New OP bond debt for tech, development, alleys, streets

Village manager: $41.6 million needed over the next two years

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By Timothy Inklebarger

Staff Reporter

The village board's finance committee began discussion last week on roughly $41.6 million in new bond debt the village is expected to assume over the two years. 

Roughly $20 million would be split between maintenance of about 100 alleys and 10-15 residential streets. The remaining $21.6 million would be split between a number of economic development incentives and technology upgrades at the village, according to Village Manager Cara Pavlicek.

In addition to repair of streets and alleys, the new debt includes:

$9 million for construction of the Lake and Forest garage.

$4.4 million for new street lights on Harrison Street and a number of technology upgrades at village hall, including information technology, phone systems, building permitting and inspection software, and a geographical information system.

$4 million for the Colt development parking garage.

$2.7 million for street, water and sewer development near the Colt development project.

$1.5 million incentive to open Pete's Fresh Market at 259 Lake St. (the former Dominick's site).

Pavlicek said the projected amounts for some of the potential new debt could change but is likely to go down if it does.

She noted that a Request For Proposals (RFP) is currently out right now for the new village building permitting, licensing and inspection software, referred to in the budget document as Tidemark. The software, she added, allows village staff and developers to more easily access information about building permitting and schedule inspections.

"It has a lot of internal value to the day-to-day operations," she said.

The village also is upgrading outdated phone systems for village hall, police, fire, the water pumping station and public works department, Pavlicek said. 

The purchase of the geographical information system (GIS) will make it easier for village staff to identify items such as zoning districts and the location of fire hydrants, she said.

The village has not yet issued bonds for any of the projected debt, but Pavlicek noted that for the technology upgrades the bids could come in lower than $4.4 million.

"Ideally it should be less or the same," she said.

Contact:
Email: tim@oakpark.com

Reader Comments

4 Comments - Add Your Comment

Comment Policy

Done from Oak Park  

Posted: July 11th, 2014 9:33 AM

Joe - it will come from you and me.

Joe from Oak Park  

Posted: July 11th, 2014 8:51 AM

The better question is: where is the $ coming from to pay for the principal and interest expense?

Done from Oak Park  

Posted: July 10th, 2014 11:50 AM

And this $41M debt will be piled on top of how much debt already on the balance sheet?

Done from Oak Park  

Posted: July 10th, 2014 10:07 AM

"The village has not yet issued bonds for any of the projected debt, but Pavlicek noted that for the technology upgrades the bids could come in lower than $4.4 million. "Ideally it should be less or the same," she said." Genius. Everything else, though, will come in higher or the same.

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