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Brookfield authorizes $1.5 million line of credit, extends Shops lease amid tax‑bill delays
Summary
Facing delayed Cook County property tax bills that fund about 40% of the general fund, the Village of Brookfield approved a line of credit up to $1.5 million with First National Bank of Brookfield and extended the lease for the Brookfield Shops program from three to five years.
The Village of Brookfield board voted Sept. 22 to establish a line of credit with the First National Bank of Brookfield not to exceed $1,500,000 to help manage cash‑flow while Cook County delays property tax bills. Trustees noted property taxes fund approximately 40% of the village’s general fund and that delayed bills create a short‑term revenue timing risk.
According to board remarks, the village’s treasurer had indicated tax bills could be delayed until December. Trustees said First National Bank offered a favorable line after staff research. The ordinance passed by roll call.
Separately the board approved a resolution extending the lease for the Brookfield Shops program at 9202 Broadway from three years to five years, with options to extend further if mutually agreed. Trustees described the Shops program as successful and said a creative placemaking grant supports the initiative.
Both measures passed on roll call with unanimous votes.
