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HomeMy WebLinkAboutCAPITAL IMPROVEMENTS - 10/19/1982 - 11 C, ., MINUTES COMMITTEE OF THE WHOLE CAPITAL IMPROVEMENTS COMMITTEE MEETING o OFFICE Tuesday October 19, 1982 MEMBERS PRESENT STAFF PRESENT Charles Zettek, Village President Gary Parrin, Ass't. Vill. Manager Michael Tosto, Committee Chairman George Knickerbocker, Vill. Attorney Ronald Chernick, Committee Member George Coney, Finance Director Stephen Uhlarik, Committee Member Leonard Flood, Ass't. Finance Director Joseph Bosslet, Trustee Thomas Cech, Public Works Director Edward Hauser, Trustee Ray Peterson, Village Engineer James Petri, Trustee OTHERS PRESENT Stan Klyber, Greater O'Hare Assoc. Major Lawrence, Lawrence Foods Lester Lawrence, Lawrence Foods Bill Robertson, Field Container Russ Mossman, T.A. & D.A. Troy Co. Thomas Flatland, Flatland, Hinners & Co. Richard Nelson, RJN Env. Consultants, Inc. The meeting commenced at 7:02 p.m. on Tuesday, October 19, 1982 in the Multi-Purpose Room of the Elk Grove Village Municipal Building. The meeting was chaired by Mike Tosto, Chairman of the Capital Improvements Committee. The sole purpose of the meeting was to discuss the Industrial Drain- age Ditch Project being considered for the eastern portion of the indus- trial park. The project would be financed by establishing a Special Taxing District funded in part by the entire Village ($800,000 to $1.9 mil.) , and the remaining $4.5 million + funding by the properties within the District. The project includes the construction of storm sewers, additional detention facilities and the improvement of existing ditches - Alt. #6 of the RJN Flood Control Study. Tom Flatland of Flatland, Hinners & Company, the Villages financial consultant for this project, discussed the financing of the project. He gave copies of the written report to all those in attendance. The report discussed various scenarios that could be undertaken to finance the project, and the financial impact to all the taxpayers (both those in and out of the proposed district) . Mr. Flatland also stated that now is a very desireable time to get into the bond market as interest rates are at their lowest rate in some time. cont'd. .. Capital Improvements Committee Meeting Page 2 November 2, 1982 In order to make the bonds more attractive for the $4.5 million which would be the responsibility of the properties in the District, two things can be done. One, they could be insured, or two, the Village could enter into an agreement with the District whereby the Village can back the entire $4.5 million issue - this is possible for a home rule community. By so doing, the interest rate paid on these bonds would be reduced as they would be more secure than if they were only backed by the properties in the District. The following are the steps that are involved in completing the project: 1. Authorization from the Board for the Public Hearing, 2. Disseminate information relative to the project to the parties involved, 3. Hold the Public Hearing, 4. 60-day period after the hearing for petitioners to approve or abolish the District, 5. Village Board approve the ordinance establishing the District, 6. 6 - 7 months for Engineering, 7. One year to construct the project. The Village is considering, as incentive to do the project, financing those portions of the project within Village rights of way, and to take over maintenance of the completed improvement if Alternate #6 is constructed. This amounts to approximately $800,000 to $1.4 mil- lion (depending on whether sewer is placed on Nicholas Blvd.) in cap- ital costs, and an estimated $38,400/year in maintenance costs. Richard Nelson of RJN Environmental Associates took some time to discuss Alternate #6 of the study. Discussion revolved around the physical improvement proposed, and also if all properties contributing water to the District were included in the District (they are not) . The meeting adjourned at 9:05 p.m. Respectfully Submitted, Ray L. � e�village Engineer RLP:pp cc: CAWillis All in Attendance