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Oak Park District 97 presents $92 million master facilities plan, asks board to approve initial $43M tranche
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Summary
District staff recommended a 10-year master facilities plan totaling roughly $92 million and proposed a first bond tranche of about $43 million to fund priority 1 and 2 projects (including life-safety work, elevators, LED retrofits and solar). Board members debated 10- versus 15-year payoff options and tax impacts for homeowners.
District 97 officials on Tuesday presented a 10-year master facilities plan that would spend roughly $92 million on building upgrades and recommended the board authorize an initial borrowing tranche of about $43 million to complete priority 1 and 2 projects.
The recommendation, presented by district staff and the facilities consultant, focuses the first five years on priority 1 and 2 work — items district leaders described as health, life-safety and accessibility projects — and reserves priority 3 items for years six through 10. Staff said the package includes LED lighting upgrades, elevator installation in two remaining buildings, and a district-wide solar installation proposal.
The district's financial presenter said the nine-year operating projection shows revenues growing about 2.2% annually while expenses grow roughly 3.3%, leaving surpluses through 2030 and then moving into deficit without action. He flagged $23.3 million of the plan as health and life-safety work that qualifies for a separate type of bond that is not subject to the same statutory limits as other debt.
Board members and staff debated two primary financing structures: a 10-year repayment schedule that lowers total interest but raises the annual tax impact, and a 15-year structure that lowers the annual homeowner payment while increasing total borrowing costs. The presenter summarized the tradeoff using the mortgage metaphor: shorter term, higher annual cost; longer term, lower annual cost but more interest over time.
"If the district was to embark on all of C1, it would identify approximately $23,000,000 of projects which are considered health life-safety items," the presenter explained, noting that those bonds can be structured separately from debt-service-extension-base bonds.
Board members asked staff to return with final recommended tranche language and structure so the board could consider formal approval in April or May. Several trustees urged public engagement before a final funding decision; one trustee proposed town halls so the broader community can review costs and timing.
Next steps identified by staff included returning with solar RFP results, refined cost estimates and the recommended bond structure prior to a formal board authorization vote.
Ending: The board did not take a final vote during the meeting; staff asked trustees for direction to move forward with planning, including potential public town-halls and a formal vote at a subsequent meeting.
