Agenda & Packet

The Village of Kenilworth is subject to the requirements of the Americans with Disabilities Act of 1990. Individuals with disabilities who plan to attend this meeting and who require certain accommodations in order to allow them to observe and/or participate in this meeting or who have questions regarding the accessibility of the meeting or the facilities are requested to contact Village Administration at 847-251-1666 promptly to allow the Village to make reasonable accommodations for those persons. Notice of Special Meeting There will be a special meeting of the Joint Review Board for the Green Bay Road Redevelopment Area. The meeting will be held at Village Hall, 419 Richmond Rd. in Kenilworth, IL. The public may attend in person or by utilizing the following link: TEAMS MEETING LINK If you do not have access to a computer, you may attend via telephone: +1 872-242-8055 Meeting ID: 875-679-135# Joint Review Board Green Bay Road Redevelopment Project Area August 27, 2026 at 10:00 a.m. I. Call to Order / Roll Call II. Approval of Minutes – August 19, 2025 III. Review of the 2025 Annual Tax Increment Finance Report IV. Opportunity for Public Comment V. Adjourn Village of 1 Village of 1 2 3 4 5 Joint Review Board 6 Green Bay Road Redevelopment Project Area 7 Kenilworth Village Hall; 419 Richmond Road 8 August 19, 2025, at 11:00 a.m. 9 The meeting was held in-person and via video conference. 10 11 I. Call to Order / Roll Call 12 The meeting was called to order via video conference at 11:00 a.m. by Chairperson Thake. The 13 Roll Call was answered as follows: 14 Cook County Patricia Ruffolo, Absent 15 Joseph Sears School Dist., #38 Nathan McBride, Absent 16 Kenilworth Public Library Anthony Auston, Executive Director, remote 17 Kenilworth Park District Michael Hixenbaugh, Executive Director 18 New Trier School District, #203 Absent 19 New Trier Township Gail Eisenberg 20 Oakton Community College Andy Williams 21 Public Member Kate Dold White, Absent 22 Village of Kenilworth Katarzyna Thake, Chair 23 24 Supporting staff and consultants: 25 Molly Burns, Management Analyst 26 27 Public in Attendance: 28 David Joyce, 534 Wayland Avenue 29 30 31 II. Approval of the Minutes – February 19, 2025 32 Chair Thake directed the Commission’s attention to the meeting packet and draft minutes of the 33 February 19, 2025 meeting. She asked if there were any proposed corrections or modifications. 34 No modification requests were raised, and New Trier Township (Gail Eisenberg) offered a motion 35 to approve the minutes as presented. Kenilworth Public Library (Anthony Auston) offered a second 36 to the motion. A roll call vote was called with no dissenters. Chair Thake declared the motion 37 passed. 38 39 III. Review of the 2024 Annual Tax Increment Finance Report 40 Chair Thake inquired if there were any questions regarding the 2024 Annual Tax Increment Finance 41 Report as provided in advance of the meeting. Chair Thake provided a breakdown of the 42 expenditures totaling $91,304.00, including $75,304 related to Phase 1 of the Green Bay Road 43 Corridor project and $16,000 for tree trimming. Hearing no questions or comments, Chair Thake 44 asked for a motion to approve the report as presented. Kenilworth Park District (Michael 45 2 Village of Kenilworth Joint Review Board 2 August 19, 2025 Hixenbaugh) provided a motion, and Kenilworth Public Library (Anthony Auston) provided the 1 second. A roll call vote was called with no dissenters. Chair Thake declared the motion passed. 2 3 IV. Opportunity for Public Comment 4 Chair Thake opened the floor to questions and comments from the public. Resident David Joyce 5 shared thoughts on necessity of TIF District and how it impacts the school district. 6 7 V. Adjourn 8 There being no further business, Chair Thake opened the floor to a motion to adjourn the meeting 9 and New Trier Township (Gail Eisenberg) offered a motion to adjourn. Kenilworth Park District 10 (Michael Hixenabugh) offered a second to the motion. After a unanimous voice vote, Chair Thake 11 declared the meeting adjourned at 11:08 a.m. 12 13 Respectfully submitted, 14 15 Molly Burns 16 Management Analyst 17 3 First Name: Last Name: Address: Title: Telephone: City: Kenilworth Zip: 60043 E-mail Date *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.] FY 2025 ANNUAL TAX INCREMENT FINANCE REPORT Name of Redevelopment Project Area Date Designated MM/DD/YYYY 419 Richmond Road Village Manager ThakeKatarzyna 847-251-1666 kthake@vok.org 7/15/2019 __________________________________________________________________________ _________________________________ Section 1 (65 ILCS 5/11-74.4-5 (d) (1.5) and 65 ILCS 5/11-74.6-22 (d) (1.5)*) Written signature of TIF Administrator FY 2025 TIF Administrator Contact Information-Required Name of Municipality: County: Village of Kenilworth Cook Unit Code: 016/290/32 Reporting Fiscal Year: Fiscal Year End: 2025 12/31/2025 I attest to the best of my knowledge, that this FY 2025 report of the redevelopment project area(s) 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.]. in the City/Village of: Kenilworth FILL OUT ONE FOR EACH TIF DISTICT Date Terminated MM/DD/YYYY Green Bay Road 4 FY 2025 Primary Use of Redevelopment Project Area*: 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 Industrial Jobs Recovery Law 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 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, enactment or extension, and a copy of the redevelopment plan (Labeled Attachment A). X 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). 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). 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 and B)] If yes, please enclose the Activities Statement (Labled Attachment D). 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 yes, please enclose the Agreement(s) (Labeled Attachment E). 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). 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 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)] If yes, please enclose the Joint Review Board Report (Labeled Attachment H). X 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 be attached (Labeled Attachment J). X 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)] If 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) X 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) If yes, please enclose audited financial statements of the special tax allocation fund (Labeled Attachment K). X Cumulatively, have deposits of incremental taxes revenue equal to or greater than $100,000 been made into the special tax allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)] If yes, the audit report shall contain a letter from the independent certified public accountant indicating compliance or noncompliance with the requirements of subsection (q) of Section 11-74.4-3 (Labeled Attachment L) X A list of all intergovernmental agreements in effect to which the municipality is a part, and an accounting of any money transferred or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d) (10)] If yes, please enclose the list only, not actual agreements (Labeled Attachment M). X For redevelopment projects beginning in or after FY 2022, did the developer identify to the municipality a stated rate of return for each redevelopment project area? Stated rates of return required to be reported shall be independently verified by a third party chosen by the municipality. If yes, please enclose evidence of third party verification, may be in the form of a letter from the third party (Labeled Attachment N). X Letter from the Mayor/Village President designating the municipality's TIF Administrator. Must include the phone number and email address of the designated party (Labeled Attachment O.) X SECTION 2 [Sections 2 through 8 must be completed for each redevelopment project area listed in Section 1.] Please utilize the information below to properly label the Attachments. X ______ *Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed. Central Business District Green Bay Road Name of Redevelopment Project Area: 5 FY 2025 Special Tax Allocation Fund Balance at Beginning of Reporting Period 1,711,138$ SOURCE of Revenue/Cash Receipts: Revenue/Cash Receipts for Current Reporting Year Cumulative Totals of Revenue/Cash Receipts for life of TIF % of Total Property Tax Increment 346,538$ 1,284,811$ 57% State Sales Tax Increment 0% Local Sales Tax Increment 0% State Utility Tax Increment 0% Local Utility Tax Increment 0% Interest 73,813$ 155,557$ 7% Land/Building Sale Proceeds 0% Bond Proceeds 0% Transfers from Municipal Sources 800,000$ 36% Private Sources 0% Other (identify source _____________; if multiple other sources, attach schedule) 0% All Amount Deposited in Special Tax Allocation Fund 420,351$ Cumulative Total Revenues/Cash Receipts 2,240,368$ 100% Total Expenditures/Cash Disbursements (Carried forward from Section 3.2) 75,116$ Transfers to Municipal Sources Distribution of Surplus Total Expenditures/Disbursements 75,116$ Net/Income/Cash Receipts Over/(Under) Cash Disbursements 345,235$ Previous Year Adjustment (Explain Below) . FUND BALANCE, END OF REPORTING PERIOD* 2,056,373$ * If there is a positive fund balance at the end of the reporting period, you must complete Section 3.3 Previous Year Explanation: 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)] Provide an analysis of the special tax allocation fund. Green Bay Road Name of Redevelopment Project Area: 6 FY 2025 Name of Redevelopment Project Area: Amounts Reporting Fiscal Year $ 1,659 $ 832 $ 58,954 61,445$ -$ -$ -$ $ 13,671 13,671$ -$ 1. Cost of studies, surveys, development of plans, and specifications. Implementation and administration of the redevelopment plan, staff and professional service cost. 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)] Category of Permissible Redevelopment Cost [65 ILCS 5/11-74.4-3 (q) and 65 ILCS 5/11-74.6- 10 (o)] PAGE 1 ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND Green Bay Road Professional Services - Planning Professional Services - Legal Professional Services - Design Engineering 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. 2. Annual administrative cost. 3. Cost of marketing sites. Street Improvements 7 -$ -$ -$ -$ -$ -$ 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. 10. Capital costs. 7. Costs of eliminating or removing contaminants and other impediments. 8. Cost of job training and retraining projects. 9. Financing costs. PAGE 2 SECTION 3.2 A 8 -$ -$ -$ -$ -$ -$ 75,116$ TOTAL ITEMIZED EXPENDITURES 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. SECTION 3.2 A PAGE 3 18. Other. 17. Cost of day care services. 9 FY 2025 Name Service Amount Ciorba Group Inc Design Engineering 58,953.75$ List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year. Section 3.2 B [Information in the following section is not required by law, but may be helpful in creating fiscal transparency.] Green Bay Road Name of Redevelopment Project Area: 10 FY 2025 FUND BALANCE BY SOURCE 2,056,373$ 1. Description of Debt Obligations Amount of Original Issuance Amount Designated Loan Repayment to Municipal Sources 800,000$ 800,000$ Total Amount Designated for Obligations 800,000$ 800,000$ 2. Description of Project Costs to be Paid Amount of Original Issuance Amount Designated Future Redevelopment Project Costs - Infrastructure Improvements 3,042,000$ Future Redevelopment Project Costs - Façade Improv. Grants 720,000$ Future Redevelopment Project Costs - Specific Site Improvements 900,000$ Future Redevelopment Project Costs - Engineering Costs Specific Site 13,000$ Total Amount Designated for Project Costs 4,675,000$ TOTAL AMOUNT DESIGNATED 5,475,000$ SURPLUS/(DEFICIT) (3,418,627)$ SECTION 3.3 [65 ILCS 5/11-74.4-5 (d) (5d) 65 ILCS 5/11-74.6-22 (d) (5d] Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period by source Green Bay Road Name of Redevelopment Project Area: 11 FY 2025 X Indicate an 'X' if no property was acquired by the municipality within the 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: Provide a description of all property purchased by the municipality during the reporting fiscal year within the redevelopment project area. SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6) and 65 ILCS 5/11-74.6-22 (d) (6)] Green Bay Road Name of Redevelopment Project Area: 12 X 3 0 TOTAL: 11/1/99 to Date Estimated Investment for Subsequent Fiscal Year Total Estimated to Complete Project Private Investment Undertaken (See Instructions) -$ -$ -$ Public Investment Undertaken 1,328,125$ -$ -$ Ratio of Private/Public Investment 0 0 FY22 Dvmt. Feasability Planning Service Private Investment Undertaken (See Instructions) Public Investment Undertaken 6,125$ Ratio of Private/Public Investment 0 0 604 Green Bay Rd Purchase Sale Private Investment Undertaken (See Instructions) Public Investment Undertaken 872,000$ Ratio of Private/Public Investment 0 0 Façade Grant Program Private Investment Undertaken (See Instructions) Public Investment Undertaken 450,000$ Ratio of Private/Public Investment 0 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 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, complete 2a and 2b.) 2a. The total number of ALL activities undertaken in furtherance of the objectives of the redevelopment plan: LIST ALL projects undertaken by the Municipality Within the Redevelopment Project Area: 2b. The NUMBER of new projects undertaken in fiscal year 2022 or any fiscal year thereafter, within the Redevelopment Project Area. Select ONE of the following by indicating an 'X': SECTION 5 [20 ILCS 620/4.7 (7)(F)] PAGE 1 FY 2025 Green Bay Road Name of Redevelopment Project Area: Page 1 MUST be included with TIF report. Pages 2 and 3 are to be included ONLY if projects are listed. 13 FY 2025 Number of Jobs Retained Number of Jobs Created Job Description and Type (Temporary or Permanent) Total Salaries Paid -$ Stated Rate of Return The amount of increment projected to be created at the time of approval of the redevelopment agreement. 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. Project Name The amount of increment created as a result of the development to date, using the same assumptions as was used for the projections used at the time of the approval of the redevelopment agreement. 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))] The number of jobs, if any, created as a result of the development to date, under the same guidelines and assumptions as was used for the projections used at the time of approval of the redevelopment agreement. SECTION 6.2-For redevelopment projects beginning in or after FY 2022, complete the following information about projected job creation and actual job creation. SECTION 6.1-For redevelopment projects beginning before FY 2022, complete the following information about job creation and retention. Name of Redevelopment Project Area: Green Bay Road The number of jobs, if any, projected to be created at the time of approval of the redevelopment agreement. Project Name 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 14 FY 2025 Enclosed Map of District Legal description of redevelopment project area Optional Documents Provide a general description of the redevelopment project area using only major boundaries. Green Bay Road Name of Redevelopment Project Area: SECTION 7 [Information in the following section is not required by law, but may be helpful in evaluating the performance of TIF in Illinois.] The Green Bay Road TIF District is generally location along Green Bay Road, from the northern shared boundary with Winnetka, south to Kenilworth Avenue, including some area east of the Union Pacific Railroad tracks. 15 FY 2025 Base EAV 11,406,976$ X Indicate an 'X' if the overlapping taxing districts did not receive a surplus. Overlapping Taxing District Surplus Distributed from redevelopment Provide the base EAV (at the time of designation) and the EAV for the year reported for the redevelopment project area. List all overlapping tax districts in the redevelopment project area. If overlapping taxing district received a surplus, list the surplus. -$ -$ -$ -$ SECTION 8 [Information in the following section is not required by law, but may be helpful in evaluating the performance of TIF in Illinois.] Green Bay Road Name of Redevelopment Project Area: Year of Designation 2019 Reporting Fiscal Year EAV 15,342,780 -$ -$ -$ -$ -$ -$ -$ -$ -$ 16 June9,2026 IllinoisStateComptroller 100WestRandolphSt Suite15-500 Chicago,IL60601-3252 DearMs.Mendoza: ThisletterwillconfirmthatIamthedulyelectedPresidentoftheVillageofKenilworthandtheChief ExecutiveOfficer.IhavereviewedtheinformationprovidedbytheVillageManagerandourannual auditasitrelatedtotheKenilworthGreenBayRoadRedevelopmentProjectArea.Pursuanttothe IllinoisTaxIncrementAllocationRedevelopmentAct,Iamcertifyingthattothebestofmy knowledge,theVillagehasconformedsubstantiallytoalloftheapplicablereportingrequirementsof theActforthefiscalyearendedDecember31,2025. Sincerely, CecilyKaz VillagePresident c:KathyM.Thake,VillageManager 49Fichmar,dRoad,Ke,,dv.’orth,IIIiroi60043•TeIephoe:847-251l6& Attachments 17 A Professional Corporation 140 South Dearborn Street, Suite 600 Chicago, IL 60603 www.ancelglink.com Gregory W. Jones gjones@ancelglink.com (P) 312.604.9195 (F) 312.782.0943 CHICAGO ● VERNON HILLS ● NAPERVILLE ● CRYSTAL LAKE ● BLOOMINGTON ● MOLINE June 15, 2026 Via: Electronic Mail (kthake@vok.org) Kathy M. Thake Village Manager Village of Kenilworth 419 Richmond Road Kenilworth, Illinois 60043 Re: FY 2025 Legal Counsel TIF Compliance Opinion Letter – Green Bay Road Redevelopment Project Area Dear Kathy, We completed our legal review of the Village of Kenilworth’s (“ Village”) activities related to the Green Bay Road Redevelopment Project Area (“ TIF District ”) for the fiscal year ending December 31, 2025, as required by Section 11-74.4-5(d) of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-5(d) (“ Act”). The Village has assembled the required information under Act Section 11-74.4-5(d) for the TIF District and will distribute the information to the Illinois Comptroller’s Office and the taxing districts that levy taxes against properties located within the TIF District. 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 TIF District’s status. Based upon the material we were given to review and to the best of our knowledge, it is our opinion that the Village has substantially complied in all material respects with the Act’s requirements during the 2025 fiscal year. Please don’t hesitate to contact me with questions. Sincerely, Gregory W. Jones 18 ORDINANCENO.1381 ANORDINANCEAPPROVINGATHIRDAMENDMENTTOTHEPURCHASEANDSALE AGREEMENTWITHJOHNMICHAELANDDANIELMICHAELREGARDINGTHE PROPERTYLOCATEDAT604GREENBAYROAD PassedbytheBoardofTrusteesthis18thdayofFebruary,2025 Printedandpublishedinpamphletformby authorityofthePresidentandBoardofTrusteesthis18thdayofFebruary,2025 VILLAGEOFKENILWORTH,ILLINOIS 1 19 VILLAGEOFKENILWORTH ORDINANCENO.1381 ANORDINANCEAPPROVINGATHIRDAMENDMENTTOTHEPURCHASEANDSALE AGREEMENTWITHJOHNMICHAELANDDANIELMICHAELREGARDINGTHE PROPERTYLOCATEDAT604GREENBAYROAD WHEREAS,theVillageofKenilworth(“Village”)isanIllinoismunicipalcorporation organizedandoperatinginaccordancewiththeStateofIllinoisConstitutionandtheIllinois MunicipalCode65ILCS5/1,etseq.)(“Code”);and WHEREAS,onMarch18,2024,theVillagepassedOrdinanceNo.1354approvinga PurchaseandSaleAgreement(asamended,“Agreement”)withJohnMichaelandDaniel Michael(collectively,“Michael”)tofacilitatethesaletoMichaeloftheVillage-ownedproperty commonlyknownas604GreenBayRoad(“Property”);and WHEREAS,onMay20,2024,theVillagepassedOrdinanceNo.1357approvingtheFirst AmendmenttotheAgreementtoextendperformancedeadlinesandmakerelatedmodifications totheAgreement;and WHEREAS,onSeptember16,2024,theVillagepassedOrdinanceNo.1363approving theSecondAmendmenttotheAgreementtoprovideadditionaltimetocompleteasoil compactiontest;and WHEREAS,thePropertyislocatedintheGreenBayRoadRedevelopmentProjectArea (“TIFDistrict”);and WHEREAS,theCode(65ILCS5/11-74.4-4(b),(c))authorizestheVillagetomakeand enterintoallcontractsthatarenecessaryorincidentaltoimplementandfurthertheVillage’s redevelopmentplanfortheTIFDistrict,allinthemannerandatthepricetheVillagedeems reasonablynecessary;and WHEREAS,theCode(65ILCS5/11-74.4-4(b),(c))andotherapplicablelawauthorizethe VillagetoconveytitletothePropertysubjecttotheVillage’sfutureapprovalofaredevelopment agreement;and WHEREAS,MichaelproposestoamendtheAgreementtoprovideadditionaltimeto pursuezoningentitlementapproval;and WHEREAS,theVillage’sCorporateAuthoritiesfindthatitisintheVillage’sbestinterests toapprovetheThirdAmendmenttothePurchaseandSaleAgreementattachedasExhibit1 (“ThirdAmendment”),thatdoingsowillpromotethepublichealth,safety,morals,andwelfare, andthatdoingsowillfurthertheVillage’sredevelopmentplanfortheTIFDistrict; NOW,THEREFORE,BEITORDAINEDbythePresidentandBoardofTrusteesofthe VillageofKenilworth,CookCounty,Illinois,asfollows: SECTION1.RecitalsandExhibits.Theforegoingrecitalsandallexhibitsattachedto thisOrdinanceareincorporatedasthoughfullysetforthinthisSection1. 2 20 SECTION2.AmendmentApproved.TheThirdAmendmentattachedasExhibit1is herebyapproved,subjecttoVillageAttorneyreview.TheVillageManagerisauthorizedand directedtoexecutetheThirdAmendmentontheVillage’sbehalfandtotakeallactionsnecessary toimplementtheThirdAmendment’sterms. SECTION3.Repeal.Allordinances,resolutions,orpartsthereofinconflictwiththis Ordinanceareherebyrepealedtotheextentofanysuchconflict. SECTION4.Saving.AnysectionorprovisionofthisOrdinancethatisconstruedtobe invalidorvoidshallnotaffecttheremainingsectionsorprovisionofthisOrdinance,whichshall remaininfullforceandeffect. SECTION5.EffectiveDate.ThisOrdinanceshallbeinfullforceandeffectuponits passageandapprovalasprovidedbylaw. Passedthis18thdayofFebruary,2025. AYES:Ransford,Ottsen,Hannus,Kelly NAYS:None ABSENT:Gottschall,Lojkovic ABSTAIN:None Approvedthis18thdayofFebruary,2025. CecKaz C) VillagePtesident ATTEST: MichaelGagn VillageClerk 3 21 Exhibit1 ThirdAmendmenttoPurchaseandSaleAgreement [Attached] 4851-0538-2008,V.I 4 22 DocusignEnvelopeID:C3B3C2C3-482B-46B1-A2F7-8FC71AC1DA2B THIRDAMENDMENTTOPURCHASEANDSALEAGREEMENT THISTHIRDAMENDMENTTOPURCHASEANDSALEAGREEMENT(“Third Amendment”)ismadeandenteredintothisi€dayofFebruary,2025(“ThirdAmendment EffectiveDate”)byandbetweenVillageofKenilworth,anIllinoismunicipalcorporation (“Village”or“Seller”),andDanielMichaelandJohnMichaelortheirassignee,(“Purchaser”) (collectively,theVillage/SellerandPurchaserarethe“Parties”and,sometimes,individually,a “Party”). RECITALS A.OnoraboutMarch18,2024,theVillageapprovedOrdinanceNo.1354authorizing approvalofthePurchaseandSaleAgreementbetweentheVillageandthePurchaserdatedApril 5,2024(asamended,“Agreement”)concerningthePropertycommonlyknownas604GreenBay Road,Kenilworth,Illinois(“Property”). B.OnoraboutMay20,2024,theVillagepassedOrdinanceNo.1357approvingthe FirstAmendmenttotheAgreementtoextendperformancedeadlines,waivecertaincontingencies, andmodifydetailsconcerningtheProperty’sfuturedevelopment. C.OnoraboutSeptember16,2024,theVillagepassedOrdinanceNo.1363approving theSecondAmendmenttotheAgreementtoallowadditionaltimeforthePurchasertocomplete asoilcompactiontest. D.ThePartiescompletedadditionaldiligenceconcerningthePropertyanddetermined that(i)thedropshaftchambercurrentlylocatedunderthePropertywillbeabandonedinplaceand (ii)thePartieswillmeetandconferaboutallocatingcostincreasesassociatedwiththeSewer Work. E.ThePurchasernowseekstofurtheramendtheAgreementtosecureadditionaltime topursuezoningentitlementapproval,andtheSellerisamendabletoamendingtheAgreementin accordancewiththisThirdAmendment. NOW,THEREFORE,inconsiderationofthepromises,covenantsandagreements hereinaftercontainedandexpressed,andforothergoodandvaluableconsideration,thereceipt andsufficiencybeingherebyacknowledged,thePartiesagreeasfollows: 1.RecitalsIncorporated.Theforegoingrecitalsareincorporatedasthoughfullyset forthinthisSection1. 2.CapitalizedTermsConflict.Anycapitalizedtermusedhereinbutnotdefined herein,shallhavethemeaninggiventosuchtermintheAgreement.Intheeventofanyconflict 1 23 DocusignEnvelopeID:C3B3C2C3-482B-46B1-A2F7-8FC71AC1DA2B betweenthetermsandconditionshereofandthosesetforthintheAgreement,thetermsand conditionsofthisThirdAmendmentshallcontrol. 3.InitialPermittingandEntitlementPeriodAmended.AgreementSection5(e)is amendedtoprovidethattheInitialPermittingandEntitlementPeriodwillexpireat5p.m.CSTon April22,2025.Fortheavoidanceofdoubt,PurchasershallnotberequiredtopaytheSecond InstallmentoranyExtensionPaymentinexchangeforthisextension. 4.BindingEffect.ThisThirdAmendmentshallbebindinguponandinuretothe benefitofthesuccessorsandpermittedassignsofSellerandthePurchaser. 5.OneAgreement.TheAgreement,FirstAmendment,SecondAmendment,and ThirdAmendmentshallbeconstruedasoneinstrument.Thetennsandprovisionsofthe AgreementnotspecificallymodifiedbythisThirdAmendmentshallremaininfullforceandeffect andshallnotbeconstruedtohavebeenmodified,waived,discharged,orotherwisealteredbythis ThirdAmendment.ThetermsandprovisionsoftheAgreementareincorporatedhereinby referenceasiffullystatedherein. 6.Amendment.ThetermsandconditionsoftheThirdAmendmentmaynotbe modified,amended,altered,orotherwiseaffectedexceptbyinstrumentinwritingexecutedbythe Parties. 7.FinalForm.ThisThirdAmendmentrepresentsthefinalagreementbetweenthe Partiesandmaynotbecontradictedbyevidenceofprior,contemporaneous,orsubsequentoral agreementsbetweentheParties.TherearenounwrittenoralagreementsbetweentheParties. 8.Severability.IfanytermorprovisionofthisThirdAmendment,orthe applicationthereoftoanypersonorcircumstanceshalltoanyextentbeinvalidorunenforceable, theremainderofthisThirdAmendment,ortheapplicationofsuchprovisiontopersonsor circumstancesotherthanthoseastowhichitisinvalidorunenforceable,shallnotbeaffected thereby.EachprovisionofthisThirdAmendmentshallbevalidandshallbeenforceabletothe extentpermittedbylaw. 9.Authority.EachPartyrepresentsandwarrantstotheotherthatithastherequisite authoritytoenterintothisThirdAmendment,andeachpartyshall,uponrequest,provide evidenceofsuchauthorityacceptabletotheotheratthetimeofexecutionofthisThird Amendment. 10.CounterpartsandElectronicSignatures.Itisherebyagreedthatelectronicand photocopiesofsignaturesshallbedeemedanoriginalandshallbebindingonthisThird Amendment.ThisThidAmendmentmaybesignedandcountersignedatdifferenttimesandall countersignaturesshallbebindingandoffullforceandeffect. iNWITNESSWHEREOF,thePartiesheretohaveexecutedthisThirdAmendmentasof 2 24 DocusignEnvelopeID:C3B3C2C3-482B-46B1-A2F7-8FC71AC1DA2B thedayandyearsetforthbelow. PURCHASER: JohnMichael DocuSignedby: F5FD45C7F63F4B8 Date:2/12/2025 DanielMichael 1—DocuSignedby: DB885C6B5CE14C4 2/12/2025Date: SELLER: VillageofKenilworth, anIllinoismunicipalcorporation ¼LJ,K/a,4 CecilyKaz,VilIahePresident—” Date: Attest MichaelGagnon,Vii 3 25 ASSETS Cash and investments 1,886,342$ Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 173,802 Total assets 2,060,144 DEFERRED OUTFLOWS OF RESOURCES None - TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 2,060,144$ LIABILITIES Accounts payable 3,771$ Total liabilities 3,771 DEFERRED INFLOWS OF RESOURCES None - Total liabilities and deferred inflows of resources 3,771 FUND BALANCE Restricted for economic development 2,056,373 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCE 2,060,144$ OF RESOURCES AND FUND BALANCE ASSETS AND DEFERRED OUTFLOWS OF RESOURCES December 31, 2025 VILLAGE OF KENILWORTH, ILLINOIS BALANCE SHEET GREEN BAY ROAD TIF FUND LIABILITIES, DEFERRED INFLOWS (See independent auditor's report.) - 3 - ATTACHMENT K 26 VILLAGE OF KENILWORTH, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE GREEN BAY ROAD TIF FUND REVENUES Taxes Incremental property taxes 346,538$ Investment income 73,813 Total revenues 420,351 EXPENDITURES Current Economic development 61,445 Capital outlay 13,671 Total expenditures 75,116 NET CHANGE IN FUND BALANCE 345,235 FUND BALANCE, JANUARY 1 1,711,138 FUND BALANCE, DECEMBER 31 2,056,373$ For the Year Ended December 31, 2025 (See independent auditor's report.) - 4 - 27 1415 West Diehl Road, Suite 400 Naperville, IL 60563 +1 (630) 566-8400 sikich.com Certified Public Accountants & Advisors Members of American Institute of Certified Public Accountants INDEPENDENT ACCOUNTANT’S REPORT The Honorable President Members of the Board of Trustees Village of Kenilworth We have examined management ’s assertion that the Village of Kenilworth , Illinois (the Village), complied with the provisions 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, 2025. Management is responsible for the Village’s assertion. Our responsibility is to express an opinion on management’s assertion about the Village’s compliance with the specific requirements based on our examination. Our examination was made in accordance with the standards established by the American Institute of Public Accountants . Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management’s assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about whether management’s assertion is fairly stated, in all material respects. The nature, timing and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management’s assertion, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to pr ovide a reasonable basis for our opinion. We are required to be independent and meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement. Our examination does not provide a legal determination on the Village’s compliance with the specified requirements. In our opinion, management’s assertion that the Village of Kenilworth , Illinois, complied with the aforementioned requirements for the year ended December 31, 2025, is fairly stated in all material respects. This report is intended solely for the information and use of the Village Board, management and the Illinois Department of Revenue , Illinois State Comptroller’s office and the Joint Review Board and should not be used by anyone other than these specified parties. Naperville, Illinois June 23, 2026 - 2 - ATTACHMENT L 28 June 18, 2026 Ms. Nancy Gomez Illinois State Comptroller 100 West Randolph St Suite 15-500 Chicago, IL 60601-3252 RE: Kenilworth TIF Administrator Dear Ms. Gomez: This letter will confirm that I am the duly elected President of the Village of Kenilworth and the Chief Executive Officer. I am informing the Illinois Stat e Comptroller’s Office that the Village of Kenilworth’s TIF Administrator is Village Manager Katarzyna Thake. Contact Information Katarzyna Thake Village Manager Village of Kenilworth 419 Richmond Road, Kenilworth IL 60043 847-251-1666 kthake@vok.org Thank you for your assistance with this matter. Sincerely, Cecily Kaz Village President cc: Village Manager Katarzyna Thake 29