===== PDF PAGE 1 ===== [Extraction: embedded PDF text] WHERE HISTORY & PROGRESS MEET JOINT REVIEW BOARD MEETING OLIVER SQUARE TAX INCREMENT FINANCE DISTRICT WEDNESDAY, SEPTEMBER 24, 2025 – 1:32 P.M. 475 MAIN STREET, WEST CHICAGO, ILLINOIS COUNCIL CHAMBERS AGENDA 1. Call to Order 2. Roll Call 3. Approval of September 16, 2024 Minutes 4. Review of FY 2024 Annual TIF Report 5. Public Comment 6. Adjournment 475 Main Street T 630.293.2200 Daniel Bovey MAYOR West Chicago, F 630.293.3028 Illinois westchicago.org TiaINTERIMMessinoCITY 60185 ADMINISTRATOR ===== PDF PAGE 2 ===== [Extraction: embedded PDF text] MINUTES JOINT REVIEW BOARD MEETING OLIVER SQUARE TAX INCREMENT FINANCE DISTRICT Monday, September 16, 2024 West Chicago City Hall, Council Chambers 1. Call to Order. Michael Guttman called the meeting to order at 10:39am. 2. Roll Call and Establishment of a Quorum. Roll call found in attendance: Paul Hoss of DuPage County, Dan Oberg of West Chicago School District 94, Gina Radun of West Chicago Park District, Patrick Tanner of West Chicago Fire Protection District, Benjamin Weseloh of West Chicago Public Library District, and Michael Guttman of City of West Chicago. Others in attendance included: Vince Malina of Rite-Way Automotive, Kurt Johansen of West Chicago School District 94, Jeffrey Keefe and Ric Ciszewski of the West Chicago Fire Protection District, Tom Dabareiner and Kelley Chrisse both of City of West Chicago. 3. Approval of September 14, 2023 Minutes. A motion was made by the DuPage County and seconded by West Chicago Library District to approve the minutes from the September 14, 2023 Joint Review Board meeting. The motion was approved unanimously via voice vote. 4. Review of FY 2023 Annual TIF Report. Kelley Chrisse noted the reporting year EAV continues to exceed the base EAV but has remained stagnant. Ms. Chrisse summarized the FY 2023 Annual TIF Report by stating the beginning FY 2023 TIF fund balance was approximately $185,000 and without any activities or expenses, the year end fund balance was nearly $255,000. The expected incentive request for the buildout of the Tropical Smoothie Café was not pursued but the property has been occupied and the business is now open. Ms. Chrisse explained the status of the Mosaic Crossing Shopping Center property not seemingly being on the market again but that outlots are being marketed for development. There is only one vacancy in that portion of the property due to an illness of the business owner. Joint Review Board Meeting Minutes September 16, 2024 Page 1 of 2 ===== PDF PAGE 3 ===== [Extraction: embedded PDF text] The adjacent Old Time Pottery property is still listed for sale and there has been a letter of intent submitted but the property is not yet under contract. The proposed use is for an entertainment user that is exploring a site in Woodridge as well. 5. Public Comment. None. 6. Adjournment. DuPage County made a motion to adjourn, which was seconded by the West Chicago Fire Protection District. The motion carried unanimously via voice vote and the meeting adjourned 10:44am. Joint Review Board Meeting Minutes September 16, 2024 Page 2 of 2 ===== PDF PAGE 4 ===== [Extraction: embedded PDF text] FY 2024 ANNUAL TAX INCREMENT FINANCE REPORT Name of Municipality: City of West Chicago Reporting Fiscal Year: 2024 County: DuPage Fiscal Year End: 12/31/2024 Unit Code: 022/115/30 FY 2024 TIF Administrator Contact Information-Required First Name: Kelley Last Name: Chrisse Address: 475 Main St Title: Business & Community Relations Director Telephone: 630-818-3331 City: West Chicago Zip: 60185 E-mail I attest to the best of my knowledge, that this FY 2024 report of the redevelopment project area(s) West Chicagoin the City/Village of: is complete and accurate pursuant to Tax Increment Allocation Redevelopment Act [65 ILCS 5/11-74.4-3 et. seq.] and or Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.]. 8/22/2025 __________________________________________________________________________ _________________________________ Written signature of TIF Administrator Date Section 1 (65 ILCS 5/11-74.4-5 (d) (1.5) and 65 ILCS 5/11-74.6-22 (d) (1.5)*) FILL OUT ONE FOR EACH TIF DISTICT Date Designated Date Terminated Name of Redevelopment Project Area MM/DD/YYYY MM/DD/YYYY West Chicago Downtown Redevelopment Project Area 5/21/1990 12/31/2021 * West Chicago Oliver Square Redevelopment Project Area 8/2/2004 West Chicago Roosevelt Road/Fabyan Parkway RPA 12/4/2017 West Chicago Downtown TIF District No. 2 RPA 3/7/2022 *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.] ===== PDF PAGE 5 ===== [Extraction: embedded PDF text] SECTION 2 [Sections 2 through 8 must be completed for each redevelopment project area listed in Section 1.] FY 2024 Name of Redevelopment Project Area: West Chicago Oliver Square Redevelopment Project Area Primary Use of Redevelopment Project Area*: Commercial *Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed. If "Combination/Mixed" List Component Types: Under which section of the Illinois Municipal Code was the Redevelopment Project Area designated? (check one): Tax Increment Allocation Redevelopment Act X Industrial Jobs Recovery Law ______ Please utilize the information below to properly label the Attachments. No Yes For redevelopment projects beginning prior to FY 2022, 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 yes, please enclose the amendment (labeled Attachment A). For redevelopment projects beginning in or after FY 2022, were there any amendments, enactments or extensions to the Xredevelopment 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 yes, please enclose the amendment, enactment or extension, and a copy of the redevelopment plan (labeled Attachment A). 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)] X Please enclose the CEO Certification (labeled Attachment B). 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). X Statement setting forth all activities undertaken in furtherance of the objectives of the redevelopment plan, including any project implemented and a description of the redevelopment activities. [65 ILCS 5/11-74.4-5 (d) (7) (A and B) and 5/11-74.6-22 (d) (7) (A Xand B)] If yes, please enclose the Activities Statement (labled Attachment D). 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) X(7) (C)] If yes, please enclose the Agreement(s) (labeled Attachment E). 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)] X If yes, please enclose the Additional Information (labeled Attachment F). 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) X(E)] If yes, please enclose the contract(s) or description of the contract(s) (labeled Attachment G). Were there any reports 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)] X If yes, please enclose the Joint Review Board Report (labeled Attachment H). Were any obligations issued by the municipality? [65 ILCS 5/11-74.4-5 (d) (8) (A) and 5/11-74.6-22 (d) (8) (A)] If yes, please enclose any Official Statement (labeled Attachment I). If Attachment I is answered yes, then the Analysis must X be attached (labeled Attachment J). An analysis prepared by a financial advisor or underwriter, chosen by the municipality, setting forth the nature and term of obligation; projected debt service including required reserves and debt coverage; and actual debt service. [65 ILCS 5/11-74.4-5 (d) (8) (B) and 5/11-74.6-22 (d) (8) (B)] XIf attachment I is yes, the Analysis and an accompanying letter from the municipality outlining the contractual relationship between the municipality and the financial advisor/underwriter MUST be attached (labeled Attachment J). Has a cumulative of $100,000 of TIF revenue been deposited into the special tax allocation fund? 65 ILCS 5/11-74.4-5 (d) (2) and 5/11-74.6-22 (d) (2) X If yes, please enclose audited financial statements of the special tax allocation fund (labeled Attachment K). Cumulatively, have deposits of incremental taxes 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, the audit report shall contain a letter from the independent certified public accountant indicating compliance or X noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (labeled Attachment L). A list of all intergovernmental agreements in effect 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)] XIf yes, please enclose the list only, not actual agreements (labeled Attachment M). For redevelopment projects beginning in or after FY 2022, did the developer identify to the municipality a stated rate of return for each redevelopment project area? Stated rates of return required to be reported shall be independently verified by a third party chosen by the municipality. X If yes, please enclose evidence of third party verification, may be in the form of a letter from the third party (labeled Attachment N). ===== PDF PAGE 6 ===== [Extraction: embedded PDF text] SECTION 3.1 [65 ILCS 5/11-74.4-5 (d)(5)(a)(b)(d)) and (65 ILCS 5/11-74.6-22 (d) (5)(a)(b)(d)] FY 2024 Name of Redevelopment Project Area: West Chicago Oliver Square Redevelopment Project Area Provide an analysis of the special tax allocation fund. Special Tax Allocation Fund Balance at Beginning of Reporting Period $ 254,924 Cumulative Revenue/Cash Totals of Receipts for SOURCE of Revenue/Cash Receipts: Revenue/Cash Current Receipts for life Reporting Year of TIF % of Total Property Tax Increment $ 64,351 $ 673,965 98% State Sales Tax Increment 0% Local Sales Tax Increment 0% State Utility Tax Increment 0% Local Utility Tax Increment 0% Interest $ 2,952 $ 11,822 2% Land/Building Sale Proceeds 0% Bond Proceeds 0% Transfers from Municipal Sources 0% Private Sources 0% Other (identify source _____________; if multiple other sources, attach schedule) 0% All Amount Deposited in Special Tax Allocation Fund $ 67,303 Cumulative Total Revenues/Cash Receipts $ 685,787 100% Total Expenditures/Cash Disbursements (Carried forward from $ - Section 3.2) Transfers to Municipal Sources $ - Distribution of Surplus $ - Total Expenditures/Disbursements $ - Net/Income/Cash Receipts Over/(Under) Cash Disbursements $ 67,303 Previous Year Adjustment (Explain Below) $ - . FUND BALANCE, END OF REPORTING PERIOD* $ 322,227 * If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3 Previous Year Explanation: ===== PDF PAGE 7 ===== [Extraction: embedded PDF text] SECTION 3.2 A [65 ILCS 5/11-74.4-5 (d) (5) (c) and 65 ILCS 5/11-74.6-22 (d) (5)(c)] FY 2024 Name of Redevelopment Project Area: West Chicago Oliver Square Redevelopment Project Area ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND PAGE 1 Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6- 10 (o)] Amounts Reporting Fiscal Year 1. Cost of studies, surveys, development of plans, and specifications. Implementation and administration of the redevelopment plan, staff and professional service cost. $ - 2. Annual administrative cost. $ - 3. Cost of marketing sites. $ - 4. Property assembly cost and site preparation costs. $ - 5. Costs of renovation, rehabilitation, reconstruction, relocation, repair or remodeling of existing public or private building, leasehold improvements, and fixtures within a redevelopment project area. $ - 6. Costs of the constructuion of public works or improvements. $ - ===== PDF PAGE 8 ===== [Extraction: embedded PDF text] SECTION 3.2 A PAGE 2 7. Costs of eliminating or removing contaminants and other impediments. $ - 8. Cost of job training and retraining projects. $ - 9. Financing costs. $ - 10. Capital costs. $ - 11. Cost of reimbursing school districts for their increased costs caused by TIF assisted housing projects. $ - 12. Cost of reimbursing library districts for their increased costs caused by TIF assisted housing projects. $ - ===== PDF PAGE 9 ===== [Extraction: embedded PDF text] SECTION 3.2 A PAGE 3 13. Relocation costs. $ - 14. Payments in lieu of taxes. $ - 15. Costs of job training, retraining, advanced vocational or career education. $ - 16. Interest cost incurred by redeveloper or other nongovernmental persons in connection with a redevelopment project. $ - 17. Cost of day care services. $ - 18. Other. $ - TOTAL ITEMIZED EXPENDITURES $ - ===== PDF PAGE 10 ===== [Extraction: embedded PDF text] Section 3.2 B [Information in the following section is not required by law, but may be helpful in creating fiscal transparency.] FY 2024 Name of Redevelopment Project Area: West Chicago Oliver Square Redevelopment Project Area List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year. Name Service Amount ===== PDF PAGE 11 ===== [Extraction: embedded PDF text] SECTION 3.3 [65 ILCS 5/11-74.4-5 (d) (5d) 65 ILCS 5/11-74.6-22 (d) (5d] FY 2024 Name of Redevelopment Project Area: West Chicago Oliver Square Redevelopment Project Area Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period by source FUND BALANCE BY SOURCE $ 322,227 1. Description of Debt Obligations Amount of Original Issuance Amount Designated Total Amount Designated for Obligations $ - $ - 2. Description of Project Costs to be Paid Amount of Original Issuance Amount Designated Future Incentives $ 350,000 Total Amount Designated for Project Costs $ 350,000 TOTAL AMOUNT DESIGNATED $ 350,000 SURPLUS/(DEFICIT) $ (27,773) ===== PDF PAGE 12 ===== [Extraction: embedded PDF text] SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)] FY 2024 Name of Redevelopment Project Area: West Chicago Oliver Square Redevelopment Project Area Provide a description of all property purchased by the municipality during the reporting fiscal year within the redevelopment project area. Indicate an 'X' if no property was acquired by the municipality within the X redevelopment project area. Property (1): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (2): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (3): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (4): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (5): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (6): Street address: Approximate size or description of property: Purchase price: Seller of property: Property (7): Street address: Approximate size or description of property: Purchase price: Seller of property: ===== PDF PAGE 13 ===== [Extraction: embedded PDF text] SECTION 5 [20 ILCS 620/4.7 (7)(F)] FY 2024 Name of Redevelopment Project Area: West Chicago Oliver Square Redevelopment Project Area PAGE 1 Page 1 MUST be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed. Select ONE of the following by indicating an 'X': 1. NO projects were undertaken by the Municipality Within the Redevelopment Project Area. 2. The municipality DID undertake projects within the Redevelopment Project Area. (If selecting this option, Xcomplete 2a and 2b.) 2a. The total number of ALL activities undertaken in furtherance of the objectives of the redevelopment 3 plan: 2b. Did the municipality undertake any NEW projects in fiscal year 2022 or any fiscal year thereafter within 0 the Redevelopment Project Area? LIST ALL projects undertaken by the Municipality Within the Redevelopment Project Area: Estimated Investment for Total Estimated to TOTAL: 11/1/99 to Date Subsequent Fiscal Year Complete Project Private Investment Undertaken (See Instructions) $ 651,246 $ - $ - Public Investment Undertaken $ 270,480 $ - $ - Ratio of Private/Public Investment 2 11/27 0 Project 1 Name: Oliver Square Anchor Tenants Private Investment Undertaken (See Instructions) $ 300,000 $ - $ - Public Investment Undertaken $ 72,418 $ - $ - Ratio of Private/Public Investment 4 1/7 0 Project 2 Name: Upgraded Shopping Center Signage Private Investment Undertaken (See Instructions) $ 200,000 $ - $ - Public Investment Undertaken $ 140,000 $ - $ - Ratio of Private/Public Investment 1 3/7 0 Project 3 Name: Site Improvements Private Investment Undertaken (See Instructions) $ 151,246 $ - $ - Public Investment Undertaken $ 58,062 $ - $ - Ratio of Private/Public Investment 2 49/81 0 Project 4 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 5 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 6 Name: Private Investment Undertaken (See Instructions) Public Investment Undertaken Ratio of Private/Public Investment 0 0 ===== PDF PAGE 14 ===== [Extraction: embedded PDF text] SECTION 6 [Information requested in SECTION 6.1 is not required by law, but may be helpful in evaluating the performance of TIF in Illinois. SECTIONS 6.2, 6.3, and 6.4 are required by law, if applicable. (65 ILCS 5/11-74.4-5(d))] FY 2024 Name of Redevelopment Project Area: West Chicago Oliver Square Redevelopment Project Area SECTION 6.1-For redevelopment projects beginning before FY 2022, complete the following information about job creation and retention. Job Description and Type Number of Jobs Retained Number of Jobs Created (Temporary or Permanent) Total Salaries Paid $ - SECTION 6.2-For redevelopment projects beginning in or after FY 2022, complete the following information about projected job creation and actual job creation. The number of jobs, if any, created as a result of the development to date, for the reporting period, under the same guidelines and The number of jobs, if any, projected to be created at the assumptions as was used for the projections used at the time of time of approval of the redevelopment agreement. approval of the redevelopment agreement. Project Name Temporary Permanent Temporary Permanent SECTION 6.3-For redevelopment projects beginning in or after FY 2022, complete the following information about increment projected to be created and actual increment created. The amount of increment created as a result of the development to date, for the reporting period, using the same assumptions as was used for The amount of increment projected to be created at the the projections used at the time of the approval of the redevelopment Project Name time of approval of the redevelopment agreement. agreement. SECTION 6.4-For redevelopment projects beginning in or after FY 2022, provide the stated rate of return identified by the developer to the municipality and verified by an independent third party, IF ANY: Project Name Stated Rate of Return ===== PDF PAGE 15 ===== [Extraction: embedded PDF text] SECTION 7 [Information in the following section is not required by law, but may be helpful in evaluating the performance of TIF in Illinois.] FY 2024 Name of Redevelopment Project Area: West Chicago Oliver Square Redevelopment Project Area Provide a general description of the redevelopment project area using only major boundaries. The Oliver Square Redevelopment Project Area is generally located at the northeast corner of IL Route 59 and IL Route 64, east to the Illinois Prairie Path. Optional Documents Enclosed Legal description of redevelopment project area X Map of District X ===== PDF PAGE 16 ===== [Extraction: embedded PDF text] SECTION 8 [Information in the following section is not required by law, but may be helpful in evaluating the performance of TIF in Illinois.] FY 2024 Name of Redevelopment Project Area: West Chicago Oliver Square Redevelopment Project Area Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area. Year of Designation Base EAV Reporting Fiscal Year EAV 2004 $ 3,652,701 $4,326,659 List all overlapping tax districts in the redevelopment project area. If overlapping taxing district received a surplus, list the surplus. X Indicate an 'X' if the overlapping taxing districts did not receive a surplus. Surplus Distributed from redevelopment Overlapping Taxing District project area to overlapping districts DuPage County $ - Forest Preserve District of DuPage County $ - DuPage Airport Authority $ - Wayne Township $ - Wayne Township Road $ - West Chicago Park District $ - West Chicago Fire Protection District $ - West Chicago Library District $ - Grade School District #33 $ - High School District #94 $ - Junior College District #502 $ - $ - $ - ===== PDF PAGE 17 ===== [Extraction: OCR (rendered-page OCR)] ClTY OrF WEST CHICAGO WHERE HISTORY & PROGRESS MEET Attachment B August 12, 2025 Rosanna Barbaro-Flores, Director Office of the State Comptroller Local Government Division James R. Thompson Center 100 West Randolph Street, Suite 15-500 Chicago, IL 60601-3252 Subject: Annual TIF Filing — Oliver Square TIF District Dear Ms. Barbaro-Flores, On behalf of the City of West Chicago, I hereby certify that our community has complied with all the requirements of the Tax Increment Allocation Redevelopment Act, during the fiscal year 2024, for the Oliver Square TIF District. Enclosed herewith are all of the required documentation your office has requested to verify our compliance with the terms of the Act. Please contact our Business & Community Relations Director, Kelley Chrisse, at 630- 818-3331 if you have any questions or require additional information to evaluate our submittal. Thank you. Sincerely, daez | ovey Mayor cc: Tia Messino Kelley Chrisse Daniel Bovey West Chicago, Illinois 60185 F (630) 293-3028 Mayor 475 Main Street T (630) 293-2200 westchicago.org ===== PDF PAGE 18 ===== [Extraction: embedded PDF text] A Professional Corporation Mark R. Heinle 1979 N. Mill Street, Suite 207 mheinle@ancelglink.com Naperville, IL 60563 (P) 331.457.4415 www.ancelglink.com (F) 630.596.4611 ATTACHMENT C August 21, 2025 VIA EMAIL (tmessino@westchicago.org) Ms. Tia Messino Interim City Administrator City of West Chicago 475 Main Street West Chicago, IL 60185 Re: FY 2024 Legal Counsel TIF Compliance Opinion Letter – Roosevelt Road / Fabyan Parkway Redevelopment Project Area Annual TIF Report - 2024 Dear Ms. Messino, We completed our legal review of the City of West Chicago’s (“City”) activities related to the Roosevelt Road / Fabyan Parkway Redevelopment Project Area (“TIF”) for the fiscal year that began on January 1, 2024 and ended on December 31, 2024 (“FY24”), as required by Tax Increment Allocation Redevelopment Act (“Act”) Section 11-74.4-5(d). During the 2024 fiscal year, the City incurred certain eligible expenses in the TIF, including professional services costs. The City has assembled the information required by Act Section 11-74.4-5(d) for the TIF and will distribute the information to the State Comptroller’s Office and the taxing districts that levy taxes against properties located within the TIF. Further, as required by Act Section 11-74.4-5(e), the Joint Review Board will conduct an annual meeting in accordance with the Act to review the City’s audited financial report. Based upon the material we were given to review and to the best of our knowledge, it is our opinion that the City has substantially complied in all material respects with the Act’s requirements during the 2024 fiscal year. Please don’t hesitate to contact me with questions. Sincerely yours, Mark R. Heinle cc: Kelley Chrisse (kchrisse@westchicago.org) CHICAGO ● VERNON HILLS ● NAPERVILLE ● CRYSTAL LAKE ● BLOOMINGTON ● MOLINE ●OAK LAWN ===== PDF PAGE 19 ===== [Extraction: embedded PDF text] ANCEL GLINK August 21, 2025 Page 2 David Silverman (dsilverman@ancelglink.com) Enclosure CHICAGO ● VERNON HILLS ● NAPERVILLE ● CRYSTAL LAKE ● BLOOMINGTON ● MOLINE ●OAK LAWN ===== PDF PAGE 20 ===== [Extraction: OCR (rendered-page OCR)] Attachment K CITY OF WEST CHICAGO, ILLINOIS ANNUAL COMPREHENSIVE FINANCIAL REPORT ee oF | WEST CHICAGO eo ot ne GR Ge) Gee FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024 475 Main Street West Chicago, Illinois 60185 Phone: 630.293.2200 Fax: 630.293.3028 www.westchicago.org ===== PDF PAGE 21 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Nonmajor Governmental Funds Combining Balance Sheet December 31, 2024 Capital Special Revenue Projects TIF TIF Capital Special Tax Special Tax Equipment Allocation #2 Allocation #3 Replacement Totals ASSETS Cash and Investments $ 322,227 148,913 3,866,381 4,337,521 Receivables - Net of Allowances Property Taxes 69,222 33,608 — 102,830 Total Assets 391,449 182,521 3,866,381 4,440,351 LIABILITIES Accounts Payable — — 692,216 692,216 DEFERRED INFLOWS OF RESOURCES Property Taxes 69,222 33,608 — 102,830 Total Liabilities and Deferred Inflows of Resources 69,222 33,608 692,216 795,046 FUND BALANCES Restricted 322,227 148,913 — 471,140 Assigned — — 3,174,165 3,174,165 Total Fund Balances 322,227 148,913 3,174,165 3,645,305 Total Liabilities, Deferred Inflows of Resources, and Fund Balances 391,449 182,521 3,866,381 4,440,351 104 ===== PDF PAGE 22 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Nonmajor Governmental Funds Combining Schedule of Revenues, Expenditures and Changes in Fund Balances For the Fiscal Year Ended December 31, 2024 Capital Special Revenue Projects TIF TIF Capital Special Tax Special Tax Equipment Allocation #2 Allocation #3 Replacement Totals Revenues Taxes $ 64,351 31,555 — 95,906 Charges for Services — — 1,078,500 1,078,500 Investment Income 2,952 138 109,474 112,564 Miscellaneous — — 69 69 Total Revenues 67,303 31,693 1,188,043 1,287,039 Expenditures Capital Outlay — 966 1,229,165 1,230,131 Excess (Deficiency) of Revenues Over (Under) Expenditures 67,303 30,727 (41,122) 56,908 Other Financing Sources Disposal of Capital Assets — — 71,357 71,357 Net Change in Fund Balances 67,303 30,727 30,235 128,265 Fund Balances - Beginning 254,924 118,186 3,143,930 3,517,040 Fund Balances - Ending 322,227 148,913 3,174,165 3,645,305 105 ===== PDF PAGE 23 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS TIF Special Tax Allocation #2 - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2024 Original Final Budget Budget Actual Revenues Taxes Property Tax $ 65,000 65,000 64,351 Investment Income — — 2,952 Total Revenues 65,000 65,000 67,303 Expenditures General Government Contractual Services 2,000 2,000 — Capital Outlay 50,000 50,000 — Total Expenditures 52,000 52,000 — Net Change in Fund Balance 13,000 13,000 67,303 Fund Balance - Beginning 254,924 Fund Balance - Ending 322,227 106 ===== PDF PAGE 24 ===== [Extraction: embedded PDF text] Attachment L INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE June 20, 2025 The Honorable City Mayor Members of the City Council City of West Chicago, Illinois We have examined management’s assertion included in its representation report that the City of West Chicago, Illinois, with respect to the City of West Chicago Oliver Square Redevelopment Project Area Tax Incremental Financing District and the Roosevelt Road/Fabyan Parkway Redevelopment Project Area Tax Incremental Financing District, complied with the requirements of subsection (q) of Section 11-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act (Illinois Public Act 85-1142) during the year ended December 31, 2024. As discussed in that representation report, management is responsible for the City of West Chicago, Illinois’ compliance with those requirements. Our responsibility is to express an opinion on management’s assertion about the City’s compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the City of West Chicago, Illinois’ compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the City of West Chicago, Illinois’ compliance with specified requirements. In our opinion, management’s assertion that the City of West Chicago, Illinois complied with the aforementioned requirements during the year ended December 31, 2024 is fairly stated in all material respects. This report is intended solely for the information and use of the Mayor, City Council, management, and the Illinois Department of Revenue and is not intended to be and should not be used by anyone other than these specified parties. LAUTERBACH & AMEN, LLP ===== PDF PAGE 25 ===== [Extraction: embedded PDF text] Oliver Square TIF District #2 Legal Description THAT PART OF THE SOUTHWEST QUARTER OF SECTION 27 AND PART OF THE SOUTHEAST QUARTER OF SECTION 28, ALL IN TOWNSHIP 40 NORTH, RANGE 9 EAST OF THE THIRD PRINCIPAL MERIDIAN, BOUNDED WESTERLY BY THE EASTERLY RIGHT-OF-WAY LINE OF STATE ROUTE 59; BOUNDED SOUTHERLY BY THE NORTH LINE OF STATE ROUTE 64 (NORTH AVENUE); BOUNDED EASTERLY BY THE SOUTHEASTERLY LINE OF LOT 7 IN THE AMENDED AND RESTATED PLANNED UNIT DEVELOPMENT PLAT OF K MART SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED SEPTEMBER 20, 1990 AS DOCUMENT NUMBER R90-125392; BOUNDED NORTHEASTERLY BY THE SOUTHERLY LINE OF THE ILLINOIS PRAIRIE PATH-ELGIN BRANCH; AND BOUNDED NORTHERLY BY THE NORTH LINE OF SAID AMENDED AND RESTATED PLANNED UNIT DEVELOPMENT PLAT OF K MART SUBDIVISION; ALL IN DUPAGE COUNTY, ILLINOIS. ALSO: ALL THAT PART OF SAID STATE ROUTE 59 LYING WESTERLY OF, AND ADJOINING, THE ABOVE DESCRIBED PARCEL; AND ALSO: ALL THAT PART OF SAID STATE ROUTE 64 (NORTH AVENUE) LYING SOUTH OF, AND ADJOINING, THE ABOVE DESCRIBED PARCEL. ===== PDF PAGE 26 ===== [Extraction: OCR (rendered-page OCR)] IL RTE 59 0128403019 0128403028 ue RTE 64 PARCELS CITY OF WEST CHICAGO BUILDING \ TIF DISTRICT BOUNDARY MAP nrostrcr & Gliversquare_tif.mat 5/2004 4 inch equals 400 feet