1 year ago


The Lake Forest Leader 021617

6 | February 16, 2017 |

6 | February 16, 2017 | The lake forest leader news Lake Forest City Council City reevaluates investment policy from 2004 Todd Marver Freelance Reporter The Lake Forest City Council unanimously approved the City’s revised investment policy from 2004 at its Monday, Feb. 6 meeting. Since 2004 the state statute and investment market conditions have changed, prompting the finance department staff to conduct a comprehensive review and revision of the City’s investment policy. The finance department was supported in this effort by Public Funds Consulting, LLC, a consultant specializing in assisting public agencies in drafting investment policies and procedures, as well as managing their investment portfolios. “Realizing that interest rates are going to rise, we realized there was an opportunity to put a foundation in place and revise the investment policy,” Finance Director Elizabeth Holleb said. “And as investment rates rise, we’ll begin to invest in other opportunities and perhaps capitalize on that and increase investment income for the City and provide some additional revenue in the City’s budget with those rising interest rates.” The investment program is to be operated in conformance with federal, state and other legal requirements. The scope of the 2004 policy includes all funds except police and fire pension, and cemetery commission. The new policy will include all funds except Foreign Fire Insurance Board, Deerpath Golf Course, Library, police and fire pension, cemetery commission. The scope includes library funds managed and invested by the City. The general objectives of the policy in priority order are safety, liquidity and return. The City will select a primary depository per the request for proposal process every five years, and approved by the City Council. Additionally, a list will be maintained of approved depositories. The City Voting Open February 2-28 Vote: may deposit funds in any financial institution under FDIC coverage amount. A list will be maintained of approved security brokers and dealers by conducting a process of due diligence and approved by the City Council. “With interest rates for an extended period of time as low as they have been, and a very good relationship with the City’s primary depository bank, Lake Forest Bank and Trust, most of the City’s funds have just been on deposit at the bank,” Holleb said. “We have a very good interest rate there, and really there’s been no need to invest in other investment vehicles because the rate has been so low in many other investment options.” The City may engage services of investment advisers. They must be registered under the Investment Advisers Act of 1940 or with the appropriate banking regulators of a bank subsidiary. Authorized investments are those defined by Illinois statutes. The finance director is responsible for establishing and maintaining an internal control structure designed to ensure assets are protected from loss, theft or misuse. Internal controls are documented in an investment procedures manual reviewed and updated periodically by the finance director. Core funds, comprised of reserve and other funds with longer-term investment horizons, may be invested in securities exceeding two years, if the maturity of such investments are made to coincide as nearly as practicable with the expected use of funds. The portfolio should consist largely of securities with active secondary or resale markets. The City will maintain investment accounts with financial institutions located within the City whenever possible. An investment report is to be provided at least quarterly. The policy will be reviewed annually and amendments are to be approved by the City Council. If no modifications are made, the investment policy will be annotated to include the date of review. “The City has faced budgetary challenges and will continue to face them,” Holleb said. “We continue to look on both sides of the ledger, revenues and expenditures for ways to address those challenges. This evening’s item (investment policy) is one example of that.” We want to know your favorite local businesses! Tell us your favorites in categories such as: Beauty ★ Health ★ Dining ★ Education & Camps ★ Fitness & Recreation Pets ★ Services ★ Shopping ★ Vehicles Honor your favorite local businesses by voting for them in the North Shore Choice Awards presented by 22nd Century Media. Look for the ballot in the center of this newspaper or vote online at starting Feb. 2. Complete at least 50 categories and be eligible for 22nd Century Media’s Southwest Choice Awards prize—one three-night trip for two (2) adults to Riu Caribe in Cancun, Mexico, courtesy of Apple Vacations. THE LAKE FOREST LEADER THE GLENCOE ANCHOR THE GLENVIEW LATERN THE WINNETKA BEACON THE NORTHBROOK TOWER TJHE WILMETTE BEACIN THE HIGHLAND PARK LANDMARK THE WINNETKA CURRENT Winnetka stormwater improvement project plans in limbo Following months at the drawing board with Strand Associates and the Cook County Forest Preserve, the Winnetka Village Council explained that they still do not have an action plan for the stormwater management and improvement project facing western and southwestern Winnetka. Trustee Chris Rintz, who led the discussion at the Village’s Feb. 7 meeting, stressed that although the team has not reached a consensus, it eliminated a handful of drafts that would not meet the community’s needs. “I really think we’re on a track now to a project that will be supported by all of the factions in the community, at least I think from an overall philosophical perspective,” Rintz said. “Obviously, there’s money involved and the design still has to be vetted, but I think if we could conceptually all get to the place where we don’t have to adversely impact Crow Island Woods, we don’t have to adversely impact New Trier’s sports fields to a great extent.” Strand’s initial plan, presented in early 2016, targeted Cook County’s Hibbard Road Preserve, Duke Childs Field and Crow Island Woods Park as potential water storage locations. However, the project was met with strong opposition by Winnetka residents and was later dismissed by the Village. Still, Strand and the Village Council are hopeful they can use Duke Childs Field for underground water storage in their next recommendation. Reporting by Lauren Kiggins, Freelance Reporter. Full story at Please see NFYN, 7 news the lake forest leader | February 16, 2017 | 7 Lake Forest Plan Commission T-Mobile looks to add tower in LF Igor Studenkov Freelance Reporter T-Mobile is looking to build a new cellphone tower in an area that doesn’t currently allow any. The Lake Forest Plan Commission reviewed proposed changes to the City’s regulation on cellphone towers, which were suggested by the Wireless Communications Ad Hoc Task Force at its meeting on Wednesday, Feb. 8. The changes were mainly aimed at clearing up the existing regulations and putting more emphasis on ensuring that any new structures would fit with the surrounding community as much as possible. While the commission had some suggestions for the proposal, they approved most of it as is. Richard Riley, head of Wireless & Broadcasting Citing Advisors LLC consulting company, asked the commission what legal steps he would need to take to put up a new tower for his client, T-Mobile. The company is looking to fill a hole in its Lake Forest coverage by putting a tower at the intersection of Waukegan and Everett roads. The changes were part of the Plan Commission’s ongoing effort to review every part of the Lake Forest zoning code. Catherine Czerniak, the City’s director of community development, explained while this part of the code was relatively recent, many zoning regulations haven’t been updated in decades. Most of the proposed changes were designed to clean up procedures and clear up aspects of the law that the ad hoc task force thought was ambiguous. It proposed expanding the “purpose” section, adding provisions specifying that, when making decisions about the towers, the City should consider whether this would encourage high-quality service, as well as whether it would have any adverse impact on the community. That includes “protecting health, safety and welfare of the community, and protecting and preserving community character and property values.” The task force also revised and expanded official definitions, to clarify what it saw as ambiguous terminology, while updating some technological terms. They proposed adding language clarifying that all of the current towers and antennas wouldn’t be subject to the new regulations, as long as they’re regularly maintained. The approval process language went through some changes as well, specifying that maintaining the structure only requires a building permit, while building a new structure in the overlay district – an area where the antennas and towers are allowed – requires a Special Use permit. Creating a new overlay district would require an amendment to Lake Forest municipal code, as well as a Special Use permit and a building permit. And, when considering whether to grant the amendment request, the City would look at whether it minimizes adverse impact on property values and the community’s visual character. The regulations would encourage mobile providers to look for sites that provide benefits for public agencies and community institutions. The task force suggested cleaning up the criteria section, getting more specific about what standards the City would use when considering building permits, special use permits and amendments. Most notably, if a company wants to build a new tower, it has to show that co-locating on the existing structure isn’t feasible. It would also clarify the language regarding what documents the applicants should submit. Finally, the task force suggested adding language that would require the owner of the structure or the property owner to notify the City if the structure has been abandoned. It also requires to owners to maintain the structures, and make the structures available for City inspections. The changes the commissioners suggested were slight. Timothy Henry suggested notifying owners of towers and antennas of their obligations under the code. Commissioner Guy Berg suggested the mobile providers should be required to provide coverage maps for the areas around Lake Forest, so that the City has a better context. Riley told the commission that his client, T-Mobile, was looking to build a tower at the intersection of Waukegan and Everett roads because it has a gap in coverage in the surrounding area. “It has to be centrally located [relative] to the existing sites in order to complete the network,” Riley said. The intersection isn’t in any overlay zone, so Riley came to the meeting to find out how he and his client should go about putting one in place. He emphasized that he understood the concerns about appearances, sharing possible tower designs that are designed to be less towerlike, such as a clock tower. Czerniak said that T- Mobile would be welcome to apply for the amendment and the Special Use permit at the same time. Berg said that, when granting amendments, the City should look at more than just T-Mobile’s needs. Instead, the City would look at the needs of all carriers, and create an overlay district based on that. Riley wasn’t comfortable with making two applications at the same time, he would rather have an overlay zone in place first. “We try to follow zoning code whatever we can,” he said. “I really believe defining the overlay district ahead of time is a way to go.” “I would suggest [to my client] that we file after the overlay district was established, so I can give my client guidance,” Riley said. The Plan Commission then voted to accept the recommendations, with suggested changes. According to Czerniak, the proposed amendments will now go to the City attorney for review. Once the review is complete, the Plan Commission will vote on whether to approve the final version, which will then be sent to the City Council for final approval. NFYN From Page 6 THE GLENVIEW LANTERN Vacant Bess lot could expand parking options The Glenview Village Board considered an amendment to the municipal code that would allow temporary downtown parking in the former Bess Hardware lot during the board’s Feb. 7 meeting. Glenview purchased the vacant property, located at 1850 Glenview Road, on Jan. 25 with the intent to resell by the send of 2018. In the meantime, Village staff recommends establishing a two-hour parking restriction until the new owner commences redevelopment. The new temporary parking would include the main Bess lot and a small zone along Depot Street on the west side of the building, adding 50 stalls to the downtown area. The recommendation would allow parking for a maximum of two hours between 8 a.m.- 6 p.m. from Monday-Saturday, without any restrictions after 6 p.m. during those days or anytime on Sundays. The suggested restrictions are consistent with the current code for streets and downtown parking in the same area, including Glenview Road, Prairie Street, Church Street and Dewes Street. Trustees unanimously approved the first reading of the ordinance, which will appear on the consent agenda at the board’s Tuesday, Feb. 21 meeting. After the final consideration and passage of the ordinance, the Glenview Police Department will enforce the parking restrictions through warnings and tickets. Parking will no longer be available for the general public once the property is sold. Reporting by Chris Pullam, Contributing Editor. Full story at GlenviewLantern. com.