BACKGROUND

The Village’s 2016 budget plans include a bond issue to be used to cover the costs associated with the construction of a new Police Station.  These costs include an estimated $27.9 million to construct a new Police Station, in addition to architectural and engineering costs, furniture and equipment, the cost of a temporary Police Station, demolition costs, and parking improvements.  The estimated $35 million dollar bond issue will be spent down over the next few years as the architectural design process is implemented, construction bids are received, and the construction process is completed. The bond proceeds and all project costs will be accounted for through the Village’s Public Building Fund.        

The Village’s financial consultant, Mr. Kevin McCanna, of Speer Financial, will be at the January 19, 2016 Village Board meeting to report on the bond sale and to answer any questions that may arise. 

Recommendation

It is recommended that the Village Board approve the competitive sale and the ordinance providing for the issuance of the General Obligation Bonds, Series 2016.