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Manager Francis outlines $28 million public safety referendum; village board directs $2,500 business-district study
Summary
Manager Francis told the Riverside village board that a referendum to fund a new public safety facility could involve up to $28 million in debt; trustees directed staff to commission a $2,500 evaluation of a business-district overlay to assess revenue that could help repay that debt. Referendum timing was discussed for April 2027 and staff outlined plans for community engagement and legal guidance on trustee communications.
Manager Francis told the Riverside village board that staff and outside advisors have modeled scenarios for a public safety facility referendum that could involve a maximum bond issuance of $28,000,000 over 20 years, with modeling based on roughly 4% interest and the village's current approximately double-A debt rating.
"We did a max of an issuance amount of 28,000,000 over 20 years," Francis said, adding that favorable market conditions could affect the actual amount issued. Francis explained debt limits are tied to the village's equalized assessed value (EAV) and noted the example EAV figure used in the presentation (34,900,000) is likely to grow with new development, which would affect future capacity to issue debt.
Francis presented a household-cost example for a $28 million issuance: for a typical Riverside home valued at…
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