A bond sale is adding a little more than $2.5 million to Homewood coffers. In approving the sale Sept. 10, trustees are anticipating using the money for capital projects. Because Homewood is a non-home rule municipality, state law limits how much debt the village can incur without seeking approval from voters.
The law limits borrowing capacity to 0.5% of the equalized assessed valuation of property in the village every three years.
Finance Director Amy Zukowski said BMO Harris bank offered the best bid at 3.4% interest, less than the village had anticipated.
Mayor Rich Hofeld was a little reluctant to give up the village’s debt-free status, which had lasted nearly a year. The village postponed a bond sale in 2023, leaving it debt free.
“I liked when we were debt free, but this is a necessary step in order to fund our capital (projects),” he said.
Those projects fall into several categories, Zukowski said, including public safety equipment, information technology, vehicles, infrastructure projects and facility improvements.
She said specific projects are subject to change, and staff will re-evaluate needs periodically. Currently, the projects list totals about $2.3 million of the $2.5 million earned from the sale.
Key projects include:
- Phase 1 design for a stop light at 183rd Street and Center Avenue, $132,000, projected to be done in the 2024-25 fiscal year.
- Park Avenue commuter parking lot resurfacing and lighting and Harwood Avenue commuter lot gets lighting. Projects total $450,000, projected for the 2025-26 fiscal year.
- Restriping traffic lanes on 183rd Street, $400,000, projected for 2025-26. The final decision on this project has not been made by the board but it’s on the list in case trustees approve moving forward.
- Village-wide security camera replacement and improvements, $200,00 in 2025-26, $200,000 in 2026-27.
- Dixie Highway viaduct retaining wall stabilization and landscaping, $47,000, in 2025-26.
To see the current full list of capital projects, click here.
One project that was budgeted from the previous 2020 bond sale hit a snag. Trustees rejected bids for replacing the deteriorating fence for replacing the deteriorating fence along 183rd Street at the viaduct.
The lowest cost option from the single bidder came in at $224,068. The project is budgeted for $175,000.