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07-27-15-EDA
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07-27-15-EDA
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7/24/2015 9:58:56 AM
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EDA TIF DISTRICT #2 -ROUND LAKE <br />Function: Economic Development <br />Supervisor: Director of Finance and Administrative Services <br />Fund#: 252 <br />Activity#: 47307 <br />Activity Scope <br />TIF District No. 2, Round Lake Office, was established as a twenty-five year <br />Redevelopment District on June 29, 1989. This district is located on the northeast <br />quadrant of the I-35W/I694 intersection. This district will decertify on December 31, <br />2015. <br />Improvements for this district were funded with the issuance of$3,100,000 General <br />Obligation Tax Increment Bonds on March 1, 1998. Debt Service Fund No. 325 was <br />created, per statute, to track repayment of the bond principal and interest. An inter-fund <br />loan from the Permanent Revolving Fund No. 411 was needed for the acquisition of the <br />Indykiewicz property. This loan was repaid in full in 2004. All non-tax increment <br />revenue was transferred out of this fund in 2013 to the PIR Fund. <br />Obiectives <br />1. Close out and decertify TIF District 2. <br />Issues <br />1. Ensure compliance with TIF laws for use of available funds. <br />Measurable Workload Data <br />None developed at this time. <br />Budget Commentary <br />One significant change in this fund in 2015 was the use of the remaining TIF funds after <br />the final bond payment to fund part of the Round Lake Road reconstruction(figures are <br />just estimates at this time until the actual amounts are known). The remaining monies in <br />the fund will be used for Round Lake Road and administration costs of decertifying the <br />district and final reports. Annual transfers were made to Debt Service Fund No. 325 for <br />principal and interest payments on the G.O. Tax Increment Refunding Bonds, 2004A <br />which was paid-in-full in February of 2015.
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