Submitted By
Donna Gayden, Financial Director; and Rob Sproule, Public Works Director
Reviewed By
Erin E. Baynes, Assistant to the Village Manager
Agenda Item Title
Title
A Presentation on the Potential Financial Opportunities and Limitations Related to the Options for the Police Station Improvement Project
End
Overview
Overview
With the support of the Finance Department, financial consultants will present various financial models and discuss their benefits and constraints as potential support for the Police Station Improvement Project.
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Recommendation
Recommendation
Village staff seeks feedback from the Village Board on the financial options presented by Spear Financial and Chapman and Cutler LLP. The feedback gathered will be used to inform an analysis of the previously presented options for the Police Station Improvement Project.
Background
The various options to advance the Police Station Improvement Project present multiple possibilities for financing depending on the size, scale, and scope of the final project. Financial consultants from Speer Financial and Chapman and Cutler LLP will provide a high-level presentation on the various financial models that may be available along with the opportunities and limitations those models may present. This information is meant to assist the Board in understanding the potential financial benefits and costs associated with the different options for the larger project.
Fiscal Impact
Multiple financial models with be presented and discussed to support the Police Station Improvement Project.
DEI Impact
There are several DEI impacts to consider with the renovation or redevelopment of Village Hall and Police facilities. Internally, the renovation or construction of new facilities creates better work environments and space to ensure maximum efficiency and efficacy in meeting staff and public safety needs. Externally, improving the Village Hall facility provides an opportunity to make public-facing spac...
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