[0:02] Call the community development authority uh to order

[0:06] uh at 5:33 uh will we please stand for the pledge.

[0:11] » I pledge allegiance to the flag of the United States of America and to the

[0:16] republic for which it stands, one nation under God, indivisible, with liberty and

[0:22] justice for all.

[0:26] » Local? >> Carmeline?

[0:28] » Here. >> Adams?

[0:29] » Here. >> Deason?

[0:32] Kerr? >> Here.

[0:35] » Knapp? Knapp?

[0:39] Theodore? >> Here.

[0:41] » Wingles? >> Here.

[0:45] » When I was looking at the names and I'm going looking at it, someone still

[0:50] coming yet or not. All right, public comments.

[0:55] I have none. Do you have any online? >> No, just staff online.

[0:59] » All right. Minutes of previous meeting

[1:04] March 10th of 2020. >> Move to approve.

[1:08] » Motion by Lisa. >> Second.

[1:10] » Seconded by Ted. On the question.

[1:13] All in favor signify by saying aye. >> Aye.

[1:17] » Opposed? So carried. Acknowledge work product transmittals.

[1:21] There is none. Educational presentation and reports.

[1:26] Five, update on TIF District number one. >> So let me give a quick summary. So TIF

[1:32] District number one is the TIF that will be closing. I know some of you actually

[1:36] were here in the early years of the TIF and Truth project amendment that we did

[1:42] probably uh six, seven years ago. Um

[1:46] this TIF is now closing. We have recovered all our costs. Western Avenue

[1:50] was one of the last projects that we completed using TIF funds. Um so I got a

[1:56] nice little summary. Um, TIF 1 added $354

[2:01] million in assessed value to the village since 1998,

[2:06] and the total assessed value was $1.7 billion

[2:13] Um, I got some pictures of the projects that were

[2:16] completed in the TIF. Um, the TIF incurred $86 million

[2:23] in project costs, of that $71.1 was invested in infrastructure with $5.7

[2:30] going to property acquisition, $4.7 to development incentives, $3.7 for

[2:36] administration. And the total increment collected during its life was $95.7

[2:42] million. Plus, um, and the total debt issued was $81.3 million.

[2:49] And I highlighted some of the significant projects.

[2:53] Um, the

[2:56] Any questions or comments on TIF District number 1?

[3:03] » The funding is there now for closing. >> We have enough funds that we are able to

[3:08] close it. We do have debt ex- debt outstanding, that's why we are required

[3:13] to call this meeting. Um, the revenue bonds that the TIF District issued were

[3:20] CDA revenue bonds, um, issued by the Community Development Authority. They

[3:25] were not village bonds, they were community development authority bonds.

[3:30] So, with that, upon calling, we need the CDA to call those bonds. So, we have

[3:35] debt payments through 2031, and this meeting is here to call and say

[3:40] all those that hold the debt for the CDA expecting payment through 2031, we are

[3:46] going to call that and pay you in full with your interest, and we will no

[3:51] longer have any debt issued for those spots.

[3:55] » And we have enough revenue to cover that.

[3:57] » Yes, we do. >> Okay, I want to just make sure that's on

[4:00] record. So, thank you. Okay.

[4:02] » Is there any remaining revenue? >> We are not actually done yet. We still

[4:07] have I there's $70,000 of Weston Avenue coming in.

[4:12] Um so, we do not have final numbers yet. >> If there is any remaining, it is

[4:19] divided back to the >> It'll go to the taxing districts.

[4:24] » In the proportion that it was taxed from them. So, it if there is any remaining

[4:28] portion, it doesn't totally stay with the village. It will go back to the NTC,

[4:32] to the school district, to the county. And our portion would stay with us, but

[4:37] it wouldn't be the total portion of whatever is remaining.

[4:43] » Any other questions? >> Then going forward then

[4:47] So, these will be on the regular tax roll now. So, then will that

[4:52] lower the tax taxes overall? >> tax I think it's significant. There will

[4:58] be a pretty decent-sized tax rate reduction

[5:02] for specifically the village. I'm not going

[5:05] to speak for the other taxing entity taxing entities, but you should

[5:11] because what I noticed like so last year we had a significant

[5:17] adjustment to our TIF. They they took the it was called a prior year

[5:21] adjustment. So, they reduced the value of our TIF by like $76 million

[5:27] last year. Um that really I don't know if you notice your tax

[5:32] bill, but it actually went down. And that was part of the reason why it went

[5:35] down is because of the adjustment in the TIF value. So, when we do it again and

[5:42] we take all that TIF value away and put it on the general tax roll, you should

[5:47] see another significant reduction. But, what also happens is the amount of our

[5:52] allocation, like the percentage of the county levy that the village paid always

[5:58] was reduced by the um the value of the TIF. So, now we will be

[6:03] paying a larger percentage of the county tax, the school tax, and then technical.

[6:09] So, even though our rate will be following

[6:13] paying a larger portion of those levies for those other taxing districts. Does

[6:17] that make sense? >> Okay. Cuz now that's county taxable is

[6:20] what you're saying. >> Yeah, it's all

[6:23] And then our school district. >> Yeah, just like regular.

[6:27] » Yeah. >> Yeah.

[6:28] » And then when does that take uh that

[6:30] for the 2026 or is that going to affect the

[6:33] » For next year. So, your tax bills right now, you're going to see a lot of

[6:37] changes. So, it we'll have to see how everything shakes

[6:42] out. I'm excited to excited to see what the cuz the DOR will give us the final

[6:47] numbers of how much of that we can increase our levy. So, the state will

[6:52] allow us to increase our levy. We're estimating

[6:56] around $400,000. We'll be able to increase our levy. But, the rest of that

[7:02] will have to be a tax rate decrease. So, with all the numbers moving together,

[7:07] there's there's going to be a a nice benefit. But, we're not quite sure what

[7:11] all those numbers look like yet. >> Sure.

[7:15] » The other Any other questions? Comments? Okay.

[7:20] » Well, I just had one other one, I guess. Um so, then now this one's going to

[7:23] close. When is the other one scheduled to close?

[7:26] » So, >> It's a good segue.

[7:28] » That's the next item item six. Update on TIF number two.

[7:35] » So, TIF district number two was born in 2004. It covers the land around School

[7:39] Field Avenue. They added $22 million in assessed value to the village since

[7:44] 2004. Um Our last large project that we completed

[7:50] was Schofield Avenue, the reconstruction of Schofield Avenue. It was $5.8 million

[7:56] we spent on that. Um previous years that TIF was originally created for like the

[8:02] street beautification with all the medians and the

[8:07] the ball yards and stuff. So, it was originally created for that, but with

[8:13] the project amendment that we adopted a few years ago, maybe 6 years ago, we did

[8:18] the project amendment for TIF 2. It allowed us and extended the project

[8:23] scope to include street reconstruction. So, with that project amendment, we were

[8:29] able to complete the reconstruction of Schofield Avenue. Um

[8:33] that project was a little bit larger than originally thought and with the

[8:39] state adjustment to the value of TIF 2, they

[8:44] gave us a very large reduction last year. Um

[8:48] without the large reduction, we should have been able to pay off this project

[8:53] by next year, but with a deficit of 841,000,

[8:58] I think it's going to take a couple years to pay off. So, this TIF district

[9:02] is going to have to stay open until the deficit is gone. There are no other

[9:07] expenditures going to this TIF district. We do have the administration

[9:12] um that will keep going there as long as the TIF is open, but hopefully in a

[9:16] couple of years this TIF district will also be closed. There is no debt in this

[9:22] TIF anymore. It's only going to be the repaying of this project. So,

[9:27] » Question. Uh remind me how long can a TIF be open?

[9:31] » So, this one can be open till 2031. The expenditure ended in 2026. We're

[9:38] already past the expenditure period, so no new no new grants, no new projects,

[9:43] just um the administration is allowed as long as the TIF is open, but we're just

[9:48] going to work on recovering um the cost and hopefully being able to pay it off

[9:53] in a couple of years. >> So, likely it will still close earlier

[9:57] than its scheduled date. >> Yep.

[10:00] » Just as a side note, as you were saying that on TIF number one,

[10:05] all those administration costs are going to come back.

[10:08] » I was just going to ask that same question.

[10:09] » Yeah, and that all will come back to the general fund.

[10:12] » Yeah, we have about $200,000 that will be coming back to the general

[10:17] fund um for administration costs.

[10:21] » So, that's part of the monies that we'll get

[10:28] » Pretty good deal, though. Get rid of the debt, pick up a little bit of

[10:32] » Yeah. >> cost allocation.

[10:34] » It's nice to actually I got to see it. I was here when it opened, and I got to

[10:39] see it when it closed. >> [laughter]

[10:43] » I love that enthusiasm about it. >> Yes. Hey, I've been waiting for this.

[10:49] Okay, anything else, Jessica? >> No, unless she has questions.

[10:54] » Any more questions for Jessica? >> I guess the only question I have would

[10:57] be is is there any talk of starting a new TIF or not even?

[11:01] » Not at this moment. There's been change to TIF law. There's also been a lot of

[11:04] housing TIFs that have come in. Um plan commission is had some preliminary

[11:09] discussions about that, but um those are they're very new in in state law, so

[11:15] we'll see kind of how that how they progress.

[11:19] » Okay. >> Wasn't I don't even remember where it

[11:22] came from anymore. Where someone was suggesting that

[11:27] that one quarter kind of on um like J and through their, you know,

[11:35] trying to promote that as maybe another gift small.

[11:39] » that meeting and I don't remember what it was either.

[11:41] » Right. >> I'm recalling correctly.

[11:44] » Yeah. >> I think if we had the right project that

[11:47] that someone had come forward and if it was a right fit, it would be something

[11:52] we would consider for sure, but >> because I I can't remember. The only

[11:55] thing I can remember is it definitely would not be as big as this one, but

[12:00] Okay. All right, old business. I don't have

[12:04] any, I guess. New business, approval of resolution

[12:09] authorizing the redemption of the community development lease revenue

[12:13] bonds series 2017A dated July 13th, 2017.

[12:26] What is your pleasure?

[12:32] » I'll make the motion to approve the resolution.

[12:35] » Okay. Thank you, Hogan. Done. Do I have a

[12:38] second? >> I'll second it.

[12:40] » Seconded by Mark. On the question.

[12:44] All in favor, signify by saying I. >> I.

[12:48] » Opposed? So carried. I didn't have to read this whole thing.

[12:53] Thank you.

[12:56] All right, remarks from staff.

[13:01] Nothing? Any remarks from commission members?

[13:04] Don, anything? Steve?

[13:07] Mark? >> My only question is does the CDA that's

[13:11] still open? Cuz we don't Just it stays open for until TIFF 2

[13:16] closes. It doesn't do the same thing cuz TIFF 2

[13:19] doesn't have debt, so it wouldn't need to. I think it's something that if the

[13:22] committee wants to meet back and talk about, um

[13:28] otherwise the CDA likely could disband. It is part of ordinance though, so we

[13:32] would we would take it out of ordinance. I know in the past many

[13:37] years ago, the CDA might like visit businesses or um

[13:42] do tours of you know, businesses to learn more about what was happening

[13:46] there. Uh maybe more of an advocacy role.

[13:49] » They did that in 2018. They're pretty active.

[13:53] » We used to go tour businesses within the TIF to see how things were going and

[13:58] just get a pulse of what was happening, but

[14:01] that I I don't think I've done one since 2018.

[14:05] » Right. And the

[14:08] since 2020, we've been so Yeah.

[14:15] » So, I mean, it would just be, like you said, the

[14:18] TIF one and two. If two doesn't have any debt, I mean, it

[14:22] has debt, but it isn't >> TIF two doesn't have any debt.

[14:27] So, that is just [clears throat] >> Like the revenues right now to pay off

[14:30] the deficit, right? Is really what it is, and once the deficit's gone, it

[14:33] disappears. >> Yes.

[14:35] » Yeah. >> But then you still have to form them

[14:38] both. >> Which the board would do. Just like we

[14:42] did it by April 15th of whatever year. The Yeah, the board of trustees would

[14:46] close it.

[14:50] Okay. So, a future conversation if there's

[14:54] something that >> Really, we serve at the boards at this

[14:57] point. We only words

[15:00] » Right. >> wishes, right?

[15:02] » Right. >> It's nothing to administer or

[15:05] » Right. The board, this may be something that we should probably bring to the

[15:09] board to find out what their >> their wishes are.

[15:12] » If they want to just leave it out there for maybe future

[15:16] you know, or something, but >> I just asked her to add it to board's

[15:19] agenda for next month. >> Yeah.

[15:24] So you have your pleasure that's >> I would I would guess everyone's

[15:27] interested though in other committees if not this committee, right? Like

[15:31] » [laughter] >> We always have openings other places.

[15:34] » I'm trying to figure out how long I've been on this committee. I think it's

[15:36] either 2002 or 2003. >> We met a lot of times, right?

[15:41] » We sure did earlier. Yeah. A lot of times.

[15:45] That was pre-pre dates Daniel. >> Just heard just commenting on this.

[15:49] Still have an opening on finance and HR?

[15:55] Oh, that's up your alley, finance. I know it is.

[15:58] » That's No, I was thinking more along the parks and recreation.

[16:03] That'd [clears throat] be more my style. Not finance.

[16:07] » Making a note of that, Steve.

[16:10] » Okay, so I have nothing to add other than it was nice meeting with the

[16:16] committee here today. I you know, I've been around but I

[16:20] haven't been on the committee itself. I was but we didn't meet.

[16:24] » For many years I

[16:27] » Future items? Nothing? I may entertain a motion to adjourn.

[16:34] » Motion to adjourn. >> I Lisa.

[16:36] » Second. >> Second by Todd.

[16:38] All in favor signify saying I. >> I.

[16:42] » Opposed? So carried. We adjourn at 5:50.

Community Development Authority - 7/27/2026

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