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HomeMy WebLinkAbout4.1 New Police and Fire Headquarters Revised Financing Plan DiscussionBoardDocs® Pro Agenda Item Details Meeting Aug 14, 2018 - Joint Village Board and Finance Commission Workshop- 6:00 P.M. Category 4. Financing Discussion Subject 4.1 New Police and Fire Headquarters Revised Financing Plan Discussion UZ =_ 1111111111101 R Type Discussion Public Content Page I of 2 Information The original financing plan for the new police and fire headquarter buildings was presented to the Village Board at the April 3, 2018 board meeting. On hand to present the financing plan along with staff were Bob Lewis and Andrew Kim from PMA securities, the Village's bond financial advisors. Discussion included the proposed bond issue (Series 2018A) to finance the purchase of the new police headquarters property located at 799 Biermann Court and fire headquarters property located at 111 E. Rand Road. Bonds were sold April 18, 2018 with final closing and receipt of funds on May 1, 2018. A copy of the financing plan is attached. Also discussed was the proposed construction financing for both the police and fire headquarter buildings. The financing plan consisted of two additional bond issues. The first bond issue had a principal amount of $21.9 million and dated October 1, 2018. This first bond issue would support initial work on both buildings through Spring o 2019. The second bond issue supporting the balance of the construction project was to be in the amount of $15.9 million and dated May 1, 2019. Both issues anticipated the use of capitalized interest to cover the first 36 months of interest payments. Capitalized interest for the October 2018 and May 2019 bond issues was $2.6 million and $1.9 million •- ••e • e ggeted staff consider using available funds on hand to minimize the use of capitalized interest. The revised financing plan is attached for your review and will be presented at the Village Board/Finance Commission Joint Workshop. In this revised financing plan, the use of available funds on hand is increased from $750,000 to $3.5 million. In addition, the number of bond issues to fund the construction phase of the project were reduced from two to a single issue planned for October of 2018. There were a number of reasons for including all the proceeds needed for construction in a single issue, most notably avoiding market risk from potential rate increases, reducing total issuance costs by not having to perform two separate bond sales and lowering the overall principal amount of the issue. The Village will also pursue a bond rating from a second agency. The second rating is beneficial in attracting additional interest in the bonds, which may lead to reduced borrowing costs. While it is anticipated that $3.5 million in General Fund reserves would be used to support this project, the funds would be drawn down over a four-year period. The annual draw down could be supported by current period revenues preventing a decline in fund balance. Even if no savings are realized during the draw down period, General Fund reserves remain above the 25% benchmark entering 2023. If the Village Board and Finance Commission are comfortable with the revised financing plan, a first reading of a parameters ordinance will be held at the August 21 Village Board meeting, with a second and final reading on September 4. Bonds would then be sold by competitive bid on September 24, with final closing and receipt of funds on October 16. Alternatives 1. Consideration and approval of the revised financing plan for the new police and fire headquarters. 2. Action at discretion of Village Board. https://www.boarddocs.com/il/vomp/Board.nsf/Public 8/16/2018 BoardDocs® Pro Page 2 of 2 Staff Recommendation Staff requests Village Board approval of the revised financing plan for the new police and fire headquarters. 08.11.4.11.8 Mbwa-�.:- (003) -:)df K[::3) 04- 3 , ,. III bwa:-III f, . IIS 1':::3 Administrative Content Executive Content https://www.boarddocs.com/il/vomp/Board.nsf/Public 8/16/2018 _0 �U � C Lij 70 z -0 z C) Eli � (D C'4 Z Lu o U -J LU cE LLJ I —It F— 0 70 0 ........... 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