OFFICE OF THE MAYOR
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CITY OF CHICAGO
JUN 30 2011
RAHM EMANUEL
MAYOR
June 22, 2011
BY:
COMPTROLLER L.G.A.D.
Hand-delivered June M. Canello
TIF Administrator, Local Government Office of the Illinois Comptroller 100 West Randolph - Suite 15-500 Chicago, Illinois 60601
Re: Notice of the Designation of a City of Chicago TIF Administrator for Purposes of Filing the 2010 Tax Increment and Industrial Jobs Recovery Annual Reports for the City of Chicago (the "City")
Dear Ms. Canello:
This letter is intended to meet the requirements of your office as set forth in the "TIF Administrator Contact Information" section of your office's 'Tax Increment Finance Report Instructions" for fiscal year 2010.
Please be advised that the City's Department of Housing and Economic Development (the "Department"), which is the successor department to the prior Department of Community Development, has the primary responsibility for preparing and filing the Tax Increment and Industrial Jobs Recovery annual reports with the Illinois Comptroller as required by 65 ILCS 5/11-74.4 et seq. and 65 ILCS 5/11-74.6 et seq. The administrative head of the Department, and thus the TIF Administrator for the City, is the Commissioner of the Department of Housing and Economic Development (the "Commissioner").
Andrew J. Mooney has been the Commissioner of the Department since February 9,2011 and remains in that position to the present day. He is the TIF Administrator for the City for . purposes of filing the City's 2010 Tax Increment and Industrial Jobs Recovery Annual Reports.
Sincerely,
2010 Annual Report
79m Street Corridor Redevelopment Project Area
Pursuant to 65 ILCS 5/ll-74.4-5(d)
June 30,2011
ANNUAL TAX INCREMENT FINANCE REPORT OFFICE OF ILLINOIS COMPTROLLER JUDY BAAR TOPINKA
Name of Municipality; Chicago County: Cook UnitCode: 016/620/30
Reporting Fiscal Year: 2010 Fiscal Year End: 12/ 31 /2010
Last Name; Mooney Title: TIF Administrator City: Chicago, IL
Zip: 60602
I attest to the best of my knowledge, this report of the redevelopment project areas Jn:
City/Village of Chicago_is complete and accurate at the end of this reporting
Fiscal year under the Tax Increment Allocation Redevelopment Act [65 ILCS 5/11 -74.4-3 et. seq.] Or the Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.]
Written signature
e of TIF A3mi
mlnlsjfrator
Date
Section 1 (65 ILCS 5/11-74.4-5 (d) (1:5) and 65 ILCS 5/11-74.6-22 (d) (1.5)*)
FliE#J/iTtf©fESfe)R EACH TIF DISTRIC T
Name of Redevelopment Project Area |
Date Designated |
Date Terminated |
105thA/incennes |
10/3/2001 |
12/31/2025 |
111th Street/Kedzie Avenue Business District |
9/29/1999 |
9/29/2022 |
119th and Halsted |
2/6/2002 |
12/31/2026 |
119th/l-57 |
11/6/2002 |
12/31/2026 |
126th and Torrence |
12/21/1994 |
12/21/2017 |
134th and Avenue K |
3/12/2008 |
3/12/2032 |
24th/Michigan |
7/21/1999 |
7/21/2022 |
26th and King Drive |
1/11/2006 |
12/31/2030 |
35th and Wallace |
12/15/1999 |
12/31/2023 |
35th/Halsted |
1/14/1997 |
12/31/2021 |
35th/State |
1/14/2004 |
12/31/2028 |
40th/State |
3/10/2004 |
12/31/2028 |
43rd/Cottage Grove |
7/8/1998 |
7/8/2021 |
45th/Western Industrial Park Conservation Area |
3/27/2002 |
12/31/2026 |
47th/Ashland |
3/27/2002 |
12/31/2026 |
47th/Halsted |
5/29/2002 |
12/31/2026 |
47th/King Drive |
3/27/2002 |
12/31/2026 |
47th/State |
7/21/2004 |
12/31/2028 |
49th Street/St. Lawrence Avenue |
1/10/1996 |
12/31/2020 |
51st/ Archer |
5/17/2000 |
12/31/2024 |
53rd Street |
1/10/2001 |
12/31/2025 |
60th and Western |
5/9/1996 |
5/9/2019 |
"All statutory citations refer to one of two sections of the Illinois Municipal Code: the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-3 et. seq.] or the Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.]
James U. Thotnjwrm (.Vnicr IxH-nl Gmmnmul Division Hill W. Xiiliilnlpli Slivcl. Sum- I.MIKI Uiiraqo. Il.lillfiOl
Tel.: (877) 3"l 3S» FivCMSI It I (-29SW- K-in;ut: kioim a>unil.im-.«aif .tl.m
ANNUAL TAX INCREMENT FINANCE REPORT OFFICE OF ILLINOIS COMPTROLLER JUDY BAAR TOPINKA
Name of Municipality: Chicago Reporting Fiscal Year: 2010
County:Cook Fiscal Year End: 12/31 /2010
UnitCode: 016/620/30
63rd/Ashland |
3/29/2006 |
12/31/2030 |
63rd/Pulaski |
5/17/2000 |
12/31/2024 |
67th/Clcero |
10/2/2002 |
12/31/2026 |
69th/Ashland |
11/3/2004 |
12/31/2028 |
71st arid Stony Island |
10/7/1998 |
10/7/2021 |
72nd and Cicero |
11/17/1993 |
11/17/2016 |
73rd and Kedzie |
11/17/1993 |
11/17/2016 |
73rd/Unlversity |
9/13/2006 |
12/31/2030 |
79th and Cicero |
6/8/2005 |
7/8/2021 |
79th Street Corridor |
7/8/1998 |
12/31/2025 |
79th Street/Southwest Highway |
10/3/2001 |
12/31/2029 |
79thA/lncennes |
9/27/2007 |
12/31/2031 |
83rd/Stewart |
3/31/2004 |
12/31/2028 |
87th/Cottage Grove |
11/13/2002 |
12/31/2026 ' |
89th and State |
4/1/1998 |
4/1/2021 |
95th and Western |
7/13/1995 |
7/13/2018 |
95th Street and Stony Island |
5/16/1990 |
5/16/2013 |
Addison Corridor North |
6/4/1997 |
6/4/2020 |
Addison South |
5/9/2007 |
12/31/2031 |
Archer Courts |
5/12/1999 |
12/31/2023 |
Archer/ Central |
5/17/2000 |
12/31/2024 |
Archer/Western |
2/11/2009 |
12/31/2033 |
Armitage/Pulaski |
6/13/2007 |
12/31/2031 |
Austin/Commercial |
9/27/2007 |
12/31/2031 |
Avalon Park/South Shore |
7/31/2002 |
12/31/2026 |
Avondale |
7/29/2009 |
12/31/2033 |
Belmont/ Central |
1/12/2000 |
12/31/2024 |
Belmont/Clcero |
1/12/2000 |
12/31/2024 |
Bronzeville |
11/4/1998 |
12/31/2022 |
Bryn Mawr/Broadway |
12/11/1996 |
12/11/2019 |
Calumet Avenue/Cermak Road |
7/29/1998 |
7/29/2021 |
Calumet River |
3/10/210 |
12/31/2034 |
Canal/Congress |
11/12/1998 |
12/31/2022 |
Central West |
2/16/2000 |
12/31/2024 |
Chatham-Ridge |
12/18/1986 |
12/31/2010 (1) |
Chicago/ Kingsbury |
4/12/2000 |
12/31/2024 |
Chicago/Central Park |
2/27/2002 |
12/31/2026 |
Chicago Lakeside Development - Phase 1 (USX) |
5/12/2010 |
12/31/2034 |
Chinatown Basin |
12/18/1986 |
12/31/2010 |
Cicero/Archer |
5/17/2000 |
12/31/2024 |
Clark Street and Ridge Avenue |
9/29/1999 |
9/29/2022 |
Clark/Montrose |
7/7/1999 |
7/7/2022 |
Commercial Avenue |
11/13/2002 |
12/31/2026 |
Devon/Sheridan |
3/31/2004 |
12/31/2028 |
(1) This TIF has been terminated; however, the sales tax portion continues to exist for the sole purpose of servicing outstanding obligations which may be retired early at which point the sales tax portion will also terminate.
ANNUAL TAX INCREMENT FINANCE REPORT OFFICE OF ILLINOIS COMPTROLLER JUDY BAAR TOPINKA
Name of Municipality: Chicago Reporting Fiscal Year: 2010
County:Cook Fiscal Year End: 12/31 /2010
UnitCode: 016/620/30
Devon/Western |
11/3/1999 |
12/31/2023 |
Diversey/ Narragansett |
2/5/2003 |
12/31/2027 |
Division/Homan |
6/27/2001 |
12/31/2025 |
Division/North Branch |
3/15/1991 |
3/15/2014 |
DIvlslon-Hooker |
7/10/1996 |
7/10/2019 |
Drexel Boulevard |
7/10/2002 |
12/31/2026 |
Eastman/North Branch |
10/7/1993 |
10/7/2016 |
Edgewater |
12/18/1986 |
12/18/2009 |
Edgewater/ Ashland |
10/1/2003 |
12/31/2027 |
Elston/Armstrong Industrial Corridor |
7/19/2007 |
12/31/2031 |
Englewood Mall |
11/29/1989 |
11/29/2012 |
Englewood Neighborhood |
6/27/2001 |
12/31/2025 |
Ewing Avenue |
3/10/2010 |
12/31/2034 |
Forty-first Street and Dr. Martin Luther King, Jr. Drive |
7/13/1994 |
7/13/2017 |
Fuilerton/ Milwaukee |
2/16/2000 |
12/31/2024 |
Galewood/Armltage Industrial |
7/7/1999 |
7/7/2022 |
Goose Island |
7/10/1996 |
7/10/2019 |
Greater Southwest Industrial Corridor (East) |
3/10/1999 |
12/31/2023 |
Greater Southwest Industrial Corridor (West) |
4/12/2000 |
12/31/2024 |
Harlem Industrial Park Conservation Area |
3/14/2007 |
12/31/2031 |
Harrison/Central |
7/26/2006 |
12/31/2030 |
Hollywood/Sheridan |
11/7/2007 |
12/31/2031 |
Homan/Grand Trunk |
12/15/1993 |
12/15/2016 |
Homan-Arthington |
2/5/1998 |
2/5/2021 |
Howard-Paulina |
10/14/1988 |
10/14/2011 |
Humboldt Park Commercial |
6/27/2001 |
12/31/2025 |
Irving Park/Elston |
5/13/2009 |
12/31/2033 |
Irving/Cicero |
6/10/1996 |
12/31/2020 |
Jefferson Park Business District |
9/9/1998 |
9/9/2021 |
Jefferson/ Roosevelt |
8/30/2000 |
12/31/2024 |
Kennedy/Kimball |
3/12/2008 |
3/12/2032 |
Kinzie Industrial Corridor |
6/10/1998 |
6/10/2021 |
Kostner Avenue |
11/5/2008 |
11/5/2032 |
Lake Calumet Area Industrial |
12/13/2000 |
12/31/2024 |
Lakefront |
3/27/2002 |
12/31/2026 |
Lakeside/Clarendon |
7/21/2004 |
12/31/2028 |
LaSalle Central |
11/15/2006 |
12/31/2030 |
Lawrence/ Kedzie |
2/16/2000 |
12/31/2024 |
Lawrence/Broadway |
6/27/2001 |
12/31/2025 |
Lawrence/Pulaski |
2/27/2002 |
12/31/2026 |
Lincoln Avenue |
11/3/1999 |
12/31/2023 |
Llncoln-Belrnont-Ashland |
11/2/1994 |
11/2/2017 |
Little Village East |
4/22/2009 |
12/31/2033 |
Little Village Industrial Corridor |
6/13/2007 |
12/31/2031 |
COMPTROL-UER \v^*cjtida,|,w*
ANNUAL TAX INCREMENT FINANCE REPORT OFFICE OF ILLINOIS COMPTROLLER JUDY BAAR TOPINKA
Name of Municipality: Chicago Reporting Fiscal Year: 2010
County:Cook Fiscal Year End: 12 /31 /2010
UnitCode: 016/620/30
Madden/Wells |
11/6/2002 |
12/31/2026 |
Madison/Austin Corridor |
9/29/1999 |
12/31/2023 |
Mlchigan/Cermak |
9/13/1989 |
9/13/2012 |
Midway Industrial Corridor |
2/16/2000 |
12/31/2024 |
Midwest |
5/17/2000 |
12/31/2024 |
Montclare |
8/30/2000 |
12/31/2024 |
Montrose/Clarendon |
6/30/2010 |
12/31/2034 |
Near North |
7/30/1997 |
7/30/2020 |
Near South |
11/28/1990 |
12/31/2014 |
Near West |
3/23/1989 |
12/31/2013 |
North Branch (North) |
7/2/1997 |
12/31/2021 |
North Branch (South) |
2/5/1998 |
2/5/2021 |
North Pullman |
6/30/2009 |
12/31/2033 |
North-Cicero |
7/30/1997 |
7/30/2020 |
Northwest Industrial Corridor |
12/2/1998 |
12/2/2021 |
Ogden/Pulaskl |
4/9/2008 |
4/9/2032 |
Ohio/Wabash |
6/7/2000 |
12/31/2024 |
Pershing/King |
9/5/2007 |
12/31/2031 |
Peterson/ Cicero |
2/16/2000 |
12/31/2024 |
Peterson/ Pulaski |
2/16/2000 |
12/31/2024 |
Pllsen Industrial Corridor |
6/10/1998 |
12/31/2022 |
Portage Park |
9/9/1998 |
9/9/2021 |
Pratt/Ridge Industrial Park Conservation Area |
6/23/2004 |
12/31/2028 |
Pulaski Corridor |
6/9/1999 |
6/9/2022 |
Randolph and Wells |
6/9/2010 |
12/31/2034 |
Ravenswood Corridor |
3/9/2005 |
12/31/2029 |
Read-Dunning |
1/11/1991 |
12/31/2015 |
River South |
7/30/1997 |
7/30/2020 |
River West |
1/10/2001 |
12/31/2025 |
Roosevelt/Canal |
3/19/1997 |
12/31/2021 |
Roosevelt/Cicero |
2/5/1998 |
2/5/2021 |
Roosevelt/Racine |
11/4/1998 |
12/31/2022 |
Roosevelt/Union |
5/12/1999 |
5/12/2022 |
Roosevelt-Homan |
12/5/1990 |
12/5/2013 |
Roseland/MIchlgan |
1/16/2002 |
12/31/2026 |
Sanitary Drainage and Ship Canal |
7/24/1991 |
7/24/2014 |
South Chicago |
4/12/2000 |
12/31/2024 |
South Works Industrial |
11/3/1999 |
12/31/2023 |
Stevenson/Brighton |
4/11/2007 |
12/31/2031 |
Stockyards Annex |
12/11/1996 |
12/31/2020 |
Stockyards Industrial Commercial |
3/9/1989 |
3/9/2012 |
Stockyards Southeast Quadrant Industrial |
2/26/1992 |
2/26/2015 |
Stony Island Avenue Commercial and Bumside Industrial Corridors |
6/10/1998 |
6/10/2021 |
Touhy/Westem |
9/13/2006 |
12/31/2030 |
c omptoolle r
ANNUAL TAX INCREMENT FINANCE REPORT OFFICE OF ILLINOIS COMPTROLLER JUDY BAAR TOPINKA
Name of Municipality: Chicago Reporting Fiscal Year: 2010
County:Cook Fiscal Year End: 12/31 /2010
UnitCode: 016/620/30
Weed/Fremont |
1/8/2008 |
1/8/2032 |
West Grand |
6/10/1996 |
6/10/2019 |
West Irving Park |
1/12/2000 |
12/31/2024 |
West Pullman Industrial Park |
3/11/1998 |
3/11/2021 |
West Ridge-Peterson Avenue |
10/27/1986 |
12/31/2010 |
West Woodlawn |
5/12/2010 |
12/31/2034 |
Western Avenue North |
1/12/2000 |
12/31/2024 |
Western Avenue Rock Island |
2/8/2006 |
12/31/2024 |
Western Avenue South |
1/12/2000 |
12/31/2030 |
Western/Ogden |
2/5/1998 |
2/5/2021 |
Wilson Yard |
6/27/2001 |
12/31/2025 |
Woodlawn |
1/20/1999 |
1/20/2022 |
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C OMPT.RQLLE R
SECTION 2 [Sections 2 through 5 must be completed for each redevelopment project area listed in Section 1.]
Name of Redevelopment Project Area: 79th Street Corridor Redevelopment Project Area
Primary Use of Redevelopment Project Area*: Combined/Mixed_
If "Combination/Mixed" List Component Types: Industrial/Commercial/Residential_
Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one): Tax Increment Allocation Redevelopment Act X _Industrial Jobs Recovery Law _
|
No |
Yes |
Were 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 ves, please enclose the amendment labeled Attachment A |
X |
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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 |
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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 |
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X |
Were there any activities undertaken in furtherance of the objectives of the redevelopment plan, including any project implemented in the preceding fiscal year and a description of the activities undertaken? [65 ILCS 5/11-74.4-5 (d) (7) (A and B) and 5/11-74.6-22 (d) (7) (A and B)] If ves, please enclose the Activities Statement labeled Attachment D |
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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 ves, please enclose the Aqreement(s) labeled Attachment E |
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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 |
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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 |
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Were there any reports or meeting minutes 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 ves, please enclose the Joint Review Board Report labeled Attachment H |
X |
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Were any obligations issued by municipality? [65 ILCS 5/11-74.4-5 (d) (8) (A) and 5/11-74.6-22 (d) (8) (A)] If ves, please enclose the Official Statement labeled Attachment I |
X |
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Was 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 ves, please enclose the Analysis labeled Attachment J |
X |
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Cumulatively, have deposits equal or greater than $100,000 been made 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 |
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X |
Cumulatively, have deposits of incremental 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, please enclose a certified letter statement reviewing compliance with the Act labeled Attachment L |
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X |
A list ot all intergovernmental agreements in effect in FY 2010, 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 list only of the intergovernmental agreements labeled Attachment M |
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X |
* Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed.
FY 2010 Section 2
SECTION 3.1 - (65 ILCS 5/11-74.4-5 (d) (5) and 65 ILCS 5/11-74.6-22 (d) (5)) Provide an analysis of the special tax allocation fund.
I Reporting Year | Cumulative * ~| Fund Balance at Beginning of Reporting Period | $ 3,767,873 |
Revenue/Cash Receipts Deposited in Fund During Reporting FY:
|
% of Total |
Property Tax Increment |
998,154 |
$ 5,989,682 |
100% |
State Sales Tax Increment |
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0% |
Local Sales Tax Increment |
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0% |
State Utility Tax Increment |
|
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0% |
Local Utility Tax Increment |
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0% |
Interest |
3,929 |
|
0% |
Land/Building Sale Proceeds |
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0% |
Bond Proceeds |
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0% |
Transfers in from Municipal Sources (Porting in) |
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0% |
Private Sources |
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0% |
Other (identify source : if multiple other sources, attach schedule) |
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0% |
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Total Amount Deposited in Special Tax Allocation Fund During Reporting Period
Cumulative Total Revenues/Cash Receipts
Total Expenditures/Cash Disbursements (Carried forward from Section 3.2)
Transfers out to Municipal Sources (Porting out)
Distribution of Surplus
Total Expenditures/Disbursements
NET INCOME/CASH RECEIPTS OVER/(UNDER) CASH DISBURSEMENTS FUND BALANCE, END OF REPORTING PERIOD
1,002,083
38,974
38,974
963,109 |
$ 4,730,982~|
5,989,682
100%
- if there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
* Except as set forth in the next sentence, each amount reported on the rows below, if any, is cumulative from the inception of the respective Project Area. Cumulative figures for the categories of 'Interest,' 'Land/Building Sale Proceeds' and 'Other' may not be fully available for this report due to either of the following: (I) the disposal of certain older records pursuant to the City's records retention policy, or (ii) the availability of records only from January 1,1997 forward.
FY 2010
TIF Name: 79th Street Corridor Redevelopment Proiect Area
SECTION 3.2 A- (65 ILCS 5/11-74.4-5 (d) (5) and 65 ILCS 5/11-74.6-22 (d) (5))
ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND
(by category of permissible redevelopment cost, amounts expended during reporting period)
FOR AMOUNTS >$10,000 SECTION 3.2 B MUST BE COMPLETED
Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6-10 (o)]
Reporting Fiscal Year
1. Costs of studies, administration and professional services—Subsections (q)(1) and (o) (1) |
1; "{-? |
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20.221 |
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2. Cost of marketing sites—Subsections (q)(1.6) and (o)(1.6) |
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$ |
3. Property assembly, demolition, site preparation and environmental site improvement costs. Subsection (q)(2), (o)(2) and (o)(3) |
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v "ft 1 **** ? * |
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W w 7 » 1- |
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$ |
4. Costs of rehabilitation, reconstruction, repair or remodeling and replacement of existing public buildings. Subsection (q)(3) and (o)(4) |
! 15 |
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1 !?- * 4 , ^ " |
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• < . , ,i |
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r , ^ 1 I * |
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$ |
5. Costs of construction of public works and improvements. Subsection (q)(4) and (o)(5) |
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18.753 |
* 1 <^" |
|
|
|
|
|
|
|
|
-J J ~* K f < |
|
|
*~ f I. I . |
|
|
<. > " ' ill, |
|
|
|
|
|
$ 18.753 |
6. Costs of removing contaminants required by environmental laws or rules (o)(6) - Industrial Jobs Recovery TIFs ONLY |
|
|
|
|
|
|
|
|
|
|
11 1 ■ if |
|
|
fi h |
|
|
.1*1 |
|
|
1 |
|
|
1 |
|
|
$ |
FY 2010
TIF Name: 79th Street Corridor Redevelopment Proiect Area
7. Cost of job training and retraining, including "welfare to work" programs Subsection (q)(5), (o)(7) and (o)(12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ I 4 |
|
|
! e ^ t * 1* lit |
|
|
$ |
8. Financing costs. Subsection (q) (6) and (o)(8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
; i |
|
|
t |
|
|
1 *■ i<* Ii- t |
|
|
s |
9. Approved capital costs. Subsection (q)(7) and (o)(9) |
ISiSiSSfliiif'fltlSI1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ % t n c |
|
|
|
|
|
ir^lsJIf^^^^^ |
|
|
$ |
10. Cost of Reimbursing school districts for their increased costs caused by TIF assisted housing projects. Subsection (q)(7.5) - Tax Increment Allocation Redevelopment TIFs ONLY |
|
t < ,i-» +P1 » » - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11. Relocation costs. Subsection (q)(8) and (o)(10) |
|
|
|
|
|
|
|
|
|
|
j * - t j t r i» |
|
|
'r |
|
|
|
|
|
|
|
|
|
|
|
$ |
12. Payments in lieu of taxes. Subsection (q)(9) and (o)(11) |
tiflltS IflSfi |
|
|
|
1 |
|
|
W I," « * >. 'I1 » I |
|
|
|
|
|
|
|
|
|
|
|
# ^ - ' v "« |
|
|
|
|
|
$ |
13. Costs of job training, retraining advanced vocational or career education provided by other taxing bodies. Subsection (q)(10) and (o)(12) |
|
|
|
|
t |
|
|
|
|
|
4 * * |
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
$ |
FY 2010
TIF Name: 79th Street Corridor Redevelopment Proiect Area
14, Costs of reimbursing private developers for interest expenses incurred on approved redevelopment projects. Subsection (q)(11)(A-E) and (o)(13)(A-E) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15. Costs of construction of new housing units for low income and very low-income households. Subsection (q)(11)(F) - Tax Increment Allocation Redevelopment TIFs ONLY |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 s x |
|
|
|
|
|
|
|
|
|
|
|
$ |
16. Cost of day care services and operational costs of day care centers. Subsection (q) (11.5) -Tax Increment Allocation Redevelopment TIFs ONLY |
|
|
|
|
|
|
|
|
|
|
|
|
|
^ A |
|
|
|
|
|
|
|
|
|
|
|
$ |
I TOTAL ITEMIZED EXPENDITURES I I $ 38,9741
FY 2010
TIF Name: 79th Street Corridor Redevelopment Proiect Area
Section 3.2 B
List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year*
Name |
Service |
Amount |
City Staff Costs1 |
Administration |
$16,864 |
Production Distribution Companies |
Public Improvement |
$11,410 |
1 Costs relate directly to the salaries and fringe benefits of employees working solely on tax increment financing districts. * This table may include payments for Projects that were undertaken prior to 11/1/1999.
FY 2010
TIF Name: 79th Street Corridor Redevelopment Proiect Area
SECTION 3.3 - (65 ILCS 5/11-74.4-5 (d) (5) 65 ILCS 11-74.6-22 (d) (5))
Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period (65 ILCS 5/11-74.4-5 (d) (5) (D) and 65 ILCS 5/11-74.6-22 (d) (5) (D))
FUND BALANCE, END OF REPORTING PERIOD
1. Description of Debt Obligations
$
4,730,982
Amount of Original Issuance
Amount Designated
Reserved for debt service |
$ |
$ |
|
|
|
|
|
|
|
|
|
Total Amount Designated for Obligations 2. Description of Project Costs to be Paid
Designated for future redevelopment project costs |
|
$ 4,730,982 |
|
|
|
|
|
|
|
|
|
Total Amount Designated for Project Costs
4,730,982
TOTAL AMOUNT DESIGNATED SURPLUS*/(DEFICIT)
4,730,982
*NOTE: If a surplus is calculated, the municipality may be required to repay the amount to overlapping taxing districts.
FY 2010
TIF Name: 79th Street Corridor Redevelopment Proiect Area
SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)]
Provide a description of all property purchased by the municipality during the reporting fiscal year within the redevelopment project area.
X No property was acquired by the Municipality Within the Redevelopment Project Area
FY 2010
TIF Name: 79th Street Corridor Redevelopment Proiect Area
SECTION 5 - 65 ILCS 5/11-74.4-5 (d) (7) (G) and 65 ILCS 5/11-74.6-22 (d) (7) (G) Please Include a brief description of each project.
See "General Notes" Below.
11/1/99 to Date
Estimated Investment for Subsequent Fiscal Year
Total Estimated to Complete Project
TOTAL: |
|
Private Investment Undertaken |
$ |
$ |
$ 1,000,000 |
Public Investment Undertaken |
$ |
S 166,667 |
$ 500,000 |
Ratio of Private/Public Investment |
0 |
|
2 |
Project 1: Small Business Improvement Fund (SBIF) ** |
Project is Ongoing *** |
Private Investment Undertaken |
|
|
$ 1,000,000 |
Public Investment Undertaken |
|
$ 166,667 |
$ 500,000 |
Ratio of Private/Public Investment |
0 |
|
2 |
|
|
|
|
|
** Depending on the particular goals of this type of program, the City may: i) make an advance disbursement of the entire public investment amount to the City's program administrator, ii) disburse the amounts through an escrow account, or iii) pay the funds out piecemeal to the program administrator as each ultimate grantee's rehabilitation work is approved under the program.
*** As of the last date of the reporting fiscal year, the construction of this Project was ongoing; the Private Investment Undertaken and Ratio figures for this Project will be reported on the Annual Report for the fiscal year in which the construction of the Project is completed and the total Private Investment figure is available.
General Notes
(a) Each actual or estimated Public Investment reported here is, to the extent possible, comprised only of payments financed by tax increment revenues. In contrast, each actual or estimated Private Investment reported here is, to the extent possible, comprised of payments financed by revenues that are not tax increment revenues and, therefore, may include private equity, private lender financing, private grants, other public monies, or other local, state or federal grants or loans.
(b) Each amount reported here under Public Investment Undertaken, Total Estimated to Complete Project, is the maximum amount of payments financed by tax increment revenues that could be made pursuant to the corresponding Project's operating documents, but not including interest that may later be payable on developer notes, and may not necessarily reflect actual expenditures, if any, as reported in Section 3 herein. The total public investment amount ultimately made under each Project will depend upon the future occurrence of various conditions, including interest that may be payable on developer notes as set forth in the Project's operating documents.
(c)Each amount reported here under Public Investment Undertaken, 11/1/1999 to Date, is cumulative from the Date of execution of the corresponding Project to the end of the reporting year, and may include interest amounts paid to finance the Public Investment amount. Projects undertaken prior to 11/1/1999 are not reported on this table.
(d) Intergovernmental agreements, if any, are reported on Attachment M hereto.
FY 2010
TIF Name: 79th Street Corridor Redevelopment Proiect Area
STATE OF ILLINOIS COUNTY OF COOK
)
) SS )
Attachment B
CERTI
TO:
Judy Baar Topinka
Comptroller of the State of Dlinois
James R. Thompson Center
100 West Randolph Street, Suite 15-500
Chicago, Illinois 60601
Attention: June Canello, Director of Local
Government
Dolores Javier, Treasurer
City Colleges of Chicago
226 West Jackson Boulevard, Room 1125
Chicago, Illinois 60606
Herman Brewer Director
Cook County Bureau of Planning & Dev. 69 West Washington Street, Suite 2900 Chicago, Illinois 60602
ICATION
Jean-Claude Brizard Chief Executive Officer Chicago Board of Education 125 South Clark Street, 5th Floor Chicago, Illinois 60603
Jacqueline Torres, Director of Finance Metropolitan Water Reclamation District of Greater Chicago 100 East Erie Street, Room 2429 Chicago, Illinois 60611
Douglas Wright
South Cook County Mosquito Abatement District
155th & Dixie Highway P.O. Box 1030 Harvey, Illinois 60426
Dan Donovan, Comptroller Forest Preserve District of Cook County 69 W. Washington Street, Suite 2060 Chicago, IL 60602
Michael P. Kelly, Interim General Superintendent & CEO Chicago Park District 541 North Fairbanks Chicago, Illinois 60611
I, Rahm Emanuel, in connection with the annual report (the "Report") of information required by Section 1 l-74.4-5(d) of the Tax Increment Allocation Redevelopment Act, 65 ILCS5/11-74.4-1 et seq,, (the "Act") with regard to the 79th Street Corridor Redevelopment Project Area (the "Redevelopment Project Area"), do hereby certify as follows:
Attachment B
1. I am the duly qualified and acting Mayor of the City of Chicago, Illinois (the "City") and, as such, I am the City's Chief Executive Officer. This Certification is being given by me in such capacity.
2. During the preceding fiscal year of the City, being January 1 through December 31, 2010, the City complied, in all material respects, with the requirements of the Act, as applicable from time to time, regarding the Redevelopment Project Area.
3. In giving this Certification, I have relied on the opinion of the Corporation Counsel of the City furnished in connection with the Report.
4. This Certification may be relied upon only by the addressees hereof.
IN WITNESS WHEREOF, I have hereunto affixed my official signature as of this 30th day of June, 2011.
Rahm Emanuel, Mayor City of Chicago, Illinois
Department of Law
June30,2011 CITY OF CHICAGO
Attachment C
Judy Baar Topinka
Comptroller of the State of Illinois
James R. Thompson Center
100 West Randolph Street, Suite 15-500
Chicago, Illinois 60601
Attention: June Canello, Director of Local
Government
Dolores Javier, Treasurer
City Colleges of Chicago
226 West Jackson Boulevard, Room 1125
Chicago, Illinois 60606
Jean-Claude Brizard Chief Executive Officer Chicago Board of Education 125 South Clark Street, 5th Floor Chicago, Illinois 60603
Jacqueline Torres, Director of Finance Metropolitan Water Reclamation District of Greater Chicago 100 East Erie Street, Room 2429 Chicago, Illinois 60611
Herman Brewer Director
Cook County Bureau of Planning & Dev. 69 West Washington Street, Suite 2900 Chicago, Illinois 60602
Douglas Wright
South Cook County Mosquito Abatement District
155th & Dixie Highway P.O.Box 1030 Harvey, Illinois 60426
Dan Donovan, Comptroller Forest Preserve District of Cook County 69 W. Washington Street, Suite 2060 Chicago, IL 60602
Michael P. Kelly, Interim General Superintendent & CEO Chicago Park District 541 North Fairbanks Chicago, Illinois 60611
Re: 79th Street Corridor
Redevelopment Project Area (the "Redevelopment Project Area")
Dear Addressees:
I am the Corporation Counsel of the City of Chicago, Illinois (the "City") and, in such capacity, I am the head of the City's Law Department. In such capacity, I am providing the opinion required by Section 1 l-74.4-5(d)(4) of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg. (the "Act"), in connection with the submission of the report (the "Report") in accordance with, and containing the information required by, Section 1 l-74.4-5(d) of the Act for the Redevelopment Project Area.
121 NORTH LASALLE STREET, ROOM 600, CHICAGO, ILLINOIS 60602
Attachment C
Opinion of Counsel for 2010 Annual Report Page 2
June 30, 2011
Attorneys, past and present, in the Law Department of the City and familiar with the requirements of the Act, have had general involvement in the proceedings affecting the Redevelopment Project Area, including the preparation of ordinances adopted by the City Council of the City with respect to the following matters: approval of the redevelopment plan and project for the Redevelopment Project Area, designation of the Redevelopment Project Area as a redevelopment project area, and adoption of tax increment allocation financing for the Redevelopment Project Area, all in accordance / with the then applicable provisions of the Act. Various departments of the City, including, if applicable, the Law Department, Department of Housing and Economic Development, Department of Finance and Office of Budget and Management (collectively, the "City Departments"), have personnel responsible for and familiar with the activities in the Redevelopment Project Area affecting such Department(s) and with the requirements of the Act in connection therewith. Such personnel are encouraged to seek and obtain, and do seek and obtain, the legal guidance of the Law Department with respect to issues that may arise from time to time regarding the requirements of, and compliance with, the Act.
In my capacity as Corporation Counsel, I have relied on the general knowledge and actions of the appropriately designated and trained staff of the Law Department and other applicable City Departments involved with the activities affecting the Redevelopment Project Area. In addition, I have caused to be examined or reviewed by members of the Law Department of the City the certified audit report, to the extent required to be obtained by Section 11 -74.4-5 (d)(9) of the Act and submitted as part of the Report, which is required to review compliance with the Act in certain respects, to determine if such audit report contains information that might affect my opinion. I have also caused to be examined or reviewed such other documents and records as were deemed necessary to enable me to render this opinion. Nothing has come to my attention that would result in my need to qualify the opinion hereinafter expressed, subject to the limitations hereinafter set forth, unless and except to the extent set forth in an Exception Schedule attached hereto as Schedule 1.
Based on the foregoing, I am of the opinion that, in all material respects, the City is in compliance with the provisions and requirements of the Act in effect and then applicable at the time actions were taken from time to time with respect to the Redevelopment Project Area.
This opinion is given in an official capacity and not personally and no personal liability shall derive herefrom. Furthermore, the only opinion that is expressed is the opinion specifically set forth herein, and no opinion is implied or should be inferred as to any other matter. Further, this opinion may be relied upon only by the addressees hereof and the Mayor of the City in providing his required certification in connection with the Report, and not by any other party.
Stephen R. Patton Corporation Counsel
ATTACHMENT C
SCHEDULE 1
(Exception Schedule)
(X) ( )
No Exceptions
Note the following Exceptions:
ATTACHMENTS D, E and F
ATTACHMENT D
Activities Statement
Projects that were implemented during the preceding fiscal year, if any, are set forth below:
Name of Proiect_
Small Business Investment Fund
Redevelopment activities undertaken within this Project Area during the preceding fiscal year, if any, have been made pursuant to: (i) the Redevlopment Plan for the Project Area, and (ii) any Redevelopment Agreements affecting the Project Area, and are set forth in Section 3 herein by TIF-eligible expenditure category.
ATTACHMENT E
Agreements
Agreements entered into concerning the disposition or redevelopment of property within the Project Area during the preceding fiscal year, if any, are attached hereto.
Parties to Aqreement with Citv |
Proiect Description |
Address |
Halsted New City Retail, LLC |
Construction of Mixed Use Property |
7944-7952 S. Halsted |
ATTACHMENT F Additional Information
The amounts shown elsewhere in this report, including those shown in Section 3 herein, have been used to pay for project cost within the Project Area and for debt service (if applicable), all in furtherance of the objectives of the Redevelopment Plan for the Project Area.
FY 2010
TIF Name: 79th Street Corridor Redevelopment Proiect Area
ATTACHMENT D
2/10/2010 REPORTS OF COMMITTEES 83847
CHICAGO, February 10, 2010.
To the President and Members of the City Council:
' Your Committee on Finance, having had under consideration the reappointments of Joseph M. Hall and Janice L. Metzger as members of the Wicker Park and Bucktown Commission (Special Service Area Number 33), having had the same under advisement, begs leave to report and recommend that Your Honorable Body Approve the proposed reappointments transmitted herewith.
This recommendation was concurred in by a viva voce vote of the members of the Committee.
Respectfully submitted,
(Signed) EDWARD M. BURKE,
Chairman.
On motion of Alderman Burke, the committee's recommendation was Concurred In and the said proposed reappointments of Joseph M. Hall and Janice L. Metzger as members of the Wicker Park and Bucktown Commission (Special Service Area Number 33) were Approved by yeas and nays as follows:
Yeas- Aldermen Fioretti, Dowell, Preckwinkle, Hairston, Lyle, Jackson, Harris, Beale, Pope, Balcer, Cardenas, Olivo, Burke, Foulkes, Thompson, Thomas, Lane, Rugai, Cochran, Brookins, Munoz, Zalewski, Dixon, Solis, Maldonado, Burnett, E. Smith, Reboyras, Suarez, Waguespack, Mell, Colon, Rice, Mitts, Allen, Laurino, O'Connor, Doherty, Reilly, Daley, Tunney, Shiller, Schulter, M. Smith, Moore, Stone - 46.
Nays - None.
Alderman Pope moved to reconsider the foregoing vote. The motion was lost.
CREATION OF 79th STREET CORRIDOR, 47™/KING DRIVE AND ARMITAGE/PULASKI SMALL BUSINESS IMPROVEMENT FUND AREAS AND EXECUTION OF TWENTY-FIFTH AMENDING AGREEMENT TO ADMINISTRATIVE SERVICES AGREEMENT WITH SOMERCOR 504, INC.
[02010-165]
The Committee on Finance submitted the following report:
83848
JOURNAL-CITY COUNCIL-CHICAGO 2/10/2010
CHICAGO, February 10, 2010.
To the President and Members of the City Council:
Your Committee on Finance, having had under consideration an ordinance authorizing an amendment to the small business improvement fund program, having had the same under advisement, begs leave to report and recommend that Your Honorable Body Pass the proposed ordinance transmitted herewith.
This recommendation was concurred in by a viva voce vote of the members of the Committee.
Respectfully submitted,
(Signed) EDWARD M. BURKE,
Chairman.
On motion of Alderman Burke, the said proposed ordinance transmitted with the foregoing committee report was Passed by yeas and nays as follows:
Yeas- Aldermen Fioretti, Dowell, Preckwinkle, Hairston, Lyle, Jackson, Harris, Beale, Pope, Balcer, Cardenas, Olivo, Burke, Foulkes, Thompson, Thomas, Lane, Rugai, Cochran, Brookins, Munoz, Zalewski, Dixon, Solis, Maldonado, Burnett, E. Smith, Reboyras, Suarez, Waguespack, Mell, Col6n, Rice, Mitts, Allen, Laurino, O'Connor, Doherty, Reilly, Daley, Tunney, Shiller, Schulter, M. Smith, Moore, Stone - 46.
Nays - None.
Alderman Pope moved to reconsider the foregoing vote. The motion was lost. The following is said ordinance as passed:
WHEREAS, The City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, By an ordinance adopted by the City Council of the City ("City Council") on July 21,1999, and published in the Journal of the Proceedings of the City Council of the City of Chicago ("Journaf) tor said date at pages 8307 to 8344, inclusive (the "Program
2/10/2010
REPORTS OF COMMITTEES
83849
Ordinance"), the City implemented a redevelopment program known as the Small Business Improvement Fund program (the "Program") to provide financing assistance pursuant to the Act for the improvement of commercial and industrial facilities of small businesses in certain redevelopment project areas of the City; and
WHEREAS, By ordinances adopted by the City Council, the first on November 8,2000, and published in the Journal'for said date at pages 43877 to 43930, inclusive (the "First Amending Ordinance") and the most recently introduced on December 16, 2009 (the "Twenty-Fourth Amending Ordinance", collectively with the Program Ordinance, the First Amending Ordinance and the other amending ordinances, the "S.B.I.F. Ordinance"), the City has restated and refined the Program and extended its reach to additional redevelopment project areas of the City; and
WHEREAS, The City Council now desires to extend the Program to three Redevelopment Project Areas of the City (New T.I.F./S.B.I.F. Areas"), which are identified on Exhibit A attached hereto and incorporated herein, and that are not already reached under the S.B.I.F. Ordinance; and
WHEREAS, By an ordinance adopted by the City Council of the City on May 1, 2002 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 83769 to 83781, inclusive ("Second Amending Ordinance"), the City Council authorized D.C.D. to fund the Program in the Western Avenue North Redevelopment Project Area ("Western Avenue North Area") in an amount not to exceed One Million Dollars ($1,000,000); and
WHEREAS, As part of the Program, the One Million Dollar ($1,000,000) funding authorized by the Second Amending Ordinance was substantially expended for the improvement of commercial and industrial facilities of small businesses in the Western Avenue North Area; and
WHEREAS, By an ordinance adopted by the City Council of the City on December 4,2002 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 100124 to 100135, inclusive ("Third Amending Ordinance"), the City Council authorized D.C.D. to fund the Program in the Madison/Austin Corridor Redevelopment Project Area ("Madison/Austin Corridor Area") in an amount not to exceed Seven Hundred Fifty Thousand Dollars ($750,000); and
WHEREAS, As part of the Program, the Seven Hundred Fifty Thousand Dollar ($750,000) funding authorized by the Third Amending Ordinance was substantially expended for the improvement of commercial and industrial facilities of small businesses in the Madison/Austin Corridor Area; and
WHEREAS, The City Council, under the S.B.I.F. Ordinance, authorized D.C.D. to enter into an agreement with SomerCor 504, Inc., an Illinois not-for-profit corporation ("SomerCor"), and D.C.D. entered into such agreement on March 12, 2001, which agreement continues in full force and effect, as amended from time to time, pursuant to which SomerCor performs
83850
JOURNAL-CITY COUNCIL-CHICAGO
2/10/2010
certain administrative services for the Program, and D.C.D. now desires to further amend that agreement by entering into a twenty-fifth amending agreement (the "Twenty-Fifth Amending Agreement") with SomerCor to (a) extend the Program into the NewT.I.F/S.B.I.F. Areas; (b) increase the amount of grant funds available in the Madison/Austin Corridor Area by an additional Seven Hundred Fifty Thousand Dollars ($750,000) to a total, collective amount of One Million Five Hundred Thousand Dollars ($1,500,000); (c) increase the amount of grant funds available in the Western Avenue North Area by an additional One Million Dollars ($1,000,000) to a total, collective amount of Two Million Dollars ($2,000,000); and (d) authorize SomerCor to continue providing the same administrative services for the Program, which Twenty-Fifth Amending Agreement is set forth in more detail on Exhibit B, attached hereto and incorporated herein; and
WHEREAS, The City's obligation to provide funds under the Twenty-Fifth Amending Agreement may be met through (i) incremental taxes from the New T.I.F./S.B.I.F. Areas, the Madison/Austin Corridor Area and the Western Avenue North Area, as applicable; or (ii) any other funds legally available to the City for this purpose; now, therefore,
Be It Ordained by the City Council of the City of Chicago:
SECTION 1. The above recitals are expressly incorporated in and made a part of this ordinance as though fully set forth herein.
SECTION 2. SomerCor is hereby authorized to administer the Program in the New T.I.F./S.B.I.F. Area, subject to the supervision of D.C.D.
SECTION 3. The Commissioner (or Acting Commissioner) of D.C.D. or a designee of the Commissioner are each hereby authorized, with the approval of the City's Corporation Counsel as to legal form, to negotiate, execute and deliver the Twenty-Fifth Amending Agreement between SomerCor and the City substantially in the form attached hereto as Exhibit B and made a part hereof, and such other supporting documents as may be necessary to carry out and comply with the provisions of the Twenty-Fifth Amending Agreement, with such changes, deletions and insertions as shall be approved by the persons executing the Twenty-Fifth Amending Agreement.
SECTION 4. To the extent that any ordinance, resolution, rule, order or provision of the Municipal Code of Chicago, or part thereof, is in conflict with the provisions of this ordinance, the provisions of this ordinance shall control. All sections of the S.B.I.F. Ordinance in conflict with this ordinance are hereby repealed to the extent of such conflict. If any section, paragraph, clause or provision of this ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this ordinance.
SECTION 5. This ordinance shall be effective as of the date of its passage.
Exhibits "A" and "B" referred to in this ordinance read as follows:
2/10/2010
REPORTS OF COMMITTEES
83851
Exhibit "A". (To Ordinance)
Description Of New T.I.F./S.B.I.F. Areas.
The following New T.I.F./S.B.I.F. Areas were created pursuant to the ordinances listed below:
on July 8, 1998: (1) "An Ordinance of the City of Chicago, Illinois Approving a Redevelopment Plan for the 79th Street Corridor Redevelopment Project Area"; (2) "An Ordinance of the City of Chicago, Illinois Designating the 79lh Street Corridor Redevelopment Project Area as a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act"; and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the 79th Street Corridor Redevelopment Project Area"; and
on March 27, 2002: (1) "An Ordinance of the City of Chicago, Illinois Approving a Redevelopment Plan for the 47lh/King Drive Redevelopment Project Area"; (2) "An Ordinance of the City of Chicago, Illinois Designating the 47"7King Drive Redevelopment Project Area as a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act"; and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the 47lh/King Drive Redevelopment Project Area"; and
on June 13, 2007: (1) 'An Ordinance of the City of Chicago, Illinois Approving a Redevelopment Plan for the Armitage/Pulaski Redevelopment Project Area"; (2) "An Ordinance of the City of Chicago, Illinois Designating the Armitage/Pulaski Redevelopment Project Area as a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act"; and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the Armitage/Pulaski Redevelopment Project Area."
Exhibit "B". (To Ordinance)
Twenty-Fifth Amending Agreement To Administrative Services Agreement.
This Twenty-Fifth Amending Agreement to Administrative Services Agreement (the
"Agreement") is made this_day of_, 2010, by and between the City of Chicago,
a municipal corporation and home rule unit of local government existing under the 1970 Constitution of the State of Illinois (the "City"), acting through its Department of Community Development ("D.C.D."), and SomerCor 504, Inc., an Illinois not-for-profit corporation ("SomerCor") whose office address is Two East Eighth Street, Chicago, Illinois 60605 and whose federal tax identification number is [omitted for printing purposes].
83852
JOURNAL-CITY COUNCIL-CHICAGO 2/10/2010
Whereas, The City is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., as amended from time to time (the 'Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and
Whereas, By ordinances adopted by the City Council of the City on July 21, 1999 and on November 8, 2000, and published in the Journal of the Proceedings of the City Council of the City of Chicago for said dates at pages 8307 to 8344, inclusive, and pages 43877 - 43930, inclusive, respectively (the "S.B.I.F. Ordinances"), the City implemented and amended a redevelopment program known as the Small Business Improvement Fund program (the "S.B.I.F. Program") to provide financing assistance pursuant to the Act for the improvement 'of commercial and industrial facilities of small businesses in certain redevelopment project areas ("T.I.F. Areas") in the City; and
Whereas, The City Council, under the S.B.I.F. Ordinances, authorized D.C.D. to enter into agreements with SomerCor, and D.C.D. and SomerCor entered into one agreement on September 22, 1999 ("First SomerCor Agreement") and another agreement on March 12, 2001 ("Second SomerCor Agreement"), to administer the S.B.I.F. Programs on behalf of the City; and
Whereas, In an ordinance adopted by the City Council on October 31, 2001 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 69965 through 70047, inclusive (the "Midwest T.I.F. Area Ordinance"), the City Council authorized D.C.D. to enter into an agreement amending the Second SomerCor Agreement with SomerCor to enable SomerCor to provide S.B.I.F. Program administrative services in the Midwest T.I.F. Area (the "Midwest T.I.F. Area Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on May 1, 2002, and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 83769 to 83781, inclusive ("Second Amending Ordinance"), the City Council authorized D.C.D. to enter into an agreement amending the Second SomerCor Agreement with SomerCor to enable SomerCor to provide S.B.I.F. Program administrative services in the Portage Park, Western Avenue North, Western Avenue South, Fullerton/Milwaukee and Belmont/Central T.I.F. Areas (the "Second Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on December 4, 2002 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 100124 to 100135, inclusive ("Third Amending Ordinance"), the City Council authorized D.C.D. to enter into an agreement amending the Second SomerCor Agreement with SomerCor to enable SomerCor to provide S.B.I.F. Program administrative services in the Madison/Austin Corridor and Humboldt Park Commercial T.I.F. Areas (the "Third Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on February 5, 2003 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 102793 to 102803, inclusive ("Fourth Amending Ordinance"), the City Council authorized D.C.D. to enter into an agreement amending the Second SomerCor Agreement
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with SomerCor to enable SomerCor to provide S.B.I.F. Program administrative services in the Northwest Industrial Corridor Redevelopment Project Area (the "Fourth Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on July 9, 2003 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 3418 to 3424, inclusive ("Fifth Amending Ordinance"), the City Council authorized D.C.D. to enter into an agreement amending the Second SomerCor Agreement with SomerCor which restated the S.B.I.F. Program rules (the "Fifth Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on November 3, 2004 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 34545 to 34554, inclusive ("Sixth Amending Ordinance"), D.C.D. extended the S.B.I.F. Program to the Lawrence/Kedzie Redevelopment Project Area of the City (the "Sixth Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on September 14, 2005 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 54724 to 54740, inclusive ("Seventh Amending Ordinance"), D.C.D. extended the S.B.I.F. Program to the 63,d/Pulaski, Belmont/Cicero, Lawrence/Pulaski, Peterson/Pulaski, West Irving Park, Greater Southwest-West, Galewood/Armitage Industrial, Pilsen Industrial Corridor, 119th and Halsted, and Pulaski Corridor Redevelopment Project Areas of the City and increased the amount of grant funds available in the Fullerton/Milwaukee Redevelopment Project Area and the Lawrence/Kedzie Redevelopment Project Area (the "Seventh Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on September 13,2006 and published in the Journal of the Proceedings of the City Council of the City ofChicago.tor said date at pages 83420 to 83440, inclusive ("Eighth Amending Ordinance"), D.C.D. extended the S.B.I.F. Program to twenty-one (21) redevelopment project areas of the City (the "Eighth Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on February 7, 2007 and published in the Journal ofthe Proceedings ofthe City Council of the City of Chicago for said date at pages 97661 to 97672, inclusive ("Ninth Amending Ordinance"), D.C.D. extended the S.B.I.F. Program to the 63rd/Ashland and Devon/Western Redevelopment Project Areas of the City (the "Ninth Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on June 13, 2007 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 2395 to 2402, inclusive ("Tenth Amending Ordinance"), the City Council authorized D.C.D. to enter into an agreement amending the Second SomerCor Agreement with SomerCorwhich restated the S.B.I.F. Program rules (the "Tenth Amending Agreement"); and
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Whereas, By an ordinance adopted by the City Council of the City on October 31,2007 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 10929 to .10942, inclusive ("Eleventh Amending Ordinance"), D.C.D. extended the S.B.I.F. Program to certain redevelopment project areas of the City (the "Eleventh Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on June 11, 2008 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 28833 to 28843, inclusive ("Twelfth Amending Ordinance"), D.C.D. extended the S.B.I.F. Program to the Michigan/Cermak Redevelopment Project Area of the City (the "Twelfth Amending Agreement); and
Whereas, By an ordinance adopted by the City Council of the City on September 10, 2008 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 36267 to 36277, inclusive ("Thirteenth Amending Ordinance"), D.C.D. extended the S.B.I.F. Program to the Irving/Cicero Redevelopment Project Area of the City (the "Thirteenth Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on September 10, 2008 and published in the Journal of the Proceedings of the City Council of the City of Chicago or said date at pages 36704 to 36711, inclusive ("Fourteenth Amending Ordinance"), the City Council authorized D.C.D. to enter into an agreement amending the Second SomerCor Agreement with SomerCor which restated the S.B.I.F. Program rules (the "Fourteenth Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on February 11, 2009 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 54738 to 54748, inclusive ("Fifteenth Amending Ordinance"), D.C.D. extended the S.B.I.F. Program to the Hollywood/Sheridan Redevelopment Project Area of the City (the "Fifteenth Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on March 18, 2009 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 55750 to 55762, inclusive ("Sixteenth Amending Ordinance"), D.C.D. extended the S.B.I.F. Program to the Elston/Armstrong Industrial Corridor Redevelopment Project Area and 47lh/Ashland Redevelopment Project Area of the City (the "Sixteenth Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on April 22, 2009 and published in the Journal of the Proceedings of the City Council of the City oil Chicago tor said date at pages 57265 to 57276, inclusive ("Seventeenth Amending Ordinance"), D.C.D. extended the S.B.I.F. Program to the Lawrence/Broadway Redevelopment Project Area and Touhy/Western Redevelopment Project Area of the City (the "Seventeenth Amending Agreement"); and
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Whereas, By an ordinance adopted by the City Council of the City on May 13, 2009 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 60322 to 60333, inclusive ("Eighteenth Amending Ordinance"), D.C.D. extended the S.B.I.F. Program to the Austin Commercial Redevelopment Project Area of the City (the "Eighteenth Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on June 3, 2009 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 63080 to 63090, inclusive ("Nineteenth Amending Ordinance"), D.C.D. increased the amount of grant funds available in the Clark Street and Ridge Avenue Redevelopment Project Area by an additional One Million Dollars ($1,000,000) to a total collective amount of One Million Seven Hundred Fifty Thousand Dollars ($1,750,000) (the "Nineteenth Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on June 30, 2009 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 64859 to 64871, inclusive ("Twentieth Amending Ordinance"), D.C.D. extended the S.B.I.F. Program to the Midway Industrial Corridor Redevelopment Project Area and increased the amount of grant funds available in the Peterson/Pulaski Redevelopment Project Area by an additional One Million Dollars ($1,000,000) to a total collective amount of One Million Five Hundred Thousand Dollars ($1,500,000) (the "Twentieth Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on September 9, 2009 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 69297 to 69308, inclusive ("Twenty-First Amending Ordinance"), D.C.D. increased the amount of grant funds available in the 35lh/Halsted Redevelopment Project Area by an additional Five Hundred Thousand Dollars ($500,000) to a total collective amount of One Million Two Hundred Fifty Thousand Dollars ($1,250,000) (the "Twenty-First Amending Agreement"); and
■ Whereas, By an ordinance adopted by the City Council of the City on November 18, 2009 and published in the Journal of the Proceedings of the City Council of the City of Chicago for said date at pages 74011 to 74023, inclusive ("Twenty-Second Amending Ordinance"), D.C.D. extended the S.B.I.F. Program to the 95th Street and Stony Island Avenue, Avalon Park/South Shore, Harlem Industrial Park Conservation, and Western Avenue/Rock Island Redevelopment Project Areas of the City (the "Twenty-Second Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on December 16, 2009 and published in the Journal of the Proceedings of the City Council of the City of Chicago for
said date at pages_to_, inclusive ("Twenty-Third Amending Ordinance"), D.C.D.
restated the S.B.I.F. Program Rules, extended the S.B.I.F. Program to the Avondale and Woodlawn Redevelopment Project Areas, and increased the amount of grant funds available
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in the Northwest Industrial Corridor Redevelopment Project Area by an additional One Million Dollars ($1,000,000) to a total collective amount of Two Million Five Hundred Thousand Dollars ($2,500,000) (the "Twenty-Third Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on_, 2010 and
published in the Journal of the Proceedings of the City Council of the City of Chicago for said
date at pages_to_, inclusive ("Twenty-Fourth Amending Ordinance"), D.C.D.
extended the S.B.I.F. Program to the Addison South Redevelopment Project Area (the "Twenty-Fourth Amending Agreement"); and
Whereas, By an ordinance adopted by the City Council of the City on_, 2010 and
published in the Journal of the Proceedings of the City Council of the City of Chicago for said
date at pages_to_, inclusive ("Twenty-Fifth Amending Ordinance"), D.C.D.
extended the S.B.I.F. Program to the 47,h/King Drive, 79lh Street Corridor and Armitage/Pulaski Redevelopment Project Areas of the City (the "New T.I.F./S.B.I.F. Areas"), as identified on (sub)Exhibit 1 attached hereto and incorporated herein, and increased the amount of grant funds available in the Madison/Austin Corridor and Western Avenue North Redevelopment Project Areas; and
Whereas, The Twenty-Fifth Amending Ordinance authorized D.C.D. to enter into an agreement with SomerCor to provide S.B.I.F. Program administrative services in the New T.I.F./S.B.I.F. Area, and D.C.D. and SomerCor now desire to enter into such an agreement, which will amend the Second SomerCor Agreement; and
Now, Therefore, In consideration of the mutual promises and covenants set forth below, the parties hereto agree as follows:
Article I. Incorporation Of Recitals.
The recitals set forth above are incorporated by reference as if fully set forth herein.
Article II.
Reaffirmation Of Representations, Warranties And Covenants.
SomerCor reaffirms each and every representation, warranty and covenant made in Article III of the Second SomerCor Agreement. SomerCor reaffirms that it has insurance in force that conforms to the requirements of Section 4.8 of the Second SomerCor Agreement.
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Article III.
Amendments To Second SomerCor Agreement.
The Second SomerCor Agreement, as amended, is further amended, as follows. Note that the letters previously used to label each subsection of (a) have been replaced with numbers.
(a) add the following text at the end of (Sub)Exhibit 2 thereof: ;
; and
72) on July 8, 1998: (1) "An Ordinance of the City of Chicago, Illinois Approving a Redevelopment Plan for the 79th Street Corridor Redevelopment Project Area"; (2) "An Ordinance of the City of Chicago, Illinois Designating the 79lh Street Corridor Redevelopment Project Area as a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act"; and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the 79lh Street Corridor Redevelopment Project Area";
73) on March 27, 2002: (1) "An Ordinance of the City of Chicago, Illinois Approving a Redevelopment Plan for the 47,h/King Drive Redevelopment Project Area"; (2) "An Ordinance of the City of Chicggo, Illinois Designating the 47th/King Drive Redevelopment Project Area as a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act"; and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the 47lh/King Drive Redevelopment Project Area"; and
74) on June 13, 2007: (1) "An Ordinance of the City of Chicago, Illinois Approving a Redevelopment Plan for the Armitage/Pulaski Redevelopment Project Area"; (2) 'An Ordinance of the City of Chicago, Illinois Designating the Armitage/Pulaski Redevelopment Project Area as a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act"; and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the Armitage/Pulaski Redevelopment Project Area".
(b) add the following text at the end of (Sub)Exhibit 5 thereof: 79,h Street Corridor $ 500,000
47th/King Drive $ 500,000
Armitage/Pulaski $1,000,000
(c) amend the text in (Sub)Exhibit 5 thereof increasing the maximum funds available for the Western Avenue North Redevelopment Project Area from One Million Dollars ($1,000,000) to Two Million Dollars ($2,000,000); and
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(d) amend the text in (Sub)Exhibit 5 thereof increasing the maximum funds available for the Madison/Austin Corridor Redevelopment Project Area from Seven Hundred Fifty Thousand Dollars ($750,000) to One Million Five Hundred Thousand Dollars ($1,500,000); and
(e) substitute the following for each occurrence of "Sixty-eight Million Two Hundred Sixty Thousand Dollars ($68,260,000)" in Section 4.2 thereof:
Seventy-two Million Ten Thousand Dollars ($72,010,000).
Article IV. Obligation To Provide Documents.
SomerCor shall execute and deliver to D.C.D. such documents as may be required by the Corporation Counsel of the City to evidence SomerCor's participation in the Program, including, but not limited to, the City's current form of Economic Disclosure Statement and an opinion of counsel in substantially the form of (Sub)Exhibit 2 attached hereto and incorporated herein.
In Witness Whereof, The City and SomerCor have executed this Agreement as of the date first set forth above.
City of Chicago
By: _
(Acting) Commissioner, Department of Community Development
SomerCor 504, Inc.
By: Its:
[(Sub)Exhibit 1 referred to in this Twenty-Fifth Amending Agreement with SomerCor 504, Inc. constitutes Exhibit "A" to ordinance and printed on page 83851 of this Journal.]
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(Sub)Exhibit 2 referred to in this Twenty-Fifth Amending Agreement with SomerCor 504, Inc. reads as follows:
(Sub)Exhibit 2.
(To Twenty-Fifth Amending Agreement With SomerCor 504, Inc.) Form Of Counsel's Opinion.
., 2010
City of Chicago
Department of Community Development 121 North LaSalle Street Chicago, Illinois 60602
Re: Amending Agreement to Administrative Services Agreement (the "Agreement")
Ladies and Gentlemen:
I have acted as counsel for SomerCor 504, Inc., an Illinois not-for-profit corporation ("SomerCor"), in connection with the execution and delivery of the Agreement by and between SomerCor and the City of Chicago, acting by and through its Department of Community Development (the "City"). SomerCor has requested that this opinion be furnished to the City.
In so acting as counsel for SomerCor, I have examined:
(i) an executed original of the Agreement;
(ii) the Articles of Incorporation, including all amendments thereto, of SomerCor as furnished and certified by the Secretary of State of the State of Illinois;
(iii) the Bylaws of SomerCor, as certified by the Secretary of SomerCor as of the date hereof; and
(iv) the Certificate of Good Standing dated_, issued by the Office of the
Secretary of State of the State of Illinois, as to the good standing of SomerCor.
In my capacity as counsel, I have also examined such other documents or instruments as I have deemed relevant for the purposes of rendering the opinions hereinafter set forth.
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I have also assumed, but have no reason to question, the legal capacity, authority and the genuineness of the signatures of and due and proper execution and delivery by the respective parties other than SomerCor which has made, executed or delivered or will make, execute and deliver the agreements and documents examined by me.
I express no opinion as to (i) the laws of any state or jurisdiction other than the State of Illinois (and any political subdivisions thereof) and the United States of America; and (ii) any matters pertaining or relating to the securities laws of the United States of America, the State of Illinois or any other state.
Based upon and subject to the assumptions and qualifications herein stated, it is my opinion that:
1. SomerCor is a not-for-profit corporation, duly organized and validly existing under the laws of the State of Illinois. SomerCor has made all filings required by the laws of the State of Illinois in respect of its formation and continuing existence, and has all requisite authority to carry on its business and to execute and deliver, and to consummate the transactions contemplated by, the Agreement.
2. The Agreement has been duly executed and delivered on behalf of SomerCor, and constitutes a legal, valid and binding obligation of SomerCor, enforceable against SomerCor in accordance with its terms, except to the extent that enforcement of any such terms may be limited by: (a) applicable bankruptcy, reorganization, debt arrangement, insolvency or other similar laws generally affecting creditors' rights; or (b) judicial and public policy limitations upon the enforcement of certain remedies including those which a court of equity may in its discretion decline to enforce.
3. There is no action, suit or proceeding at law or in equity pending, nor to my knowledge threatened, against or affecting SomerCor, before any court or before any governmental or administrative agency, which if adversely determined could materially and adversely affect the ability of SomerCor to perform under the Agreement or any of its business or properties or financial or other conditions.
4. The transactions contemplated by the Agreement are governed by the laws of the State of Illinois.
5. The execution and delivery of the Agreement and the consummation of the transactions contemplated thereby will not constitute:
A. a violation or breach of (i) the Articles of Incorporation of SomerCor, (ii) the Bylaws of SomerCor, (iii) any provision of any contract or other instrument to which SomerCor is bound, or (iv) any order, writ, injunction, decree, statute, rule or regulation binding on SomerCor, or
B. a breach of any of the provisions of, or constitute a default under, or result in the creation or imposition of any lien or encumbrance upon any of the property of SomerCor pursuant to any agreement or other instrument to which SomerCor is a party or by which SomerCor is bound.
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No action of, or filing with, any governmental or public body is required to authorize, or is otherwise required for the validity of, the execution, delivery and performance of any of the Agreement.
This opinion is furnished for your benefit and may be relied upon by you and any such other party in connection with the Agreement, but may not be delivered to or relied upon by any other person or entity without written consent from the undersigned.
Very truly yours,
DECLARATION OF INTENT TO ISSUE CITY OF CHICAGO MULTI-FAMILY HOUSING REVENUE BONDS FOR OAKWOOD SHORES SENIOR APARTMENTS LIMITED PARTNERSHIP.
[02010-166]
The Committee on Finance submitted the following report:
CHICAGO, February 10, 2010.
To the President and Members of the City Council:
Your Committee on Finance,, having had under consideration an ordinance authorizing to evidence the city's intent to issue City of Chicago Multi-Family Housing Revenue Bonds (Oakwood Shores Senior Project) amount of bonds not to exceed: $13,000,000, having had the same under advisement, begs leave to report and recommend that Your Honorable Body Pass the proposed ordinance transmitted herewith.
This recommendation was concurred in by a viva voce vote of the members of the Committee.
Respectfully submitted,
(Signed) EDWARD M. BURKE,
Chairman.
ATTACHMENT K
CITY OF CHICAGO. ILLINOIS 79TH STREET CORRIDOR REDEVELOPMENT PROJECT
FINANCIAL REPORT
DECEMBER 31. 2010
CITY OF CHICAGO. ILLINOIS
79TH STREET CORRIDOR REDEVELOPMENT PROJECT
CONTENTS
Page
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS
AND SUPPLEMENTARY INFORMATION 1-2
Management's discussion and analysis 3-5
Statement of net assets and governmental fund balance sheet 6 Statement of activities and governmental fund revenues,
expenditures and changes in fund balance 7
Notes to financial statements 8-10
SUPPLEMENTARY INFORMATION
Schedule of expenditures by statutory code
11
Bansley and Kiener, L.L.P.
Certified Public Accountants
o'hare plaza 8745 west higgins road, suite 200 chicago. illinois 6063 i
AREA CODE 312 263.2700
INDEPENDENT AUDITOR'S REPORT
The Honorable Rahm Emanuel, Mayor Members of the City Council City of Chicago, Illinois
We have audited the accompanying financial statements of the 79th Street Corridor Redevelopment Project of the City of Chicago, Illinois, as of and for the year ended December 31, 2010, as listed in the table of contents. These financial statements are the responsibility of the City of Chicago's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As discussed in Note 1, the financial statements present only the 79th Street Corridor Redevelopment Project and do not purport to, and do not present fairly the financial position of the City of Chicago, Illinois, as of December 31, 2010, and the changes in its financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the 79th Street Corridor Redevelopment Project of the City of Chicago, Illinois, as of December 31, 2010, and the changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America.
The Management's Discussion and Analysis on pages 3 through 5 is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it.
The Honorable Rahm Emanuel, Mayor Members of the City Council
-2-
Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The schedule of expenditures by statutory code on page 11, which is also the responsibility of the City of Chicago's management, is presented for purposes of additional analysis and is not a required part of the financial statements of 79th Street Corridor Redevelopment Project of the City of Chicago, Illinois. Such additional information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
Certified Public Accountants
June 9, 2011
3
CITY OF CHICAGO. ILLINOIS 79TH STREET CORRIDOR REDEVELOPMENT PROJECT
MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
As management of the 79th Street Corridor Tax Increment Redevelopment Project Area (Project), we offer the readers of the Project's financial statements this narrative overview and analysis of the Project's financial performance for the year ended December 31, 2010. Please read it in conjunction with the Project's financial statements, which follow this section.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the Project's basic financial statements. The Project's basic financial statements include three components: 1) government-wide financial statements, 2) governmental fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information concerning the Project's expenditures by statutory code.
Basic Financial Statements
The basic financial statements include two kinds of financial statements that present different views of the Project - the Government-Wide Financial Statements and the Governmental Fund Financial Statements. These financial statements also include the notes to the financial statements that explain some of the information in the financial statements and provide more detail.
Government-Wide Financial Statements
The government-wide financial statements provide both long-term and short-term information about the Project's financial status and use accounting methods similar to those used by private-sector companies. The statement of net assets includes all of the project's assets and liabilities. All of the current year's revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid. The two government-wide statements report the Project's net assets and how they have changed. Net assets - the difference between the Project's assets and liabilities - is one way to measure the Project's financial health, or position.
Governmental Fund Financial Statements
The governmental fund financial statements provide more detailed information about the Project's significant funds - not the Project as a whole. Governmental funds focus on: 1) how cash and other financial assets can readily be converted to cash flows and 2) the year-end balances that are available for spending. Consequently, the governmental fund statements provide a detailed short-term view that helps determine whether there are more financial resources that can be spent in the near future to finance the Project. Because this information does not encompass the additional long-term focus of the government-wide statements, we provide additional information at the bottom of the statements to explain the relationship (or differences) between them.
4
CITY OF CHICAGO. ILLINOIS 79TH STREET CORRIDOR REDEVELOPMENT PROJECT
MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) (Continued)
A/ores to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and governmental fund financial statements. The notes to the financial statements follow the basic financial statements.
Other Supplementary Information
In addition to the basic financial statements and accompanying notes, this report also presents a schedule of expenditures by statutory code. This supplementary information follows the notes to the financial statements.
Condensed Comparative Financial Statements
The condensed comparative financial statements are presented on the following page. Analysis of Overall Financial Position and Results of Operations
Property tax revenue for the Project was $1,228,372 for the year. This was an increase of 31 percent over the prior year. The change in net assets produced an increase in net assets of $1,193,327. The Project's net assets increased by 26 percent from the prior year making available $5,761,855 of funding to be provided for purposes of future redevelopment in the Project's designated area. Expenses decreased this year due to the Project's formulation of a redevelopment plan or necessary funding was not substantially complete or available.
5
CITY OF CHICAGO. ILLINOIS 79TH STREET CORRIDOR REDEVELOPMENT PROJECT
MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) (Concluded)
Government-Wide
2010 2009 Change % Change
Total assets $5,790,708 $4,584,086 $ 1,206,622 26%
Total liabilities 28,853 15,558 13,295 85%
Total net assets $5,761,855 $4,568,528 $1,193,327 26%
Total revenues $1,232,301 $ 944,956 $ 287,345 30%
Total expenses 38,974 109,999 (71,025) -65%
Changes in net assets 1,193,327 834,957 358,370 43%
Ending net assets $5,761,855 $4,568,528 $ 1,193,327 26%
CITY OF CHICAGO. ILLINOIS 79TH STREET CORRIDOR REDEVELOPMENT PROJECT
STATEMENT OF NET ASSETS AND GOVERNMENTAL FUND BALANCE SHEET DECEMBER 31. 2010
ASSETS
Cash and investments Property taxes receivable Accrued interest receivable Total assets
LIABILITIES
Vouchers payable Due to other City funds Deferred revenue
Total liabilities
FUND BALANCE/NET ASSETS
Fund balance: Designated for future redevelopment project costs
Total liabilities and fund balance
Net assets: Restricted for future redevelopment project costs
Total net assets
Governmental Fund
$ 4,610,905
1,176,000
_3,803
$ 11,410 17,443 1,030,873
$ 5,790,708
Adjustments
$ 5,790,708 $
(1,030,873)
1,059,726 (1,030,873)
4,730,982 (4,730,982)
Statement of
Net Assets $4,610,905 1,176,000 3,803 $ 5,790,708
11,410 17,443
28,853
5,761,855 5,761,855 $ 5,761,855 $ 5,761,855
Amounts reported for governmental activities in the statement of net assets are different because:
Total fund balance - governmental fund $ 4,730,982
Property tax revenue is recognized in the period for which levied rather than when "available". A portion of the deferred property tax revenue is not available. 1,030,873
Total net assets - governmental activities
$ 5,761,855
The accompanying notes are an integral part of the financial statements.
7
CITY OF CHICAGO. ILLINOIS 79TH STREET CORRIDOR REDEVELOPMENT PROJECT
STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUND REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED DECEMBER 31. 2010
Governmental Fund
Revenues:
Property tax Interest
Total revenues
Expenditures/expenses:
Economic development projects
Excess of revenues over expenditures
Change in net assets
Fund balance/net assets: Beginning of year
End of year
Adjustments
$ 998,154 $ 230,218 _3,929 _-
1,002,083
38,974
963,109
230,218
(963,109) 1,193,327
3,767,873
800,655
Statement of Activities
$ 1,228,372 3,929
1,232,301
38,974
1,193,327
4,568,528
$ 4,730,982 $ 1,030,873 $ 5,761,855
Amounts reported for governmental activities in the statement of activities are different because:
Net change in fund balance - governmental fund $ 963,109
Property tax revenue is recognized in the period for which levied rather than when "available". A portion of the deferred property tax revenue is not available. 230,218
Change in net assets - governmental activities
$ 1,193,327
The accompanying notes are an integral part of the financial statements.
8
CITY OF CHICAGO. ILLINOIS 79TH STREET CORRIDOR REDEVELOPMENT PROJECT
NOTES TO FINANCIAL STATEMENTS
Note 1 - Summary of Significant Accounting Policies
(a) Reporting Entity
In July 1998, the City of Chicago (City) established the 79th Street Corridor Tax Increment Redevelopment Project Area (Project). The area has been established to finance improvements, leverage private investment and create and retain jobs. The Project is accounted for within the special revenue funds of the City.
(b) Government-Wide and Fund Financial Statements
The accompanying financial statements of the Project have been prepared in conformity with generally accepted accounting principles as prescribed by the Governmental Accounting Standards Board (GASB). In June 1999, the GASB unanimously approved Statement No. 34 (as amended by Statement No. 37), Basic Financial Statements - Management's Discussion and Analysis - for State and Local Governments and at a later date, Statement No. 38 Certain Financial Statements Disclosures, and include the following:
A Management Discussion and Analysis (MD&A) section providing an analysis of the Project's overall financial position and results of operations.
Government-wide financial statements prepared using the economic resources measurement focus and the accrual basis of accounting for all the Project's activities. Fund financial statements, which focus on the Project's governmental funds current financial resources measurement focus.
(c) Measurement Focus, Basis of Accounting and Financial Statements Presentation
The government-wide financial statements are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied.
The governmental fund financial statements are prepared on the modified accrual basis of accounting with only current assets and liabilities included on the balance sheet. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual, i.e., both measurable and available to finance expenditures of the current period. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Property taxes are susceptible to accrual and recognized as a receivable in the year levied. Revenue recognition is deferred unless the taxes are received within 60 days subsequent to year-end. Expenditures are recorded when the liability is incurred.
Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in government-wide financial statements to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. The City has elected not to follow subsequent private-sector guidance.
When both restricted and unrestricted resources are available for use, it is the City's policy to use restricted resources first, then unrestricted resources, as they are needed.
9
CITY OF CHICAGO. ILLINOIS 79TH STREET CORRIDOR REDEVELOPMENT PROJECT
NOTES TO FINANCIAL STATEMENTS (Continued)
Note 1 - Summary of Significant Accounting Policies (Concluded)
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from these estimates.
(d) Assets, Liabilities and Net Assets Cash and Investments
Cash belonging to the City is generally deposited with the City Treasurer as required by the Municipal Code of Chicago. The City Comptroller issues warrants for authorized City expenditures which represent a claim for payment when presented to the City Treasurer. Payment for all City warrants clearing is made by checks drawn on the City's various operating bank accounts.
The City Treasurer and City Comptroller share responsibility for investing in authorized investments. Interest earned on pooled investments is allocated to participating funds based upon their average combined cash and investment balances.
The City values its investments at fair value or amortized cost. U.S. Government securities purchased at a price other than par with a maturity of less than one year are reported at amortized cost.
Capital Assefs
Capital assets are not capitalized in the governmental fund but, instead, are charged as current expenditures when purchased. The Government-wide financial statements (i.e., the statement of net assets and the statement of changes in net assets) of the City includes the capital assets and related depreciation, if any, of the Project in which ownership of the capital asset will remain with the City (i.e. infrastructure, or municipal building). All other construction will be expensed in both the government-wide financial statements and the governmental fund as the City nor Project will retain the right of ownership.
(e) Stewardship, Compliance and Accountability
Illinois Tax Increment Redevelopment Allocation Act Compliance
The Project's expenditures include reimbursements for various eligible costs as described in subsection (q) of Section 11-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act and the Redevelopment Agreement relating specifically to the Project. Eligible costs include but are not limited to survey, property assembly, rehabilitation, public infrastructure, financing and relocation costs.
Reimbursements
Reimbursements, if any, are made to the developer for project costs, as public improvements are completed and pass City inspection.
10
CITY OF CHICAGO. ILLINOIS 79TH STREET CORRIDOR REDEVELOPMENT PROJECT
NOTES TO FINANCIAL STATEMENTS (Concluded)
Note 2 - Commitments
The City has pledged certain amounts solely from available excess incremental taxes to provide financial assistance to a developer under the terms of a redevelopment agreement for the purpose of paying costs of certain eligible redevelopment project costs.
As of December 31, 2010 the Project has entered into contracts for approximately $42,000 for services and construction projects.
SUPPLEMENTARY INFORMATION
11
CITY OF CHICAGO. ILLINOIS 79TH STREET CORRIDOR REDEVELOPMENT PROJECT
SCHEDULE OF EXPENDITURES BY STATUTORY CODE
Code Description
Costs of studies, surveys, development of plans and specifications, implementation and administration of the redevelopment plan including but not limited to staff and professional service costs
for architectural, engineering, legal, marketing $20,221
Costs of the construction of public works or improvements 18,753
$38,974
ATTACHMENT L
BANSLEY AND KlENER, L.L.P.
Certified Public Accountants
Established 1922
O'HARE PLAZA 8745 WEST HIGGINS ROAD SUITE 200 CHICAGO, ILLINOIS 60631 312.263.2700 FAX 312.263.6935 WWW.BK-CPA.COM
The Honorable Rahm Emanuel, Mayor Members of the City Council City of Chicago, Illinois
We have audited, in accordance with auditing standards generally accepted in the United States of America, the statement of net assets and governmental fund balance sheet of 79th Street Corridor Redevelopment Project of the City of Chicago, Illinois as of December 31, 2010, and the related statement of activities and governmental fund revenues, expenditures and changes in fund balance for the year then ended, and have issued our report thereon dated June 9, 2011.
In connection with our audit, nothing came to our attention that caused us to believe that the Project failed to comply with the regulatory provisions in Subsection (q) of Section 11-74.4-3 of the Illinois Tax Increment Allocation Redevelopment Act and Subsection (o) of Section 11-74.6-10 of the Illinois Industrial Jobs Recovery Law as they relate to the eligibility for costs incurred incidental to the implementation of the 79th Street Corridor Redevelopment Project of the City of Chicago, Illinois.
This report is intended for the information of the City of Chicago's management. However, this report is a matter of public record, and its distribution is not limited.
INDEPENDENT AUDITOR'S REPORT
Certified Public Accountants
June 9, 2011
Members; American Institute of CPA's • Illinois CPA Society
An Independent Firm Associated with Moore Stephens
ATTACHMENT M
INTERGOVERNMENTAL AGREEMENTS FY 2010
A list of all intergovernmental agreements in effect in FY 2010 to which the municpality 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)]_
Name of Agreement |
Description of Agreement |
Amount Transferred Out |
Amount Received |
None |
|
|
|
FY 2010
TIF Name: 79th Street Corridor Redevelopment Proiect Area
79 ' Street Corridor Redevelopment Project Area 2010 Annual Report