On the Village’s south side, Grafton Little League completed construction of phase one of a multi-phase plan which included two baseball fields and a parking lot. An addition to Providence Place was approved which will add 12 two-bedroom units, bringing the total units at Providence Place to 52 units. Construction is anticipated to be completed in 2017. Late in 2016, EmmPac Packaging moved into the vacant space formerly occupied by Gilman. The business employs five employees at that location. Residential development remained stable in 2016 with the issuance of 8 building permits for new single family units, the same as 2015. In 2016, land located on the south side of the Village was approved for development as four residential half acre lots. FOR THE FUTURE The Lumberyard Site Master Plan which was completed in 2010, has provided a blueprint for redevelopment opportunities. In 2016 the Community Development Authority sold the property previously purchased in anticipation of this redevelopment to a developer for the construction of a $16.6 million mixed use project which will be developed over the next three years. Construction began in 2016 and is anticipated to be completed in 2017. Construction began in 2015 on Village Pointe Commons, located in the South Commercial District. It is a $22 million senior housing campus that offers a continuum of care. Portions of the independent living and town homes were completed and occupied in 2016.It is anticipated that the remainder of the project will be completed and fully occupied in 2017. A new below ground lift station at the far western edge of Wildwood Park on 1st Avenue was approved to replace the existing lift station on Audubon Avenue. Construction is anticipated to be completed during the summer of 2017. Plans for a four story 87 room extended stay hotel, Towne Place Suites, located on the east side of I-43 were approved in 2016. Construction is anticipated to begin in April of 2017. The hotel anticipates hiring approximately 24 employees. FINANCIAL MANAGEMENT Budgetary controls. The objective of budgetary controls is to ensure compliance with legal provisions embodied in the annual budget approved by the Village Board. Activities of the general fund, special revenue funds, debt service fund, capital improvement funds, enterprise funds and a permanent fund are included in the annual appropriated budget. The budget is adopted at the functional level of expenditure; however, it is monitored by department heads at the departmental level within an individual fund. As demonstrated by the statements and schedules included in the financial section of this report, the Village continues to meet its responsibility for sound financial management. 6