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Waukegan agrees to reallocate $11.96 million in 2026 private activity volume cap to Buffalo Grove
Summary
The committee approved reallocating the city's unused 2026 private activity bond volume cap of $11,956,950 to the village of Buffalo Grove to join a Lake County private activity bond pool for economic development projects.
The Finance and Purchasing Committee unanimously approved reallocation of the City of Waukegan’s 2026 private activity volume cap (reported as $11,956,950) to the village of Buffalo Grove so that Lake County municipalities can pool volume cap allocations for private activity bonds.
Lake County Partnership for Economic Development, which presented the proposal, said the pool would create a clearinghouse to facilitate issuance of tax‑exempt private activity bonds to finance manufacturing and multifamily housing projects across Lake County.
Alderman Bolton moved the resolution and Alderman Florian seconded. A roll‑call vote recorded aldermen Newsome, Florian, Bolton, Felix and Martinez as voting yes; the motion carried.
Committee members did not identify specific projects to be financed under the pool during the meeting and noted Waukegan had no current applications to use its 2026 allocation.
