1 00:00:02,240 --> 00:00:08,800 Call the community development authority uh to order 2 00:00:06,720 --> 00:00:14,440 uh at 5:33 uh will we please stand for the pledge. 3 00:00:11,920 --> 00:00:19,960 » I pledge allegiance to the flag of the United States of America and to the 4 00:00:16,760 --> 00:00:25,960 republic for which it stands, one nation under God, indivisible, with liberty and 5 00:00:22,920 --> 00:00:25,960 justice for all. 6 00:00:26,160 --> 00:00:28,760 » Local? >> Carmeline? 7 00:00:28,080 --> 00:00:30,000 » Here. >> Adams? 8 00:00:29,320 --> 00:00:33,080 » Here. >> Deason? 9 00:00:32,360 --> 00:00:38,640 Kerr? >> Here. 10 00:00:35,400 --> 00:00:38,640 » Knapp? Knapp? 11 00:00:39,360 --> 00:00:41,920 Theodore? >> Here. 12 00:00:41,120 --> 00:00:44,240 » Wingles? >> Here. 13 00:00:45,920 --> 00:00:52,520 » When I was looking at the names and I'm going looking at it, someone still 14 00:00:50,040 --> 00:00:57,560 coming yet or not. All right, public comments. 15 00:00:55,240 --> 00:01:01,760 I have none. Do you have any online? >> No, just staff online. 16 00:00:59,720 --> 00:01:06,640 » All right. Minutes of previous meeting 17 00:01:04,199 --> 00:01:10,080 March 10th of 2020. >> Move to approve. 18 00:01:08,280 --> 00:01:12,440 » Motion by Lisa. >> Second. 19 00:01:10,960 --> 00:01:16,320 » Seconded by Ted. On the question. 20 00:01:13,960 --> 00:01:19,720 All in favor signify by saying aye. >> Aye. 21 00:01:17,200 --> 00:01:23,520 » Opposed? So carried. Acknowledge work product transmittals. 22 00:01:21,880 --> 00:01:30,800 There is none. Educational presentation and reports. 23 00:01:26,520 --> 00:01:34,360 Five, update on TIF District number one. >> So let me give a quick summary. So TIF 24 00:01:32,400 --> 00:01:38,800 District number one is the TIF that will be closing. I know some of you actually 25 00:01:36,280 --> 00:01:43,320 were here in the early years of the TIF and Truth project amendment that we did 26 00:01:42,000 --> 00:01:48,240 probably uh six, seven years ago. Um 27 00:01:46,200 --> 00:01:52,640 this TIF is now closing. We have recovered all our costs. Western Avenue 28 00:01:50,880 --> 00:01:59,360 was one of the last projects that we completed using TIF funds. Um so I got a 29 00:01:56,200 --> 00:02:04,120 nice little summary. Um, TIF 1 added $354 30 00:02:01,080 --> 00:02:09,720 million in assessed value to the village since 1998, 31 00:02:06,200 --> 00:02:12,720 and the total assessed value was $1.7 billion 32 00:02:13,280 --> 00:02:20,040 Um, I got some pictures of the projects that were 33 00:02:16,800 --> 00:02:27,240 completed in the TIF. Um, the TIF incurred $86 million 34 00:02:23,720 --> 00:02:33,480 in project costs, of that $71.1 was invested in infrastructure with $5.7 35 00:02:30,480 --> 00:02:39,160 going to property acquisition, $4.7 to development incentives, $3.7 for 36 00:02:36,560 --> 00:02:46,280 administration. And the total increment collected during its life was $95.7 37 00:02:42,560 --> 00:02:51,120 million. Plus, um, and the total debt issued was $81.3 million. 38 00:02:49,720 --> 00:02:55,080 And I highlighted some of the significant projects. 39 00:02:53,000 --> 00:02:58,240 Um, the 40 00:02:56,360 --> 00:03:01,239 Any questions or comments on TIF District number 1? 41 00:03:03,640 --> 00:03:10,880 » The funding is there now for closing. >> We have enough funds that we are able to 42 00:03:08,360 --> 00:03:16,920 close it. We do have debt ex- debt outstanding, that's why we are required 43 00:03:13,360 --> 00:03:23,680 to call this meeting. Um, the revenue bonds that the TIF District issued were 44 00:03:20,239 --> 00:03:27,560 CDA revenue bonds, um, issued by the Community Development Authority. They 45 00:03:25,680 --> 00:03:32,760 were not village bonds, they were community development authority bonds. 46 00:03:30,120 --> 00:03:38,280 So, with that, upon calling, we need the CDA to call those bonds. So, we have 47 00:03:35,800 --> 00:03:43,920 debt payments through 2031, and this meeting is here to call and say 48 00:03:40,720 --> 00:03:49,120 all those that hold the debt for the CDA expecting payment through 2031, we are 49 00:03:46,560 --> 00:03:54,440 going to call that and pay you in full with your interest, and we will no 50 00:03:51,880 --> 00:03:57,120 longer have any debt issued for those spots. 51 00:03:55,120 --> 00:03:58,360 » And we have enough revenue to cover that. 52 00:03:57,520 --> 00:04:02,200 » Yes, we do. >> Okay, I want to just make sure that's on 53 00:04:00,200 --> 00:04:04,920 record. So, thank you. Okay. 54 00:04:02,680 --> 00:04:09,800 » Is there any remaining revenue? >> We are not actually done yet. We still 55 00:04:07,320 --> 00:04:16,079 have I there's $70,000 of Weston Avenue coming in. 56 00:04:12,040 --> 00:04:22,120 Um so, we do not have final numbers yet. >> If there is any remaining, it is 57 00:04:19,160 --> 00:04:26,640 divided back to the >> It'll go to the taxing districts. 58 00:04:24,600 --> 00:04:29,960 » In the proportion that it was taxed from them. So, it if there is any remaining 59 00:04:28,560 --> 00:04:35,440 portion, it doesn't totally stay with the village. It will go back to the NTC, 60 00:04:32,400 --> 00:04:38,520 to the school district, to the county. And our portion would stay with us, but 61 00:04:37,200 --> 00:04:41,560 it wouldn't be the total portion of whatever is remaining. 62 00:04:43,680 --> 00:04:48,880 » Any other questions? >> Then going forward then 63 00:04:47,560 --> 00:04:55,760 So, these will be on the regular tax roll now. So, then will that 64 00:04:52,440 --> 00:05:01,120 lower the tax taxes overall? >> tax I think it's significant. There will 65 00:04:58,040 --> 00:05:04,240 be a pretty decent-sized tax rate reduction 66 00:05:02,880 --> 00:05:08,960 for specifically the village. I'm not going 67 00:05:05,760 --> 00:05:14,800 to speak for the other taxing entity taxing entities, but you should 68 00:05:11,720 --> 00:05:20,560 because what I noticed like so last year we had a significant 69 00:05:17,080 --> 00:05:24,000 adjustment to our TIF. They they took the it was called a prior year 70 00:05:21,880 --> 00:05:30,800 adjustment. So, they reduced the value of our TIF by like $76 million 71 00:05:27,000 --> 00:05:33,600 last year. Um that really I don't know if you notice your tax 72 00:05:32,000 --> 00:05:38,640 bill, but it actually went down. And that was part of the reason why it went 73 00:05:35,680 --> 00:05:44,600 down is because of the adjustment in the TIF value. So, when we do it again and 74 00:05:42,160 --> 00:05:49,400 we take all that TIF value away and put it on the general tax roll, you should 75 00:05:47,080 --> 00:05:54,680 see another significant reduction. But, what also happens is the amount of our 76 00:05:52,320 --> 00:06:01,000 allocation, like the percentage of the county levy that the village paid always 77 00:05:58,200 --> 00:06:06,560 was reduced by the um the value of the TIF. So, now we will be 78 00:06:03,560 --> 00:06:11,880 paying a larger percentage of the county tax, the school tax, and then technical. 79 00:06:09,720 --> 00:06:15,800 So, even though our rate will be following 80 00:06:13,000 --> 00:06:18,640 paying a larger portion of those levies for those other taxing districts. Does 81 00:06:17,840 --> 00:06:21,200 that make sense? >> Okay. Cuz now that's county taxable is 82 00:06:20,800 --> 00:06:25,440 what you're saying. >> Yeah, it's all 83 00:06:23,640 --> 00:06:27,520 And then our school district. >> Yeah, just like regular. 84 00:06:27,280 --> 00:06:29,919 » Yeah. >> Yeah. 85 00:06:28,200 --> 00:06:33,800 » And then when does that take uh that 86 00:06:30,919 --> 00:06:36,120 for the 2026 or is that going to affect the 87 00:06:33,919 --> 00:06:40,040 » For next year. So, your tax bills right now, you're going to see a lot of 88 00:06:37,840 --> 00:06:44,640 changes. So, it we'll have to see how everything shakes 89 00:06:42,080 --> 00:06:50,800 out. I'm excited to excited to see what the cuz the DOR will give us the final 90 00:06:47,360 --> 00:06:55,080 numbers of how much of that we can increase our levy. So, the state will 91 00:06:52,680 --> 00:06:58,720 allow us to increase our levy. We're estimating 92 00:06:56,680 --> 00:07:05,800 around $400,000. We'll be able to increase our levy. But, the rest of that 93 00:07:02,080 --> 00:07:09,440 will have to be a tax rate decrease. So, with all the numbers moving together, 94 00:07:07,760 --> 00:07:13,200 there's there's going to be a a nice benefit. But, we're not quite sure what 95 00:07:11,840 --> 00:07:15,440 all those numbers look like yet. >> Sure. 96 00:07:15,520 --> 00:07:22,280 » The other Any other questions? Comments? Okay. 97 00:07:20,640 --> 00:07:25,880 » Well, I just had one other one, I guess. Um so, then now this one's going to 98 00:07:23,520 --> 00:07:27,720 close. When is the other one scheduled to close? 99 00:07:26,840 --> 00:07:32,320 » So, >> It's a good segue. 100 00:07:28,680 --> 00:07:37,200 » That's the next item item six. Update on TIF number two. 101 00:07:35,160 --> 00:07:43,200 » So, TIF district number two was born in 2004. It covers the land around School 102 00:07:39,560 --> 00:07:48,120 Field Avenue. They added $22 million in assessed value to the village since 103 00:07:44,960 --> 00:07:53,440 2004. Um Our last large project that we completed 104 00:07:50,560 --> 00:07:59,800 was Schofield Avenue, the reconstruction of Schofield Avenue. It was $5.8 million 105 00:07:56,120 --> 00:08:04,880 we spent on that. Um previous years that TIF was originally created for like the 106 00:08:02,360 --> 00:08:10,480 street beautification with all the medians and the 107 00:08:07,520 --> 00:08:16,240 the ball yards and stuff. So, it was originally created for that, but with 108 00:08:13,080 --> 00:08:20,960 the project amendment that we adopted a few years ago, maybe 6 years ago, we did 109 00:08:18,640 --> 00:08:26,919 the project amendment for TIF 2. It allowed us and extended the project 110 00:08:23,560 --> 00:08:31,480 scope to include street reconstruction. So, with that project amendment, we were 111 00:08:29,040 --> 00:08:36,320 able to complete the reconstruction of Schofield Avenue. Um 112 00:08:33,680 --> 00:08:40,680 that project was a little bit larger than originally thought and with the 113 00:08:39,039 --> 00:08:46,839 state adjustment to the value of TIF 2, they 114 00:08:44,680 --> 00:08:50,080 gave us a very large reduction last year. Um 115 00:08:48,440 --> 00:08:56,880 without the large reduction, we should have been able to pay off this project 116 00:08:53,360 --> 00:08:59,920 by next year, but with a deficit of 841,000, 117 00:08:58,520 --> 00:09:04,600 I think it's going to take a couple years to pay off. So, this TIF district 118 00:09:02,640 --> 00:09:09,760 is going to have to stay open until the deficit is gone. There are no other 119 00:09:07,160 --> 00:09:14,400 expenditures going to this TIF district. We do have the administration 120 00:09:12,160 --> 00:09:18,680 um that will keep going there as long as the TIF is open, but hopefully in a 121 00:09:16,640 --> 00:09:23,880 couple of years this TIF district will also be closed. There is no debt in this 122 00:09:22,000 --> 00:09:27,720 TIF anymore. It's only going to be the repaying of this project. So, 123 00:09:27,800 --> 00:09:34,800 » Question. Uh remind me how long can a TIF be open? 124 00:09:31,120 --> 00:09:40,520 » So, this one can be open till 2031. The expenditure ended in 2026. We're 125 00:09:38,200 --> 00:09:46,920 already past the expenditure period, so no new no new grants, no new projects, 126 00:09:43,720 --> 00:09:51,520 just um the administration is allowed as long as the TIF is open, but we're just 127 00:09:48,960 --> 00:09:55,240 going to work on recovering um the cost and hopefully being able to pay it off 128 00:09:53,400 --> 00:09:59,080 in a couple of years. >> So, likely it will still close earlier 129 00:09:57,480 --> 00:10:02,840 than its scheduled date. >> Yep. 130 00:10:00,560 --> 00:10:07,160 » Just as a side note, as you were saying that on TIF number one, 131 00:10:05,080 --> 00:10:09,160 all those administration costs are going to come back. 132 00:10:08,000 --> 00:10:11,960 » I was just going to ask that same question. 133 00:10:09,880 --> 00:10:15,920 » Yeah, and that all will come back to the general fund. 134 00:10:12,840 --> 00:10:18,720 » Yeah, we have about $200,000 that will be coming back to the general 135 00:10:17,600 --> 00:10:23,560 fund um for administration costs. 136 00:10:21,600 --> 00:10:26,720 » So, that's part of the monies that we'll get 137 00:10:28,320 --> 00:10:33,000 » Pretty good deal, though. Get rid of the debt, pick up a little bit of 138 00:10:32,120 --> 00:10:37,560 » Yeah. >> cost allocation. 139 00:10:34,600 --> 00:10:41,252 » It's nice to actually I got to see it. I was here when it opened, and I got to 140 00:10:39,360 --> 00:10:43,272 see it when it closed. >> [laughter] 141 00:10:43,520 --> 00:10:52,040 » I love that enthusiasm about it. >> Yes. Hey, I've been waiting for this. 142 00:10:49,600 --> 00:10:55,920 Okay, anything else, Jessica? >> No, unless she has questions. 143 00:10:54,680 --> 00:10:59,040 » Any more questions for Jessica? >> I guess the only question I have would 144 00:10:57,000 --> 00:11:03,280 be is is there any talk of starting a new TIF or not even? 145 00:11:01,080 --> 00:11:07,960 » Not at this moment. There's been change to TIF law. There's also been a lot of 146 00:11:04,760 --> 00:11:12,960 housing TIFs that have come in. Um plan commission is had some preliminary 147 00:11:09,800 --> 00:11:18,000 discussions about that, but um those are they're very new in in state law, so 148 00:11:15,960 --> 00:11:20,360 we'll see kind of how that how they progress. 149 00:11:19,200 --> 00:11:25,440 » Okay. >> Wasn't I don't even remember where it 150 00:11:22,600 --> 00:11:32,000 came from anymore. Where someone was suggesting that 151 00:11:27,360 --> 00:11:38,080 that one quarter kind of on um like J and through their, you know, 152 00:11:35,480 --> 00:11:40,880 trying to promote that as maybe another gift small. 153 00:11:39,640 --> 00:11:42,880 » that meeting and I don't remember what it was either. 154 00:11:41,680 --> 00:11:44,880 » Right. >> I'm recalling correctly. 155 00:11:44,000 --> 00:11:50,400 » Yeah. >> I think if we had the right project that 156 00:11:47,960 --> 00:11:54,400 that someone had come forward and if it was a right fit, it would be something 157 00:11:52,000 --> 00:11:57,240 we would consider for sure, but >> because I I can't remember. The only 158 00:11:55,600 --> 00:12:02,080 thing I can remember is it definitely would not be as big as this one, but 159 00:12:00,480 --> 00:12:06,840 Okay. All right, old business. I don't have 160 00:12:04,400 --> 00:12:11,600 any, I guess. New business, approval of resolution 161 00:12:09,560 --> 00:12:17,120 authorizing the redemption of the community development lease revenue 162 00:12:13,640 --> 00:12:22,560 bonds series 2017A dated July 13th, 2017. 163 00:12:26,120 --> 00:12:29,160 What is your pleasure? 164 00:12:32,160 --> 00:12:36,400 » I'll make the motion to approve the resolution. 165 00:12:35,520 --> 00:12:39,560 » Okay. Thank you, Hogan. Done. Do I have a 166 00:12:38,480 --> 00:12:42,280 second? >> I'll second it. 167 00:12:40,440 --> 00:12:47,640 » Seconded by Mark. On the question. 168 00:12:44,960 --> 00:12:50,960 All in favor, signify by saying I. >> I. 169 00:12:48,720 --> 00:12:56,240 » Opposed? So carried. I didn't have to read this whole thing. 170 00:12:53,880 --> 00:12:56,240 Thank you. 171 00:12:56,960 --> 00:13:00,640 All right, remarks from staff. 172 00:13:01,200 --> 00:13:06,720 Nothing? Any remarks from commission members? 173 00:13:04,680 --> 00:13:09,440 Don, anything? Steve? 174 00:13:07,800 --> 00:13:14,000 Mark? >> My only question is does the CDA that's 175 00:13:11,640 --> 00:13:17,600 still open? Cuz we don't Just it stays open for until TIFF 2 176 00:13:16,040 --> 00:13:21,160 closes. It doesn't do the same thing cuz TIFF 2 177 00:13:19,560 --> 00:13:25,320 doesn't have debt, so it wouldn't need to. I think it's something that if the 178 00:13:22,800 --> 00:13:30,120 committee wants to meet back and talk about, um 179 00:13:28,080 --> 00:13:34,360 otherwise the CDA likely could disband. It is part of ordinance though, so we 180 00:13:32,160 --> 00:13:39,080 would we would take it out of ordinance. I know in the past many 181 00:13:37,000 --> 00:13:44,360 years ago, the CDA might like visit businesses or um 182 00:13:42,000 --> 00:13:47,040 do tours of you know, businesses to learn more about what was happening 183 00:13:46,040 --> 00:13:52,440 there. Uh maybe more of an advocacy role. 184 00:13:49,960 --> 00:13:56,160 » They did that in 2018. They're pretty active. 185 00:13:53,520 --> 00:14:00,720 » We used to go tour businesses within the TIF to see how things were going and 186 00:13:58,840 --> 00:14:04,160 just get a pulse of what was happening, but 187 00:14:01,680 --> 00:14:07,640 that I I don't think I've done one since 2018. 188 00:14:05,800 --> 00:14:11,880 » Right. And the 189 00:14:08,720 --> 00:14:14,160 since 2020, we've been so Yeah. 190 00:14:15,000 --> 00:14:20,360 » So, I mean, it would just be, like you said, the 191 00:14:18,480 --> 00:14:24,360 TIF one and two. If two doesn't have any debt, I mean, it 192 00:14:22,720 --> 00:14:27,960 has debt, but it isn't >> TIF two doesn't have any debt. 193 00:14:27,200 --> 00:14:32,000 So, that is just [clears throat] >> Like the revenues right now to pay off 194 00:14:30,080 --> 00:14:34,839 the deficit, right? Is really what it is, and once the deficit's gone, it 195 00:14:33,800 --> 00:14:37,280 disappears. >> Yes. 196 00:14:35,920 --> 00:14:40,880 » Yeah. >> But then you still have to form them 197 00:14:38,839 --> 00:14:45,120 both. >> Which the board would do. Just like we 198 00:14:42,560 --> 00:14:49,360 did it by April 15th of whatever year. The Yeah, the board of trustees would 199 00:14:46,880 --> 00:14:49,360 close it. 200 00:14:50,920 --> 00:14:55,440 Okay. So, a future conversation if there's 201 00:14:54,120 --> 00:14:59,080 something that >> Really, we serve at the boards at this 202 00:14:57,720 --> 00:15:01,200 point. We only words 203 00:15:00,720 --> 00:15:02,520 » Right. >> wishes, right? 204 00:15:02,040 --> 00:15:07,600 » Right. >> It's nothing to administer or 205 00:15:05,800 --> 00:15:11,520 » Right. The board, this may be something that we should probably bring to the 206 00:15:09,680 --> 00:15:14,040 board to find out what their >> their wishes are. 207 00:15:12,520 --> 00:15:18,240 » If they want to just leave it out there for maybe future 208 00:15:16,600 --> 00:15:21,200 you know, or something, but >> I just asked her to add it to board's 209 00:15:19,720 --> 00:15:23,200 agenda for next month. >> Yeah. 210 00:15:24,040 --> 00:15:29,280 So you have your pleasure that's >> I would I would guess everyone's 211 00:15:27,520 --> 00:15:32,560 interested though in other committees if not this committee, right? Like 212 00:15:31,420 --> 00:15:35,360 » [laughter] >> We always have openings other places. 213 00:15:34,320 --> 00:15:39,920 » I'm trying to figure out how long I've been on this committee. I think it's 214 00:15:36,680 --> 00:15:44,120 either 2002 or 2003. >> We met a lot of times, right? 215 00:15:41,560 --> 00:15:48,120 » We sure did earlier. Yeah. A lot of times. 216 00:15:45,600 --> 00:15:53,960 That was pre-pre dates Daniel. >> Just heard just commenting on this. 217 00:15:49,960 --> 00:15:53,960 Still have an opening on finance and HR? 218 00:15:55,200 --> 00:16:00,040 Oh, that's up your alley, finance. I know it is. 219 00:15:58,240 --> 00:16:03,080 » That's No, I was thinking more along the parks and recreation. 220 00:16:03,920 --> 00:16:10,080 That'd [clears throat] be more my style. Not finance. 221 00:16:07,000 --> 00:16:10,080 » Making a note of that, Steve. 222 00:16:10,480 --> 00:16:17,840 » Okay, so I have nothing to add other than it was nice meeting with the 223 00:16:16,280 --> 00:16:22,800 committee here today. I you know, I've been around but I 224 00:16:20,200 --> 00:16:27,640 haven't been on the committee itself. I was but we didn't meet. 225 00:16:24,520 --> 00:16:27,640 » For many years I 226 00:16:27,720 --> 00:16:35,520 » Future items? Nothing? I may entertain a motion to adjourn. 227 00:16:34,720 --> 00:16:37,240 » Motion to adjourn. >> I Lisa. 228 00:16:36,800 --> 00:16:41,040 » Second. >> Second by Todd. 229 00:16:38,880 --> 00:16:47,480 All in favor signify saying I. >> I. 230 00:16:42,080 --> 00:16:47,480 » Opposed? So carried. We adjourn at 5:50.