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HomeMy WebLinkAbout07/21/2026 VB MinutesVillage of Mount Prospect Regular Meeting of the Village Board Tuesday, July 21, 2026 / 7:00 PM CALL TO ORDER Mayor Hoefert called the Regular Meeting of the Village Board to order at 7:03 p.m. in the Board Room at Village Hall, 50 S. Emerson St. ROLL CALL Members present upon roll call by the Village Clerk: Mayor Paul Hoefert, Trustee Vincent Dante, Trustee Terri Gens*, Trustee Terri Gens, Trustee Bill Grossi, Trustee John Matuszak, Trustee Colleen Saccotelli Absent: None A quorum was present. * Trustee Gens left the meeting at 9:57 p.m. 2.1. Pledge of Allegiance - Led by Trustee John Matuszak APPROVAL OF MINUTES 3.1. Minutes of the regular meeting of the Village Board -July 7, 2026 Motion by Vincent Dante, second by Terri Gens, to approve the minutes of the regular Village Board meeting of July 7, 2026: Yea: Vincent Dante, Beth DiPrima, Terri Gens, Bill Grossi, John Matuszak, Colleen Saccotelli Nay: None Final Resolution: Motion Passed MAYORS REPORT 4.1. Mayor's Comment Mayor Hoefert mentioned that the Downtown Block Party in Mount Prospect will be taking place this weekend and encouraged all residents to attend. 4.2. ACCOLADES- Congressional Award Gold Medal recipient John Ciok Mayor Hoefert recognized John Ciok, a senior at Prospect High School, for earning the Congressional Award Gold Medal —the highest honor the United States Congress awards to civilian youth. John was honored at the Gold Medal Summit in Washington, D.C. In addition to his award -related accomplishments, John volunteered with Blood Cancer United, Prospect High School's Associated Student Body program, and Feed My Starving Children, served as a U.S. Senate Page, and currently interns for State Representative Nicole Grassi. He also raised $69,359 for the Leukemia and Lymphoma Society and received that organization's Advocacy Mission Pillar Award and its Shining Star Award for exceptional youth. Members of the Board each offered brief remarks commending John's achievements, leadership, and the strong family support that made his accomplishments possible. 4.3. Annual Report of the Audit Committee and Acceptance of the 2025Annual Comprehensive Financial Report (Audit) for the Village of Mount Prospect Finance Commission and Audit Committee Chair Vince Grochocinski presented the annual audit report. He reported that the Village received the highest possible clean, unqualified opinion on its financial statements, prepared by Village staff and audited by the firm of Lauterbach &Amen. The management letter contained no findings of material consequence, with the auditors' principal observations relating to upcoming changes in financial statement preparation standards from the Governmental Accounting Standards Board. Chair Grochocinski highlighted several key financial results for the year. Revenues were up significantly across the board, enabling the Board to refrain from raising the real estate tax levy for multiple consecutive years. The general fund increased by $13.8 million, and all departments came in at or below budget. The Economic Emergency Fund continued to grow substantially. He noted that the Police and Fire Pension Funds, while on a trajectory toward 100 percent funding, face a moving target as the State of Illinois continues to expand pension benefits for public safety personnel. Chair Grochocinski also noted that the Village's auditors are in their final year of engagement, as the Village rotates auditors, and that the Audit Committee will conduct an interview and selection process for a new firm. He further emphasized that the Village is one of only 513 communities nationwide to receive the "Triple Crown" award for financial reporting from the three major governmental financial reporting organizations. Finance Director Amit Thakkar acknowledged his team's contributions, noting that the audit is a six-month cyclical process running from December through June, with preliminary fieldwork typically beginning in December and full fieldwork occurring over two to three weeks in April and May. Board comments: • Highlighted the significance of not having raised the property tax levy • Emphasized that the audit encompasses year-round transaction -level review, and commended the Finance Department's discipline in staying within budgets and anticipating revenues conservatively. • Encouraged residents to read the Annual Comprehensive Financial Report and the Village's annual budget and strategic plan, noting these documents provide a comprehensive picture of the community's financial health • Extended congratulations to Finance Director Thakkar, Deputy Director of Finance Jenny Fitzgerald, and the entire Finance Department staff. Village Manager Mike Cassady also expressed appreciation to the Finance team for sticking to fundamentals and thanked the Audit Committee and Finance Commission. Motion by Bill Grossi, second by Colleen Saccotelli, to accept the 2025 Annual Comprehensive Financial Report for the Village of Mount Prospect: Yea: Vincent Dante, Beth DiPrima, Terri Gens, Bill Grossi, John Matuszak, Colleen Saccotelli Nay: None Final Resolution: Motion Passed COMMUNICATIONS AND PETITIONS -CITIZENS TO BE HEARD Pat Rubino Mount Prospect resident • Addressed the Board to raise awareness about an upcoming Community Consolidated School District 214 public meeting regarding a potential $450 million bond referendum. • Expressed concern about the low level of public awareness and participation in local taxing body meetings, noting that while the Village's finances are strong, residents continue to see their overall property tax bills rise due to levies from other taxing bodies such as school districts and park districts. Carol Martz Mount Prospect resident • She indicated she had intended to comment on Consent Agenda Item 6.5 (Student Resource Officer IGA), but was informed it would be pulled for separate discussion and agreed to reserve her comments for that portion of the meeting. CONSENTAGENDA Trustee DiPrima moved to pull Items 6.5 and 6.6 from the Consent Agenda for separate discussion. Mayor Hoefert announced that items 6.5 and 6.6 are removed from the consent agenda vote and will be presented and voted upon separately. Motion by Colleen Saccotelli, second by Vincent Dante, to approve the Consent Agenda, excluding Items 6.5 and 6.6: Yea: Vincent Dante, Beth DiPrima, Terri Gens, Bill Grossi, John Matuszak, Colleen Saccotelli Nay: None Final Resolution: Motion Passed 6.1. Monthly Financial Report -May 2026 6.2. List of Bills - July 1, 2026, to July 14, 2026 - $3,631,822.07 6.3. A RESOLUTION WAIVING CERTAIN NON-REFUNDABLE VILLAGE BUILDING PERMIT, INSPECTION, AND ZONING APPLICATION FEES FOR THE VIDEO SCOREBOARD PROJECT AT PROSPECT HIGH SCHOOL FOR PROPERTY LOCATED AT801 WEST KENSINGTON ROAD, MOUNT PROSPECT, ILLINOIS Resolution No. 15-26 6.4. Motion to approve the Closed Session minutes of June 16, 2026, and July 7, 2026. 6.5. Motion to Renew Student Resource Officer CCSD59 Intergovernmental Agreement with the Village of Mount Prospect. REMOVED FROM THE CONSENTAGENDA FOR SEPARATE DISCUSSION 6.6. A RESOLUTION APPROVING THE COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM YEAR 2026 ACTION PLAN REMOVED FROM THE CONSENTAGENDA FOR SEPARATE DISCUSSION 6.5. Motion to Renew Student Resource Officer CCSD59 Intergovernmental Agreement with the Village of Mount Prospect Deputy Police Chief BartTweedie presented the renewal of the intergovernmental agreement (IGA) with Community Consolidated School District 59 for the Student Resource Officer (SRO) program at Holmes Junior High School. He reported a successful 2025-2026 schoolyear, highlighting the SRO's work in building rapportwith at-riskyouth, delivering preventative education on substance abuse, pedestrian safety, online safety, railroad crossings, gang resistance, and assisting Robert Frost South Elementarywith redesigning its traffic pattern for safer drop-off and pick-up operations. Deputy Chief Tweedie explained that the renewal includes new requirements mandated by Senate Bill 1519, signed into law by Governor Pritzker in August 2025. These requirements include: additional SRO training focused on workingwith students with disabilities; a ban on SROs issuing citations or tickets to students as school disciplinary actions; procedures for documenting student referrals to police; an annual SRO evaluation framework emphasizing problem -solving, prevention, alternatives to arrest, and de-escalation; joint goal -setting between the Superintendent and Chief of Police; and a community feedback and grievance resolution process. The salary schedule was also revised to reflect current costs. Board Comments: • Trustee DiPrima, who requested the item be pulled, spoke from her experience as a former educator about the value of SROs both for safety and student connection, noting that students often preferred speaking with the SRO over administrators. • Shared positive feedback from the principal of Holmes and referenced the SRO's constructive work with students in the school's autism program. • Noted that District 59 had approached the Village to establish the program, and that the updated IGA largely codifies existing practices now required by state law. • Overall support for the program was expressed. Public Comment: Ronak McFadden Mount Prospect resident • Referenced a previous incident involving a School Resource Officer at Holmes Junior High and inquired about how parents are informed of such matters. Deputy Chief Tweedie acknowledged he could not discuss personnel matters publicly. Carole Martz Mount Prospect resident • Said the presence of social workers has also brought order to schools, not just SROs. • Raised concern regarding the incident at Forest View, in addition to the incident raised by Ms. McFadden. Mayor Hoefert provided closing remarks and affirmed that personnel matters are handled privately and expressed continued strong support for the program. Motion by Bill Grossi, second by Colleen Saccotelli, to renew the Student Resource Officer intergovernmental agreement with Community Consolidated School District 59: Yea: Vincent Dante, Beth DiPrima, Terri Gens, Bill Grossi, John Matuszak, Colleen Saccotelli Nay: None Final Resolution: Motion Passed 6.6. A Resolution Approving the Community Development Block Grant Program Year 2026 Action Plan Director of Community and Economic Development Jason Shallcross presented the CDBG Program Year 2026 Action Plan. He provided background on the Village's entitlement community status, noting that the Village has received annual CDBG allocations from HUD since 1981 and typically receives between $250,000 and $300,000 per year. Total funding for Program Year 2026, combining the annual grant, program income from repaid rehabilitation loans, and carryover funds, amounts to just under $400,000. HUD caps public service expenditures at 15 percent of total funds, yielding approximately $60,000 available for public service and homeless services activities combined. Director Shallcross described the application and review process, which includes solicitation of applications, staff evaluation, a public hearing before the Planning and Zoning Commission, and final Village Board approval. He identified the primary funding recipients for Program Year 2026: • Homeless Services (—$33,500): Journeys I The Road Home, Northwest Compass, and Wings • Public Services (remainder of $60,000 cap): Children's Advocacy Center, Connections to Care, CASA, and Suburban Primary Health Care Council • Affordable Housing ($117,000): Northwest Housing Partnership single-family rehabilitation program (zero -interest deferred loans, maximum $25,000 per household, repaid upon sale) • Community Facilities ($25,000): Search 360— rehabilitation of a CILA (Community Integrated Living Arrangement) on Kenilworth Avenue • Public Infrastructure ($200,000): Village sidewalk infill and replacement program in low -to -moderate income areas Director Shallcross explained that the sidewalk program ensures annual expenditure of all available funds, as failure to expend funds results in reduced allocations in subsequent years. He also clarified that CDBG participation does not impose inclusionary zoning or other regulatory land use requirements on the Village. A brief Board discussion followed. Motion by Colleen Saccotelli, second by Terri Gens to approve the Community Development Block Grant Program Year 2026 Action Plan: Yea: Vincent Dante, Beth DiPrima, Terri Gens, Bill Grossi, John Matuszak, Colleen Saccotelli Nay: None Final Resolution: Motion Passed Resolution No. 16-26 OLD BUSINESS - None NEW BUSINESS 8.1. 1st reading of AN ORDINANCE IMPLEMENTING ATEMPORARY MORATORIUM ON THE ACCEPTANCE AND APPROVAL OF CERTAIN BUSINESS LICENSES (MASSAGE ESTABLISHMENTS) IN THE VILLAGE OF MOUNT PROSPECT Village Attorney Lance Malina presented the proposed ordinance, which would implement a temporary six-month moratorium on the issuance of new business licenses for massage establishments in the Village. The attorney explained that the moratorium is procedural and intended to allow staff time to review and strengthen the existing licensing, vetting, and enforcement processes for massage businesses. The Village has experienced recurring compliance issues with such establishments, and staff, working with Director Shallcross, is developing improved standards. The six-month period was described as legally defensible. In response to a question from the Board, Mr. Malina confirmed that any completed application already in the queue would not be subject to the moratorium, but that applications found to be materially deficient or incomplete would be governed by the new ordinance. Motion by Vincent Dante, second by Bill Grossi, to waive the rule requiring two readings and adopt the Ordinance Implementing a Temporary Moratorium on the Acceptance and Approval of Certain Business Licenses (Massage Establishments) in the Village of Mount Prospect: Yea: Vincent Dante, Beth DiPrima, Terri Gens, Bill Grossi, John Matuszak, Colleen Saccotelli Nay: None Final Resolution: Motion Passed Ordinance No. 6857 8.2. 1 st Reading of AN ORDINANCE AMENDING ORDINANCE NO. 3777 GRANTING A SPECIAL USE IN THE NATURE OFA PLANNED UNIT DEVELOPMENT, AMENDED BY ORDINANCE NO. 4065, FOR PROPERTY LOCATED AT 1600 BISHOP COURT, MOUNT PROSPECT, ILLINOIS (PZ-12-26) Director Shallcross presented the proposed planned unit development (PUD) amendment for the property at 1600 Bishop Court, located at the southwest corner of Kensington and Wolf Roads within the Kensington Business Center (KBC). The property is zoned 1-1 Limited Industrial and has served as NTN Bearing USA's headquarters for approximately 20 years. Following NTN Bearing's departure to Class A office space in another community, the building has been 100 percent vacant for the past year. The regional suburban office market is experiencing a vacancy rate of approximately 30 percent, while the industrial vacancy rate is below 5 percent. The petitioner, Wingspan Development, is requesting a PUD amendment to redevelop the property as a speculative flex industrial/warehouse building. No rezoning is being sought; the pro pertywould remain 1-1 Limited Industrial. Two conceptual site plans are proposed: • Primary Site Plan: A spec industrial building of approximately 100,000 square feet with approximately 90 parking stalls and 20 truck docks. Truck docks would be oriented to the south, with screen walls and a continuous six-foot evergreen hedge along the southern property line to limit visibility. Building elevations would feature tilt -up concrete panel construction with architectural accents and a two -node office design facing Kensington and Wolf Roads. Alternative Site Plan: Tailored for a specific pharmaceutical distribution user already operating within the Village, this plan provides approximately 150 parking stalls and 10 truck docks relocated to the southwest corner of the building, with an additional row of parking along the north (Kensington) frontage. Access onto Kensington Road would be restricted to right-in/right-out for staff vehicles only, with all truck access required to use the signalized Bishop Court entrance. The Planning and Zoning Commission recommended approval by a vote of 3-2 at its July 9th meeting, subject to conditions including substantial landscaping preservation and replacement, truck dock screening, cross -access modifications between 1600 Bishop and 1660 Feehanville, and access control measures for the alternative site plan to prevent cut -through traffic. Director Shallcross highlighted a new condition added by staff following the Planning and Zoning Commission meeting: any tenant deemed to be a cartage, courier, parcel distribution, or last -mile delivery service would be required to undergo a full conditional use approval process before receiving a business license or certificate of occupancy. This condition was added directly in response to public concern about the potential for an operation similar to a prior problematic last - mile facility in the KBC. Staff indicated their intention to subsequently extend this conditional use requirement to all 1-1 Limited Industrial properties through a text amendment. Trustee Matuszak disclosed that his son is a summer intern with a related entity of the developer and, after consulting with the Village Attorney, confirmed that he has no conflict of interest, can participate in the discussion and vote, and that he can do so fairly. An extensive Board discussion followed. Board Comments: • Noted that KBC's currentvacancy rate of approximately 3.1 percent, its designation as a community asset and major revenue source. • Emphasized that this was not a rezoning, that the KBC's industrial zoning predates nearby residential development, and expressed satisfaction with the conditional use safeguard for last -mile delivery uses. • Requested that staff conduct a traffic and pedestrian safety review of the Wolf Road and Kensington Road corridor once a tenant is in place, and that the Village consider strengthening its facade requirements for industrial development through a future code amendment. • Noted that the conversion of suburban offices to industrial is a widespread market phenomenon and that the prospective pharmaceutical tenant has generated no complaints at its current Village location. • Noted the building's height and materials are comparable to recent construction elsewhere in the Village • Cited historical evidence from a 1986 Tribune article showing that distribution and light manufacturing uses were always part of KBC's original intent. Public Comment: Clerk's note: Mayor Hoefert noted that the Board received a public comment via email from Jo Megerle, Superintendent of River Trails School District, raising concerns about the project, specifically regarding the safety, health, and well-being of students and families. Ms. Megerle was unable to attend the meeting in person due to the concurrent D26 School Board meeting. CJ Zimmerman Mount Prospect resident • Raised concerns about increased truck traffic on Wolf and Kensington Roads, pedestrian safety near KBC, River Trails Middle School and businesses in the area. • Questioned if this is an appropriate site for an industrial warehouse. Courtney Zimmerman Mount Prospect resident • Reiterated concerns regarding the project's proximity to River Trails Middle School • Requested the Board to delay or vote noon this project, noting that the project was only narrowly recommended by the Planning and Zoning Commission. • Requested independent traffic and safety studies. • Asked for transparency in Village leadership. Steve Polit 601 N. Wilshire Drive • Potential lessees of the proposed site are hesitant to commit to a lease until they see if it receives approval, or might be looking elsewhere outside the Village. Brian Wilk 630 Castlerea Lane, Des Plaines Raised questions about whether an approved building variance for an adjacent facility may have increased reflected sound levels in violation of the Village's noise ordinance. Mary Pat Donohue 1411 Callen Lane, Des Plaines Longford Glen Homeowners Association Expressed concern that a trucking warehouse is not suitable for this location because it will be difficult to camouflage 18-wheel trucks from nearby medical facilities and neighborhoods. Suggested businesses such as Nicholas Sportsplex, ice arena, and soccer fields are more suitable uses. Referenced the vision for Mount Prospect outlined in the proposed MP2040 Plan, calling it an impressive plan. Jeff Solida Des Plaines resident • Complaints were received after January 1, 2026, regarding noise from OnTrac Logistics. • Requested to limit hours of operation for the proposed new tenant. Matt Murphy 1515 Mitchell Lane Questioned how the Village will respond to noise, odor, or any other egregious use that impacts the enforceability of conditions, given their experience with a previous problematic facility in the KBC. Mayor Hoefert ended the public comment period. Motion by Bill Grossi, second by Vincent Dante to waive the two -reading requirement and adopt the Ordinance Amending Ordinance No. 3777, as amended by Ordinance No. 4065, for the Property Located at 1600 Bishop Court: Yea: Vincent Dante, Beth DiPrima, Bill Grossi, John Matuszak, Colleen Saccotelli Nay: Terri Gens Final Resolution: Motion Passed Ordinance No. 6858 Trustee Terri Gens left the meeting at 9:57 p.m. VILLAGE MANAGER'S REPORT 9.1. Motion to accept the proposal from Tank Industry Consultants, Inc. of Indianapolis, Indiana for design and construction engineering services related to the rehabilitation of the 1 Million Gallon Water Storage Tank at Northwest Highway and Maple Street for a cost not to exceed $212,388. Public Works Director Sean Dorsey presented the proposalfrom Tank Industry Consultants for the subject project. Director Dorsey explained that the elevated water storage tank at Northwest Highway and Maple Street was last painted in 2014 and was originally scheduled for rehabilitation in 2029— 2030. Staff is recommending accelerating the project because the tank has been identified as a likely relocation site for antennas currently housed at 111 East Busse Avenue, and it is preferable to complete the rehabilitation before antenna installation to avoid complications with temporary antenna accommodations. Three engineering proposals were received and evaluated. Tank Industry Consultants (TIC) of Indianapolis was selected as the highest -ranked firm. TIC has previously supervised the rehabilitation of this tank on at least two occasions and specializes exclusively in tank engineering. The scope of work involves an inspection to determine the appropriate recoating system — either a top coat or a near -bare -metal blast with new epoxy— followed by design and construction oversight. The planned timeline calls for design work in fall 2026, bid letting in late 2026 orwinter, and construction beginning in summer 2027. The project is expected to take up to 20 weeks, during which time the tank will be taken out of service and pressure will be maintained through JAWA deliveries and booster pumping. A full near -bare -metal blast recoat system is expected to have a service life of 20-25 years. The Board discussed whether to keep the tank's current color scheme and centennial graphics, and Director Dorsey indicated that the existing design would likely be maintained, with input accepted if any changes are desired. Motion by Bill Grossi, second by John Matuszak to accept the proposal from Tank Industry Consultants, Inc. for design and construction engineering services related to the rehabilitation of the 1 Million Gallon Water Storage Tank at Northwest Highway and Maple Street for a cost not to exceed $212,388: Yea: Vincent Dante, Beth DiPrima, Bill Grossi, John Matuszak, Colleen Saccotelli Nay: None Absent: Terri Gens Final Resolution: Motion Passed 9.2. Motion to accept the proposal from Christopher B. Burke Engineering LTD of Rosemont, Illinois for Rand/Kensington/Elmhurst Road (IL Route 83) Intersection — Phase III Construction Engineering Services for an amount not to exceed $1,656,576. Director Dorsey presented the proposal for Phase III construction engineering for the Rand/Kensington/Route 83 intersection improvement project. He described the scope of the project, which involves adding through lanes and dedicated turn lanes at the major intersections of Rand, Kensington, and Route 83, increasing turning capacity at the Randhurst Village west entrance on Kensington, additional turn lanes near Highland on Route 83, street lighting, shared - use paths on both sides of the corridor, and traffic signal improvements. Total project cost is estimated atjust over $19 million, of which approximately $15 million (77 percent) is funded through federal and state grants. Because the project involves federal funding, IDOTwill lead the construction contract and serve as the primary payer for the contractor. The Village is responsible for hiring and funding the construction engineering inspector. A submission to IDOT is required by the end of July, necessitating timely Board action. Six proposals were received, and the top three firms were selected for interviews. Christopher B. Burke Engineering was selected based on its experience with complex IDOT-led intersections, the qualifications of its proposed project engineer, familiarity with the Village from priorwork at the Rand/Central/Mt. Prospect Road project, and a competitive fee. The contract amount represents approximately 12 percent of the estimated construction cost, at an average billing rate of approximately $166 per hour forjust under 10,000 hours of work. The fee is expected to remain near the contract amount regardless of the final construction bid price, unless the scope materially changes. Director Dorsey answered questions from the Board. Public Comment: Steve Polit 601 N. Wilshire Drive Requested that the Village conduct a baseline traffic count study for cut -through traffic on Highland Avenue and through the Brickman Manor subdivision in advance of construction. No additional discussion. Motion by John Matuszak, second by Vincent Dante to accept the proposal from Christopher B. Burke Engineering LTD of Rosemont, Illinois for Rand/Kensington/Elmhurst Road (IL Route 83) Intersection — Phase III Construction Engineering Services for an amount not to exceed $1,656,576: Yea: Vincent Dante, Beth DiPrima, Bill Grossi, John Matuszak, Colleen Saccotelli Nay: None Absent: Terri Gens Final Resolution: Motion Passed 9.3. Pension Funding Strategy and Bonds Discussion Finance Director Amit Thakkar presented a comprehensive pension -funding strategy and bond - issuance proposal on behalf of the Finance Department. He opened with the current status of the Village's public safety pension funds as of December 31, 2025: the Police Pension Fund has a funding ratio of 66.4 percent (unfunded liability of approximately $57.3 million), and the Fire Pension Fund has a funding ratio of 69.6 percent (unfunded liability of approximately $42.8 million), for a combined unfunded liability of approximately $100 million. Without any changes to the current approach, the Village's pension levy would increase by approximately $603,000 in the comingyear. Director Thakkar explained that the combined unfunded liability is effectively being financed at 7.25 percent interest over 14 years toward a 100 percent funding goal by 2040. He reviewed the concept of Pension Obligation Bonds (POBs), noting that while they offer the conceptual benefit of refinancing pension debt at a lower interest rate (approximately 4-5 percent for taxable bonds versus 7.25 percent actuarial interest), standalone large -volume POB issuances are viewed negatively by credit rating agencies, involve significant market and interest rate risk, and are typically associated with financially distressed governments. Accordingly, staff does not recommend a large-scale POB issuance. Instead, Director Thakkar proposed a hybrid strategy combining a targeted sales tax diversion with a limited bond issuance: • Sales Tax Diversion: Redirect $5 million annuallyfrom the existing sales tax allocation currently directed to capital and street projects toward additional pension contributions, over fouryears or until the pension funding ratio reaches 80 percent, whichever comes fi rst. • Bond Issuance: Issue $10 million in bonds—$5 million to fund street projects displaced by the pension diversion, and $5 million for the Community Connection Center / Village Resource Center (to be repaid through the Prospect and Main TIF increment of approximately $1.8 million annually. The street/capital bonds would be structured to be abated using existing abatement revenue sources, requiring no new property tax levy. Actuarial analysis projects that the additional $2.5 million annual contribution to each pension fund (combined $5 million) would raise the combined pension funding ratio to approximately 79-80 percent by 2029, and would produce a cumulative reduction in future pension levy requirements of approximately $15.9 million for Fire and $15.6 million for Police between 2026 and 2040, for a combined gross savings of approximately $31.5 million. After accounting for the $10 million contributed over four years, the net savings is estimated at approximately $11.5 million ($5.9 million for Fire and $5.6 million for Police). Critically, because existing bond abatement revenues are sufficient to service the new bonds through 2028 and beyond (when existing bonds roll off), no new propertytax levy is required. DirectorThakkar also presented the Village's position relative to Illinois municipalities with AAA bond ratings. The Village currently holds a AA+ stable rating from S&P. Key benchmarks for AAA include a general fund balance exceeding 60 percent of annual expenditures (the Village is at approximately 69 percent), a pension funding ratio averaging approximately76 percent (the Village is at approximately69.6 percent, projected to reach 80 percent underthis strategy), and a median household income averaging approximately$148,000 (the Village's is $101,000,which is below average but may be offset by the strength of other metrics, including the establishment of the Economic Emergency Fund and Pension Stabilization Fund). The Finance Commission unanimously recommended this strategy. A Board discussion followed, commending DirectorThakkar for his creative and strategic methods. Director Thakkar answered the Board's questions. The Board unanimously agreed to move forward with implementation. No formal vote was necessary at this meeting since the discussion was purely informational and directional. 9.4. Assubmitted No additional report ANY OTHER BUSINESS No other business was brought before the Board. ADJOURNMENT With no additional business to conduct, Mayor Hoefert asked for a motion to adjourn. Trustee Dante seconded by Trustee Saccotelli motioned to adjourn the meeting. By unanimous voice vote, the July 21, 2026 Regular Meeting of the Village Board of Trustees adjourned at 10:41 p.m. Respectfully submitted, Karen M.Agoranos Village Clerk