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Board discusses borrowing plan and DOT review that pushes sidewalk work to 2027
Summary
Members weighed short-term borrowing to front costs while awaiting federal reimbursements and heard DOT estimates that engineering review will take about eight months, likely delaying construction until 2027.
Board members discussed financing the streets and sidewalks project while the village waits for federal reimbursement from DOT.
Chair said DOT will reimburse roughly 80% of eligible costs, leaving the village to front an estimated $100,000 for engineering. "But this is going we'll be reimbursed for 80% of it," the Chair said. The board has appropriated $100,000 in the capital account for engineering this year.
Members agreed the village should consider short-term borrowing (referred to in the discussion as a "ban") to manage cash flow until reimbursements arrive, and the Chair recommended scheduling a public hearing to authorize borrowing. The board set a public hearing for October 8 ahead of the next regular meeting and directed staff to prepare timely notices.
On schedule, the Chair reported DOT told the village that after LaBerge submits final, detailed engineering and environmental reviews, DOT would take about eight months to review the materials — a timeline that makes construction unlikely before 2027. The board discussed whether to borrow now or wait to see if reimbursements arrive sooner.
