The Village Board of Villa Park voted to approve Ordinance 15A, authorizing the issuance of up to $15,000,000 in general obligation bonds (Series 2025B) to reimburse redevelopment costs in the St. Charles Road commercial corridor TIF district tied to the 100–110 S. Phil Avenue "Union" project.

Manager Rivas summarized the ordinance and said staff recommends approval; Senior Vice President Mark Geratina of Spear Financial described the timing and structure: the bonds are expected to be sold the week of Dec. 1, with a bond closing targeted for Dec. 15 when proceeds would be received and the interest rate would be locked. Geratina said the bonds are expected to carry an interest rate around 4% over 20 years and that the village's AA bond rating helps hold interest costs down.

Geratina emphasized the TIF district's incremental tax revenues are the expected debt-service source and noted a coverage requirement of 1.25 times provides a buffer. Board members asked what happens if the developer does not meet required closings; Geratina and staff said the bond sale would not proceed until required developer closings and that, if a piece of the closing sequence is missing, the bond closing would not happen.

Trustees then took a roll-call vote and approved the ordinance. The president announced, "That ordinance passes."

What the action means: the village has authorized the financing mechanism (up to $15 million) for the redevelopment project; actual bonds will be issued only after contractual conditions and developer closings are satisfied. If TIF increment is insufficient, staff said a backup property-tax levy is available as a backstop.

Provenance: discussion and vote documented in the board meeting record; Spear Financial's Mark Geratina was present to answer questions about timing, rates and conditions.