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Board discusses phased bonds, SSA options to fund Fox Mill road work
Summary
Trustees and staff discussed Fox Mill road repairs and special service area (SSA) options, including issuing smaller, phased bonds instead of a single large bond to spread household costs and improve marketability.
Trustees continued a multiweek discussion about how to fund road and infrastructure work in the Fox Mill neighborhood. Trustee Frank said residents resist paying more, and noted a rough estimate of about $6 million to complete roads in Fox Mill; he suggested the village could consider issuing smaller bonds over time rather than a single large bond to make financing more marketable and to limit immediate costs to homeowners.
Trustees and staff discussed SSA structure, equity for neighborhoods with differing previous infrastructure, and the possibility of pairing sub-associations to create more marketable bond sizes. Trustee Mike said $700,000 as a bond size is likely too small for financing markets and suggested combining subassociations to reach a more appealing amount. Frank said he plans to attend HOA meetings and consider ways to improve collaboration between the village and residents on phased financing options.
