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04-0804 Route 20 TIF Recorded 33,COR/44, ' 41/?C011, 201-< 1 zi-Ozo-59 SANDY WEGMAN RECORDER Sandy Wegman • KANE COUNTY, IL Kane County Recorder RECORDED ON 719 S Batavia Ave,Bldg C 10/27/2004 02:51PM Geneva, IL 60134 . REC FEE: 41.00 630-232-5935 PAGES: 6 Recording Cover Page • This page added for the purpose of affixing Recording Inforniation. 1 Deed Pc Other 1eAO&44 ucc LI Plat Remarks reepgai q1-61-0240 ‘141./- chhz m/94.) e4 e /9;i4) 47r- 5t) e ( ZT I e 41 ' A RESOLUTION OF THE JOINT REVIEW BOARD OF THE CITY OF ELGIN, ILLINOIS CONCERNING THE PROPOSED US ROUTE 20 TAX INCREMENT FINANCING REDEVLOPMENT AREA WHEREAS, pursuant to the provisions of Section 5/11-74.4-5(b) of the Tax Increment Financing Allocation Act, as amended, prior to the holding a public hearing to adopt a redevelopment plan or designate a redevelopment project area, the City must convene a Joint Review Board to consider the proposal; and WHEREAS, on July 14, 2004 the City Council of the City of Elgin, Illinois adopted a Resolution establishing a Joint Review Board and calling for a Joint Review Board meeting to consider designation of a Redevelopment Project Area and approval of the Redevelopment Project and Plan for the City of Elgin; and WHEREAS, Notice was sent to all taxing districts in accordance with the provisions of the Tax Increment Financing Allocation Act and a Joint Review Board meeting was convened, in open session in the City of Elgin, Illinois on August 4, 2004, being a date at least fourteen (14) days and less than twenty-eight (28) days after the mailing of notice of the Joint Review Board meeting, to discuss and review the proposed US Route 20 Redevelopment Project and Plan; and WHEREAS, the US Route 20 Redevelopment Project and Plan set forth the conditions in the proposed Redevelopment Project Area qualifying the Redevelopment Project Area as a "conservation area" and a "vacant blighted area", and the Joint Review Board has considered the public records, planning documents, forill of ordinances, and related matters relating to the creation of the US Route 20 Tax Increment Financing Redevelopment Project Area and is generally infoinied of the conditions causing the proposed Redevelopment Project Area to qualify as a "conservation area" and a "vacant blighted area"as said terms are defined in Section 5/11-74.4-3 of the Act; and WHEREAS, the Joint Review Board has determined that the proposed City of Elgin US Route 20 Tax Increment Financing District satisfies the eligibility criteria to qualify as a "conservation area" and a "vacant blighted area" as said terms are defined in Section 5/11-74.4-3 of the Act and that the proposed City of Elgin Tax Increment Financing Redevelopment Project and Plan satisfies the objectives of the TIF Act and the redevelopment plan requirements under the TIF Act. NOW, THEREFORE, BE IT RESOLVED BY THE JOINT REVIEW BOARD OF THE CITY OF ELGIN, ILLINOIS, as follows: Section 1: The Joint Review Board met in open session on August 4, 2004 to discuss, review and consider the creation of the City of Elgin US Route 20 Tax Increment Financing Redevelopment Project Area. Leo Nelson of the Elgin Area Chamber of Commerce was appointed as the Public Member and Ray Moller of the City of Elgin was appointed as the Chairperson of the Joint Review Board. Section 2: The Joint Review Board recommends to the Mayor and the City Council of the City of Elgin that the proposed City of Elgin US Route Tax Increment Financing Redevelopment Project Area qualifies as a "conservative area" and a "vacant blighted area" in accordance with the eligibility criteria defined in Section 11-74.4-3 of the Tax Increment Allocation Redevelopment Act ("TIF Act") and the US Route 20 Tax Increment Financing Redevelopment Project and Plan satisfies the objectives of the TIF Act and the redevelopment plan requirements under the TIF Act. Section 3: This resolution shall be in full force and effect from and after its passage. Section 4: A copy of this Resolution shall be forwarded to the Mayor and City Council of the City of Elgin, Illinois. Passed and Approved this 4th day of August, 2004 AYES: Four (4) NAYS: None (0) ABSENT: Three (3) hai rson 3 CITY OF ELGIN TAX INCREMENT FINANACING JOINT REVIEW BOARD MINUTES AUGUST 4, 2004 Call to Order The meeting was called to order at 3:35pm in the North Tower Conference Room of the City Municipal Building by Ray Moller, Director of Economic Development & Business Services for the City of Elgin. Ray Moller summarized the purpose of the meeting and the process undertaken by the City to date regarding the proposed US Route 20 Tax Increment Financing Redevelopment Project Area ("US Route 20 TIF District"). II. Roll Call Members present were: Ray Moller, City of Elgin; Leo Nelson, Elgin Area Chamber of Commerce; Carol Mendal, Gail Borden Library; and Jim Faurborn and John Prince of U-46. Members absent: Kane County, Elgin Township Supervisor's Office, and Elgin Community College. City staff members present were Sean Stegall and Cherie Murphy Non-member taxing districts present: None Ill. Nomination and Election of Public Member Ray Moller recommended to the Joint Review Board that Leo Nelson of the Elgin Area Chamber of Commerce by appointed as a Public Member Representative. Carol Mendal made a motion to approve Mr. Nelson's appointment. The motion was seconded by John Prince and passed unanimously. IV. Nomination and Election of Permanent Chairperson Leo Nelson made a motion to nominate Ray Moller chairperson of the Joint Review Board. The motion was seconded by John Prince and passed unanimously. V. Role of Joint Review Board Ray Moller introduced Lisa Lyon of UDS Corporation, the firm hired by the City of Elgin to provide TIF consulting services. Ms. Lyon presented the purposes and responsibilities of the joint review board and indicated that the joint review board serves in an advisory capacity to the City Council in recommending approval or denial of a proposed district. Page 1 of 3 VI. Presentation of TIF Eligibility Criteria and Project Area Eligibility Study Ms. Lyon explained the eligibility criteria set forth in the Illinois Tax Increment Allocation Redevelopment Act ("TIF Act") and summarized URS's analysis and findings for the proposed US Route 20 TIF District. ;Ms. Lyon described the existing land use of the 447 acre Project Area, including the Elgin Mental Health Center campus, the vacant land and public uses situated between Route 31 and the Fox River, and the generally industrial area east of the Fox River. The current equalized assessed valuation of the area is approximately $4.6 million, although all property in the proposed US Route 20 TIF District situated on the west side of the Fox River is tax-exempt. URS finds that (i) the vacant portion of the proposed US Route 20 TIF District qualifies as a vacant blighted area under the criteria set forth in the TIF Act; (ii) the improve area qualifies as a conservation area under the criteria set forth in the TIF Act; and (iii) the area on the whole qualifies as a redevelopment project area under the criteria set forth in the TIF Act. Ms. Lyon presented the redevelopment project and plan for the proposed US Route 20 TIF District including the goals, land use plan, redevelopment objectives and activities, impact on residential housing units in the project area, impact on taxing districts, documentation of a lack of investment by private enterprise, and estimates of redevelopment project costs. The redevelopment project and plan is consistent with the comprehensive plan and other development guidelines for the City of Elgin. URS estimates that the total equalized assessed valuation of the proposed US Route 20 TIF District could reach $21-24 million by the year 2027 as a result of development and redevelopment. Incremental property tax revenues that could be generated over this same period are estimated at approximately $26.5 million which coincides with the estimated total redevelopment project costs identified I the redevelopment project and plan ( including $15 million for property assembly and site preparation, $7.5 million for public infrastructure, and $4 million for other specified redevelopment activities. VII. Review Public Record, Planning Documents, and Proposed Ordinances Approving the Redevelopment Plan and Project Ray Moller presented the proposed form of ordinances for the approval of the redevelopment project and plan, the designing of the redevelopment project area, and the adoption of tax increment financing. Lisa Lyon identified Scribner's errors on p. 25 and p. 32 of the redevelopment project and plan that have been corrected. Page 2 of 3 VIII. Discussion Jim Feuerborn asked if the City had any property near the Sports Complex that could be used for a stadium. He indicated they would need about 5-6 acres if they could use the existing parking lots at the Complex. Mr. Feuerborn indicated U-46 would be looking at a stadium that could hold up to 2400 people. Sean Stegall answered that there was no available property within the discussed area, but possibly another area could be considered at a different time. Lisa Lyon stated that TIFs may be amended to add land area, subject to all the same eligibility criteria required for TIF adoption. However, a TIF expansion does not extend the life of the initial TIF beyond 23 years. A TIF term can only be extended beyond 23 years by approval of the Illinois General Assembly. IX. Consider a Recommendation to the City of Elgin A motion was made by Leo Nelson that the Joint Review Board finds that the proposed redevelopment plan US Route 20 Tax Increment Financing Redevelopment Project Area satisfies the redevelopment plan requirements under the TIF Act, the eligibility criteria defined in Section 11-74.4-3 of the TIF Act and the objectives of the TIF Act and that, based on such findings, approve such proposed plan and the designation of such area as a redevelopment project area under the TIF Act. The motion was seconded by John Prince. Jim Feuerborn again stated for the record that U-46 was looking for property for a stadium. The motion was passed unanimously. A motion was made by Leo Nelson and seconded by John Prince to accept the resolution along with the minutes as an exhibit. This motion passed unanimously The meeting was adjourned at 4:50pm. • Respectfully submitted, Diane Robertson Recording Secretary Page 3 of 3