Joint Review Board

AGENDA JOINT REVIEW BOARD MEETING January 22, 2021 1:00 p.m. DeKalb Police Department 700 W. Lincoln Highway 2nd Floor Training Room DeKalb, Illinois COVID-19 Notice: This meeting will be conducted in-person with a physically present quorum and open to the public. The corporate authorities of the City of DeKalb intend to conduct this meeting in compliance with all applicable social distancing and public health requirements. All persons attending this meeting in-person shall be required to wear protective face masks/coverings. Furthermore, the corporate authorities of the City of DeKalb intend to conduct this meeting pursuant to Illinois Governor JB Pritzker’s Executive Order 2020-73 dated November 18, 2020 (the “Executive Order”), which prohibits gatherings of more than 10 people, unless the City of DeKalb determines that it is necessary to invoke the Governmental Functions exemption contained in Section 4(c) of the Executive Order “to ensure the operation of government agencies or to provide for or support the health, safety and welfare of the public.” As a convenience to the public, the City of DeKalb may also provide video, audio, telephonic or internet access for the public to monitor this meeting. The provision of any such remote means of access is not intended to provide for attendance by a means other than physical presence due to the COVID-19 public health emergency, nor is it intended to provide an opportunity for the public to address public officials, make public comment or otherwise participate in the meeting. Persons wishing to provide public comment or otherwise address public officials in person during this meeting must comply with all applicable rules governing the conduct of this meeting including, but not limited to, the aforementioned social distancing and face covering requirements. The City of DeKalb JRB is providing the following conveniences for the public to monitor this meeting:  The City of DeKalb will record the meeting and upload the full contents to its website as soon as practicable after the meeting.  Persons wishing to make public comment but unable to attend may forward their comments to Executive Assistant Ruth Scott at ruth.scott@cityofdekalb.com. Note that all electronic or mail-in submissions must be received no later than 5:00 p.m. on the day prior to the meeting in order to ensure dissemination to the JRB before the meeting convenes.  Zoom meeting information is as follows: Join Zoom Meeting: https://us02web.zoom.us/j/83252468583?pwd=YWxYbHhsVkxZaWZYRC9BVURnQTQ4Zz09 Meeting ID: 832 5246 8583 Passcode: 335130 One Tap Mobile: +13126266799,,83252468583#,,,,*335130# US (Chicago) Joint Review Board Meeting Agenda January 22, 2021 Page 2 of 2 A. Call to Order B. Roll Call: City of DeKalb – Bill Nicklas* DeKalb Community Unit School District #428 – Cindy Carpenter * DeKalb County – Gary Hanson* DeKalb County Forest Preserve – Terry Hannan DeKalb Park District – TBD* DeKalb Public Library – Emily Faulkner DeKalb Township – Lisa King* DeKalb Township Road and Bridge District – Craig Smith Kishwaukee College #523 – Bob Johnson* Kishwaukee Water Reclamation District – Mark Eddington Public Member – Larry Berke C. Appointment of Permanent Chair. D. Approval of Minutes. 1. Minutes of the Joint Review Board Meeting of October 30, 2020. E. Public Participation. F. Presentation of Fourth Quarter FY2020 TIF Financials. G. Update on DeKalb TIF Projects. H. Update on New Intergovernmental Agreement. I. Next Meeting: April 23, 2021. J. Adjournment. *Indicates Voting Members TO: DeKalb Community Unit School District #428—Cindy Carpenter* DeKalb County--Gary Hanson* DeKalb County Forest Preserve--Terry Hannan DeKalb Park District--TBD* DeKalb Public Library--Emily Faulkner DeKalb Township—Lisa King* DeKalb Township Road and Bridge District--Craig Smith Kishwaukee College--Bob Johnson* Kishwaukee Water Reclamation District--Mark Eddington Public Member—Larry Berke* FROM: Bill Nicklas City Manager* DATE: January 8, 2021 RE: Background Notes for the January 22, 2021 Agenda * Indicates voting membership The following notes provide background to the items on the published JRB agenda. Approval of Minutes. The minutes from the October 30, 2020 JRB meeting are attached for the Board’s review and approval. Presentation of Fourth Quarter, FY2020 TIF Financials. The following reports are attached for the Board’s review: • Revenues and Expenditures for TIF #1 from January 1, 2020 through December 31, 2020 (attached). • Revenues and Expenditures for TIF #3 from January 1, 2020 through December 31, 2020 (attached). • Council-approved budgets for the TIF #1 (Fund 260) and TIF #3 (Fund 262) programs for FY2021. • The City Manager put an administrative hold on any further transfers from either TIF #1 or TIF #3 before the end of the second fiscal quarter of FY2020, and this hold remained in place through FY2020. The approved FY2021 City Budget (January 1, 2021 through December 31, 2021) shows no TIF Fund transfers to the City’s General Fund.  The inaugural version of the TIF Project Spreadsheet per the new Intergovernmental Agreement (IGA) is attached for the JRB’s review and comment. All of the project expenditures for the period October 1 through December 31, 2020 are authorized under 65 ILCS 74.4-3(q), par. 3 (“rehabilitation”). A copy of the potential list of statutory citations is appended for the Board’s reference. The following narrative notes are added for historical context and can continue to be a feature of the quarterly report if the JRB desires: Update on Current TIF Projects. a. Egyptian Theater (upgrades and expansion). Construction on this $5.5 million project (partially funded by a $2.5 million “forgivable” TIF loan) is now complete. The Eqyptian Theatre website has a very impressive virtual tour of the remodeling, partially funded with a $2.5 million forgivable loan from the City of DeKalb. Palmer Court was re-opened in early July but the state constraints on attendance in gathering places like the Egyptian have set back the grand re- opening for an indefinite period, and continue to make the date of a re-opening uncertain. b. Plaza DeKalb (redevelopment). The City Council approved a TIF development agreement on August 14, 2017 in the amount of $1.9 million in support of an Owner commitment of $6 million (31.67%). Work on the project at the northeast corner of Lincoln Highway and Second Street progressed systematically, moving from east to west. Improvements were first made to the façades of the two eastern buildings, accommodations for Gaming Goat were completed, and two upper level “penthouse” apartments were completely renovated. With that work complete, it was then possible to move on to the build-outs for the “Professional Suites” and Jamrah Restaurant. When these renovations were completed, attention was focused on the construction of the new four-story corner building, which took the place of a one-story building previously occupied by Diamond Golf. Construction on the four-story building began in the late spring of 2019 has been completed. The four-story building includes 21 fully-rented apartment units on three floors above the first-floor which features a variety of small entrepreneurial commercial services. The overall Plaza DeKalb project includes 23 apartments, including the two renovated spaces above 223 and 229 East Lincoln Highway. This project’s residential spaces are fully-occupied, and the various commercial spaces are leased except for the front east quarter of the corner building. c. Agora Tower (redevelopment). On June 10, 2019 the City Council approved a preliminary development agreement with John Pappas, the purchaser of the six former Mooney Properties, in the amount of $3 million. On August 26, 2019 the Council approved a final development agreement after the submittal of a full site plan, substantial building plans, and a rezoning review by the Planning and Zoning Commission. Page |2  This $13 million project got off to a fast start in November 2019 as the mitigation of the environmental concerns and the razing of the former Mooney dealership proceeded. The demolition was completed before the December holidays and the excavator carefully crushed the masonry debris and stockpiled it for the eventual base course of the large off-street parking lots. Utility work for the L-shaped, three-story, 112,101 square foot mixed use building was begun in the spring of 2020 and was largely completed by Labor Day. Most of the foundation work is also complete. The project has paused as the general contractor, Weaver Construction focused on enclosing the Isaac Suites project on Oakland Drive and Rt. 23 (not a TIF project). Substantial completion is expected in the second quarter of 2022. Once occupied, the large complex will have 12,350 square feet of commercial retail space on the ground floor and ninety-four, one- and two-bedroom executive suites on the upper floors. The complex will also include hospitality rooms, a fitness center, and outdoor terraces. Estimated Project costs: $13,875,000 TIF award: $3,000,000 (21.6%) Time to Completion: 2.5 years d. 206 E. Lincoln Highway (redevelopment). On February 24, 2020 the City Council approved a TIF-funding agreement that provided a forgivable loan of $216,800 to the Balli family for extensive remodeling on the second floor of 206 E. Lincoln Highway to construct four apartments: one single-bedroom apartment and three two-bedroom apartments. The loan represented 40% of the estimated remodeling cost of $542,000 and was limited to the reimbursement of costs that were TIF- eligible. The term of the loan was 10 years. If, upon the expiration of the Agreement the TIF incentive is not completely repaid in terms of incremental tax revenue, the remaining balance will become a debt due and owing to the City requiring repayment within 120 days of the owners’ receipt of written notice from the City. This structure of support is similar to that of the Cornerstone, Plaza DeKalb, and Agora Tower projects. At this writing, the second floor dry wall has been taped and finished and leasing is expected to begin in the spring of 2021. e. 260 E. Lincoln Highway (redevelopment). On April 13, 2020 the Council approved a TIF-funding agreement with Gullie, LLC for the rehabilitation of the former O’Leary’s Restaurant in downtown DeKalb in the amount of $124,100. The term of the incentive and promissory note is 20 years. Over that period, 100% of the TIF property tax increment generated from the property will serve as a credit toward the forgiveness of the $124,100 TIF incentive. The rehab work was completed during the third week of September and the restaurant was open for indoor seating on September 26. The Governor’s executive order of October 2 led to the closing Page |3  of the newly-remodeled indoor restaurant space for diners on October 3. The restaurant has continued its take-out service. f. 421 Grove Street (redevelopment). On June 22, 2020 the Council approved a TIF development agreement with Swedberg & Associates as well as a related re- zoning to transform the former Sawyer Auto property to a commercial office with indoor contractor storage. In terms of the impact of the private property rehabilitation, the calculation was as follows: Full market value (last sale: 2008): $580,000.00 Pre-rehab EAV (Parcels A & B*): $151,864.00 Pre-rehab property taxes (@11.735/$100 EAV): $ 17,821.00 Estimated market value after rehab: $660,000.00 Post-rehab EAV (1/3 market value): $220,000.00 Taxes Owing After Rehab (@$11.735/$100 EAV): $ 25,817.00 Projected additional tax increment over 20 yrs: $159,920.00 ($25,817-$17,821 x 20 = $159,920) * 2019 EAV: Parcel A: 0823302024 $129,661.00 Parcel B: 0823302013 $ 22,203.00 Total: $151,864.00 Other factors in the consideration of the TIF request were the increase in full-time jobs (14, including 8 in the field and 6 in the office), and the intangible impact of a new business and the commercial and residential construction services it promised. Work on this project was initially slow as COVID-related cancellations of a number of institutional projects in the summer of 2020 reduced the owner’s available capital. In November and December of 2020 the owner resumed work on the building and grounds. At this point, the building has been occupied and the exterior fencing, asphalt repairs, and most of the landscaping are complete. g. 200 S. Fourth Street (redevelopment). On May 28, 2019, after authorizing the move of city hall from 200 S. Fourth Street to 164 E. Lincoln highway, the Council authorized the city manager to take steps to market the property at 200 S. Fourth Street (Resolution 2019-082) at the appropriate time. This property is in TIF #3. On June 24, 2020 the City Manager released a Request for Proposals for the redevelopment of this full city block, and three proposals were received by the deadline of July 20, 2020. In their Committee of the Whole meeting on August 10, the City Council considered the three, uniquely different redevelopment proposals. The RFP asked for both a conceptual redevelopment proposal (Part A) and a financial proposal (Part B). Page |4 All bidders were also alerted to the fact that the financial proposal would not be the only factor in the evaluation leading to the selection of the top candidate. How the proposed project design would blend into the mixed neighborhood at Fourth and Grove was another important factor. Nevertheless, the fact that the site has been off the tax rolls since the mid-1960s and the current EAV is $0.00 means that any private ownership and redevelopment will generate considerable new incremental property tax. The three proposals received by the July 20 deadline are summarized in the table below: REDEVELOPMENT PROPOSALS, 200 S. FOURTH STREET Tax Market Increment Value EAV per Year Purchase TIF Upon Full Upon Full After Full Developer Offer Request Buildout Buildout Buildout Irving Construction $9,000 $1,611,674 $2,993,760 $997,920 $118,353 James C. Mason Development $400,000 $636,000 $1,700,000 $566,667 $67,207 Pappas Development $600,000 $750,000 $5,311,974 $1,770,658 $210,000 After extended public consideration at Council meetings on August 10 and September 14, the Council voted 8-0 to support the proposal submitted by Pappas Development. The Pappas proposal is further summarized below: Pappas Development Total Estimated Project Cost (incl. demo and site work) $7,000,000 Total Number of Residences (rental) 78 Square footage of each rental unit 600 Construction Cost per Square Foot $125 Full Market Value per Residence $68,102 Total Market Value Upon Full Build-out $5,311,974 Total EAV Upon Full Build-out $1,770,658 Prop Tax per year for 78 units on full build-out (x .1186) $210,000 Property Tax increment for 20 years assuming 0% $4,200,000 increase in increment per year Any redevelopment of the site at 200 S. Fourth required a rezoning and preliminary plan. The City Council approved the rezoning to “PD-R” Planned Development— Residential on October 26, 2020 and also approved a revised preliminary plan. On December 28, 2020 the Council approved the vacation of the public alley that coursed north and south through the middle of the former city hall block. Demolition of the former city hall is expected in the spring of 2021. Page |5 The Proposed Intergovernmental Agreement At the special JRB meeting on July 31, the Board supported a working group consisting of representatives from the CUSD #428, DeKalb County, and the City of DeKalb to collectively prepare a draft intergovernmental agreement (IGA) for review at the regular JRB meeting of October 30. The resulting draft IGA addressed a variety of JRB concerns including: • Final property tax surplus distributions from TIF #1, which will make final payments in 2021 based on increment relating to tax year 2020; • Property tax surplus distributions from TIF #3 to local taxing bodies in relation to the amount of TIF transfers from TIF #1 and TIF #2 to the City’s general fund for administrative expenses in the period 2009-2018. • Sales tax surplus distributions for the remaining life of TIF #1. • The transparency of TIF administration with respect to project decisions, project management, and annual TIF expenditures in general. Specifically, the draft IGA proposed the following:  The TIF #1 surplus payment equal to 50 percent (50%) of the annual TIF property tax increment for TIF #1 will continue annually in 2020 and 2021. TIF #1 will terminate on December 31, 2021.  A TIF #3 surplus will be declared. Beginning in 2022, the annual amount shall be equivalent to the sum of thirty percent (30%) of the annual total property tax increment received in TIF #3 as determined by the County Collector. Beginning in 2026 and continuing each year until the last tax increment is collected in 2043, the annual surplus shall be equivalent to the sum of fifty percent (50%) of the annual total property tax increment.  For 2020 and 2021, the City shall distribute the contested municipal portion of the annual sales tax surplus from TIF #1 to the respective taxing bodies in the same proportion as the most recent distribution by the County Collector.  The JRB will meet no less than quarterly. The JRB may meet less frequently at the discretion of the JRB but no less frequently than that which is required by the Illinois TIF Act.  For each quarterly meeting, the City shall provide the JRB with TIF financials to date and review the status of any TIF commitments to redevelopment project costs. The City Attorney shall certify that these financials and the project accounting are accurate, and that all project expenditures qualify for use as redevelopment funds under the TIF Act. The project reports shall reference applicable TIF Act passage(s) that provide qualifying reference for the expenditure of project funds.  The City will hereafter waive any statutory allowance for the reimbursement of administrative costs from TIF funds.  The City will reimburse the School District for its costs in the negotiation and drafting of the IGA.  Release. Attorneys for the City, County, and the School District agreed that the Illinois Department of Revenue, the Illinois Attorney General, and the Page |6  DeKalb County State’s Attorney are not parties to the proposed IGA and are not bound by its terms. Additionally, the City Council accepted the fact that the parties to the IGA cannot release the City from responsibility for claims that were not known or which could not have been reasonably known due to fraud, deceit, wrongful concealment, or willful and wanton conduct. However, the IGA calls for the release of claims with respect to the use, expenditure and transfer of funds identified in the Ernst & Young forensic audit during the period 2009-2018, in consideration of the agreed terms with respect to surplus distributions. A general consensus was reached on the draft IGA at the October 30 JRB meeting. With the JRB’s encouragement, legal counsel for the City and School District polished a final draft that was circulated to the various boards of the JRB representative bodies in December for approval. On the evening of January 7, the DeKalb Park Board completed the series of signings of the draft IGA. An executed copy is attached for the JRB members. Adjournment Page |7  MINUTES JOINT REVIEW BOARD MEETING OCTOBER 30, 2020 The Joint Review Board (JRB) of the City of DeKalb, Illinois convened on October 30, 2020 at 1:00 p.m. at the DeKalb Police Department, located at 700 W. Lincoln Highway, DeKalb, Illinois. A. CALL TO ORDER. City of DeKalb City Manager Bill Nicklas called the meeting to order at 1:03 p.m. B. ROLL CALL. City of DeKalb Executive Assistant Ruth Scott called the roll and the following members of the JRB were present: City of DeKalb – Bill Nicklas* DeKalb Community Unit School District #428 – Cindy Carpenter* (Remote) DeKalb County – Gary Hanson* (Remote) DeKalb Park District – Amy Doll* DeKalb Township – Lisa King* (Remote) DeKalb Township Road and Bridge District – Craig Smith Kishwaukee College #523 – Bob Johnson* Kishwaukee Water Reclamation District – Mark Eddington (Remote) The following members of the JRB were absent: DeKalb Public Library – Emily Faulkner DeKalb County Forest Preserve – Terry Hannan Public Member – TBD Others present included Attorney Brad Stewart for DeKalb Township, Attorney Gino Galluzzo for the DeKalb School Board, and Attorney Matt Rose for the City of DeKalb. At this point in the meeting, Mr. Nicklas nominated Ms. Doll as Chair of the JRB. MOTION Mr. Johnson moved to approve the nomination; seconded by Mr. Hanson. VOTE Motion carried by a 6-0 roll call vote of those voting members present. Aye: Nicklas, Carpenter, Hanson, Doll, King, Johnson. Nay: None. C. APPROVAL OF MINUTES. 1. Minutes of the Joint Review Board Meeting of July 31, 2020. MOTION *Indicates Voting Members Joint Review Board Meeting Minutes October 30, 2020 Page 2 of 3 Ms. Carpenter moved to approve the minutes of the July 31, 2020 JRB meeting; seconded by Mr. Nicklas. VOTE Motion carried by a 6-0 roll call vote of those voting members present. Aye: Nicklas, Carpenter, Hanson, Doll, King, Johnson. Nay: None. D. SELECTION OF A NEW PUBLIC MEMBER – LARRY BERKE. Mr. Nicklas introduced Larry Berke as the nominee for Public Member, noting he was nominated by Mayor Jerry Smith. MOTION Mr. Johnson moved to approve the nomination; seconded by Mr. Nicklas. VOTE Motion carried by a 6-0 roll call vote of those voting members present. Aye: Nicklas, Carpenter, Hanson, Doll, King, Johnson. Nay: None. E. PUBLIC PARTICIPATION. Bessie Chronopoulos spoke regarding her concerns regarding the use of Tax Increment Financing (TIF) funds by past administrations. F. PRESENTATION OF THIRD QUARTER FY2020 TIF FINANCIALS. Mr. Nicklas provided an overview of this item based on the information provided in the agenda packet, which included a City of DeKalb revenue and expenditure report for the period ending September 30, 2020, a TIF #1 Fund (Central Area) report, TIF #3 (Central Business) report, TIF #3 private property rehabilitation report, 2020 TIF administrative costs for Mr. Nicklas, and former City of DeKalb Assistant City Manager Ray Munch. Brief discussion ensued regarding forgivable loans, and the tracking and oversite of TIF funds. G. UPDATE ON DEKALB TIF PROJECTS. Mr. Nicklas provided an overview of current TIF projects, which included the former City of DeKalb City Hall site at 200 S. Fourth Street. He noted that this will be the biggest hit and purest revenue stream for the life of the TIF #3 and stated this property hasn’t been taxed since the late 60’s. Brief discussion ensued. H. DISCUSSION OF A PROPOSED INTERGOVERNMENTAL AGREEMENT (IGA). Discussion regarding this item included an overview of the proposed IGA document with the JRB. Items discussed included additions to the document as discussed during the July 2020 JRB meeting, the manner of reporting, the schedule and flexibility of surplus payouts, typos within the  Joint Review Board Meeting Minutes October 30, 2020 Page 3 of 3 document, the annual audit of the TIF program, project approval, and the limited release of the City of DeKalb from all past claims. Following this discussion, Mr. Hanson announced that he would be retiring at the end of the year. Attorney Rose commended the civility, good will, and spirit of comradery throughout this process. I. NEXT MEETING: JANUARY 22, 2021. The next meeting of the JRB will be held on Friday, January 22, 2021. J. ADJOURNMENT. MOTION Ms. Carpenter moved to adjourn the meeting; seconded by Mr. Johnson. VOTE Motion carried by a 7-0 roll call vote of those voting members present. Aye: Nicklas, Carpenter, Hanson, Doll, King, Johnson, Berke. Nay: None. The meeting adjourned at 2:30 p.m. Respectfully submitted, __________________________________ RUTH A. SCOTT, Executive Assistant  TIF 1 - Central Business District TIF - Income Statement Summary TIF 3 Created (2018) Tax Year for Base EAV for TIF Increment 2019 2020 2021 Tax Year 2019 2020 2021 Year Tax Due 2020 2021 2022 Year Surplus Distributed (b/f 3/31) 2021 2022 2023 Beginning Balance (Jan 1st) 4,373,313 3,178,750 4,304,044 Revenue Actual Actual Projected Revenue - Property Tax Increment 7,031,778 6,611,022 7,050,000 Revenue - Transfer from Other TIFs - - - Revenue - Interest Income 163,231 26,691 Revenue - Gain/Loss on Investments 143,465 - - Revenue - Refunds/Reimbursements 43,387 - - Revenue - Bond Proceeds - - - Revenue - Other - - 50,000 Total Revenue 7,381,860 6,637,713 7,100,000 Total Available (Rev. + Beg. Balance) 11,755,174 9,816,463 11,404,044 Expenses Incurred (Paid) Expenses - Non-Project (Admin) - - - Expenses - Public Infrastructure - - 800,000 Expenses - Not-for-Profit - - - Expemses - Private For-Profit 3,380,053 55 - Expenses - Debt Service 1,192,400 1,095,413 1,190,800 Expenses - Other 85,043 10,247 - Expenses - Engineering Services 19,735 - - Expenses - Contracted Services 5,592 - - Expenses - Legal & Dues 3,263 Expenses - Other Capital Improvements 5,000 126,704 - Expenses - Transfer to General Fund 46,666 5,000 - Expenses - Transfer to TIF #3 Fund - 4,275,000 2,450,000 Total Expenses (excl IGA Surplus Pmt) 4,737,753 5,512,419 4,440,800 Expenses - Surplus IGA 3,515,888 - 3,525,000 Year End Adjustments 322,782 - - Ending Balance 3,178,750 4,304,044 3,438,244  TIF 3 - Central Business District TIF - Income Statement Summary TIF 3 Created (2018) 2/11/2019 Tax Year for Base EAV for TIF Increment 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 TIF Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Tax Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Year Tax Due 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Year Surplus Distributed (b/f 3/31) 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Beginning Balance (Jan 1st) - (500,000) 890,979 554,835 798,529 1,054,432 1,322,667 1,523,159 1,732,637 1,951,189 2,178,907 2,415,882 2,662,208 2,917,977 3,183,283 3,458,223 3,742,893 4,037,389 4,341,811 4,656,257 4,980,828 5,315,624 5,660,749 6,016,305 Revenue Totals Actual Actual projected projected projected projected projected projected projected projected projected projected projected projected projected projected projected projected projected projected projected projected projected projected Revenue - Property Tax Increment $11,847,868 - 300,639 330,865 348,134 365,576 383,192 400,985 418,955 437,105 455,436 473,951 492,651 511,538 530,613 549,880 569,339 588,993 608,843 628,892 649,141 669,593 690,249 711,112 732,184 Revenue - Transfer from Other TIFs $6,725,000 - 4,275,000 2,450,000 - - - - - - - - - - - - - - - - - - - - - Revenue - Interest Income $292 - 42 250 - - - - - - - - - - - - - - - - - - - - - Revenue - Bond Proceeds $0 - - - - - - - - - - - - - - - - - - - - - - - - Revenue - Other $0 - - - - - - - - - - - - - - - - - - - - - - - - Total Revenue $18,573,160 - 4,575,681 2,781,115 348,134 365,576 383,192 400,985 418,955 437,105 455,436 473,951 492,651 511,538 530,613 549,880 569,339 588,993 608,843 628,892 649,141 669,593 690,249 711,112 732,184 Total Available (Rev. + Beg. Balance) - 4,075,681 3,672,095 902,969 1,164,105 1,437,625 1,723,651 1,942,114 2,169,741 2,406,625 2,652,858 2,908,533 3,173,746 3,448,590 3,733,163 4,027,563 4,331,886 4,646,233 4,970,703 5,305,398 5,650,421 6,005,874 6,371,861 6,748,489 Expenses Incurred (Paid) Totals Expenses - Non-Project (Admin) $0 - - - - - - - - - - - - - - - - - - - - - - - - Expenses - Public Infrastructure $1,165,000 - - 1,165,000 - - - - - - - - - - - - - - - - - - - - - Expenses - Not-for-Profit $0 - - - - - - - - - - - - - - - - - - - - - - - - Expemses - Private For-Profit $5,528,999 500,000 3,183,999 1,845,000 - - - - - - - - - - - - - - - - - - - - - Expenses - Debt Service $0 - - - - - - - - - - - - - - - - - - - - - - - - Expenses - Other $2,203 - 703 1,500 - - - - - - - - - - - - - - - - - - - - - Expenses - Engineering Services - - 5,000 - - - - - - - - - - - - - - - - - - - - - Expenses - Legal & Notices - - 1,500 - - - - - - - - - - - - - - - - - - - - - Expenses - Surplus Other $0 - - - - - - - - - - - - - - - - - - - - - - - - Total Expenses (excl IGA Surplus Pmt) $6,696,202 500,000 3,184,702 3,018,000 - - - - - - - - - - - - - - - - - - - - - Expenses - Surplus IGA $5,488,061 - - 99,260 104,440 109,673 114,958 200,492 209,477 218,552 227,718 236,975 246,325 255,769 265,307 274,940 284,670 294,496 304,422 314,446 324,571 334,797 345,125 355,556 366,092 Ending Balance $6,382,397 (500,000) 890,979 554,835 798,529 1,054,432 1,322,667 1,523,159 1,732,637 1,951,189 2,178,907 2,415,882 2,662,208 2,917,977 3,183,283 3,458,223 3,742,893 4,037,389 4,341,811 4,656,257 4,980,828 5,315,624 5,660,749 6,016,305 6,382,397 (section ↓ not printed) IGA % of Surplus 0% 0% 30% 30% 30% 30% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% Expense Categories (Named Range Used in formulas) Administrative Infrastructure Private - Not for Profit Private - For Profit Debt Service Other IGA Surplus Surplus Other  TIF 1 & TIF 3 - Central Business District 1/7/2021 Estimated Pay Out Schedule Increment Income Statement Expense Total RDA/TIF Approved Paid to Date Remaining Redevelopment Project Applicable PINS Party (Developer) Year of RDA Created To- Category (pull down options) Commitment Eligible (By Calendar Year) Obligation Date Administrative (Non-Project) NA City of DeKalb Administrative NA $0 $0 $0 Debt Service - TIF 1 City of DeKalb Debt Service 2021 $2,385,800 N/A $1,195,000 $1,190,800 $0 Plaza DeKalb Private - For Profit 2017 $1,900,000 Y $1,900,000 $0 $0 Egyptian Private - Not for Profit 2019 $2,500,000 Y $2,500,000 $0 $0 Agora Tower Private - For Profit 2019 $3,000,000 Y $1,962,583 $1,037,417 $0 AIP - House Café Private - For Profit 2020 $18,011 Y $18,011 $0 $0 AIP - Helens Hair Designs Private - For Profit 2020 $775 Y $775 $0 $0 AIP - DeKalb Area Womens Center Private - For Profit 2019 $3,250 Y $3,250 $0 $0 Hometown Bar & Grill Private - For Profit 2019 $167,616 Y $167,616 $0 $0 206 E Lincoln Hwy - Rosa Balli Private - For Profit 2020 $216,800 Y $68,558 $148,242 $0 260 E. Lincoln Hwy. Private - For Profit 2020 $124,100 Y $124,100 $0 $0 200 S. Fourth Street Private - For Profit 2020 $750,000 Y $0 $750,000 $0 AIP - 121 N. Second Street (Hillside) Private - For Profit 2020 $18,076 Y $0 $18,076 $0 AIP - Brown Law Group Private - For Profit 2019 $25,000 Y $25,000 $0 $0 AIP - Finch 310 Oak Private - For Profit 2020 $9,889 Y $9,889 $0 $0 Lovells Private - For Profit 2018 $148,794 Y $148,794 $0 $0 421 Grove Private - For Profit 2020 $159,920 Y $79,960 $79,960 $0 IL Rte. 38 Downtown City of DeKalb Infrastructure 20XX $1,850,000 Y $0 $1,850,000 $0 Total Project Expenses $10,892,230 $0 $7,008,535 $3,883,695 $0