected to the auditing procedures applied to the audit of the basic financial statements and certain other procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements, or to the 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. LAUTERBACH & AMEN, LLP 3 Page 107 of 108  Attachment M 2023 Intergovernmental Agreements Intergovernmental Parties Ord or Resolution No Village of Villa Park and School District 88 4207 Village of Villa Park and School District 45 4208 Village of Villa Park and Salt Creek Sanitary District 2076 Village of Villa Park and Illinois Emergency Management Agency 2118 Village of Villa Park and Village of Lombard 2123 Village of Villa Park and Elmhurst Park District (Sugar Creek GC) 2139 Page 108 of 108