Joint Review Board

CITY OF WHEATON JOINT REVIEW BOARD MEETING WHEATON MAIN STREET REDEVELOPMENT AREA PROJECT AND PLAN (TIF #2) AND COURTHOUSE REDEVELOPMENT AREA PROJECT AREA PLAN AND PROGRAM (TIF #3) PROPOSED AMENDMENTS FEBRUARY 28, 2018 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 order at 10:00 A.M. in the Gamon Room of the Wheaton City Hall. Also present from the City of Wheaton were City Manager Michael Dzugan, Director of Finance Bob Lehnhardt and City Attorney Sarah Kallas. II. Identification of Joint Review Board Taxing Body Attendees The following Joint Review Board Taxing Bodies attendees were present: John Rutledge, City of Wheaton and Jeff Schuler and Bill Farley, School District 200. III. Proof of Notice of Meeting Mr. Kozik provided proof that the notice of the Joint Review Board meeting to consider the proposed amended plans for TIF #2 and TIF #3 were sent to all affected taxing districts by displaying the return receipts from the certified mailings to all of the affected taxing districts. The return receipts shall be kept in the case file maintained by City staff as proof of notice. IV. Nomination and Appointment of Public Member Mr. Schuler moved and Mr. Rutledge seconded a motion to nominate Paul Fisher as Public Member for TIF #2 and William Fenili and Public Member for TIF #3. On a voice vote, all voted aye. V. Nomination and Appointment of Chairman Mr. Schuler moved and Mr. Fisher seconded a motion to appoint Mr. Rutledge as Chairperson. On a voice vote, all voted aye. VI. Public Comment There was no public comment VII. Review of Proposed Amendments Ms. Kallas reviewed the Statutory duties of the Joint Review Board for those present. Wheaton Joint Review Board February 28, 2018 Page 2 of 3 Mr. Kozik then presented an overview of the proposed fourth amendment to the TIF #2 plan. Mr. Kozik stated that the proposed (fourth) amendment to the Wheaton Main Street Redevelopment Area Project and Plan (TIF #2) plan seeks to modify the Estimated Project Costs (budget) contained in the plan to reflect actual expenses that have occurred to date since the adoption of the Third Amendment and to allow TIF #2 revenue funding for the proposed streetscape and infrastructure located within the TIF #2 boundaries. Mr. Kozik stated that specifically, the proposed amendment to the Wheaton Main Street Redevelopment Area Project and Plan (TIF #2) plan increases the Estimated Projects costs for the anticipated public improvements associated with the proposed streetscape and infrastructure improvements by $23MM. Mr. Lehnhardt then presented the Board with an exhibit which further detailed the proposed budget amendment. With regards to the proposed amendment to the Courthouse Redevelopment Area Project Area Plan and Program (TIF #3) plan, Mr. Kozik stated that the proposed amendment seeks to modify the Estimated Project Costs (budget) to provide the responsiveness needed to react to potential revenue changes resulting from possible variables that would impact TIF #2 revenues by allowing TIF #3 revenues to act as a loan and/or funding “backup” to TIF #2 revenues ONLY in the event that they are necessary. Mr. Kozik stated that the projected increment from TIF #2 should be adequate to cover TIF #2 expenses relating to the proposed streetscape and infrastructure improvements; however, if assessed value projections are not accurate, TIF #2 increment revenue may not be adequate to cover TIF #2 expenses. Specifically, Mr. Kozik stated that the proposed amendment to the Courthouse Redevelopment Area Project Area Plan and Program (TIF #3) plan increases the Estimated Projects costs for possible transfer by $5.3MM and $2MM for possible property assembly of properties within TIF #3 that have been newly identified as within the 100 year flood plain by the County. Mr. Kozik stated that the transferring of funds from the Courthouse Redevelopment Area Project Area Plan and Program (TIF #3) to the Wheaton Main Street Redevelopment Area Project and Plan (TIF #2) (and vice versa) is permitted by the TIF Act (65 ILCS 5/11-74.4.4(q) and the ordinances establishing both TIF #2 and TIF #3, which allows the utilization of tax increment revenues from one redevelopment project area in another redevelopment project area that is contiguous or separated only by a public right-of-way from the redevelopment project area from which the tax income revenues are received. Mr. Lehnhardt then presented the Board with an exhibit which further detailed the proposed budget amendment. Members of the Board then had a general discussion about the proposed budget amendments relative to the streetscape project. Hearing no further questions or comments, Mr. Rutledge called for a motion. Wheaton Joint Review Board February 28, 2018 Page 3 of 3 Mr. Fisher then moved and Mr. Rutledge seconded a motion to recommend approval of the TIF #2 amendment as presented by staff. On a voice vote, all voted aye. Mr. Fenili then moved and Mr. Rutledge seconded a motion to recommend approval of the TIF #3 amendment as presented by staff. With Mr. Shuler abstaining, the motion carried 2-0. VIII. 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