Joint Review Board

CITY OF WHEATON JOINT REVIEW BOARD MEETING TIF #1 SECOND AMENDMENT October 28, 2015 10:00 A.M. GAMON ROOM - WHEATON CITY HALL I. Call to Order by Secretary Director of Planning and Economic Development Kozik, acting as Secretary to the Joint Review Board, called the meeting of the Joint Review Board to discuss a proposed second amendment to the TIF #1 plan to order at 10:00 A.M. in the Gamon Room of the Wheaton City Hall. Also present was Director of Finance Bob Lehnhardt, City Attorney Brad Pollock and CUSD 200 Assistant Superintendent for Business Operations Bill Farley. II. Identification of Joint Review Board Taxing Body Attendees The following Joint Review Board Taxing Bodies attendees were present: John Rutledge, City of Wheaton; Jeff Schuler, School District 200; Paul Lauricella, DuPage County. III. Nomination and Appointment of Public Member Mr. Kozik stated that numerous attempts were made to recruit a public member for today’s meeting, but they were unsuccessful. In addition, Mr. Kozik stated that notice of the Joint Review Board meeting was sent out to residents of the district, but no residents were present that could be appointed to the Board. IV. Nomination and Appointment of Chairman Mr. Lauricella moved and Mr. Schuler seconded a motion to appoint Mr. Rutledge as Chairperson. On a voice vote, all voted aye. V. Public Comment There was no public comment VI. Review of Proposed Amendment Mr. Kozik presented an overview of the proposed second amendment to the TIF #1 plan. Mr. Kozik stated that the proposed amendment would modify the budget of the TIF #1 Plan to reflect actual and estimated expenses and revenues, allow the transfer of surplus funds for anticipated costs incurred in contiguous redevelopment project areas, and correct the date of completion of the redevelopment project and retirement of obligations issued to finance redevelopment project costs to December 31, 2016. Specifically, Mr. Kozik stated that the City is seeking to amend project expenses from $30,156,999 to $31,740,200, and project revenue from $31,163,004 to $31,740,200. Wheaton Joint Review Board October 28, 2015 Page - 2 - of 2 Mr. Kozik stated that the TIF #1 First Amendment provided that incremental revenue from TIF #1 could pay (transfer funds) for expenses incurred in TIF#2 provided that such transfer did not exceed the total project expense in TIF #1. Mr. Kozik stated that the current project expense amount identified in the TIF #1 First Amendment is $30,156,999. This amount would currently allow for a transfer of $750,000 of TIF #1 funds to TIF #2. Mr. Kozik stated that the proposed TIF #1 Second Amendment would amend the TIF #1 Estimated Project Expenses to $31,740,200, thereby providing for an additional estimated total of $1,583,201 that could be transferred to TIF #2. Mr. Kozik stated that it is the City’s intent to apply all of the transferred amounts from TIF #1 to TIF #2 to fund the costs of public improvements identified in the October 2013 Wheaton Downtown Strategic and Streetscape Plan. In addition to amending the estimated project revenues and expenses, Mr. Kozik stated that the proposed TIF #1 Second Amendment seeks to correct the date of completion of the redevelopment project and retirement of obligations issued to finance redevelopment project costs from December 31, 2017 to December 31, 2016. Mr. Kozik stated that the TIF #1 First Amendment incorrectly identified the date of completion of the redevelopment project and retirement of obligations issued to finance redevelopment project costs. Mr. Pollock then reviewed the Statutory duties of the Joint Review Board for those present. Mr. Schuler stated that he does not believe the proposed TIF #1 Second Amendment, as it relates to the budget, is in compliance with the intent of the original TIF plan. Mr. Schuler stated that he believes the increased revenues that have been created should be declared surplus and distributed to the taxing bodies. Hearing no further questions or comments, Mr. Rutledge called for a motion. Mr. Lauricella moved and Mr. Schuler seconded a motion to recommend approval of the amendment to the expenses and revenues as presented by staff. With Mr. Rutledge and Lauricella voting aye and Mr. Schuler voting nay, the motion carried 2-1. Mr. Lauricella then moved and Mr. Schuler seconded a motion to recommend approval of the amendment to correct the date of completion as presented by staff. With those present voting aye, the motion carried 3-0. VII. Adjournment Hearing no further questions or comments, the meeting was adjourned at 10:30 A.M. Respectfully submitted, James P. Kozik, AICP Director of Planning & Economic Development