TIF 8 ATR FY 2019€¦ · Under which section of the Illinois Municipal Code was Redevelopment...

SECTION 2 [Sections 2 through 5 must be completed for each redevelopment project area listed in Section 1.]FY 2019Name of Redevelopment Project Area (below):

Primary Use of Redevelopment Project Area*:

If "Combination/Mixed" List Component Types:

Tax Increment Allocation Redevelopment Act

Industrial Jobs Recovery Law

No YesWere 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).

X

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)]

Please enclose the CEO Certification (labeled Attachment B).

X

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 and B)]

If yes, please enclose the Activities Statement (labled Attachment D).

X

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) (7) (C)]

If yes, please enclose the Agreement(s) (labeled Attachment E).

X

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)]

If yes, please enclose the Additional Information (labeled Attachment F).

X

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) (E)]

If yes, please enclose the contract(s) or description of the contract(s) (labeled Attachment G).

X

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)]

If yes, please enclose the Joint Review Board Report (labeled Attachment H).

X

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 be attached and (labeled Attachment J).

X

An analysis prepared by a financial advisor or underwriter setting forth the nature and term of obligation and projected debt service including required reserves and debt coverage. [65 ILCS 5/11-74.4-5 (d) (8) (B) and 5/11-74.6-22 (d) (8) (B)]

If attachment I is yes, then Analysis MUST be attached and (labeled Attachment J).

X

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)

If yes, please enclose Audited financial statements of the special tax allocation fund

(labeled Attachment K).

X

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

noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L).

X

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)]

If yes, please enclose the list only, not actual agreements (labeled Attachment M).

X

Please utilize the information below to properly label the Attachments.

ROSEMONT TIF 7 HIGGINS-MANNHEIM ROAD

X

______

* Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.

Combination/Mixed

Comm'l/Retail/HotelUnder which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one):

FY 2019

Special Tax Allocation Fund Balance at Beginning of Reporting Period 149$

SOURCE of Revenue/Cash Receipts:

Revenue/Cash

Receipts for

Current Reporting

Year

Cumulative

Totals of

Revenue/Cash

Receipts for life

of TIF % of Total

Property Tax Increment 1,874,664$ 1,917,733$ 100%State Sales Tax Increment -$ 0%Local Sales Tax Increment -$ -$ 0%State Utility Tax Increment -$ -$ 0%Local Utility Tax Increment -$ -$ 0%Interest 2,849$ 2,929$ 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 1,877,513$

Cumulative Total Revenues/Cash Receipts 1,920,662$ 100%

Total Expenditures/Cash Disbursements (Carried forward from

Section 3.2)

1,875,000$

Transfers to Municipal Sources -$

Distribution of Surplus

Total Expenditures/Disbursements 1,875,000$

Net/Income/Cash Receipts Over/(Under) Cash Disbursements 2,513$

Previous Year Adjustment (Explain Below) -$

.FUND BALANCE, END OF REPORTING PERIOD* 2,662$

* If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3

Previous Year Explanation:

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))

Provide an analysis of the special tax allocation fund.

ROSEMONT TIF 7 HIGGINS-MANNHEIM

ROAD

FY 2019

TIF NAME:

Amounts Reporting Fiscal Year

-$

2. Annual administrative cost.

-$

3. Cost of marketing sites.

-$

-$

-$

-$

1. Cost of studies, surveys, development of plans, and specifications. Implementation and

administration of the redevelopment plan, staff and professional service cost.

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))

Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6-10

(o)]

PAGE 1

ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND

(by category of permissible redevelopment project costs )


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.

-$

-$

-$

Transfer to capital projects fund 1,875,000

1,875,000$

-$

-$

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.

10. Capital costs.

7. Costs of eliminating or removing contaminants and other impediments.

8. Cost of job training and retraining projects.

9. Financing costs.

PAGE 2

SECTION 3.2 A

-$

-$

-$

-$

-$

-

-$

1,875,000$

17. Cost of day care services.

TOTAL ITEMIZED EXPENDITURES

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.

SECTION 3.2 A

PAGE 3

18. Other.

FY 2019

TIF NAME:

Name Service Amount

List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year.

Section 3.2 B

Optional: Information in the following sections is not required by law, but would be helpful in creating fiscal

transparency.


FY 2019

TIF NAME:

FUND BALANCE BY SOURCE 2,662$

Amount of Original

Issuance Amount Designated

1. Description of Debt Obligations

General Obligation Bonds, Series 2016A 80,375,000$ 80,375,000$

General Obligation Bonds, Series 2016B 19,625,000$ 19,625,000$

Total Amount Designated for Obligations 100,000,000$ 100,000,000$

2. Description of Project Costs to be Paid

Redevelopment Cost Advances 24,661,028$

Total Amount Designated for Project Costs 24,661,028$

TOTAL AMOUNT DESIGNATED 124,661,028$

SURPLUS/(DEFICIT) (124,658,366)$

SECTION 3.3 - (65 ILCS 5/11-74.4-5 (d) (5d) 65 ILCS 5/11-74.6-22 (d) (5d)

Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period by source


FY 2019

TIF NAME: ROSEMONT TIF 7 HIGGINS-MANNHEIM ROAD

XCheck here if no property was acquired by the Municipality within the

Redevelopment Project Area.

Property 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:


Purchase price:

Seller of property:

Property (3):

Street address:


Purchase price:

Seller of property:

Property (4):

Street address:


Purchase price:

Seller of property:

Provide a description of all property purchased by the municipality during the reporting fiscal year within theredevelopment project area.

SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)]

TIF Name:

X

6

TOTAL: 11/1/99 to Date

Estimated Investment

for Subsequent Fiscal

Year

Total Estimated to

Complete Project

Private Investment Undertaken (See Instructions) 51,000,000$ -$ -$

Public Investment Undertaken 74,000,000$ -$ -$

Ratio of Private/Public Investment 51/74 0

Project 1*: Life Source

Private Investment Undertaken (See Instructions)

Public Investment Undertaken

Ratio of Private/Public Investment 0 0

Project 2*:Ball Park and Parking Garage


Public Investment Undertaken 54,000,000$


Project 3*: Dave and Busters




Project 4*:South Pearl Garage




Project 5*:Rose Hotel

Private Investment Undertaken (See Instructions) 45,000,000$


Ratio of Private/Public Investment 28 1/8 0

Project 6*: 2 Restaurants

Private Investment Undertaken (See Instructions) 6,000,000$

Public Investment Undertaken 700,000$

Ratio of Private/Public Investment 8 4/7 0

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.)

2a. The total number of ALL activities undertaken in furtherance of the objectives of the redevelopment

plan:

LIST ALL projects undertaken by the Municipality Within the Redevelopment Project Area:

*PROJECT NAME TO BE LISTED AFTER PROJECT NUMBER

Select ONE of the following by indicating an 'X':

SECTION 5 - 20 ILCS 620/4.7 (7)(F)

PAGE 1

FY 2019


Page 1 is to be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed.

SECTION 6FY 2019

TIF NAME:

Year redevelopment

project area was

designated Base EAV

Reporting Fiscal Year

EAV2016 2,155,698$ 24,155,012$

X

SECTION 7Provide information about job creation and retention:

Number of Jobs

Retained

Number of Jobs

Created

Description and Type

(Temporary or

Permanent) of Jobs Total Salaries Paid-$ -$ -$ -$ -$ -$ -$

SECTION 8Provide a general description of the redevelopment project area using only major boundaries:

Optional: Information in the following sections is not required by law, but would be helpful in evaluating the

performance of TIF in Illinois. *even though optional MUST be included as part of the complete TIF report

Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area

List all overlapping tax districts in the redevelopment project area. If overlapping taxing district received a surplus, list the surplus.


Overlapping Taxing District

Surplus Distributed from redevelopment

project area to overlapping districts

Check if the overlapping taxing districts did not receive a surplus.

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

EnclosedOptional DocumentsLegal description of redevelopment project area

Map of District

Attachment E. Description of Agreements Regarding Property Disposition orRedevelopment

There was no disposition of property in the reporting Fiscal Year.

The Village entered into a Redevelopment Agreement with 5505 Pearl Street LLC, providing for the Village to enter into a Parking Use agreement to use certain parking spaces

The agreements are attached.

ROSEMONT TIF NO. 3 ANNUAL REPORT FOR VILLAGE OF ROSEMONT FISCAL YEAR BEGINNING JANUARY 1, 2019 AND ENDING DECEMBER 31, 2019

VILLAGE OF ROSEMONT, ILLINOIS

SCHEDULES OF SPECIAL TAX ALLOCATION FUNDS AND COMPLIANCE WITH THE STATE OF ILLINOIS TAX INCREMENT ALLOCATION

REDEVELOPMENT ACT

FOR THE YEAR ENDED

DECEMBER 31, 2019

VILLAGE OF ROSEMONT, ILLINOISSCHEDULES OF SPECIAL TAX ALLOCATION FUNDS AND COMPLIANCE WITH THE STATE OF ILLINOIS TAX INCREMENTALLOCATION REDEVELOPMENT DISTRICT

TABLE OF CONTENTS

INDEPENDENT AUDITORS' REPORT ON COMPLIANCE AND OTHER MATTERS WITH THE STATE OF ILLINOIS TAX INCREMENT ALLOCATION REDEVELOPMENT ACT BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH AUDITING STANDARDS GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA 1 - 2

ANALYSIS OF THE SPECIAL TAX ALLOCATION FUNDSSection 3.1 (65 ILCS 5/11-74.4-5(d)(5) and 65 ILCS 5/11-74.6-22(d)(5)) 3

EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUNDSSection 3.2 (65 ILCS 5/11-74.4-5(d)(5) and 65 ILCS 5/11-74.6-22(d)(5)) 4

BREAKDOWN OF THE BALANCE IN THE SPECIAL TAX ALLOCATION FUNDSSection 3.3 (65 ILCS 5/11-74.4-5(d)(5) and 65 ILCS 5/11-74.6-22(d)(5)) 5

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5

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE AND OTHER

MATTERS WITH THE STATE OF ILLINOIS TAX INCREMENT

ALLOCATION REDEVELOPMENT ACT BASED ON AN AUDIT OF

FINANCIL STATEMENTS PERFORMED IN ACCORDANCE WITH

AUDITING STANDARDS GENERALLY ACCEPTED IN THE UNITED

STATES OF AMERICA

May 22, 2020

The Honorable Village President

Members of the Board of Trustees

Village of Rosemont, Illinois

VILLAGE OF ROSEMONT, ILLINOIS

We have audited the financial statements of the governmental activities, the business-type activities, each

major fund, and the aggregate remaining fund information of the Village of Rosemont, Illinois, as of and

for the year ended December 31, 2019 which collectively comprise the Village’s basic financial

statements, and have issued our report thereon dated May 22, 2020. We conducted our audit in accordance

with auditing standards generally accepted in the United States of America.

Compliance

We have audited the Village of Rosemont, Illinois’ compliance with specific compliance requirements of

the State of Illinois Tax Increment Allocation Redevelopment Act for the year ended December 31, 2019.

Management’s Responsibility for Compliance

Compliance with 65 Illinois Compiled Statutes section 5/11-74.4-3, subsection (q) (“Subsection (q)’) is

the responsibility of the management of the Village of Rosemont, Illinois.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Village of Rosemont, Illinois’ compliance based on our

audit.

We conducted our audit of compliance in accordance with auditing standards generally accepted in the

United States of America and the specific compliance requirements of Subsection (q). Those standards

and specific compliance requirements require that we plan and perform the audit to obtain reasonable

assurance about whether material noncompliance with those requirements has occurred. An audit includes

examining, on a test basis, evidence about the Village of Rosemont, Illinois’ compliance with those

specific compliance requirements and performing such other procedures as we considered necessary in

the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does

not provide a legal determination of the Village of Rosemont, Illinois’ compliance with those specific

compliance requirements.

1

Village of Rosemont, Illinois

May 22, 2020

Opinion

In our opinion, the Village of Rosemont, Illinois, complied, in all material respects, with the specific

compliance requirements of Subsection (q) for the year ended December 31, 2019.

Other Matters

Our audit of the basic financial statements of the Village of Rosemont, Illinois, as of and for the year

ended December 31, 2019, was made for the purpose of forming an opinion on the basic financial

statements taken as a whole. The accompanying schedules as listed in the table of contents are presented

for the purposes of additional analysis as required by the Illinois Tax Increment Allocation

Redevelopment Act and are not a required part of the basic financial statements. Such information is the

responsibility of management and was derived from and relates directly to the underlying accounting and

other records used to prepare the basic financial statements. The information has been subjected to the

auditing procedures applied in 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 basic financial statements or to the basic financial statements themselves, and

other additional procedures in accordance with auditing standards general accepted in the United States of

America, and in our opinion, is fairly stated in all material respects in relation to the basic financial

statements taken as a whole.

This report is intended solely for the information and use of the Village’s elected officials and

management and of the State of Illinois Comptroller and is not intended to be and should not be used by

anyone other than these specified parties.

Lauterbach & Amen, LLP LAUTERBACH & AMEN, LLP

2

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