Title
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Capital Infrastructure Project Financing Options
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Introduction
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The Village of Oak Park’s current and near-future capital projects exceed the current fund balances, hindering the Village from making substantial progress on the necessary infrastructure repairs and replacements.
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Recommended Action
Authorize the Village Manager and Interim Chief Financial Officer to investigate options for financing current and future capital projects.
Prior Board Action
There is no prior Board action associated with this item.
Background
The Village of Oak Park’s capital needs are extensive, from the need to maintain Village streets, the Board’s vision of a cityscape, the desire to update the Village Hall, and the expansion of the Village’s police presence with a new station. Included are lists of proposed 2026 CIP projects that would be impacted should the Board choose to reduced funding for the proposed 2026 CIP plan. Project impact lists have been prepared for reductions of $5 million, $8 million, and $13 million.
Timing Considerations
Current market conditions are favorable for the Village to enter a long-term bond to finance many of the projects, which exceed the Village’s current and near future projected fund balances.
Budget Impact
Funding options would need to be evaluated to determine the most favorable to the Village.
Staffing Impact
There is no staffing impact associated with this item. The item aligns with the department’s core service delivery.
DEI Impact
There is no DEI impact associated with this item.
Community Input
There has been no community input given in relation to this item.
Staff Recommendation
Authorize the Interim Chief Financial Officer to work with external parties to outline options for the Village Board to consider for financing current and future capital projects.
Advantages:
• The Village Board will have detailed information to consider project financing opportunities
Disadvantages:
• There are no disadvantages to this action.
Alternatives
There are no alternatives associated with this item.
Anticipated Future Actions
The Interim Chief Financial Officer will return to the Village Board with options, costs associated with such options, and impacts on the taxpayers of Oak Park.
Prepared By: Donna M. Gayden, Interim Chief Financial Officer
Reviewed By: Ahmad Zayyad, Deputy Village Manager
Approved By: Kevin J. Jackson, Village Manager
Attachment(s):
1. Long-Term Debt Financing Presentation
2. 2026 Funding Reduction - Capital Project Impact Lists