Glencoe voters face a $10 million question this April as the village seeks to raise funds to pay for infrastructure improvements.
Residents are being asked to approve the sale of $10 million in general obligation bonds where the proceeds are targeted for capital projects over the next three years. The referendum measure will appear on the April 6 ballot.
Specifically, the village is planning for $4.1 million in storm sewer improvements, $3.9 million in street resurfacing and lighting, $1.2 million in sanitary sewer improvements and $800,000 in sidewalk work.
If voters support the measure, village officials anticipate a $90 increase per $10,000 of total property taxes paid. The debt is set to be paid off in 20 years and the average interest rate on Glencoe’s current debt is 1.7%, according to the village.
Village Manager Phil Kiraly said the village has a long history of planning for infrastructure needs.
“As part of the Community Investment Plan (CIP), we have identified over $51 million in investments across the community ranging from storm/sanitary sewer improvements, street resurfacing, sidewalk improvements, water infrastructure improvements, among others,” Kiraly wrote in an email.
As part of the 10-year plan, voters may be asked to sign off on another series of projects in the future, according to Kiraly.
“The village creates a financing plan as a component of the CIP and reviews it annually. It is hard to say with certainty, as situations can change, but another bond referendum might be brought to voters in 2024 or 2025,” Kiraly wrote.
If residents do not approve the measure, the village may hold off on the envisioned projects for now.
“As the village does not have $10 million in available resources elsewhere, we would anticipate that these projects would be delayed, and possibly, the Village Board would consider seeking another bond referendum in the future,” Kiraly wrote.
If passed, this referendum would be the latest in a series of measures approved by the voters and remain active for Glencoe taxpayers.
In May 2006, the Glencoe Park District issued referendum debt allowing for a renovation of the Takiff Center, its headquarters. Currently, a taxpayer with a home valued at $800,000 pays an additional $255, according to Carol Mensinger, the Park District’s director of finance.
That debt is scheduled to be retired in 2026, Mensinger added.
In 2014, area voters approved a measure allowing for a face-lift of New Trier High School’s western campus. The current average cost is $226 on a $15,000 tax bill for Glencoe residents, according to Christopher Johnson, the high school’s associate superintendent for finance and operations.
That debt is set to retire in 2033, Johnson said.
While the Park District and New Trier are separate governmental bodies, voters approved two other bond measures placed on the ballot by the village.
In 2012, bonds were issued for infrastructure needs where residents now pay $127 per $10,000 in property taxes. They are set to expire in 2027, according to Finance Director Nikki Larson. In 2015, Glencoe residents paid for another series of infrastructure enhancements where residents are now paying $92 per $10,000 taxes paid per year for the 2015 bond referendum, which will be paid off in 2034, Larson said.
Kiraly is cognizant of the other measures he said, but speaks of Glencoe’s overall financial foundation.
“The village considers the needs of the community very carefully, and thankfully, retired debt in 2019 and refinanced (at a significant savings) some of our outstanding debt in 2020 to reduce our overall impact to property taxpayers,” Kiraly wrote. “The Village’s AAA rating by Standard & Poor’s has also resulted in very low borrowing costs for the Village, which has corresponded to a reduced impact to residents.”
Since Glencoe is a non-home rule community, this type of measure requires voter authorization, according to the village.
The fate of the bonds is a main village-specific question for Glencoe residents in this election. The slate of candidates endorsed by the Glencoe Caucus for village president, village trustee, Park District commissioner and District 35 school board appear alone on the ballot.
Daniel I. Dorfman is a freelance reporter.
