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Good evening. The meeting will please come to order. This is a regular meeting of the Board of Trustees in the

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village of Wal-Met. I want to welcome everybody this year tonight. Well, everyone, please stand for the

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pledge of allegiance

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to the flag of the United States, the America, and to the Republic for which

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it stands. One nation under God, indivisible with liberty and justice for all.

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Thank you again for joining us tonight.

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We will call the matter. The matter is in the order in which they appear on the printed agenda.

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There are copies of the agenda on the table by the door. You may want to have one so you can follow along to see when your matter will be called.

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If you plan to address us tonight, we ask that you please come up to the podium. Please speak into the microphone and tell us who you are and where you live as that may be relevant to the matter at hand.

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Everything you say and everything we say is recorded and from those recordings minutes of the meeting are prepared.

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These minutes are available at Village Hall and on our website it will met.gov.

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Also, our Village Board meetings are televised on Local Access Channel 6 and on the Internet.

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By televised in our meetings, we make it easy for our neighbors in the community to follow the proceedings of the Village Board.

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See the types of manners to come before us.

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The questions we ask and the policies we create.

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You can find archive videos of Village Board and other local government meetings on our website.

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Before each meeting the Board receives a packet of agenda materials, these materials are also posted on our website on the Friday before our meeting, so residents and other interested parties can review the same materials that the Board members receive.

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Finally, we are a community of neighbors and as such we want our meetings to be as simple and courteous as possible.

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I know that we, the Board, as well as our residents and those speaking today, will promote

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civility by listening, being respectful of others, acknowledging that we are all striving

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to support and improve our community and understanding that we may each have different ideas

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for achieving that objective.

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As one courtesy to those around you, please take this time to turn off your cell phones and

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other devices and while we're doing that, Mr. Halgren, would you please call the roll?

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trustee letter here trustee shepherd here trustee steam is absence trustee labor here trustee

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Smith is absent trustee Kennedy here in President Plunkett here we have a

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quorum the next item on the agenda is item two public comment during public

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comments individuals are allotted up to three minutes to address the board on an

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item which is not already on the agenda members of the audience may address the

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board on matters which are on tonight's agenda when the particular matter is

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This is certainly a member of the audience who would like to address the Board on the item which is not on the agenda.

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This is hard?

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Good evening everybody and thank you so much for serving.

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My name is Betsy Hart and I live in Womatt.

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Last week I had the privilege of attending the Village of Womatt's Human Relations Commission meeting.

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As you may know by now, the HRC is recommending, officially, that the Village of Womatt Board and all commissions start meetings

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with what is commonly known today as a land acknowledgement, at least during Native American Heritage

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Month.

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There was a quick offering of this idea and agreement, seconding of the motion by all commissioners

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present at the meeting.

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I am here to encourage you to not adopt this request of the HRC.

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Typical land acknowledgments, as we know them today, started rapidly to move from elite universities

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in the 2010s to mainstream institutions starting around 2020.

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acknowledgments conveyory from those like the University of Wisconsin and referred to the cultural and physical genocide committed against indigenous peoples and argue for reparations, which at least is morally consistent.

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To those with strict acknowledge that the lands we sit on previously belong to indigenous peoples with references to the land being taken from them by Europeans left a little more opaque.

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Interestingly, while the Potto wannabe people were referenced by the commissioners at that meeting,

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there was no question or desire to ask what Potto wannabe representatives and other indigenous peoples of this area,

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might think about land acknowledgments.

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It appeared there was a presumption that all indigenous peoples favor them because current affluent owners of the land do.

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In fact, it is easy to discern that there are a wide range of the very diverse views,

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which alone suggests the village of Wal-Match

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should not needlessly offend by adopting the HRC's recommendation.

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For example, Charlotte Thompson of the Forest Compute

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Potemon, and we stated that she thinks

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that without action and land acknowledgments,

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like an honor tax, financial support, et cetera,

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that they are meaningless.

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John Low is a leader from the Pocacon Band

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of the Potemon and he publicly agrees.

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Michael Lambert from the University of North Carolina,

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who is part of the Eastern Band of Cherokee Indians,

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their name is a professor at the University of North Carolina. He says that land

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acknowledgments have become highly performative, feel good, empty gestures. Many

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tribal leaders express concerns about incorrect acknowledgments over disputed

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tribal historic ownership. And really think about it. If Martians came in

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from outer space, took our land, put us on reservations, but then pronounced a

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land acknowledgment before Martian council meetings, wouldn't we find that a

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from the sending. In less the village of Walmart, it's going to give land back or promote reparations

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for the people who once lived on these lands. And I suppose, as encouraged them to do so,

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for the people before them, and the people who's landed was before them, please don't fall

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into the trap of empty, performative land acknowledgments for our village. Please reject this

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recommendation to you from the Human Relations Commission. Thank you very much.

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Good evening. I'm starting my clock, my three minutes. My name is Mark Wiremiller.

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I speak at a lot of public meetings, part districts, townships, village boards,

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sometimes city hole in Chicago,

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and basically I'm a taxpayer advocate. I want less taxes,

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and that might mean less spending and less borrowing. So, what makes a good example of things

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that maybe we could cut some spending here

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and there, cut some taxes.

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You can follow me on Facebook on what MetConnection.

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We've actually got 16,500 followers now,

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which is amazing.

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Some people even think I'm the mayor of the village president

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for our romance.

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So, if you've got to go from board here,

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you can also follow me on Twitter and other platforms.

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But basically, we post a lot about promoting events.

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A couple of big events coming up this week,

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by the way, Thursday, there's free music

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at the Walls Bowl.

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I expect everybody in the room to be there.

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Friday night, same thing, downtown Wilmet.

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So we have three more outdoor music events this summer in Wilmet.

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This has been great all summer.

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This is a great thing the village is doing.

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So a couple of issues I have.

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I'm in a minute, 10 by the way.

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About a month ago they voted.

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This board voted to spend $92,000 on fixing a fountain out front.

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It was built 54 years ago.

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I'm not sure why he hasn't had routine maintenance, it needs some basic tuck point in my opinion. I do have some

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I'm not sure why they're spending 92,000 was never explained. A couple of people said I didn't understand the scope of the project, but basically, they're spending 92,000 on this one item.

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We spent in too much money on other items. They voted on a month ago, the project, and they even started yet. It just seems like the project should be about $5,000.

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Last year they voted, this board voted to spend $13,000 on a weather app to tell them

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when it's snowing, which a lot of people have on their phones that you can watch TV weather

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at 10.

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You can look out the window, it's stuff like this sort of looking at.

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Later in the meeting, they're going to vote to borrow $40 million to build the police station.

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$40 million is actually going to be $49 million, it might be $41, it might be $60 million,

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we're not sure.

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A couple other issues on the agenda, I'm concerned about the housing commission.

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We have 16 commissions and we'll map with 68 people.

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We have meetings about the meetings, about the meetings.

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The housing commission is not really about housing for me or other seniors.

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It's about public housing.

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30 seconds.

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30 seconds.

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You always say that, which is a little thing that held up in 30 seconds.

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I always say, I'm going to take six more seconds, but I'm concerned about the housing

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commission.

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So they're basically meeting to get no inner developers to build more section

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needs, subsidized housing will met. I'm at six seconds, Mark Wildmore. Thank you for letting

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me speak. And that's all I got. Thank you. Anyone else wish to make a public comment?

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Okay, seeing none will close public comment and we'll move on to the consent agenda. Item

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three is the consent agenda. It's described on the printed agenda items which are either

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routine business or normally not debated by the Billage Board or placed on the consent agenda.

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All items beginning with a three are on the consent agenda tonight.

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The consent agenda consists of the items on page one, beginning with item 3.1, through

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page three and ending with item 3.19, items on the consent agenda are up for approval tonight.

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If an item is not removed by a member of the audience and is not removed by one of the trustees,

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the item will be approved and will not be discussed.

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Are there any items to trust these with life to remove from the consent agenda?

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Seeing none, is there any member of the audience who would like to remove an item from the consent agenda?

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So what do you want to do?

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Mark Wormler again, can we remove 3.10 about the hanging baskets?

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I believe I have the right number.

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For three-year contract for hanging baskets?

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3.10?

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Okay, and then item 5.

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No, I'm sorry, 3.19, the Intergovernment Cooperation on the Police Department, using the Northfield Police Department, is that the right one?

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That is.

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And then on 5.21, that's not on the consent agenda, right?

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No, it is not.

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So that will have public comment or.

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Yes, that will.

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Perfect.

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Thank you.

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So

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any other items, members of the audience would like to move from the consent agenda.

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So may I have a motion to adopt the consent agenda with the exception of item 3.11 and 3.19?

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I'm sorry.

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I'm sorry about that.

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Okay, there we go.

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3.10 and 3.19.

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So moved.

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Is there a second?

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Second.

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Okay.

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It's a moved and second in Mr. Halver.

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Could you please call the roll?

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Trustee Latter.

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All right.

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Trustee Sheppard.

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Trustee Weaver.

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Aye.

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Trustee Kennedy.

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Yeah, and President Implacate.

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Hi, motion carries the consent agenda has been adopted with the exceptions of items 3.10 and 3.19, which will be reviewed during the municipal services committee agenda in the public safety committee agenda.

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All the other items have been adopted, so if you are here for one of those items on the consent agenda, it has been approved.

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And to clarify for people who are here, all of the items beginning with the three have been approved,

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there will be no further discussion that any of those items on the consent agenda,

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so you are free to leave.

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But of course you are more than welcome to stay for part or all of our meeting.

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The next thing I have in my agenda, I am so excited to have a state senator Laura Fein here,

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and we want to recognize her for once again pulling through for the village of Wilmet

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And in the last year's capital budget, obtaining $400,000 in capital grants for grant funding for

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Wal-Met, tonight we're not only recognizing and celebrating State Senator Laura fine for that

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capital grant, but her 13 years of service because of 14 years, 14 years of service to our

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community and residents throughout Illinois in the Illinois General Assembly.

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As an older community, the village of Womatt has many capital needs to address.

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Last year, Senator Fein, we thank you so much for your $500,000 grant to help the

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sustainability efforts for our police station construction, which is underway if you have seen.

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And it's moving along smoothly and we definitely want to have you back.

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when we have our ribbon cutting for that.

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This year, this $400,000 grant will support our many capital needs such a significant water treatment facility upgrades,

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water main and lead service line replacements, and our active transportation enhancements.

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We thank you sincerely for this funding, which will support our aggressive capital investment schedule.

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It's tough in an aging community and this funding makes a big impact.

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Senator Fine will be retiring in January and will be remembered for her support for our

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local communities along with a legacy of consumer protections in health care and with insurance

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companies as chair of the mental health committee, Laura Fine is fought for the most

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service is more important than ever.

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And you have embodied that work for the last 14 years.

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And we so appreciate your partnership.

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Of certificate for you.

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But you might want to say a couple words first.

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Thank you so much.

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First of all, I have to say what an honor and privilege

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it has been to represent the village of Womatch

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for the past 14 years.

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I feel like I kind of grew up here

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in my legislative career, knocking on doors before I was first elected, learning about the issues

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that are faced in this community, and seeing how this board gets together to make sure

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that these issues are addressed. We saw that, as you said, in our rebuild Illinois Capitol plan.

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Because that is a program that is designed to meet the needs of diverse communities throughout the

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and I know

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So that the $400,000 that we were able to get in the budget this year are going to be used in such a responsible way in the villageable mat.

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The ways that you had mentioned that are so necessary and take the burden off the local taxpayers, because the state is able to chip in and help you.

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I'm also very proud of that $500,000 we were able to get for the police station, because

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that is something that is integral, not only for the safety of the people of Will Met, but

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throughout the entire region, how that's going to come together, and will be a shining star

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for safety within our communities, and I heard that at the last meeting you got an update

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on that, and your full steam ahead, and things are really looking well.

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I look forward to seeing from the other side what will Matt is going to do next because when

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you talk to people and will Matt, everybody is proud to live in this community and they

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are just so pleased with what the community has to offer, be it the village board, the

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park district, the schools, the first responders, it is just such a special place not only

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within your own community but within the entire State of Illinois.

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So thank you all for what you do.

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I said that I want to ask the bill to come down to we'd love a photo with you.

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My

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next item under officer's notes is Proclamation designating September 15th to October 15th,

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2025, as National Hispanic Heritage Month in the village of Wometh.

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The observation of National Hispanic Heritage Month started in 1968 as a Hispanic Heritage

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week under President Lyndon Johnson, and the

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observation was expanded by President Ronald Reagan in 1988 to cover a 30 day period,

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starting on September 15th and ending on October 15th.

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It was enacted into law on August 17th, 1988.

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I cited this year that we have an event to

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that our Human Relations Commission is organizing.

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on Celebration of the Hispanic Heritage Month.

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The HRC is sponsoring Fiesta Lentina,

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a complimentary Latin dance class,

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co-hosted by the Park District

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at the Community Recreation Center

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on Thursday, October 8th at 7 p.m.

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The class will be talked

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by Will Met resident Lorraine Crespo,

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who is a professional dancer,

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choreography, and founder of ShowBiz Fit,

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a very popular workout program

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with foundations in Latin dance, spaces limited and registration will be available soon.

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The library is also hosting a variety of programs and offers recommended reads for all

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ages, curated to celebrate Hispanic Heritage Month, State Tune to the Villages eWeb site

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for more possible offerings on Hispanic Heritage Month.

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And with that, I am honored to read the proclamation.

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Whereas the villageable man supports the rights of every individual to experience equality

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of treatment and values our diverse population of residents, businesses and visitors recognizing

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that this diversity is one of this community's greatest strengths.

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And whereas September 15th to October 15th is annually celebrated as National Hispanic Heritage

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month to commemorate various Latin American independence days in honor of the Hispanic

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communities long-term presence and effort for equality across our nation. And we're

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as the 2026 theme of Hispanic Heritage Month is, together we are more, which emphasizes

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celebrating family, resilience, creativity, faith and service by honoring the diverse

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stories that strengthen our nation, investing in the future and building a stronger

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America for all, and whereas individuals are encouraged to learn about the Hispanic community

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and celebrate this month to recognize the contributions that Hispanic individuals have made

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to our society. Resources can be found on the village's website. Now, therefore, I sent a

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Plunket Village President of Will Matt Illinois proclaim September 15th to October 15th,

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2026 as National Hispanic Heritage Month and call upon all people of Will Matt Illinois to learn

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more about various Hispanic communities

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and to celebrate this month.

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Thank you.

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And then I guess I have one last announcement,

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but someone might need to help me confirm the date.

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Also, from my Human Rights and Commission,

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the race for our place,

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I believe is going to be Sunday October 4th.

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I could look it up on my phone.

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Sunday October 4th.

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Oh, I got it right.

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So, encourage the community to come out to the race for our place.

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It is a wonderful event, hold in the community,

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held in the community play fields, and it helps support our place,

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which is a wonderful resource we have in our community.

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So, with that, that's all the announcements I have, Mr. Greenman.

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Just that, upcoming is our annual fire department open house on Saturday, October 3,

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from 9 a.m. to noon at Fire Station 26,

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which is at 13.04 Lake Avenue.

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We'll have apparatus displays firefighter demonstrations, vehicle extrications, teddy bird checkups, and a visit with Sparky the Fire Doves.

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So we hope to see families out there for the fun day.

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Thank you.

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Is our, please start coming?

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Is Gizmo going to be there?

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I know it's like crossing over by several.

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Okay.

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All right.

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Well, we have the new ladder truck there.

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Maybe.

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Okay.

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Great. Thank you. So now we move on to our standing committee reports. First up is the land use standing committee, trustee Leonard.

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Well, items on the consent agenda.

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Okay. Next, we have the Finance Committee standing report, trustee Shepherd.

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Sure. I am going to move to adopt ordinance 20206-year-5.

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Two months of not to exceed 40 million, four hundred and seventy five thousand dollars in general obligation bonds

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Series twenty twenty six

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and I see Miss Malloy

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I'm a Jason from PMA

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Heading to the podium to discuss

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It's been moved is there a second

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Second

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Okay

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Thank you

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Welcome Mr. Roy

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Good evening trustees

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So

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As it's already been laid out, I'm going to start the introduction of this presentation.

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We have Jason Pinkerton with us, who is with PMA, there are the Village's Municipal

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Advisor.

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So as we've talked about the bond issuance that we plan to do for the police station, what

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we hope that you're going to get out tonight's presentation is number one.

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We're going to give you a historical context again in terms of what's happening with interest

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rates and why because we need to be sensitive to that as we think about selling these

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Next, Jason is going to go through a variety of different ways that we might think about issuing these bonds.

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And some of the rationale is to why, and you'll see what it means for what it could be in terms of the cost,

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as we think about the overall impact of issuing these bonds to fund the police station.

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And then he also prepared some information to address trustee Leonard's question that you raised

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When we last week at our committee the whole, when we talked about what might happen to our

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rating as we think about the water needs and the capital requirements we have with that.

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So, we've given that some thought and we have some slides around that to help answer that question.

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And then next, Eric is going to remind us again about where we're at with reserve, so it's something that we've seen before

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because we want to talk about that as we've talked about the police station.

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And one of the components is whether or not we're going to use reserves and if so, how much.

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And then lastly, I'll finish up with what are the next steps in the timeline.

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So with that being said, I'm going to turn it over to Jason.

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Thank you, Ms. Maloya, and thank you to the board for having me this evening.

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To begin tonight's presentation, a brief update on what is transpired in the market.

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So the last time, PMA or PTMA was in front of the board,

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was an early February and we looked at a number of financing scenarios and that was a

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different period for interest rates. We've provided several market updates over the

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course of the last year and the messaging in November and January and February is the

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expectation is interest rates are going down. Interest rates were CPI was 2.7%

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for calendar year 2025, the Fed's mandated target for inflation or their goal is 2.5%

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that's the closest we had been to that target or the market had been to that target since

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the onset of COVID and there was a lot of positive momentum in the markets towards the Fed

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achieving that goal. In March, there was an event that changed a lot of that and that was

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the onset of the war with Iran. And what has transpired since in the markets and in particular

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the bond market or the debt markets is interest rates of increase. The war with Iran was

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naturally inflationary. I drove up the cost of oil, which had an impact on CPI,

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year over your CPI is currently trending at 3.4% which is elevated over last year's

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inflation of 2.7%. And we've seen a number of other factors that have kind of further

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created momentum towards interest rates rising. The US deficit this year hit 40 trillion,

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That's a new high, a new milestone in terms of debt, and that's not only U.S. that there's a debt crisis of sorts with kind of international debt as well.

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So the U.S. debt hit 40 trillion, but the U.S. is not a loan hit in that situation.

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So we had a new fed chair in May, Kevin Warren was named the new fed chair, Jerome Powell believed in forward guidance, Kevin Warren does not.

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What that has done to the bond market is it's just create additional volatility.

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Investors aren't as certain as to what to expect.

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So there's been more volatility, more changes, interest rates, increase or decrease, more rapidly,

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and decrease by more than they ever had before.

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And what interest rates have done particularly in the bond market is we've highlighted since February 4th,

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short-term interest rates have increased by as much as 56 basis points.

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This was as of the time that this presentation was submitted.

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The one year and the D's actually 82 basis points higher, so today, the five years, 109 basis points are 1.09%.

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The 10 years at 1.13, so not as drastic of movement, and the 20 years increased by 58 basis points.

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So it's relatively unchanged since the time that this presentation was put together.

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And the reason for that is on September 16th, the Federal Reserve took action to address

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inflationary pressure in the U.S. economy. It increased the Fed funds rate by a quarter

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percent. And in doing so, the market responded. On the short side, the market received

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that information as well as the Chairman's post meeting address, suggesting that additional

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rates are likely in 2026, as of today, the odds of an interest rate hike according to

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Bloomberg or 53% knocked over.

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The odds of an additional interest rate hike are two interest rate hikes, are 75% by

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gene in your A of 2027.

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So we're looking at potentially one additional interest rate increase on the federal funds rate,

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potentially two in the next four months.

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What that ultimately means the long-term rates versus short-term rates are completely different.

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So what we've seen on the short side is we're seeing interest rates increase.

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And that's because they're responding to the Fed chairman's announcement.

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We're seeing that price in the current market.

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Long-term interest rates actually came back a little bit.

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So the 30 year treasury was 5.4% on September 15th, 5.3% on September 10th, currently the 30 year

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treasuries at 5.29%.

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So we did see and some improvement on the long end, and that's because the 30 year treasuries are long.

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Hunger, interest rates, response to things that are more perceptive. It's an overall feeling in the economy. So, you're

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looking at the conflict in Iran, that's going to have a negative effect not only on the short end, but

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the long end of the yields curve. The Fed taking action on something like inflation had a positive

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reaction on the long end of the yield curve. So, you're seeing a flattening of the yield curve for short-term

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interest rates are increasing, and long-term interest rates came back modestly.

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Any questions

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on the market, otherwise I'll get into the numbers in the scenarios.

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You've touched on it, but the spread between the 2020, really inverting, is that where you

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were sitting? You know, that's kind of the bid to the long. Do you have any specific commentary

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on that, or is that captured in what you were saying?

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Yes, so we've seen the yield curve was relatively steep at the beginning of this year and oftentimes in more volatile markets what we see is an increase in short-term interest rates or a flattening of the yield curve.

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So what we've observed in particular is the war with Iran created a lot of pressure between the five and the tenured treachery.

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And that's been the point of the yield curve that's sold off the most.

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Recently, because of the Fed's action and the anticipation of potentially one or two more Fed bonds rate interest rate,

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I experienced seeing the largest increases on the one and the two year treasuries,

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because they're anticipating those additional 25 to 50 basis points of increases.

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Does that answer your question?

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The 20 year response to the more long-term environment.

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So the biggest sell-off on the 30-year treasury in the 20-year M&D would be included in that was the announcement that the national debt hit $40 million.

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Because that has a long-term ramification towards the way that we as investors look at the United States debt as a credit.

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In the 20 years, the 20 years, the most important to us in terms of what we're doing.

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Exactly. So when the village is considering financing bonds over a course of 30 years,

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you really want to be keeping an eye on those long-term interest rates because that's going to dictate

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what you're borrowing.

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So this evening we've put together four scenarios. The first two scenarios

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are considering, or has the village considering issuing all the bonds here one issuance.

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The third and fourth scenarios are what we consider to be phase. So there's two issuances.

401
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This first summary is comparing a 30 or financing for the total amount of the project.

402
00:32:51,580 --> 00:33:00,280
So the way that this summary is created, the total cost of the project is 41.5 million dollars.

403
00:33:01,060 --> 00:33:05,180
In the green section, I don't know if the colors necessarily pop as well on the screen.

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00:33:05,260 --> 00:33:11,920
I think you can kind of see them. There's two green sections. Those are built into the assumptions.

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00:33:11,920 --> 00:33:20,060
So the village approved earlier this year, a reappropriation ordinance of proceeds from the 2021 bonds just over a million dollars.

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That's being included in the police station financing. So that's net off the bonds that are being issued.

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Additionally, we heard earlier about the $500,000 grant. So that's also being included.

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00:33:32,700 --> 00:33:38,540
So 1.5 million is being contributed from other sources to this 41.5 million.

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What that leaves is for scenario one, a bond issuance of just under 40 million.

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00:33:43,940 --> 00:33:47,360
So, 39.975 million dollars.

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scenario two is looking at the same scenario,

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scenario one, which will call the baseline,

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is considering a cash contribution from the village's reserves of $8 million.

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And so the only difference between scenario one and scenario two,

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00:34:03,480 --> 00:34:05,420
they're both amortized over 30 years,

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is that 8 million dollar contribution for service.

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Senators 1 and 2, there's more detail on the next couple slides, so I won't go into all the statistics in the summary just yet because those are on the ensuing slides as well.

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But what I will say is, as part of all of our analysis, one of the things that we consider are different kind of sensitivity metrics.

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So because the village is considering contributing 8 million dollars from reserves and estimated reduction in total of 1 million dollars.

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00:34:38,550 --> 00:34:43,750
So for every $1 million that the village contributes to the police station project or estimating

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that on an annual basis that reduces the amount of interest paid back by $65,000.

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From an interest rate perspective, if interest rates were to decrease by 0.1% of market

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00:34:58,190 --> 00:35:05,510
movement, so 10 basis points, that would have a $30,000 impact on the village's levier

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00:35:06,890 --> 00:35:10,850
Again, that is an annual basis that is not total debt service.

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00:35:16,120 --> 00:35:21,100
So the way that the slides are laid out, there's kind of three different sections.

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So first we'll start with the summary, so up at the top right.

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Again, so the village in this scenario would be issuing $39.9 million bonds,

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just under $40 million. The total cost of this financing is just under $83 million.

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So that's principal and interest to pay back.

430
00:35:42,480 --> 00:35:44,720
The average annual debt service study.

431
00:35:45,020 --> 00:35:46,680
So the way that these bonds are being structured

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is it's creating 30 years of level total debt service payments.

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So you'll be keeping that payments

434
00:35:53,280 --> 00:35:55,380
in more just like a mortgage essentially,

435
00:35:56,020 --> 00:35:58,200
a flat payment for the next 30 years.

436
00:35:58,620 --> 00:36:00,780
That average annual debt service study

437
00:36:00,780 --> 00:36:03,720
is just over three million.

438
00:36:03,740 --> 00:36:05,920
It's about three million, $67,000.

439
00:36:06,860 --> 00:36:12,480
And the last two bullets, the second-to-last bullet is referenced in the image.

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So you can see how the, the villages in the dark blue shaded columns, those are the village's current outstanding bond payments that are paid back from property taxes.

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00:36:25,300 --> 00:36:33,680
The light blue shaded column are the new bonds. So that's how the new bonds, the police station bonds are being amortized.

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the dotted line is what we're considering to be the target

443
00:36:39,480 --> 00:36:44,600
levy. So that's 3.75 million and that was a target levy that was

444
00:36:44,600 --> 00:36:50,360
put in place through conversations with the village's administration. So

445
00:36:50,360 --> 00:36:55,660
in looking at that, that was considered to be the ceiling. We did not want

446
00:36:55,660 --> 00:37:02,080
to advertise bonds higher than that point and below that any amount below that

447
00:37:02,080 --> 00:37:08,060
would allow the village to be able to utilize that additional space in the

448
00:37:08,060 --> 00:37:15,080
levy for potential operating needs. So what the second-to-last bullet point in

449
00:37:15,080 --> 00:37:20,260
the summary is summarizing is how much interest rates would have to increase for

450
00:37:20,260 --> 00:37:25,860
the payments on the new bonds to reach an annual levy of $3.75 million.

451
00:37:25,860 --> 00:37:26,120
Thanks.

452
00:37:28,350 --> 00:37:29,150
Just hear us about.

453
00:37:30,000 --> 00:37:34,660
How that loving number was generated? What was the thinking?

454
00:37:35,920 --> 00:37:40,120
That's the highest point in the last couple of years of our debt service levy on the property tax.

455
00:37:40,600 --> 00:37:44,860
So that's how we set our goal of not increasing property taxes to fund the police station.

456
00:37:44,960 --> 00:37:50,720
As long as we don't go above 3.75 million as a round number, that's, we've already levy to that point.

457
00:37:51,080 --> 00:37:53,940
Anything under that, we could then reallocate to our real program.

458
00:37:54,620 --> 00:37:57,020
It goes above that, we have to talk about new taxes.

459
00:37:57,020 --> 00:38:00,560
So then we'd have to love the additional property tax and let's get to it.

460
00:38:03,060 --> 00:38:11,020
So again, that would require a increase of 2% on the interest rate of the bonds for the

461
00:38:11,020 --> 00:38:13,600
village's bonds to reach that target.

462
00:38:14,820 --> 00:38:19,080
And then the last bullet point is the estimated true interest cost on the bonds.

463
00:38:19,260 --> 00:38:23,840
And so you can see the estimated true interest cost are ticked as we call it.

464
00:38:23,840 --> 00:38:31,660
It's a weighted average of the interest rates over the 30 years of maturity's, that's 5.1%.

465
00:38:31,660 --> 00:38:36,240
So that's kind of similar to your mortgage rate, so it's for a bond issuance.

466
00:38:37,480 --> 00:38:41,040
So the all-in borrowing costs for the village is 5.1%.

467
00:38:42,300 --> 00:38:48,320
One thing that I did want to point out is there is a maximum true interest cost in the perimeters.

468
00:38:48,320 --> 00:38:55,060
It's five in a quarter, so if for whatever reason the market did continue to increase,

469
00:38:56,780 --> 00:38:58,340
board action would have to be taken.

470
00:38:58,420 --> 00:39:04,320
We would have to bring the parameters back in front of the board to be able to approve the

471
00:39:04,320 --> 00:39:05,000
bonds.

472
00:39:06,660 --> 00:39:06,880
That clear.

473
00:39:09,880 --> 00:39:17,220
The last section is quantifying the impact of that additional levy capacity.

474
00:39:17,220 --> 00:39:32,320
So the scenario assumes a payment that $680,000,000 below the $3.75 million target, what that looks like from a bonding or a present value perspective is about 10.1 million dollars of proceeds.

475
00:39:36,800 --> 00:39:50,660
Scenario 2 is the same as scenario 1 is stated before, but with the addition of the $8,000,000,000 from reserves, so you're subtracting $8,000 from the total amount of bond proceeds, you're issuing about $32,000 of bonds.

476
00:39:51,540 --> 00:40:06,180
The estimated debt to service costs decreases in the scenario by about $15,000, so you're essentially taking off about the same amount of interest as you are principle by contributing those cash dollars to the bond proceeds.

477
00:40:06,800 --> 00:40:10,960
The average annual payment in this case is 2.54 million.

478
00:40:11,300 --> 00:40:15,000
The estimated change in interest rates is 4.17%.

479
00:40:15,000 --> 00:40:16,800
So it's very, very unlikely.

480
00:40:18,060 --> 00:40:20,960
You would also be above this statutory limit

481
00:40:20,960 --> 00:40:22,940
for what you could borrow in a taxing basis.

482
00:40:24,620 --> 00:40:28,380
So in this sense, the interest rate sensitivity

483
00:40:28,380 --> 00:40:32,340
in order to reach the target level is an incredibly high number

484
00:40:32,340 --> 00:40:35,000
that isn't realistic at this point.

485
00:40:35,000 --> 00:40:40,200
And the estimated two interest costs is again about 5.1%.

486
00:40:40,200 --> 00:40:46,980
Then this scenario, you're $1.21 million below your target levy and what that equates

487
00:40:46,980 --> 00:40:51,060
through is about $17.95 million in additional overseas.

488
00:40:53,060 --> 00:40:57,340
And as we've said many times, the 8 million survive from getting us to our target.

489
00:40:57,900 --> 00:40:58,280
Correct.

490
00:41:02,600 --> 00:41:05,380
One of the considerations that we'll talk about in a little bit,

491
00:41:05,380 --> 00:41:07,740
I'm going to go through the second set of scenarios,

492
00:41:08,340 --> 00:41:12,280
but one of the considerations in the rating analysis

493
00:41:12,280 --> 00:41:15,520
that we'll share later is what it looks like

494
00:41:15,520 --> 00:41:18,450
with the $8 million of cash reserves as well.

495
00:41:19,200 --> 00:41:21,200
How that impacts the Moody Score card.

496
00:41:26,220 --> 00:41:29,340
So the second set of scenarios are issued in two phases.

497
00:41:30,820 --> 00:41:33,900
This is a very preliminary draw schedule

498
00:41:33,900 --> 00:41:35,600
for the police station bonds.

499
00:41:36,340 --> 00:42:00,900
At the time, I believe this is at this point a little bit behind schedule even, but based off of the analysis, it was assumed that about 26 million would be spent through the spring of 2027, which would allow the village to issue about 23 million dollars in 2026, saving the balance to be issued in the fall of 2027, along with potentially some other projects of the village.

500
00:42:02,280 --> 00:42:15,600
And one of the benefits potentially of phasing would be to allow the village more time to be able to determine whether or not it wants to contribute or the village with like the contribute date million dollars from reserves.

501
00:42:15,600 --> 00:42:22,760
you could issue the $23 million now, and the reserves conversation can be delayed until the second

502
00:42:22,760 --> 00:42:29,520
issuance, where you would either decide to sell $17 or $18 million versus $9 or $10 million

503
00:42:29,520 --> 00:42:38,700
for the police station bonds. Now with a second issuance of bonds, one of the benefits of that is it

504
00:42:38,700 --> 00:42:41,920
that was shortened the repayment period by a year.

505
00:42:42,440 --> 00:42:46,180
One of the scenarios is assuming a 30 or 30 year total payback.

506
00:42:46,280 --> 00:42:48,460
So the second scenario is issued over 29 years.

507
00:42:49,040 --> 00:42:50,640
That does reduce the amount of interest.

508
00:42:50,820 --> 00:42:52,500
It's one last year of compounding interest.

509
00:42:52,960 --> 00:42:54,740
So there are a little bit of savings there.

510
00:42:54,980 --> 00:42:58,240
But there's also a cost that there's an interest rate risk

511
00:42:58,240 --> 00:43:00,940
component to it, because it interest rates continued rise.

512
00:43:01,600 --> 00:43:07,440
Then you could potentially incur additional cost on the second one.

513
00:43:08,700 --> 00:43:12,020
and we quantify what that is in a couple of slides.

514
00:43:13,440 --> 00:43:15,560
So the summary of two issues scenarios.

515
00:43:15,940 --> 00:43:18,640
So we're comparing scenarios three and four to scenario two,

516
00:43:18,880 --> 00:43:21,320
because both scenarios three and four also carry

517
00:43:21,320 --> 00:43:23,680
the villages contribution from reserves.

518
00:43:24,300 --> 00:43:27,620
So we're assuming the $8 million across all of this scenarios.

519
00:43:28,740 --> 00:43:32,380
Same net proceeds, just the only difference is scenario three,

520
00:43:32,540 --> 00:43:34,400
assumes a 30-year payback total.

521
00:43:34,620 --> 00:43:36,760
So it's the same as scenarios one and two.

522
00:43:36,760 --> 00:43:46,520
scenario for is a little bit unique. What we did was we shortened the 20-27 financing to 20 years

523
00:43:46,520 --> 00:43:51,360
and the reason for doing that is it lowers the the overall cost of borrowing on the second

524
00:43:51,360 --> 00:43:59,160
issuance, but it does create a higher payment in those initial 20 years. So the trade-off is

525
00:43:59,880 --> 00:44:07,480
lower borrowing costs, lower amount of debt service, but less capacity on the operating

526
00:44:07,480 --> 00:44:12,620
side to be able to let you those dollars, because the payments will be about $65,000

527
00:44:12,620 --> 00:44:15,320
higher for those first 20 years.

528
00:44:18,960 --> 00:44:23,560
Why is the, sorry, but why is the tax slightly higher for a certain area with 3 and 4 on

529
00:44:23,560 --> 00:44:24,660
the 26-pondage?

530
00:44:26,340 --> 00:44:34,740
Yeah, so I think it might be actually easier to explain in this slide, because what it is,

531
00:44:35,420 --> 00:44:42,540
it's the lower borrowing that the lower amount of the borrowing, the cost of issuance

532
00:44:42,540 --> 00:44:49,800
are a little bit higher on a per bond basis, as well as how the bonds are being amortized.

533
00:44:49,800 --> 00:44:57,800
So the 20s, 26 bonds, because you are not, you're leaving capacity for that second scenario.

534
00:44:58,560 --> 00:44:59,980
The average life is a little bit longer.

535
00:45:00,000 --> 00:45:10,060
We're on the 26 financing. It's not by much. It's about 0.04%. But that slight difference is creating just a slightly higher

536
00:45:10,060 --> 00:45:11,280
true interest cost.

537
00:45:15,840 --> 00:45:29,080
So again, focusing on the graph for the two issues scenario. So that the 2026 financing in this case is the light blue bars, the green bars are the 2027 scenario.

538
00:45:29,080 --> 00:45:33,040
So in this case, the 2027 bonds are repaid over 29 years,

539
00:45:33,420 --> 00:45:35,900
and the payment is maintained completely level.

540
00:45:36,460 --> 00:45:39,320
The average payments about 2.5 million,

541
00:45:39,360 --> 00:45:42,180
so the average levy for the village on an annual basis

542
00:45:42,180 --> 00:45:44,580
would be 2.5 million for 30 years.

543
00:45:44,940 --> 00:45:47,080
And what that equates to is about 18 and a half

544
00:45:47,080 --> 00:45:48,280
million on proceeds.

545
00:45:51,320 --> 00:45:55,040
Your total debt service is also about $1.5 million less

546
00:45:55,040 --> 00:45:57,160
than scenario two.

547
00:45:57,760 --> 00:46:00,600
In the upper left hand column, we provided a break

548
00:46:00,600 --> 00:46:06,040
even analysis. So again, the phasing reduces interest cost, but it does allow for interest rate

549
00:46:06,040 --> 00:46:12,980
risk. Interest rates would have to increase by 65 basis points on the 2027 scenario for

550
00:46:12,980 --> 00:46:18,880
the village to be worse off doing the two issuances versus the one. Keeping in mind what

551
00:46:18,880 --> 00:46:23,760
interest rates have done in 2026, that may not be a tradeoff that the village is interested

552
00:46:23,760 --> 00:46:24,400
in.

553
00:46:27,350 --> 00:46:29,290
Any questions on scenario three? Yeah.

554
00:46:29,290 --> 00:46:32,810
So the recent bid increase was a quarter point, right?

555
00:46:33,350 --> 00:46:41,430
The recent increases since February, depending on which maturity you looked at, it could

556
00:46:41,430 --> 00:46:42,250
be a lot higher.

557
00:46:43,230 --> 00:46:47,190
The Fed funds rate went up a quarter point.

558
00:46:48,690 --> 00:46:54,470
And you mentioned the beginning of your presentation that there was a 50-something percent

559
00:46:54,470 --> 00:46:58,810
chance of another one still this year, and 70-something next year.

560
00:46:58,810 --> 00:47:05,810
75% chance for a second fed rate increase by January of 27 years.

561
00:47:06,630 --> 00:47:11,750
Is that reasonable to think each of those might be a quarter point as well?

562
00:47:12,710 --> 00:47:16,870
Not necessarily because there's two different ends to the yields curve.

563
00:47:17,410 --> 00:47:21,530
And what the fed rate controls is ultimately the short end to the yield curve.

564
00:47:21,650 --> 00:47:23,870
So you're looking at the one in the two-year treachery.

565
00:47:23,870 --> 00:47:29,990
are most impacted and one or two year M&Ds, which is the municipal market data index.

566
00:47:31,250 --> 00:47:33,590
And that's what tax exempt bonds price, too.

567
00:47:33,970 --> 00:47:37,690
So those are going to be most impacted by changes in the fed rate.

568
00:47:38,550 --> 00:47:44,850
What the long-term yields are actually going to react to is how the market perceives the feds'

569
00:47:46,170 --> 00:47:53,210
But my question was, if there were two additional fed funds rate increases in all likelihood

570
00:47:53,210 --> 00:47:58,550
be a quarter point, and then the question mark would be, how is a long term market react to

571
00:47:58,550 --> 00:48:00,830
that? Is that what I'm hearing you say?

572
00:48:02,010 --> 00:48:07,810
And so my short answer to that is long-term interest rates may not move at all. And we might

573
00:48:07,810 --> 00:48:11,950
just see the yield curve continue to flatten and long-term interest rates would remain where

574
00:48:11,950 --> 00:48:18,070
they are. It's more difficult to predict what will happen on the longer end of the yield

575
00:48:18,070 --> 00:48:24,010
curve because things can change so dynamically so quickly. But I would just go back to the

576
00:48:24,010 --> 00:48:32,130
fact that when the Fed took action last week, the 30 year treasury was 5.4%. It's currently

577
00:48:32,130 --> 00:48:39,730
at 5.29%. So the markets actually perceived the Fed's action as positive step to combating

578
00:48:39,730 --> 00:48:45,030
inflation. The long-term prognosis of that is interest rates actually come down a little bit.

579
00:48:45,030 --> 00:48:51,550
So you can see interest rates move up on the short end of the occur, but actually come back down on the long end.

580
00:48:52,170 --> 00:49:03,290
So then this 0.65 breakeven number on the long side of the long side, which require a heck of a lot of short term increases probably above and beyond what is clearly being expected.

581
00:49:04,090 --> 00:49:07,490
Well, that would be a 65 basis point increase from where we are current.

582
00:49:07,490 --> 00:49:17,110
So, it would require additional, additional inflation, perception that the Fed isn't necessarily taking an action.

583
00:49:17,510 --> 00:49:19,450
If they cut, it could cause it.

584
00:49:19,510 --> 00:49:19,910
Correct.

585
00:49:20,250 --> 00:49:23,390
If the Fed takes incorrect action as the market perceives,

586
00:49:23,550 --> 00:49:32,350
if that could have an impact, escalation and war additional debt taken on as far as the deficit goes.

587
00:49:34,130 --> 00:49:38,810
tariffs can have an impact on long-term interest rates as well as short-term interest rates.

588
00:49:39,570 --> 00:49:50,150
There's a number of factors that impact long-term interest rates, but I think the big key is the short-term interest rates are impacted by inflation now in the Fed's actions.

589
00:49:50,830 --> 00:49:55,630
Long-term interest rates are impacted by perception and how the economy is perceived.

590
00:50:03,780 --> 00:50:12,880
So the final scenario for the village's consideration this evening is the two-phase scenario

591
00:50:12,880 --> 00:50:16,840
where the 2027 bonds are amortized over 20 years.

592
00:50:18,220 --> 00:50:27,060
And this scenario was included for consideration because it mitigates interest costs, so it

593
00:50:27,060 --> 00:50:33,580
reduces interest costs further by shortening the borrowing and also further mitigates interest rate risk

594
00:50:33,580 --> 00:50:39,520
because you're looking at a shorter time span for which the bonds are paid back. So it's less sensitive

595
00:50:39,520 --> 00:50:46,800
to market movement. The upside scenario is the lower interest cost, the downside scenario is

596
00:50:46,800 --> 00:50:52,440
it's about $65,000 per year more in those first 20 years. So those are dollars that the village

597
00:50:52,440 --> 00:50:57,180
that it's $65,000 closer to the target level of 3.75.

598
00:50:57,480 --> 00:51:01,220
So it's $65,000 a year less for the road home project.

599
00:51:03,820 --> 00:51:07,900
As far as what that means though for bonding capacity,

600
00:51:08,340 --> 00:51:09,300
it's relatively unchanged.

601
00:51:10,060 --> 00:51:14,180
It's slightly improved to 18.8 versus 18.5.

602
00:51:15,060 --> 00:51:17,500
There's less interest in the short term,

603
00:51:17,740 --> 00:51:20,060
but if the village were to borrow again in the future,

604
00:51:21,300 --> 00:51:23,680
you're back and loading those bonds as well.

605
00:51:23,680 --> 00:51:29,500
So you're paying a slightly higher interest cost than a sort of future debt, above the current

606
00:51:29,500 --> 00:51:32,360
2.55 million dollar threshold.

607
00:51:40,690 --> 00:51:41,990
Any questions on the bonds?

608
00:51:42,110 --> 00:51:48,530
Otherwise, we're going to look at how the bonds and the reserve funding impact.

609
00:51:48,890 --> 00:51:49,830
What's a great question?

610
00:51:49,890 --> 00:51:52,610
What is that pre-pity provisions of the bonds?

611
00:51:53,570 --> 00:51:57,510
So most municipal bonds are sold with an eight to a 10-year call option.

612
00:51:57,510 --> 00:52:06,410
currently the bonds are assuming a nine-year call option, one aspect of the bond

613
00:52:06,410 --> 00:52:11,970
issue is that we could consider is adding or pushing the call option back a

614
00:52:11,970 --> 00:52:17,550
year to the lower the interest rate. It wouldn't have a significant impact

615
00:52:17,550 --> 00:52:23,030
at the overall interest rate. It would be a very modest change, but a later call

616
00:52:23,030 --> 00:52:29,970
would give you a slightly lower pickup front as far as what

617
00:52:30,000 --> 00:52:34,400
What is standard in the market? Eight to ten years is pretty standard.

618
00:52:37,040 --> 00:52:44,920
I have one question before we go to the moody's issues. The $8 million in our reserve fund is presumably

619
00:52:44,920 --> 00:52:53,660
not laying follow. We're investing it, right? And so if we use $8 million for the bonds, we are

620
00:52:53,660 --> 00:52:59,780
saving interest on the bonds, but we're giving up the investment earnings on what is now

621
00:52:59,780 --> 00:53:05,140
in the Reserve Fund and it is vested presumably at a rate much higher than the bond rate

622
00:53:05,140 --> 00:53:10,740
because we would invest in taxables as opposed to tax exempt.

623
00:53:12,380 --> 00:53:16,860
It would be close. So we're looking at a 30 year tax exempt interest rate

624
00:53:16,860 --> 00:53:23,460
of about 5.1%, the one year U.S. Treasury is hovering just north of 4%.

625
00:53:24,920 --> 00:53:29,580
But correct, especially if the Fed continues to increase short-term interest rates,

626
00:53:29,580 --> 00:53:33,280
It's going to increase your liquid rate that you could invest that.

627
00:53:34,060 --> 00:53:36,300
So there is an opportunity cost to that.

628
00:53:36,580 --> 00:53:43,860
So is that factored into your decision about whether the $8 million saves us?

629
00:53:44,000 --> 00:53:46,500
It's not factored into the current analysis now.

630
00:53:49,130 --> 00:53:50,670
I have a question then.

631
00:53:51,250 --> 00:53:56,770
Is arguably very foolish as somebody who is not a bond person, which is why I'm glad that

632
00:53:56,770 --> 00:53:58,630
we have you, somebody who is.

633
00:53:59,530 --> 00:54:04,810
I mean, I think it's fair to say that we're in a relatively high interest rate environment

634
00:54:04,810 --> 00:54:08,690
at least compared to the last 10 or 12 years, right, correct?

635
00:54:09,790 --> 00:54:16,490
Is there a mechanism where 10 years into this, as opposed to, you know, just paying everything

636
00:54:16,490 --> 00:54:23,050
off, essentially refinancing these, is that something that can be done, you know, if interest

637
00:54:23,050 --> 00:54:28,610
rates are at 2% 10 years from now or 5 years from now, is that an option for us to

638
00:54:28,610 --> 00:54:34,010
to then lower this total amount that we would have to pay back.

639
00:54:35,090 --> 00:54:41,910
So I believe it was trustee Shepherd that asked the question earlier about a redemption or pre-payment option to this.

640
00:54:42,610 --> 00:54:49,930
And so municipal bonds are unlike your mortgage where you can refinance them any year in which interest rates decrease.

641
00:54:50,250 --> 00:54:54,550
There's investment investor protections that are built into bond issuances.

642
00:54:54,550 --> 00:54:59,650
and so those investor protections are typically 8 to 10 years, meaning that the bonds have

643
00:54:59,650 --> 00:55:03,910
to be outstanding at their current interest rate for a period of at least 8 to 10 years.

644
00:55:04,670 --> 00:55:11,130
A longer call option, some more investor protection typically lowers the interest rate

645
00:55:11,130 --> 00:55:15,790
a little bit shorter, you're going to increase that interest rate, because the investor requires

646
00:55:15,790 --> 00:55:16,770
that call protection.

647
00:55:17,670 --> 00:55:22,290
From the villages standpoint, though, that means that after 9 or 10 years, we would

648
00:55:22,290 --> 00:55:28,870
able to refinance these bonds at tax exempt interest rates if the interest rate and

649
00:55:28,870 --> 00:55:32,090
environment at that time cooperates and their savings.

650
00:55:33,090 --> 00:55:33,690
Okay, thanks.

651
00:55:37,460 --> 00:55:38,040
Other questions?

652
00:55:38,300 --> 00:55:41,360
Before we talk about the rating score current?

653
00:55:42,380 --> 00:55:42,460
All right.

654
00:55:42,740 --> 00:55:42,820
Perfect.

655
00:55:43,580 --> 00:55:52,660
So recently in August, Moody's underwent what is considered to be a basically a credit metric update

656
00:55:52,660 --> 00:55:59,720
for the village. And what they did was they input into their proprietary scorecard, the

657
00:55:59,720 --> 00:56:04,740
village's metrics, measuring the village's credit rating on four different criteria,

658
00:56:05,040 --> 00:56:13,780
the economy, financial performance, leverage, and fixed costs. And so the scorecard was not

659
00:56:13,780 --> 00:56:20,440
a surveillance. It wasn't an update to the village's credit rating. Although the village has part

660
00:56:20,440 --> 00:56:27,140
the bonds would have to go undergo a formal credit rating process, so that would be updated in a couple

661
00:56:27,140 --> 00:56:32,760
months here next month, actually. When we go to price these bonds,

662
00:56:35,280 --> 00:56:37,080
but what Moody's did do is

663
00:56:37,080 --> 00:56:43,620
provide an update to the scorecard. They didn't assign a rating, they didn't provide what the output

664
00:56:43,620 --> 00:56:50,020
of their scorecard would provide if they had to indicate a rating for the village.

665
00:56:50,260 --> 00:56:56,580
So this was just an update of the metrics, but what they did provide was the medians for

666
00:56:56,580 --> 00:57:15,270
other AAA rated issuers nationally that that moody's considers to be worthy of the

667
00:57:15,270 --> 00:57:19,030
economic scores are incredibly high.

668
00:57:20,050 --> 00:57:24,950
So the economic score is really the strength of the village's credit score card.

669
00:57:26,330 --> 00:57:31,590
Conversely, what we're going to look at in a couple slides is the financial performance.

670
00:57:31,690 --> 00:57:38,050
So we're going to look at the fund balance ratios as well as leverage to see how the debt

671
00:57:38,050 --> 00:57:42,530
and the contribution of cash reserves may change these cards.

672
00:57:44,230 --> 00:57:47,870
We at PMA have kind of recreated moody scorecard.

673
00:57:47,970 --> 00:57:51,830
We feel like it's pretty accurate and compares well

674
00:57:51,830 --> 00:57:55,650
to how moody's evaluates the village.

675
00:57:56,270 --> 00:57:59,210
So what we did was we took the moody score

676
00:57:59,210 --> 00:58:02,490
and we actually input it into the credit rating scorecard.

677
00:58:02,590 --> 00:58:05,710
So the way that this scorecard works is if you're reading it

678
00:58:05,710 --> 00:58:12,350
left to right. You can see the four financial performance of valuation metrics. And then at the top,

679
00:58:12,630 --> 00:58:17,290
you'll observe that there is four different credit rating categories. There's actually more

680
00:58:17,290 --> 00:58:22,730
than four, but I cut off the bottom too because there's no reason to share those with the village.

681
00:58:23,070 --> 00:58:28,970
You're more focused on the left side. So the economy scores are based off of residential income,

682
00:58:29,430 --> 00:58:35,330
full value per capita, which is your income as well as a normalizing factor for Cook County.

683
00:58:35,710 --> 00:58:46,490
as well as economic growth, which is a proprietary calculation that Moody's does, that we copy, is part of this analysis, so we're holding that flat.

684
00:58:47,170 --> 00:58:58,090
Your financial performance is based off of your available fund balance ratio, which is looking at your fund balance in your governmental, your business, and you're not operating funds divided by your total available revenues.

685
00:58:58,790 --> 00:59:02,790
The liquidity ratio is a very similar calculation, but it's just looking at cash and investments.

686
00:59:04,270 --> 00:59:08,590
The institutional framework, we don't need to necessarily talk about because it's not going

687
00:59:08,590 --> 00:59:15,010
to change, but you're assigned a score of one if you are a home rule, municipal unit

688
00:59:15,010 --> 00:59:17,370
of government, three if you're non-homeral.

689
00:59:17,590 --> 00:59:21,850
The reason that they assign a score for that, as you're aware, home rule units of government

690
00:59:21,850 --> 00:59:28,710
have the ability to increase revenues, increase taxes, manage rates in a way that non-homal units

691
00:59:28,710 --> 00:59:29,750
of government do not.

692
00:59:29,750 --> 00:59:37,970
So the goal ultimately of this scorecard is the score of the lowest amount of points I suppose possible.

693
00:59:38,730 --> 00:59:46,030
And so being assigned a one for your institutional framework, which is 10% of your overall score, is ideal.

694
00:59:46,450 --> 00:59:49,770
And then your last credit reading criteria is leverage.

695
00:59:49,770 --> 00:59:53,230
And that's what's looking at your long-term liabilities in your fixed cost ratio.

696
00:59:53,230 --> 00:59:59,370
So what's built into the long-term liabilities ratio is debt and opath liability.

697
01:00:00,000 --> 01:00:07,000
Those are the two main categories, so your bonds, your IPA loans, your notes, that's factored

698
01:00:07,000 --> 01:00:14,740
in, plus your liability on your pension. The fixed cost ratio below that, factors in

699
01:00:14,740 --> 01:00:20,720
a implied debt service, which is a moody's calculation that normalizes your bonds outstanding

700
01:00:20,720 --> 01:00:29,980
over a 20 year average payment, as well as your contributions, though. So it's not looking at your

701
01:00:32,040 --> 01:00:41,340
And what the result of the calculation spit out is a overall score of 1.47, which if you're

702
01:00:41,340 --> 01:00:46,540
looking at the bottom bar puts you at the very end of the triple A category.

703
01:00:47,600 --> 01:00:52,540
And so again, the strength, economy, and tax base, your economic, your residential income

704
01:00:52,540 --> 01:00:55,400
scores 228%.

705
01:00:55,400 --> 01:01:04,020
That puts you double the minimum threshold for triple A of 120 percent assigned by mooties.

706
01:01:04,220 --> 01:01:06,790
That is the highest score in the state that I'm aware of.

707
01:01:08,280 --> 01:01:14,080
In terms of the mooties, triple A median average, the national average for a triple A

708
01:01:14,080 --> 01:01:20,400
issue is 168%. So the village is well above the residential income levels.

709
01:01:20,400 --> 01:01:27,020
Your economic growth score slightly below, but your full value per capital, which is a normalizing

710
01:01:27,020 --> 01:01:32,420
calculation again with Coup County, is still well above the median value.

711
01:01:32,840 --> 01:01:36,480
It speaks to the resident income because that's part of that calculation.

712
01:01:37,840 --> 01:01:43,300
Your fund balance ratios are within the triple A metric, and in fact, when you were

713
01:01:43,300 --> 01:01:48,600
last rated actually, your fund balance ratio was, I believe, 39%.

714
01:01:48,600 --> 01:01:51,980
So when we take a look at what changes to your calculation,

715
01:01:52,000 --> 01:01:55,400
your current fund balance ratio is 50 to 0.28%.

716
01:01:55,400 --> 01:01:57,940
When you were last rated you were 39%.

717
01:01:57,940 --> 01:01:59,040
You were still triple A.

718
01:01:59,160 --> 01:02:00,440
You were in the triple A category,

719
01:02:00,640 --> 01:02:02,300
but your fund balance position is actually

720
01:02:02,300 --> 01:02:05,260
a lot stronger than it was, even the last time

721
01:02:05,260 --> 01:02:08,040
that you had a full credit rating done by booties.

722
01:02:11,050 --> 01:02:14,650
Where the village differentiates from the other triple A

723
01:02:14,650 --> 01:02:16,010
issue is, is leveraged.

724
01:02:16,150 --> 01:02:19,690
So your long-term liability's ratio is 291%.

725
01:02:19,690 --> 01:02:28,550
that puts you in the moderate category. So that puts you in that single A underlying category, or leverage.

726
01:02:29,850 --> 01:02:38,170
And what Moody's looks at ultimately for any credit is do you have the ability to be able to

727
01:02:38,170 --> 01:02:44,150
repay your debt? Well, the answer for the villages is clearly yes because of your economy scores.

728
01:02:44,150 --> 01:02:48,690
So, from a qualitative perspective, the village is very strong.

729
01:02:49,470 --> 01:02:51,110
But what we're going to see in a few seconds

730
01:02:52,730 --> 01:02:56,090
is with additional debt and with a contribution

731
01:02:56,090 --> 01:03:00,150
of fund balance, the 1.47 score is going to come down

732
01:03:00,150 --> 01:03:02,010
and that's going to put you on the other side

733
01:03:02,010 --> 01:03:04,670
of that triple A to double A benchmark.

734
01:03:05,510 --> 01:03:07,670
And so, what the next slide has

735
01:03:08,250 --> 01:03:10,470
is a couple of different scenarios.

736
01:03:10,470 --> 01:03:13,990
and we've broken it down into three pools.

737
01:03:14,650 --> 01:03:17,730
The first is, what is the impact of the 8 million dollar drawdown

738
01:03:18,090 --> 01:03:20,630
on your cash reserves and your liquidity ratios?

739
01:03:21,790 --> 01:03:24,770
And so if we assume an 8 million dollar drawdown

740
01:03:24,770 --> 01:03:28,650
that decreases your fund balance without any sort of assumed changes

741
01:03:28,650 --> 01:03:33,730
they've revenues to a ratio of 41% and 47% respectively.

742
01:03:33,930 --> 01:03:35,930
That is still within the AAA metric.

743
01:03:36,530 --> 01:03:40,250
So it is still strong from a fund balance perspective.

744
01:03:40,250 --> 01:03:44,210
It does though impact the weighting of the score.

745
01:03:44,750 --> 01:03:49,270
So on the prior slide, the unweighted score was 0.5 and 0.61.

746
01:03:50,450 --> 01:03:56,010
Now your score, which is circled in green, is 1.08 and 1.13.

747
01:03:56,670 --> 01:03:59,930
I tried to color coordinate the boxes to the scores that were changing.

748
01:04:01,290 --> 01:04:05,150
The overall impact to your score is a change of 0.16,

749
01:04:05,970 --> 01:04:12,950
which increases your score from 1.47 to 1.63, putting you in that double A1 that

750
01:04:12,950 --> 01:04:15,090
high end of the double A1 category.

751
01:04:17,280 --> 01:04:19,680
Keep in mind that this is an estimate and that

752
01:04:19,680 --> 01:04:23,760
Moody's has a committee that is ultimately going to decide what your readings are.

753
01:04:23,960 --> 01:04:27,980
This is just their scorecard. So this is just the part of the analysis that doesn't

754
01:04:28,660 --> 01:04:34,280
indicate or mean that the village is going to be downgraded. And all likelihood where

755
01:04:34,280 --> 01:04:41,880
the village was in 2020 is similar to where the score is currently at 1.63, because the

756
01:04:41,880 --> 01:04:47,300
fun balance ratio was lower at that time. The liability may have also been lower because

757
01:04:47,300 --> 01:04:54,500
the storm water bonds had not been issued, so your long-term light abilities ratio was also

758
01:04:54,500 --> 01:05:04,200
likely lower, but keep in mind that oftentimes when we're analyzing score cards and we look at

759
01:05:04,200 --> 01:05:13,400
rating the issue or ultimately receives, the scorecard rating and the actual rating don't always match.

760
01:05:14,860 --> 01:05:18,980
So this is just the tool that it goes in front of the committee, but it is not what ultimately

761
01:05:18,980 --> 01:05:25,460
decides what your credit rating is. Just want to make sure that it's clear. In just a doubt, I think

762
01:05:25,460 --> 01:05:33,720
When we maybe 2009, 2010, I mean, when our reserve level was down to $3 million, like on a

763
01:05:33,720 --> 01:05:40,860
shoe string, we were still able to obtain that AAA rating. Do we, do we know what the

764
01:05:40,860 --> 01:05:49,940
scorecard was then? Okay. But I will say having one of the wealthiest, if not the wealthiest

765
01:05:50,960 --> 01:05:58,640
residents and comes in the state is going to make it a challenging conversation I think for the

766
01:05:58,640 --> 01:06:00,700
committee to ultimately downgrade the village.

767
01:06:02,840 --> 01:06:06,300
If it were to be downgrade a one, what would be the

768
01:06:06,300 --> 01:06:18,560
impact on our goal? I am glad you asked that because I wrote that down. So the impact per $1 million

769
01:06:18,560 --> 01:06:24,080
dollars of proceeds would be about $875, $875 on an annual

770
01:06:24,080 --> 01:06:24,800
levy basis.

771
01:06:24,860 --> 01:06:29,520
This is for $1 million of proceeds and about $27,000 in total

772
01:06:29,520 --> 01:06:32,580
debt service over 30 years.

773
01:06:33,360 --> 01:06:33,900
Pretty minimal.

774
01:06:37,000 --> 01:06:43,880
So that would be assuming that we did the two phase bond, correct?

775
01:06:44,660 --> 01:06:51,280
Because it doesn't, so this is what only be then on the second piece of it, right?

776
01:06:51,500 --> 01:06:56,740
You could issue $32 million this year, and that would be a one-phase issuance.

777
01:06:57,340 --> 01:07:01,800
So this is assuming that you can contribute $8 million of cash.

778
01:07:02,020 --> 01:07:08,160
So the only variable here is the 8 million, so I take in the 8 million from cash and

779
01:07:08,160 --> 01:07:16,020
in to reduce debt, it has having a negative net effect and causing a richest rates to go out.

780
01:07:16,360 --> 01:07:22,500
So then you'd have to look at that total cost against what Trustee Kennedy mentioned about the

781
01:07:22,500 --> 01:07:27,680
opportunity costs and look at the net of what how to make that decision on the thing.

782
01:07:30,000 --> 01:07:41,360
I just think before I think the biggest cautionary statement I can make, because I think Jason is doing a phenomenal job of really locking you through the nitty gritty of these scorecards.

783
01:07:42,060 --> 01:07:51,340
Is it just because it's showing us on the scorecard going from Triple A to Double A? It doesn't mean our rating has now been downgraded and that our interest rates are more.

784
01:07:51,340 --> 01:07:56,500
I just want to make sure that that isn't what you walk away with on this.

785
01:07:56,640 --> 01:07:57,240
You are correct.

786
01:07:57,740 --> 01:08:01,260
It's a $32 million response whether we do it in one part or two parts.

787
01:08:01,860 --> 01:08:02,480
That's not this.

788
01:08:02,480 --> 01:08:06,800
It's just trying to tell us what's the impact of using 8 million of reserves.

789
01:08:07,080 --> 01:08:10,660
But remember, this is saying, no other changes have happened.

790
01:08:11,040 --> 01:08:14,700
So everything else on the scorecard is the same as this last one we did.

791
01:08:15,040 --> 01:08:18,120
So it's just saying you took it from that last one.

792
01:08:18,120 --> 01:08:25,520
You took off $8 million and then you added $32 million worth of debt in one year or at one time.

793
01:08:26,200 --> 01:08:31,140
But it's not, I guess I really don't want you to think that because we issued $32 million,

794
01:08:31,360 --> 01:08:36,060
we're now going to get downgraded and really the cost of this is going to go up.

795
01:08:38,600 --> 01:08:43,060
It could, but what I think, what I'm hoping you walk away with,

796
01:08:43,060 --> 01:08:50,500
the scorecard is showing that we're actually in theory can move down. However, we're still close

797
01:08:50,500 --> 01:08:57,840
to the AAA. I don't have the scorecards from in years past, but I think President Plunkett

798
01:08:57,840 --> 01:09:06,500
was trying to remind us again, when the village issued in the 2008-2009, our fun balance was

799
01:09:06,500 --> 01:09:12,820
dismal to say the least. And the rating agencies talk to us again and again and again. Your fun balance

800
01:09:12,820 --> 01:09:21,440
is really low and that was probably the biggest issue they had with us being a AAA. We have built

801
01:09:21,440 --> 01:09:28,120
our fun balance up. It is not anything like it used to be before. So I'm going to bet that if we could

802
01:09:28,120 --> 01:09:32,160
look at those scorecards from the past we're going to see that we weren't on a scorecard basis

803
01:09:32,160 --> 01:09:36,580
a triple A, but they didn't have scorecards like this just, you know, we weren't to triple

804
01:09:36,580 --> 01:09:42,060
A. We would have fallen into a double A category, but because the wealth of the village

805
01:09:42,060 --> 01:09:47,680
and other things that we were doing, we were still considered a triple A. So this is just

806
01:09:47,680 --> 01:09:54,480
looking at a microcosm of that way that they assign our rating. It's one piece. This doesn't

807
01:09:54,480 --> 01:09:56,120
tell us what our rating is going to be.

808
01:09:56,420 --> 01:10:04,440
Would we know, would we have benefit of that information before we made the $8 million call?

809
01:10:05,220 --> 01:10:09,380
Here's what I can tell you. I can tell you what we were rated when we did that.

810
01:10:09,540 --> 01:10:12,760
And I can tell you what our fund balance numbers were at that time.

811
01:10:14,840 --> 01:10:16,160
Before we did this.

812
01:10:16,920 --> 01:10:18,660
Oh, the scorecard.

813
01:10:19,540 --> 01:10:22,120
So we'll get our bond rating before we issue the data.

814
01:10:22,400 --> 01:10:22,960
Oh, absolutely.

815
01:10:22,960 --> 01:10:32,720
So, if we were disappointed with our rating, we could then make the decision of whether to keep the $8 million cash or to put it close today.

816
01:10:33,180 --> 01:10:33,580
Yeah, absolutely.

817
01:10:33,740 --> 01:10:42,000
I would say there is Mr. having that absolute debt and depending on the short term interest rate to be in our benefit.

818
01:10:42,000 --> 01:10:50,060
It's a short-term interest rates fell to zero in three months that debt is out there for at least nine years.

819
01:10:50,440 --> 01:10:55,780
Just so, you know, there is an inherent to that that would factor in all of this, would you agree with that?

820
01:10:56,000 --> 01:10:57,220
Yes, I would.

821
01:10:57,520 --> 01:10:58,980
Let's go up to it.

822
01:11:00,080 --> 01:11:02,280
Well, it's really complicated to look backwards.

823
01:11:02,540 --> 01:11:05,220
Because I don't remember what I was doing on the board.

824
01:11:05,540 --> 01:11:11,420
I don't know what the liabilities were, but I don't think there's as much concern about pension liabilities in 2007.

825
01:11:11,420 --> 01:11:24,800
I think it's just a whole lot of variables, I think we're just up to base it on what's going on today and not what happened to the path.

826
01:11:24,980 --> 01:11:29,420
And our measures are, you know, I mean, thank we were at this 3.75 in interest cost.

827
01:11:30,660 --> 01:11:39,560
You know, not too long ago, you know, so we know where we were with all of that reserve gone offsets and then in interest rates of gone offsets, so that's a lot of factor.

828
01:11:42,330 --> 01:11:44,390
I'm going to phrase it this way.

829
01:11:46,190 --> 01:11:56,330
We're trying to help answer what is a complex question that she had and it really was being driven by the conversation that we were having in terms of the needs for the water fund.

830
01:11:56,710 --> 01:12:03,530
And as we layer on all that additional debt, what could it mean in the scorecard, which is really the next slide that Jason's going to get to.

831
01:12:03,530 --> 01:12:15,310
In this one, I'm going to tell you the walk away I had after Jason put this together, is that the police station isn't the one that would be a tipping point potentially for our ratings.

832
01:12:15,710 --> 01:12:16,330
It's not.

833
01:12:16,590 --> 01:12:18,330
Nor in my mind is the eight million.

834
01:12:18,490 --> 01:12:20,910
That's not what a tipping point is going to be for us.

835
01:12:21,490 --> 01:12:25,770
The next slide, I think, is where we can talk about what might be a tipping point.

836
01:12:26,430 --> 01:12:32,050
But if there is a tipping point, think of what the other question that was already answered.

837
01:12:32,050 --> 01:12:35,490
What does that mean if we went from a triple A to a double A?

838
01:12:35,690 --> 01:12:36,970
What does that mean for us?

839
01:12:37,170 --> 01:12:38,230
So we had that answer.

840
01:12:38,970 --> 01:12:42,090
It's on a 1 million, it's 27,000.

841
01:12:42,210 --> 01:12:42,810
It's a whole issue.

842
01:12:44,330 --> 01:12:45,550
Yes, over 30 years.

843
01:12:45,550 --> 01:12:46,230
Yes, over 30 years, she wins.

844
01:12:46,650 --> 01:12:48,190
It's just not that much.

845
01:12:50,050 --> 01:12:51,590
It's to minimize in some ways.

846
01:12:51,790 --> 01:12:55,510
I just, in terms of a game changer, in terms of how you might want to think about things.

847
01:12:56,150 --> 01:13:07,890
It reminds me whether and how much we are planning on issuing bonds for the water.

848
01:13:09,850 --> 01:13:10,350
Okay.

849
01:13:12,510 --> 01:13:17,330
So we, that's over a couple of different issuances.

850
01:13:17,810 --> 01:13:19,170
So it's roughly right now.

851
01:13:19,270 --> 01:13:21,290
I think the last time we looked at is around 50 million.

852
01:13:21,310 --> 01:13:24,450
So there's 22, 22, and I think a 3 million issuance.

853
01:13:24,450 --> 01:13:27,930
But that you actually teed us up for this next slide.

854
01:13:28,230 --> 01:13:29,890
I know I didn't know if I was jumping a hand.

855
01:13:30,330 --> 01:13:30,850
I didn't.

856
01:13:31,270 --> 01:13:33,650
Because I had Jason, he went through the deck.

857
01:13:33,870 --> 01:13:35,330
We watched the meeting again.

858
01:13:35,690 --> 01:13:37,830
So that's what informed now this next slide.

859
01:13:37,950 --> 01:13:39,370
So I'm going to let you get to that one.

860
01:13:39,730 --> 01:13:41,310
Thank you.

861
01:13:42,370 --> 01:13:44,350
So I'm going to jump to the next slide.

862
01:13:45,170 --> 01:13:49,630
But I did just want to briefly mention so that the right box,

863
01:13:49,850 --> 01:13:52,850
so that the dark blue, that is for just the police station financing.

864
01:13:52,850 --> 01:14:16,090
So increasing, based off a $32 million issue and keep in mind too, if you don't do the cash reserves that increases the borrowing amounts of $41 million or $40 million, I guess it would be $39.9, that would increase the borrowing amount by $8 million, so that does if you don't contribute on the cash side of things that does increase your long-term liabilities as well.

865
01:14:16,090 --> 01:14:22,330
But the ratio increases from about 294% to 334%.

866
01:14:22,330 --> 01:14:24,050
So you're maintaining where you've currently

867
01:14:24,050 --> 01:14:27,970
with the moderate debt burden on the long term liabilities.

868
01:14:29,430 --> 01:14:33,410
The last slide on the moody score cards that we've put together

869
01:14:33,410 --> 01:14:37,390
is incorporating, as Ms. Mulay said,

870
01:14:37,390 --> 01:14:40,110
the additional water-related projects.

871
01:14:40,650 --> 01:14:45,250
So from your capital improvement planning, you did last week,

872
01:14:45,250 --> 01:14:57,970
We estimated about 50 million additional bonds over the next three years that when I say bonds that also includes the IEPA loans so both are included as part of the calculation.

873
01:14:58,770 --> 01:14:59,970
I think that's important to note.

874
01:15:00,000 --> 01:15:06,860
Even though the IEPA loans may come at a zero-inter� rate or a low-inter� rate, there's still

875
01:15:06,860 --> 01:15:15,160
part of the debt calculation that Moody's analysts. And so the big difference here, and then

876
01:15:15,160 --> 01:15:20,960
we net off the anticipated bond payments that the village is estimated to make over the next

877
01:15:20,960 --> 01:15:28,160
three years. So we came to us about 75 million of additional debt over the next three years. And

878
01:15:28,160 --> 01:15:33,220
Ultimately, the biggest change between the two slides is that it pushes your long-term

879
01:15:33,220 --> 01:15:39,020
liability ratio up to about 394 percent, which pushes you out of the moderate category

880
01:15:39,020 --> 01:15:44,980
to the weekend, and that's what pushes you into that triple B, there would be double A category

881
01:15:44,980 --> 01:15:45,760
for duties.

882
01:15:48,430 --> 01:15:54,190
The just to note, when we, if we were to fund the water intake with an IEPA loan, our

883
01:15:54,190 --> 01:15:55,210
bond rating doesn't matter.

884
01:15:55,550 --> 01:15:58,250
The IEPA interests rates are set, irrespective of bond rating.

885
01:15:58,250 --> 01:16:03,230
So that has no impact on our debt service related to the water intake, assuming we get the

886
01:16:03,230 --> 01:16:03,750
low interest loan.

887
01:16:03,970 --> 01:16:08,930
So that would be then for the next capital debt issues we would make in however many years

888
01:16:08,930 --> 01:16:11,810
after we do the intake, this is where this could come through.

889
01:16:12,750 --> 01:16:23,170
So let's go ahead and ask the IPA loans would be partnered with increased revenues associated

890
01:16:23,170 --> 01:16:31,290
or at least we've discussed increasing revenues to match those additional costs from our

891
01:16:31,290 --> 01:16:38,150
water customers. Correct. Does Moody's take that into consideration? They do, so that's the

892
01:16:38,150 --> 01:16:42,610
denominator as part of the long term liabilities ratio. And that is something that we did

893
01:16:42,610 --> 01:16:47,770
not factor into this analysis, so I did want to point up that is conservative for that reason.

894
01:16:47,770 --> 01:16:52,850
revenues are not increased as part of the analysis, so we're not increasing that the

895
01:16:52,850 --> 01:16:57,350
nominator in the calculation. It's a big number. It is. Correct.

896
01:16:58,350 --> 01:17:05,450
Well, I'm just, the, that number isn't just, well, not revenues. It's mostly our wholesale customers.

897
01:17:06,130 --> 01:17:14,310
So, I mean, as we found out at the meeting two weeks ago, it's not the water intake that is going to cost us any money.

898
01:17:14,310 --> 01:17:20,310
You know, maybe the led service line certainly in our water mains, but the water intake at least,

899
01:17:20,910 --> 01:17:24,630
you know, 75% of our water customers come from outside of Womads.

900
01:17:27,100 --> 01:17:28,560
But this move is really care.

901
01:17:28,580 --> 01:17:33,980
I mean, this because we have the right to raise taxes unlimited.

902
01:17:34,700 --> 01:17:35,860
And we have an absolute community.

903
01:17:36,020 --> 01:17:40,260
I don't know that they really care about other sources of revenue as much as they do.

904
01:17:40,340 --> 01:17:41,960
Our ability to tax.

905
01:17:42,740 --> 01:17:47,480
But if we're already planning that we're going to tax, so we're matching the increased cost

906
01:17:47,480 --> 01:17:48,540
with increased revenue.

907
01:17:48,760 --> 01:17:51,400
It wouldn't be taxing to be increasing out of fees, but-

908
01:17:52,260 --> 01:17:55,760
It's an additional revenue, still off-set the additional cost.

909
01:17:56,820 --> 01:18:03,920
And it's really just the kind of concept that we've increased our geo-lending, but not

910
01:18:03,920 --> 01:18:04,560
in our costs.

911
01:18:04,820 --> 01:18:08,520
And our price revenues are business activity revenues.

912
01:18:08,660 --> 01:18:11,180
There's our considered revenues as part of the calculation.

913
01:18:11,180 --> 01:18:19,600
So that is in the analysis or it's not included in the analysis and the score curve provided, but it would be part of Moody's criteria.

914
01:18:20,260 --> 01:18:23,320
And this is pretty much an enterprise fund for you.

915
01:18:25,580 --> 01:18:29,340
As you're raising that question, I'm just going to caution again.

916
01:18:30,940 --> 01:18:32,700
This is really in the weeds.

917
01:18:32,920 --> 01:18:35,860
Well, if this is a great conversation, this is in the weeds.

918
01:18:36,500 --> 01:18:44,160
This scorecard is trying to give you some sense of what could it mean as moody takes a look at us.

919
01:18:44,420 --> 01:18:48,920
But remember when Jason started this, he told you that the economy piece, that's left.

920
01:18:49,780 --> 01:18:53,220
When we issue these water bonds, we take on additional debt.

921
01:18:53,460 --> 01:18:57,400
That didn't increase. We're not, we're not guessing what's going to happen over the next four years.

922
01:18:57,820 --> 01:19:01,560
Some of these other factors, we're not guessing what's going on over the next four years.

923
01:19:01,560 --> 01:19:08,740
To your point, the revenue is in fact, or it's trying to say, let's take the last time they just did the surveillance.

924
01:19:09,640 --> 01:19:15,300
Let's make some tweaks in terms of using the reserves and in terms of adding debt.

925
01:19:15,640 --> 01:19:20,140
What would that have done to the scorecard at that point in time?

926
01:19:20,800 --> 01:19:24,940
It's to get you to sort of think about how it could impact the scorecard.

927
01:19:25,540 --> 01:19:31,540
But this is going to change during the course of the time that we're going to be layering on that additional data.

928
01:19:31,540 --> 01:19:46,400
So, as Jason phrase to conservative, you can call it conservative, you can call it, kind of a worst case scenario because really what I'm going to tell you what concerns me the most is the last bullet point in the box that Jason is going to tell you about.

929
01:19:46,480 --> 01:19:51,600
That's the one where I really think over the course of time it is out of our control.

930
01:19:52,240 --> 01:19:56,100
That's when it's going to be a big zinger if it happens, but I'll let Jason tell you.

931
01:19:56,100 --> 01:20:03,360
And so, because your long-term liabilities include a calculation of your pension liability,

932
01:20:04,720 --> 01:20:13,180
currently that the state's considering changes to the state or the tier 2 pension liability calculation.

933
01:20:13,560 --> 01:20:20,960
And if, because tier 2 pensions currently are lagging behind social security based off of the state's analysis.

934
01:20:20,960 --> 01:20:34,920
And if that were to go into effect, if the state were to make that change, what that would mean is it increased to your current pension liability, which is going to further drive up your long-term liabilities ratio.

935
01:20:35,580 --> 01:20:38,440
And that's something that's largely out of the village's control.

936
01:20:38,620 --> 01:20:46,600
I know Ms. Benoit has some figures that can quantify what that impact will be to the village.

937
01:20:46,600 --> 01:20:54,220
But keep in mind that that's also not something that's indicated in this scorecard and could potentially be coming in the near future.

938
01:20:55,360 --> 01:21:00,880
And obviously that's, you know, discussions that we've been having with Springfield, but just to clarify.

939
01:21:02,140 --> 01:21:08,860
I think the thing that you said, the Tier 2 Municipal Pensions are not below the Social Security.

940
01:21:08,860 --> 01:21:24,740
This is just that the tier two pensions for state teachers and state workers, but I think we've got the calculations that the municipal pensions do not go below the social security.

941
01:21:26,340 --> 01:21:27,540
Thank you.

942
01:21:27,540 --> 01:21:28,160
To say forever.

943
01:21:28,340 --> 01:21:28,820
They don't.

944
01:21:29,680 --> 01:21:30,620
To say forever.

945
01:21:37,570 --> 01:21:38,670
Be additional.

946
01:21:40,230 --> 01:21:42,630
Thoughts questions on the scorecards.

947
01:21:42,750 --> 01:21:45,830
Otherwise, we're going to jump to.

948
01:21:45,850 --> 01:21:46,270
Reserves.

949
01:21:51,860 --> 01:21:54,860
So just as we've had our conversation here over the reserve level,

950
01:21:54,860 --> 01:22:00,220
just to give a refresher to the board on where we are at for our general fund.

951
01:22:00,220 --> 01:22:02,340
Our water fund soon on the floor.

952
01:22:02,340 --> 01:22:08,700
focus me in the here on the general fund side is that in 2026 our starting balance is around

953
01:22:08,700 --> 01:22:19,140
$25 million. 55% which is about 25% above our target level of 30%. Looking at our projected

954
01:22:19,140 --> 01:22:25,980
urine balance we expect to be around $22 million. This still leaves our projected urine balance

955
01:22:25,980 --> 01:22:29,160
around 49%, which is still round.

956
01:22:30,000 --> 01:22:41,000
Roughly 20% above our target level and 25% above our minimum. So our minimum range is 25% in our target levels 30%.

957
01:22:41,620 --> 01:22:54,260
So just to give the board a sense of where we what we've discussed in the past about that comfort level of what reserve amount we wanted to utilize to potentially offset a portion of this issuance

958
01:22:54,260 --> 01:23:00,640
that amount above our target is around $8.5 million presently and about $10.8 million

959
01:23:00,640 --> 01:23:07,260
above what our minimum is of 25%. So I'm just wanted to provide that context as we've

960
01:23:07,260 --> 01:23:10,480
talked about where we're at comparatively to our researchers.

961
01:23:11,360 --> 01:23:16,460
It's a small grid that projected year in balance. Is that reflected? Is that what we said

962
01:23:16,460 --> 01:23:20,400
at the beginning of the year based on expectations or is that based on actual performance

963
01:23:20,400 --> 01:23:23,700
So that is based upon our expected performance.

964
01:23:23,920 --> 01:23:28,220
So that includes things like the purchase of the $2.1 million dollar ladder truck.

965
01:23:28,340 --> 01:23:30,120
It includes all of our additional revenue.

966
01:23:30,680 --> 01:23:36,660
So it factors in everything through our performance through eight months plus expectations

967
01:23:37,300 --> 01:23:39,460
through the remaining four months of the year.

968
01:23:39,540 --> 01:23:40,440
Okay, thank you.

969
01:23:40,880 --> 01:23:42,540
And it is we're looking at these numbers.

970
01:23:42,660 --> 01:23:48,660
Should we be focusing on that, you know, looking at the projected year and bounds,

971
01:23:48,660 --> 01:23:56,380
There's the 22.15 million for general fund, but there's also another eight and another five roughly for water and sewer.

972
01:23:57,380 --> 01:24:02,600
Should we be looking at all of those or really just the general fund as we are making this decision?

973
01:24:03,080 --> 01:24:12,320
For the purpose of this issue in this discussion, we'd be focusing on the general fund as we're talking about other future issuances or what we do for IEP loans.

974
01:24:12,320 --> 01:24:20,420
We would focus on the discussion a little bit more maybe on the water fund, but for the intent of this, it's mainly on the general fund.

975
01:24:20,720 --> 01:24:31,980
Are we allowed, you know, if we have whatever reason, an unusually high reserve in the water fund to transfer that to the general fund?

976
01:24:32,040 --> 01:24:33,240
Are we allowed to do that?

977
01:24:33,280 --> 01:24:35,260
Yes, it's done by ordinance by the board.

978
01:24:35,380 --> 01:24:36,120
We do it.

979
01:24:36,200 --> 01:24:36,880
We do it.

980
01:24:36,980 --> 01:24:37,240
Okay.

981
01:24:38,440 --> 01:24:42,620
But like a million dollars a year, we transferred from the water fund to the general.

982
01:24:43,240 --> 01:24:47,620
And there was, once upon a time our sewer fund was in the negative, so we transferred,

983
01:24:47,820 --> 01:24:51,320
I think it was from the water fund to the sewer fund, get it back to where it needed to be.

984
01:24:58,420 --> 01:25:03,340
Just laying out here, we were just looking at what these different scenarios do.

985
01:25:03,480 --> 01:25:08,040
If we were to utilize $8 million in reserves, or if we were to utilize $10 million of reserves,

986
01:25:08,140 --> 01:25:11,400
and what those, that impact would be on the general fund.

987
01:25:11,400 --> 01:25:17,080
So basically looking at the impact on our target reserve level and our minimum reserve level.

988
01:25:17,540 --> 01:25:22,960
So as we kind of just walk through, if we were to utilize $8 million in reserves, that

989
01:25:22,960 --> 01:25:26,080
would bring us down on our here at balance.

990
01:25:26,920 --> 01:25:32,540
We would still be over our target reserve level, and we would be about $2.8 million above

991
01:25:32,540 --> 01:25:34,720
our minimum reserve level.

992
01:25:35,620 --> 01:25:41,040
Additionally, if we were to utilize $10 million in reserves, we would follow our target

993
01:25:41,040 --> 01:25:46,840
reserve level about $1.4 million, but we would still be above our minimum reserve level,

994
01:25:47,140 --> 01:25:52,900
but by about $800,000. So it's just giving you that context of where depending on that range

995
01:25:52,900 --> 01:26:00,340
of $8 to $10 million of reserve usage, we would still fall within that minimum to target level

996
01:26:00,340 --> 01:26:06,300
range for in accordance with our reserve policy. And I think it's just helpful to kind of talk

997
01:26:06,300 --> 01:26:14,800
about what builds up our reserves and, you know, it's a lot of our larger development projects

998
01:26:14,800 --> 01:26:18,840
of which we have a couple in the hike.

999
01:26:19,340 --> 01:26:23,480
So, you know, those are, you know, we can't count on those, but that's when we do have those,

1000
01:26:23,680 --> 01:26:26,480
that's when, you know, our reserve gets built up.

1001
01:26:26,740 --> 01:26:30,620
That's part of it, and I think also a lot of our economic development has increased our sales

1002
01:26:30,620 --> 01:26:35,900
tax performance throughout 20, especially within 2026, as we've seen,

1003
01:26:36,060 --> 01:26:40,680
Plezzadellago and Ian's Plezzade businesses continue to come out of line

1004
01:26:40,680 --> 01:26:45,840
and we've seen a lot of positive performance in those locations, and those

1005
01:26:45,840 --> 01:26:48,440
exceeded our 2026 budget expectations.

1006
01:26:49,380 --> 01:26:53,060
So those additional dollars are going into that reserve.

1007
01:26:53,260 --> 01:26:58,760
So I think it's a combination of those large one-time cash infusions from

1008
01:26:58,760 --> 01:27:04,900
projects, but also some of our ongoing study projects that we're doing a better job of budgeting

1009
01:27:04,900 --> 01:27:10,160
for in 2027, but we are seeing a very positive impact in 2026.

1010
01:27:20,970 --> 01:27:25,390
So I'm going to take a moment to sort of wrap up some of what we've talked about with this

1011
01:27:25,390 --> 01:27:29,950
presentation and I'll go through the timeline. So here's some of again the things that I'm hoping

1012
01:27:29,950 --> 01:27:36,650
you take away. First off, let's think about again what how we started the presentation which was

1013
01:27:36,650 --> 01:27:41,770
talk about the market. So the market is moving away from us for the reasons that Jason was talking

1014
01:27:42,250 --> 01:27:46,010
about. Why is that important to us? Well, it's important because you want to know what kind of

1015
01:27:46,010 --> 01:27:51,730
a market that we're walking into. And remember, we're not about timing the market because we don't

1016
01:27:51,730 --> 01:27:58,430
have a crystal ball. We want to be aware of it, though, because it might inform how we go about issuing

1017
01:27:58,430 --> 01:28:04,650
the debt. That was then the next part of the presentation. So Jason showed you what does it look like

1018
01:28:04,650 --> 01:28:07,770
if we do one issuance and we don't do any reserves.

1019
01:28:07,910 --> 01:28:09,130
That's what we call the baseline.

1020
01:28:10,350 --> 01:28:16,370
What happened, though, in the baseline, is that since we started looking at this project

1021
01:28:16,370 --> 01:28:21,630
and thinking about how we could finance it, we didn't know we were going to get a 500,000

1022
01:28:21,630 --> 01:28:25,110
grant that we did from the state, which was great.

1023
01:28:25,630 --> 01:28:30,690
We didn't know we were going to have some proceeds left over from an older issuance that

1024
01:28:30,690 --> 01:28:32,510
we were going to be able to reallocate.

1025
01:28:32,510 --> 01:28:37,310
So that then helped reduce the amount that we were going to need to issue.

1026
01:28:37,570 --> 01:28:41,310
So that baseline number and the finance committee members are going to know about this.

1027
01:28:41,510 --> 01:28:46,050
It's changed over time as some other financing opportunities have presented themselves.

1028
01:28:46,790 --> 01:28:52,290
So it kind of then left the question still, what would the village potentially want to do

1029
01:28:52,290 --> 01:28:54,730
with reserves in terms of utilizing that?

1030
01:28:54,930 --> 01:28:59,230
The eight million dollar number, I think you kind of know why we keep looking at that because

1031
01:28:59,230 --> 01:29:01,470
is Eric just walked through that reserve number.

1032
01:29:01,470 --> 01:29:08,850
that's above our target numbers, but it wasn't just from that, that kind of started helping the committee look at that number.

1033
01:29:09,110 --> 01:29:15,310
One of the other reasons why we did is that trusty Shepherd had asked PMA to do an analysis for us,

1034
01:29:15,650 --> 01:29:23,850
gets back to that scorecard, which is complex to say, given the best that we can kind of think about in terms of how moodies would look at us.

1035
01:29:24,250 --> 01:29:26,330
What might be the break even point?

1036
01:29:26,330 --> 01:29:31,310
I'm just a fun balance shift in terms of what it might mean.

1037
01:29:31,550 --> 01:29:36,890
So we did that homework with PMA and we kind of came to the $8 million.

1038
01:29:37,690 --> 01:29:42,390
So we've looked at it a couple different ways but that's why we keep looking at $8 million

1039
01:29:42,390 --> 01:29:44,410
and reserves that we might want to use.

1040
01:29:45,150 --> 01:29:51,530
The other piece in trustee Leonard you helped today to remind us why are we talking about 3.7 million

1041
01:29:51,530 --> 01:29:54,790
when we look at that as that dotted line that's on the charts.

1042
01:29:54,790 --> 01:29:59,970
That goes back to the trustees who were on the board when we started talking about the road program.

1043
01:30:00,000 --> 01:30:29,980
And how are we going to afford that? We looked at our debt service schedule. We knew we had the police station that was going to happen at some point in time. The highest debt service that we had at one particular point in time was roughly 3.7 million. So we said, we knew debt was going to be rolling off. We could take that capacity that's left over on the debt service portion of the tax levy, and maybe utilize that on the operating site, just to accomplish the road program.

1044
01:30:30,000 --> 01:30:35,620
policies that we have put in place, and we had assumed at that point in time what the

1045
01:30:35,620 --> 01:30:40,160
debt service might be for the police station. There was a number that we came up with,

1046
01:30:40,160 --> 01:30:45,800
I think it was about 1.2 million, that we thought on an annual basis, we would be able to roll that

1047
01:30:45,800 --> 01:30:52,840
into the road program to, again, accomplish what we wanted to do there and still be able to afford

1048
01:30:52,840 --> 01:30:59,300
the police station and not increase property taxes given we already had a portion of our property

1049
01:30:59,300 --> 01:31:05,480
that was 3.7 million. That's where it came from. So when we keep looking at this analysis right now,

1050
01:31:05,480 --> 01:31:13,800
and we say, as now we look at how we will layer in the police station, what capacity might be left over in the

1051
01:31:13,800 --> 01:31:20,040
debt service that we can again still use, either for other projects that we need to use. So you could,

1052
01:31:20,080 --> 01:31:24,400
that's why those bullet points are always telling you, of this capacity that's left,

1053
01:31:24,420 --> 01:31:29,200
how much debt service can you issue, but what we've talked about before in the past is that

1054
01:31:29,200 --> 01:31:32,860
access capacity, whatever it is, we're going to roll it into the road program.

1055
01:31:33,620 --> 01:31:36,560
That was why we came up with that 3.75.

1056
01:31:37,400 --> 01:31:41,620
I think one of the things that you walk away from tonight's presentation is we're still

1057
01:31:41,620 --> 01:31:46,920
going to have capacity, even though the market is moving away, we're still going to have capacity

1058
01:31:46,920 --> 01:31:49,860
to do what we've always said we've wanted to accomplish.

1059
01:31:50,640 --> 01:31:53,360
Here's where now it starts to be a little bit more complex.

1060
01:31:53,800 --> 01:31:55,280
We're talking about the water.

1061
01:31:55,280 --> 01:32:03,920
The water fund and its needs, that was what Wednesday night's meeting was about, and to your point trusty Leonard, we were saying to ourselves, okay, that's going to add a lot of debt.

1062
01:32:04,740 --> 01:32:07,180
If it does, what could it mean to our rating?

1063
01:32:07,760 --> 01:32:23,580
Because if a rating does affect what the cost of our issuance will be, that's one part, and today Jason told you what that could be if we shifted from a triple A to a double A, I don't think I saw anyone be offended by what that could possibly mean.

1064
01:32:23,580 --> 01:32:28,940
I think the bigger thing is really what's going to happen with the markets and what the market might be.

1065
01:32:29,320 --> 01:32:34,000
There was a time when we always said an issuance was going to be at least 6%.

1066
01:32:34,000 --> 01:32:41,800
We have been fortunate, not just us, but the market itself changed in the mid-2000s, 2020-2000s.

1067
01:32:42,440 --> 01:32:49,580
When we issued the stormwater projects to think that we issued 30-year debt for about 2%.

1068
01:32:49,580 --> 01:32:53,720
at one point was that that could never happen.

1069
01:32:54,760 --> 01:33:00,640
The market is starting to move more towards where it used to be at one time when I first started getting into this.

1070
01:33:00,780 --> 01:33:04,680
The fact that we're still talking about a 5% actually is an offensive to me.

1071
01:33:04,680 --> 01:33:06,180
It's still is actually really good.

1072
01:33:07,160 --> 01:33:10,960
I think my hope is that you're going to walk away from this and you're going to say,

1073
01:33:11,480 --> 01:33:13,500
Are the rating agencies going to look at us?

1074
01:33:13,800 --> 01:33:15,600
Because we're issuing additional debt,

1075
01:33:15,600 --> 01:33:21,600
Could it move our rating? It might, if it does, is it going to stop us from doing it because it's going to be so

1076
01:33:21,600 --> 01:33:29,760
onerous in terms of what it might mean for additional debt? I leave that up to you, but it doesn't seem to need to be something that would stop us from doing that.

1077
01:33:30,840 --> 01:33:36,820
I don't think it's an issue for us with the police station definitely right now. I am concerned what might happen with

1078
01:33:36,820 --> 01:33:41,920
tensions in the future, but that's in the future. We're just letting you know it's something you need to think about.

1079
01:33:41,920 --> 01:33:47,180
So, getting back now to what's happening in terms of this issuance, what we think we're going

1080
01:33:47,180 --> 01:33:50,720
to do next, what we're planning to get done, is hopefully tonight you're going to improve

1081
01:33:50,720 --> 01:33:52,640
this ordinance so we can keep moving forward.

1082
01:33:53,160 --> 01:33:57,440
The one cautionary note I'm going to throw out there is Jason let us know when we put

1083
01:33:57,440 --> 01:34:02,820
this ordinance together and I think a trustee might remember a conversation we had about this,

1084
01:34:03,200 --> 01:34:07,960
five and a quarter tick on this issuance was something that I thought I'm not going to

1085
01:34:07,960 --> 01:34:09,060
see when we do this.

1086
01:34:09,060 --> 01:34:13,900
The market is moving in that direction. So Jason was saying, hey, when we actually go to

1087
01:34:13,900 --> 01:34:17,360
sell these bonds, if it's the ticket's going to be more than five and a quarter,

1088
01:34:17,740 --> 01:34:21,580
we might not be able to pull the trigger we're going to have to come back and redo the ordinance.

1089
01:34:22,020 --> 01:34:28,160
I'm not telling you it's happening right now, but it's moving in that direction. Just it's a cautionary note.

1090
01:34:29,520 --> 01:34:33,140
Hopefully you approve the ordinance tonight. If you do the next step that we're going to take,

1091
01:34:33,140 --> 01:34:38,260
mid-October, we're still going to be talking to the finance committee about some of these scenarios

1092
01:34:38,260 --> 01:34:43,480
and to, again, look at where the market is at to say, do we want to do this in one?

1093
01:34:43,640 --> 01:34:48,560
Or does it make sense to break it apart? So that issue still needs to be answered,

1094
01:34:48,960 --> 01:34:54,280
but I think you can see there's nuances to this. After that, the third week of October, we're going

1095
01:34:54,280 --> 01:34:58,600
to have a ratings call with moodies and we're going to know how they think about it after that.

1096
01:34:58,600 --> 01:35:04,200
In the first week of October, we need to publish what's called the preliminary official statement.

1097
01:35:04,920 --> 01:35:14,980
That's what the investors are going to look at for them to make their determinations of how they view us and whether or not they are going to offer for our bonds.

1098
01:35:15,360 --> 01:35:22,180
Because we plan to sell the bonds the second week of November and then close on this in the first week of December.

1099
01:35:22,860 --> 01:35:23,900
Are there any questions?

1100
01:35:24,880 --> 01:35:35,940
One small question and probably doesn't, maybe not a good question, but we have a budget for the police station that has a hefty contingency in it.

1101
01:35:36,820 --> 01:35:41,300
And so, you know, the final number, we don't really know what that's going to be.

1102
01:35:41,480 --> 01:35:44,940
We might have gotten some good news recently with the MWRD storage.

1103
01:35:45,840 --> 01:35:48,400
Maybe not have to use part of the contingency for that.

1104
01:35:48,400 --> 01:35:55,520
What does this mean we're authorizing a number we're going out to bid, but we don't have, you know, until this

1105
01:35:55,520 --> 01:36:00,160
police station is built and they're moved in, we don't know, you know, the final number.

1106
01:36:00,920 --> 01:36:03,620
And, you know, if there's some savings, hopefully there is.

1107
01:36:03,740 --> 01:36:06,980
Does that matter at all in terms of like what we borrow?

1108
01:36:07,300 --> 01:36:09,400
How much reserves we use for that?

1109
01:36:10,180 --> 01:36:11,360
It's a great question.

1110
01:36:11,760 --> 01:36:18,180
And that is one of the reasons why normally we even start entertaining the conversation

1111
01:36:18,180 --> 01:36:22,000
And when we're thinking about funding these capital projects, do you want to do one issue in

1112
01:36:22,000 --> 01:36:22,620
sort of two?

1113
01:36:23,000 --> 01:36:26,980
Because you're trying to match, the reason why you would do two, you're really trying to

1114
01:36:26,980 --> 01:36:31,220
match your cash flow because you have a better idea than about what the final cost we're

1115
01:36:31,220 --> 01:36:31,680
going to be.

1116
01:36:32,020 --> 01:36:36,280
That would go when I'm thinking about the columns of the pros and cons that would go into

1117
01:36:36,280 --> 01:36:39,080
the column of a pro of why you would do two issuances.

1118
01:36:39,580 --> 01:36:45,560
And that second issuance would be in the fall of 2027 because we have every reason to believe

1119
01:36:45,560 --> 01:36:50,560
not only then if we if we did have some remaining amount of this that we wanted to do

1120
01:36:50,560 --> 01:36:55,240
if we did it in two issuances, we'd also probably have some water projects that we're

1121
01:36:55,240 --> 01:36:55,720
going to find.

1122
01:36:56,080 --> 01:37:00,700
So your total issuance that the that the investor would look at is the total pot.

1123
01:37:00,840 --> 01:37:05,420
It would be the two pieces together, even though we know we would use so much for the police

1124
01:37:05,420 --> 01:37:08,500
station and so much for water projects.

1125
01:37:08,680 --> 01:37:12,000
It would be another reason why you would do two issuances to the reason they could

1126
01:37:12,960 --> 01:37:29,900
But if we don't really know to President Plunkett's question, if we don't really know what the total project cost is by December 1st or probably by some kind of ever, we did find ourselves with an extra million bucks or just whatever a year.

1127
01:37:30,720 --> 01:37:48,020
Could those funds be reallocated to other? Yes. Yes. Yes, because that's what we've done. But it's absolutely done that very unlikely, because if we're using 8 million of reserves, it would have to be above and beyond that savings before we're talking about the allocation of the bonds in my correct.

1128
01:37:48,320 --> 01:37:54,320
It would. Well, it would have been a bit of reserves, but it wouldn't be, we didn't.

1129
01:37:54,320 --> 01:37:57,200
spend it on what we have planned because

1130
01:37:57,200 --> 01:38:01,360
Chris Wollie-Barring, 30 to your point.

1131
01:38:01,440 --> 01:38:04,220
I think what you're saying is you would use all of the bond money,

1132
01:38:04,420 --> 01:38:06,400
and you would simply say reserves would be 8 million,

1133
01:38:06,400 --> 01:38:08,040
and it would have been 7 million that you used.

1134
01:38:08,360 --> 01:38:10,000
It would be good resources as we go.

1135
01:38:10,380 --> 01:38:10,520
Yes.

1136
01:38:11,160 --> 01:38:11,380
Yeah.

1137
01:38:13,000 --> 01:38:16,120
If we didn't use reserves, and we were borrowing every cent,

1138
01:38:16,360 --> 01:38:17,740
then you'd have, we've had before,

1139
01:38:17,920 --> 01:38:19,540
we'd have the allocator sort of amount of time,

1140
01:38:19,760 --> 01:38:21,300
and it gets, gets an issue.

1141
01:38:21,960 --> 01:38:24,180
Yeah, and even this issue has a million

1142
01:38:24,180 --> 01:38:29,980
to in bond funds from another insurance in the past that we're transferring to this because we're

1143
01:38:29,980 --> 01:38:34,840
allowed to do that at the bond documents. If we didn't have that ability, it would be more

1144
01:38:34,840 --> 01:38:44,420
troublesome, but there's a time limit too, right? There's a time limit on that. We can use

1145
01:38:44,420 --> 01:38:46,280
for anything. Capital.

1146
01:38:48,680 --> 01:38:51,160
Yes. They have to have a line.

1147
01:38:51,280 --> 01:38:54,120
They have to have a line. Again, that's good.

1148
01:38:54,200 --> 01:38:59,380
I'm reading expenses. Get a little bit more nuanced and just. Yes, okay.

1149
01:39:00,260 --> 01:39:01,580
And we do it all the time.

1150
01:39:02,600 --> 01:39:12,420
So tonight, you really just need direction for the bigger pot up to a number and then as we refine

1151
01:39:12,420 --> 01:39:19,560
this and decide how much for reserve set number will likely come down and so we are going

1152
01:39:19,560 --> 01:39:24,420
to put forth some of our reserves for this project as we've discussed for a long time.

1153
01:39:27,600 --> 01:39:29,440
Any more questions for?

1154
01:39:30,540 --> 01:39:31,340
Great discussion.

1155
01:39:32,020 --> 01:39:32,120
Great discussion.

1156
01:39:32,120 --> 01:39:38,360
There's a great discussion and you made this so much clear that I really appreciate that.

1157
01:39:38,360 --> 01:39:43,860
hopefully people, you know who we're watching this too, like, you know, this is a little bit

1158
01:39:43,860 --> 01:39:49,480
clear, and I'm very complex. I'm very complex again. I give a lot of things to Jason and

1159
01:39:49,480 --> 01:39:52,980
the way that he's done. And there's still work to be done.

1160
01:39:54,860 --> 01:39:59,300
Thank you. Thanks. All right. Since this is something that we are voting on tonight, is there

1161
01:39:59,300 --> 01:40:02,420
any member of the public wish to make a public comment on this?

1162
01:40:12,450 --> 01:40:17,930
Good evening, Mark

1163
01:40:17,930 --> 01:40:26,190
voting soon on 5.21 basically borrowing $40 million dollars. They're going to vote on it here.

1164
01:40:26,330 --> 01:40:30,410
I'm the only member of the public here. Everybody else is elected official,

1165
01:40:30,670 --> 01:40:35,830
a village staff, or people involved in the bond issue here. So they're going to vote

1166
01:40:35,830 --> 01:40:39,990
here shortly to borrow $40 million. Most of it's going to the police station,

1167
01:40:40,090 --> 01:40:46,510
I guess, which is costing between $40, 50, $60 million. The police station was approved.

1168
01:40:46,510 --> 01:40:51,390
it's been working on for years. There was no voter referendum. A lot of these things happen with voter

1169
01:40:51,390 --> 01:40:56,830
referendum. It's kind of in the weeds. They talk about home rule and they can do this and do that.

1170
01:40:57,050 --> 01:41:02,130
But it would have been nice to maybe vote on this. So we just had about a 45-minute discussion

1171
01:41:02,130 --> 01:41:07,030
about how bonds work. Bonds basically are borrowing money. It's like a home mortgage. You're borrowing

1172
01:41:07,030 --> 01:41:14,370
money against future. Here it's going to be future tax money. So probably taxes are going to go up.

1173
01:41:14,370 --> 01:41:18,890
So I'm concerned about it, you know, I was opposed doing a police station at this point.

1174
01:41:19,210 --> 01:41:23,550
The old police station was built in 1968, it's actually relatively new.

1175
01:41:23,570 --> 01:41:26,430
The building we're in right now was built in 1975.

1176
01:41:27,390 --> 01:41:32,170
So is this one going to renew a new village hall for maybe 50 million in five years?

1177
01:41:32,950 --> 01:41:38,030
So I'm just concerned about borrowing money, we have national debt, we have Illinois debt,

1178
01:41:38,130 --> 01:41:44,010
we have the pension crisis, Illinois, and now we're borrowing $40 million in will met.

1179
01:41:44,010 --> 01:41:52,470
So I'm just concerned about spending money cutting taxes. Again, Mark Wiron Miller, minute 39 seconds. That's all I've got. Thank you.

1180
01:41:54,380 --> 01:41:57,840
Seeing no one else from the public care. I'll close public comment.

1181
01:41:58,820 --> 01:42:00,380
Any further discussion from the trustees?

1182
01:42:02,870 --> 01:42:08,070
No, I think we got our questions out. Okay. Great. Mr. Halvin, could you please call the roll on the ordinance?

1183
01:42:09,410 --> 01:42:11,630
Trustee London. Oh, Trustee Sheppard?

1184
01:42:11,970 --> 01:42:16,750
Aye. Trustee Labor? Aye. Trustee Kennedy? Aye. In President Plunkett? Aye.

1185
01:42:16,750 --> 01:42:23,030
motion approved. Thank you for all your work on this.

1186
01:42:23,550 --> 01:42:25,690
Trustee Shepherd, anything else from the Finance Committee?

1187
01:42:26,030 --> 01:42:27,010
Everything else is on.

1188
01:42:27,710 --> 01:42:32,780
Okay. Administration committee, Trustee Steen, and I will take that.

1189
01:42:33,850 --> 01:42:37,960
We have the presentation of the final draft of the Historic Preservation Plan.

1190
01:42:40,540 --> 01:42:42,920
And I guess I will turn this over at a second.

1191
01:42:56,920 --> 01:43:00,280
Good evening, Emily Egan, Director of Community Development.

1192
01:43:00,460 --> 01:43:06,500
I'm very pleased to join my colleagues tonight to present a final draft of the Historic Preservation

1193
01:43:06,500 --> 01:43:07,040
Plan.

1194
01:43:07,540 --> 01:43:12,260
Unfortunately, Chair Perriek from the Historic Preservation Commission unexpectedly couldn't

1195
01:43:12,260 --> 01:43:13,280
join us tonight.

1196
01:43:14,140 --> 01:43:17,260
So I'll provide a brief overview for her slide.

1197
01:43:17,660 --> 01:43:22,340
Then I'll turn it over to Adam Beaver, the staff liaison for the Historic Preservation Commission.

1198
01:43:22,340 --> 01:43:30,560
And then we'll hear from Doug Carrey, from the Lakota group, and he'll talk to us about the plans phases and goals.

1199
01:43:34,330 --> 01:43:41,110
So this plan was recommended to be developed in the Comprehensive Plan, Ready Set Will Met.

1200
01:43:41,650 --> 01:43:50,670
As a way to protect and celebrate Will Met's historic character, the Historic Preservation Commission has been working with staff,

1201
01:43:50,670 --> 01:43:56,870
the consultants and community members for over a year, assisting with the development of this plan.

1202
01:43:57,990 --> 01:44:03,870
And the dates shown on the slide here, they don't include all of the efforts that the commission

1203
01:44:03,870 --> 01:44:11,830
has put forth, but just identify a few key milestones for the commission's work on this plan.

1204
01:44:12,210 --> 01:44:17,670
We're very grateful for the commission's expertise and guidance on this plan development.

1205
01:44:17,670 --> 01:44:25,490
And right now I'll invite Adam up to talk to us about the plan's process and the public engagement.

1206
01:44:30,500 --> 01:44:34,380
Good evening. Adam Beaver, planner three with the community development department.

1207
01:44:35,180 --> 01:44:39,740
For the last year we've been working with the Lakota group on the development of the historic preservation plan.

1208
01:44:40,460 --> 01:44:43,960
For the development of the plan, a two phase approach to the process was adopted.

1209
01:44:43,960 --> 01:44:59,520
The first phase of research and engagement span from August 25 through January of 2026 and focused on current conditions and regulations already in place as well as community engagement to understand what preservation topics and issues were important to the community.

1210
01:45:00,370 --> 01:45:14,310
The findings of phase 1 culminated in the creation of the State of Preservation Report, which was used as the basis for phase 2, and which the findings were translated into the goals, strategies, and implementation steps, which make up the draft plan.

1211
01:45:15,930 --> 01:45:22,290
Throughout phase 2, additional engagement opportunities were provided in order to ensure that the plan aligns with the community's priorities.

1212
01:45:24,950 --> 01:45:29,870
Robots Community Engagement Opportunities were an important aspect of the planning process with the

1213
01:45:29,870 --> 01:45:34,050
community engagement including listening sessions and focus groups with over 40 stakeholders,

1214
01:45:35,030 --> 01:45:40,470
outreach opportunities at the Wilmet Block Party and the French Market, open houses in October

1215
01:45:40,470 --> 01:45:45,850
2025 and June of 2021 and a community wide survey with almost 200 responses.

1216
01:45:47,250 --> 01:45:51,590
In addition to the community engagement, the historic preservation commission and administration committee

1217
01:45:51,590 --> 01:45:54,270
provided extensive feedback on the content of the plan.

1218
01:45:55,450 --> 01:45:59,030
And with the Historic Preservation Commission and Administration Committee, both unanimously

1219
01:45:59,030 --> 01:46:03,930
recommending adoption of the plan this brings us to next steps, with the village board being

1220
01:46:03,930 --> 01:46:07,210
asked to vote on the formal adoption of the plan at an upcoming meeting.

1221
01:46:08,450 --> 01:46:12,490
Following the adoption of the plan, the Administration Committee and Historic Preservation Commission

1222
01:46:12,490 --> 01:46:16,770
are anticipated to provide further feedback on the implementation priorities moving forward.

1223
01:46:17,830 --> 01:46:21,230
And with that, I'll hand it over to Douglas Carrey from the Lakota Group to go into a bit more

1224
01:46:21,230 --> 01:46:23,350
to help out the content of the plan itself.

1225
01:46:26,030 --> 01:46:26,670
Thank you, Adam.

1226
01:46:27,210 --> 01:46:29,730
I'll give you a bit of Doug Curry with the Lakota Group.

1227
01:46:32,190 --> 01:46:34,950
And I wanted to first apologize.

1228
01:46:34,970 --> 01:46:36,890
I had a time I had a bad cough tonight.

1229
01:46:37,650 --> 01:46:38,070
I'm sorry.

1230
01:46:39,850 --> 01:46:41,270
Been distracting, probably, all of you.

1231
01:46:41,930 --> 01:46:46,350
We have of our team, including the Lakota Benjamin Historic

1232
01:46:46,350 --> 01:46:47,050
Certifications.

1233
01:46:48,050 --> 01:46:50,270
I'm here to give you a brief overview

1234
01:46:50,270 --> 01:47:00,070
of the preservation plan itself, as Adam mentioned, after the community engagement sessions

1235
01:47:00,070 --> 01:47:05,390
that we, where we talked to everyone, we identified some preservation issues and opportunities

1236
01:47:07,990 --> 01:47:15,890
that we were hearing that the plan should address and that included additional surveys,

1237
01:47:17,350 --> 01:47:26,810
more public awareness and outreach about the well-mets historic resources and its program

1238
01:47:26,810 --> 01:47:32,410
and expanding the use of local districts and other preservation tools.

1239
01:47:34,030 --> 01:47:43,430
As well as a way to balance the redevelopment pressures with demolition and preservation

1240
01:47:43,430 --> 01:47:51,950
and looking at different ways such as incentives and other regulatory approaches, reducing

1241
01:47:51,950 --> 01:48:02,390
unnecessary demolition, and reinforcing neighborhood character through district design review and

1242
01:48:02,390 --> 01:48:07,650
strengthening the long-term preservation efforts by looking at new funding opportunities

1243
01:48:07,650 --> 01:48:16,950
in strategic partnerships and so some of those issues and opportunities we created the preservation

1244
01:48:16,950 --> 01:48:28,910
plan that's phase two of the project as Adam mentioned and the plan itself is organized through

1245
01:48:28,910 --> 01:48:36,470
four major themes that focus on preservation efforts and then each team has corresponding goals

1246
01:48:36,470 --> 01:48:42,330
and each goal has corresponding actions to implement those goals and themes.

1247
01:48:43,170 --> 01:48:49,130
And then there's an implementation section that talks about the type of action.

1248
01:48:49,990 --> 01:48:54,510
It is whether it's a policy program, project, or administrative practice.

1249
01:48:54,510 --> 01:49:07,070
And the plan themes include theme one, which focuses on actual preservation of historic resources,

1250
01:49:07,350 --> 01:49:16,390
like buildings and other things, and identifying the theme two talks about expanding education

1251
01:49:16,390 --> 01:49:25,190
in awareness of preservation to village residents and property owners, theme 3 focuses on celebrating

1252
01:49:25,190 --> 01:49:33,630
and preserving neighborhood character and theme 4 talks about strengthening the actual

1253
01:49:33,630 --> 01:49:35,850
preservation program of the village.

1254
01:49:39,500 --> 01:49:48,070
So C1 has three goals and goal 1.1 talks about

1255
01:49:51,360 --> 01:49:58,740
identifying future historic resources through ongoing survey program and the

1256
01:49:58,740 --> 01:50:05,300
action items for this school. They're talking about surveying areas that have

1257
01:50:05,300 --> 01:50:12,760
not previously been surveyed. Reserving areas that are surveyed 30 years ago and

1258
01:50:12,760 --> 01:50:17,240
surveying other character

1259
01:50:19,480 --> 01:50:26,020
defining features like historic signage or streetscape elements

1260
01:50:26,020 --> 01:50:27,760
that are in the public realm.

1261
01:50:33,060 --> 01:50:42,900
Google 1.2 actually is talking about listing additional properties either in the National

1262
01:50:42,900 --> 01:50:50,900
register or as local landmarks to expand the preservation of well met resources, as well as

1263
01:50:50,900 --> 01:50:57,100
looking at historic districts as well. And then goal one point through you actually it was what

1264
01:50:57,100 --> 01:51:03,460
I was just talking about as expanding survey opportunities for additional character features like

1265
01:51:03,460 --> 01:51:06,260
in the public room.

1266
01:51:08,840 --> 01:51:18,120
Theme 2 is all about education and awareness and goal 2.1 is talking

1267
01:51:18,120 --> 01:51:29,260
about engaging with the residents as a village, not only just owners of designated properties

1268
01:51:29,260 --> 01:51:38,120
but people who own older homes and providing educational workshops, seminars,

1269
01:51:40,220 --> 01:51:41,240
making sure that

1270
01:51:41,240 --> 01:51:51,080
all the educational information that the village has is accessible to everyone and expanding

1271
01:51:51,080 --> 01:52:01,600
on the Historic Preservation Awards program and looking at other kind of unique home tours

1272
01:52:01,600 --> 01:52:10,100
to show off projects that have been recently rehabbed to other, you know, the benefits

1273
01:52:10,100 --> 01:52:11,400
and preservation.

1274
01:52:11,400 --> 01:52:22,640
And then go to point two, it's talking about making it a historic heritage more accessible

1275
01:52:22,640 --> 01:52:26,640
and interpreted for the village residents.

1276
01:52:27,960 --> 01:52:29,860
So partnering with the History Museum.

1277
01:52:30,000 --> 01:52:31,860
On an expanded marker program,

1278
01:52:34,540 --> 01:52:41,160
maybe looking at heritage space to public out initiatives and maybe additional

1279
01:52:41,160 --> 01:52:44,160
architecture and history tours or housewives.

1280
01:52:47,760 --> 01:52:51,400
Team 3, preserving celebrating will my neighborhood.

1281
01:52:52,800 --> 01:53:00,640
So 3.1 is talking about evassing and maintaining the support for long-term neighborhood stability

1282
01:53:00,640 --> 01:53:13,360
and sustainability. And Action 3.1 which talks about is focused the actions focus on

1283
01:53:14,460 --> 01:53:21,780
things like creating a historic preservation fund to help invest in home rehab,

1284
01:53:23,080 --> 01:53:29,980
looking at maybe adjusting the demolition permit fee, maybe the establishment of a demolition

1285
01:53:29,980 --> 01:53:34,020
impact fee, encourage aging in place and

1286
01:53:34,020 --> 01:53:35,880
jump to density and historic neighborhoods.

1287
01:53:37,380 --> 01:53:43,460
And goal 3.2 is looking at the character of the village.

1288
01:53:46,580 --> 01:53:49,680
There's an action that suggests maybe a neighborhood

1289
01:53:49,680 --> 01:53:53,480
conservation district program. And this is a way that

1290
01:53:55,620 --> 01:53:59,960
it's not preventing demolition, but it's

1291
01:53:59,960 --> 01:54:10,420
providing more regulation, or maybe even like an advisory design review of a new construction

1292
01:54:10,420 --> 01:54:16,900
of signal family, so that we can ensure that a new construction is compatible and scale

1293
01:54:17,300 --> 01:54:22,440
and character with existing neighborhoods, which is something we heard the beginning of the

1294
01:54:22,440 --> 01:54:22,780
program.

1295
01:54:23,220 --> 01:54:24,540
That's the beginning of the phase 1.

1296
01:54:24,540 --> 01:54:44,500
And then goal 3.3 is talking about the preservation of older residential commercial buildings in terms of environmental sustainability and some of the actions include

1297
01:54:44,500 --> 01:55:12,030
Aligning the preservation message with the village's current sustainability initiatives, developing guidance for property owners on ways to create energy, more energy efficiency in their older homes, and using the rehabilitation memories of residential commercial buildings as a climate strategy, not just preservation strategy.

1298
01:55:14,370 --> 01:55:19,430
And then team four, strengthening formats of preservation program.

1299
01:55:20,410 --> 01:55:34,650
So goal 4.1 is taking a look at ways to reorganize and update the villages, preservation

1300
01:55:34,650 --> 01:55:44,530
ordinance using thus practices. And as well as revising the start

1301
01:55:44,530 --> 01:55:48,550
preservation handbook. So it's more educational and supportive of

1302
01:55:48,550 --> 01:55:56,370
the ordinance. And then developing a start preservation guidelines for

1303
01:55:56,370 --> 01:56:01,670
the commission to use when reviewing designated properties that are more

1304
01:56:01,670 --> 01:56:07,310
detail to the village instead of the standards these now, which are very broad and national.

1305
01:56:09,440 --> 01:56:21,660
And then goal 4.2, this is compared in conjunction with Team 3, we're looking at various

1306
01:56:22,160 --> 01:56:28,900
incentives and tools that can help prevent demolition and encourage rehabilitation.

1307
01:56:28,900 --> 01:56:39,600
And so you're looking at possibilities including a stored zoning overlay, a rehabilitation

1308
01:56:39,600 --> 01:56:50,460
grant program, permit few waivers, expedited processing of preservation reviews and permits.

1309
01:56:51,460 --> 01:56:56,740
the possibility of zoning bonuses to encourage additions rather than demolition.

1310
01:56:57,980 --> 01:57:03,700
Potential for a local property tax rebate and

1311
01:57:05,940 --> 01:57:11,760
modification to the villages substantial demolition provisions.

1312
01:57:13,260 --> 01:57:21,060
So that some properties are required to be demolished if certain amount is gone for whatever reason.

1313
01:57:21,960 --> 01:57:24,820
that it can still be built.

1314
01:57:26,000 --> 01:57:30,500
So there's a, from the Asian opportunities that we heard

1315
01:57:30,500 --> 01:57:34,140
at the beginning, we tried to provide a number of actions

1316
01:57:34,860 --> 01:57:40,800
that in combination maybe would help try to slow the

1317
01:57:40,800 --> 01:57:43,860
demolition of historic properties while still allowing

1318
01:57:43,860 --> 01:57:47,780
new construction to fit in with the character of existing

1319
01:57:47,780 --> 01:57:55,720
neighborhoods. It's not an easy question to answer, but we hope that we think the plan

1320
01:57:55,720 --> 01:58:02,140
provides a good combination of tools to try and address that.

1321
01:58:02,780 --> 01:58:04,980
The last section of the plan is implementation,

1322
01:58:07,080 --> 01:58:09,680
and so the implementation section is organized

1323
01:58:10,900 --> 01:58:16,740
by the Connecticut category, whether it's an program or a minister of practice, etc.

1324
01:58:17,780 --> 01:58:37,440
The time frame we use is either one to five years and then after five, it's got performance metrics that help to measure how if if the action has been completed and it looks at potential partners and potential funding sources.

1325
01:58:38,660 --> 01:58:44,220
And this is how the implementation matrix looks in the document.

1326
01:58:44,980 --> 01:58:48,640
This is an example from theme one.

1327
01:58:49,280 --> 01:58:52,640
And you can see in the column the action item specifically.

1328
01:58:53,800 --> 01:58:56,160
The type of project or the action type.

1329
01:58:56,740 --> 01:59:00,840
And then whether we're looking at one to five years or five beyond.

1330
01:59:00,840 --> 01:59:06,700
potential partners and potential funding source and then the performance metrics.

1331
01:59:08,220 --> 01:59:12,560
And I should just mention, we've got another example here.

1332
01:59:13,440 --> 01:59:19,100
At the beginning of the implementation section, we outline all of the potential partners and

1333
01:59:19,100 --> 01:59:23,440
potential funding sources. So you know what those abbreviations mean.

1334
01:59:24,180 --> 01:59:31,920
And then, um, so that is the plan in a brief nutshell and we'll take questions.

1335
01:59:33,560 --> 01:59:34,600
Thank you.

1336
01:59:35,320 --> 01:59:36,260
I have a question.

1337
01:59:37,380 --> 01:59:41,180
It seems like most of the things that are proposed in here have been around a while,

1338
01:59:41,300 --> 01:59:43,320
and other people have tried them.

1339
01:59:43,720 --> 01:59:46,240
What the plan doesn't tell me that was one of the work.

1340
01:59:46,240 --> 01:59:59,980
And it would be nice to know whether delaying demolition permits, which they do in

1341
02:00:00,210 --> 02:00:07,570
We board that looks at what they want to do in terms of tearing down something versus repairing

1342
02:00:07,570 --> 02:00:14,730
what's in modernized looks there. Does it work? Do you have data on whether these things have been

1343
02:00:14,730 --> 02:00:17,350
working when they're implemented by other communities?

1344
02:00:19,960 --> 02:00:27,780
Well, the thing is that in every community they're going to use one item or maybe two items.

1345
02:00:30,920 --> 02:00:33,660
And it might work in the situation.

1346
02:00:33,900 --> 02:00:39,900
It depends on a number of statistics for each community.

1347
02:00:40,300 --> 02:00:41,120
Being vague, I know.

1348
02:00:41,540 --> 02:00:43,020
But I'm not saying I'm specific data.

1349
02:00:43,100 --> 02:00:44,200
I can give you right the second.

1350
02:00:44,460 --> 02:00:47,040
But is there data out there, I guess?

1351
02:00:48,020 --> 02:00:49,560
I'm sure there are.

1352
02:00:49,800 --> 02:00:50,780
There is some data.

1353
02:00:51,960 --> 02:00:59,240
because I know, well, I know the historic commission here looked a lot at what the village of

1354
02:00:59,240 --> 02:01:06,360
Hensdale is doing in terms, and so we have some of their ideas from the overlay zone and other

1355
02:01:06,360 --> 02:01:21,800
tools there. We know that, I think, like a demolition delay, it can work, but it depends on how long, if it's 30 days,

1356
02:01:21,800 --> 02:01:24,100
that's not likely to be very effective.

1357
02:01:24,920 --> 02:01:28,400
If it's 100, if it's a year, it might be more effective.

1358
02:01:31,700 --> 02:01:36,160
And that's why we've got in here a combination

1359
02:01:36,760 --> 02:01:41,320
of different things that maybe if and after together

1360
02:01:41,320 --> 02:01:46,240
would provide a more reasonable outcome.

1361
02:01:48,920 --> 02:01:56,420
Because each one of these items in like theme three and theme four are in use elsewhere.

1362
02:01:58,060 --> 02:02:04,100
But are they in use in combination with a lot of other tools and resources?

1363
02:02:04,400 --> 02:02:06,300
I guess that's what we were looking for you to tell.

1364
02:02:06,900 --> 02:02:06,980
Yeah.

1365
02:02:06,980 --> 02:02:08,560
Or that I shouldn't say we.

1366
02:02:08,740 --> 02:02:15,380
I was hoping to find something a little more definitive about what works versus what other people have tried

1367
02:02:15,380 --> 02:02:19,420
with that any feedback as to whether it was effective or not?

1368
02:02:20,740 --> 02:02:23,040
I have a related question to Trustee Kennedy's.

1369
02:02:23,160 --> 02:02:30,880
I think, you know, there's a whole lot of actions in this presentation, and the step

1370
02:02:30,880 --> 02:02:36,380
to now is to dive into whether or not these actions work for us, or is this we're going

1371
02:02:36,380 --> 02:02:39,200
to do all these actions within this scope.

1372
02:02:40,180 --> 02:02:48,700
Yeah, I think it's up to the village to determine if what should be prioritized and evaluate them as we go through them.

1373
02:02:48,880 --> 02:02:52,420
And this is a sign off that these are all the appropriate actions.

1374
02:02:52,800 --> 02:02:57,160
Yeah, there's it's a sign off on these are things to look further into.

1375
02:02:57,660 --> 02:03:02,440
Right. Well, I mean, we know they're appropriate in terms of the fact that they're used elsewhere.

1376
02:03:02,440 --> 02:03:16,440
But there may be specific things that doesn't want to address or implement, and, you know, we don't know that for sure.

1377
02:03:16,920 --> 02:03:18,300
I'd like to try to see any questions.

1378
02:03:18,480 --> 02:03:23,380
We would want more data before we actually move forward with a number of these things.

1379
02:03:23,900 --> 02:03:28,760
Or at least whatever evaluation process we need to sign off.

1380
02:03:28,760 --> 02:03:30,400
Yeah, I wouldn't, for example,

1381
02:03:30,600 --> 02:03:34,620
the having a advisory committee to talk to them about design

1382
02:03:34,620 --> 02:03:37,520
and reuse, that there's a cost to that.

1383
02:03:37,720 --> 02:03:38,360
It's not free.

1384
02:03:38,980 --> 02:03:42,460
And if it's not going to work, I wouldn't even want to try it.

1385
02:03:43,080 --> 02:03:46,160
But if there's some information out there

1386
02:03:46,160 --> 02:03:47,740
that says other communities have tried it,

1387
02:03:47,740 --> 02:03:51,560
and it's work, that would be a whole different ballpark

1388
02:03:51,560 --> 02:03:54,780
for me in terms of whether we consider doing it.

1389
02:03:55,040 --> 02:03:58,360
But it didn't see that kind of thing here.

1390
02:03:59,400 --> 02:04:05,780
And are there any new ideas, I mean, because I read this through twice and I didn't see anything

1391
02:04:05,780 --> 02:04:11,520
I hadn't seen before, are there kind of new things that people are trying to, particularly

1392
02:04:11,520 --> 02:04:16,460
in the area of preserving neighborhoods and keeping the character intact and keeping

1393
02:04:16,460 --> 02:04:17,500
size intact?

1394
02:04:18,100 --> 02:04:24,720
Well, I mean, we're not really, there's not really a lot of new things that I've seen, but

1395
02:04:24,720 --> 02:04:28,440
I feel like things like character

1396
02:04:30,720 --> 02:04:35,380
districts, neighborhood conservation districts.

1397
02:04:37,000 --> 02:04:43,340
I mean those have been around for a long time, but they were never really focused on preservation.

1398
02:04:44,820 --> 02:04:52,400
Before they were kind of just conserving specific aspects of a neighborhood and have to be historic.

1399
02:04:52,400 --> 02:05:01,140
But we're seeing that use more in relation to historic neighborhoods and ways to maintain

1400
02:05:01,140 --> 02:05:03,080
historic character, specifically,

1401
02:05:07,210 --> 02:05:17,140
but I haven't seen a lot of new tools being used in preservation

1402
02:05:19,980 --> 02:05:28,080
Because I understand that the hurdles that you have to get over to get actual landmark in our villages are pretty high.

1403
02:05:28,660 --> 02:05:39,680
And once you have landmark status or you have national registration status, it does impose certain expenses and limitations on what the homeowner can do in the future.

1404
02:05:40,240 --> 02:05:41,900
So a lot of people are reluctant to do it.

1405
02:05:41,900 --> 02:05:47,100
It's not, we're not going to have 100 of those probably in the village for that reason.

1406
02:05:47,740 --> 02:05:54,700
But is there some other kind of recognition or award or something else that we can do used

1407
02:05:54,700 --> 02:06:03,370
to incentivize people to do preservation of existing works even if they are not historic

1408
02:06:03,370 --> 02:06:08,050
and don't need to verify standards of the landmark?

1409
02:06:08,050 --> 02:06:20,490
Um, do people do that? Well, first the the National Register doesn't add and cost. Yeah, I know. Um, so that is a way to

1410
02:06:20,490 --> 02:06:29,990
mark recognize that that's an angel way to recognize the store properties or districts, but your question. I think, um,

1411
02:06:32,230 --> 02:06:43,250
I mean, there could be ways to, I mean, rehabilitation grant programs, they can be used a certain percentage.

1412
02:06:43,250 --> 02:06:53,730
They're used for certain percentage for landmark properties and maybe unless a lower percentage for properties over 50 years old that aren't designated.

1413
02:06:54,750 --> 02:06:57,890
You see that kind of thing,

1414
02:07:00,110 --> 02:07:05,670
there can be, of course, a marker program can work to identify

1415
02:07:08,070 --> 02:07:11,570
historic buildings that are important, but aren't necessarily designated.

1416
02:07:12,390 --> 02:07:18,170
Well, I guess my point is, for goal number three, we're not really even talking about whether there is

1417
02:07:18,170 --> 02:07:21,450
But we're talking about preserving the character of a neighborhood.

1418
02:07:22,530 --> 02:07:28,090
And that's where I think a lot of the work that needs to be done should be yet done

1419
02:07:28,090 --> 02:07:29,970
because of the rate of tear down.

1420
02:07:31,560 --> 02:07:41,220
Incompatibility is, I'm tear down with the character, the neighborhood in which they're built. That's the one where it'd be nice to have some new ideas about what to do about that.

1421
02:07:45,460 --> 02:07:52,680
And the other thing I wanted to ask about is, our ordinance actually about landmark status has two different ways to get landmark status.

1422
02:07:52,680 --> 02:08:00,240
one is the historic character of the architecture or the fact that it's unique or

1423
02:08:00,240 --> 02:08:04,820
particularly fine example of a style of architecture. We also do it based on

1424
02:08:04,820 --> 02:08:09,360
who lived in the house at one time I owned it and I didn't see any of that in

1425
02:08:09,360 --> 02:08:16,600
this at all. Do what do we want to do about that? I don't we don't what do we

1426
02:08:16,600 --> 02:08:21,420
do to make sure that we know what homes might be land-markable because of who

1427
02:08:21,420 --> 02:08:22,920
of them at one time.

1428
02:08:24,180 --> 02:08:24,520
I understand.

1429
02:08:24,520 --> 02:08:25,320
That's in there.

1430
02:08:25,460 --> 02:08:30,680
I mean, currently we have that, you know, when we have surveys and we learn about the

1431
02:08:30,680 --> 02:08:34,680
house and we learn about the history of the house and we learn about there.

1432
02:08:34,860 --> 02:08:36,820
Yeah, a lot of times it's in there.

1433
02:08:36,860 --> 02:08:39,340
You know, who built the house and who did they build it for?

1434
02:08:39,600 --> 02:08:44,920
And this was the first surgeon and will met that did ex and this person.

1435
02:08:45,380 --> 02:08:49,660
So a lot of times we have that from the historical survey.

1436
02:08:49,660 --> 02:09:08,340
But trusty Kennedy, to your point, I agree that there's a lot of tools here and I don't think these tools necessarily are weighed in terms of, you know, what's the most effective tool and what might be something to consider.

1437
02:09:08,340 --> 02:09:15,540
I don't necessarily agree with all these tools and I'm certain that a lot of board members

1438
02:09:15,540 --> 02:09:21,060
wouldn't necessarily agree with all these tools so I think I wanted to make clear

1439
02:09:21,060 --> 02:09:28,940
in this plan that just because if we adopt a plan doesn't mean that we necessarily agree

1440
02:09:28,940 --> 02:09:29,680
with all these.

1441
02:09:29,820 --> 02:09:36,600
I mean putting limits on the type of new construction that people can build, that's a radical

1442
02:09:37,640 --> 02:09:43,820
thought for Will Met, and I think a lot of people would have difficulty with, you know, limits

1443
02:09:43,820 --> 02:09:48,760
on what they could build for new construction, or the, you know, changing the threshold from

1444
02:09:50,160 --> 02:09:58,020
75% for 50% for historic district, and, you know, limiting what people can do to their homes

1445
02:09:58,020 --> 02:10:03,900
and that district if their home is contributing. You know, that's going to shock a lot of people,

1446
02:10:03,900 --> 02:10:06,960
But that is a tool and other communities have done it,

1447
02:10:06,960 --> 02:10:11,000
and it would be nice to kind of know what that is.

1448
02:10:11,260 --> 02:10:14,560
What I read from here, and maybe I didn't quite get this,

1449
02:10:14,640 --> 02:10:18,080
this advisory tier versus landmark tier,

1450
02:10:18,100 --> 02:10:21,620
I think something that I've been bringing up for a while,

1451
02:10:22,040 --> 02:10:26,920
we only have 38 landmark tones and will met soon to be 39,

1452
02:10:27,260 --> 02:10:30,540
which is very exciting, and I think all of your efforts

1453
02:10:30,540 --> 02:10:37,400
probably got a set 39th home and, you know, maybe some others are going to be excited about this.

1454
02:10:39,260 --> 02:10:45,960
I didn't see too much of the benefits of landmarking your home in this plan even up front.

1455
02:10:46,300 --> 02:11:00,280
You know, I would love, like, a little bit more on why you would do this and what the benefits are both in preserving the home and in, you know, the tax benefits and, you know, the state tax freeze and any other benefits.

1456
02:11:00,280 --> 02:11:06,500
if you could get maybe up front, but in terms of what we can add to this, you know, there's

1457
02:11:06,500 --> 02:11:15,560
so many tools here that I think are new for us, like the bonus. So, you know, two weeks ago

1458
02:11:15,560 --> 02:11:23,340
on our consent agenda, we had a home built in 1908 that wanted a mud room and that was over the

1459
02:11:23,340 --> 02:11:28,340
F-A-R, and the zoning board is kind of looking at that thinking,

1460
02:11:28,920 --> 02:11:32,820
Gosh, I don't know if I can call that a hardship, but it seems like it's fine,

1461
02:11:32,880 --> 02:11:34,160
and it's not that much extra.

1462
02:11:34,940 --> 02:11:35,980
So, okay, why not?

1463
02:11:36,960 --> 02:11:40,120
And we approve that on our consent agenda.

1464
02:11:40,400 --> 02:11:44,280
And I think the bonus is exactly what we're talking about here.

1465
02:11:44,500 --> 02:11:48,420
That home wasn't landmarked, but it's a home from 1908 that needs to fit

1466
02:11:48,420 --> 02:11:51,220
into our world here.

1467
02:11:51,800 --> 02:11:55,680
And so that was a tool, it wasn't a tool,

1468
02:11:55,820 --> 02:11:59,520
but that is a tool that could more homes

1469
02:11:59,520 --> 02:12:01,200
could benefit from in the future.

1470
02:12:01,620 --> 02:12:04,060
But I read this and tell me if I'm wrong,

1471
02:12:04,280 --> 02:12:07,940
that there is the landmark home,

1472
02:12:08,240 --> 02:12:10,360
there are certain tax advantages of that.

1473
02:12:10,680 --> 02:12:13,960
But if we kind of created this middle tier of significant

1474
02:12:13,960 --> 02:12:17,320
properties, then maybe the village

1475
02:12:17,320 --> 02:12:24,400
be willing to wave permit fees, create bonuses, you know, have some kind of a matching grant

1476
02:12:24,400 --> 02:12:32,260
program for restoring old windows old to sides that can be very expensive when your home

1477
02:12:32,260 --> 02:12:38,880
isn't, you know, of the 39 homes in Momat that are landmarks. So I think that's what you were

1478
02:12:38,880 --> 02:12:43,800
going for. I just want to maybe you can clarify that a little bit more. Yeah,

1479
02:12:46,550 --> 02:12:47,470
the program,

1480
02:12:50,150 --> 02:12:57,730
So you put an overlay in a specific area, or a whole village, however you wanted to do it.

1481
02:12:58,830 --> 02:13:04,910
And then you have one of the actions is creating a significant property inventory,

1482
02:13:06,430 --> 02:13:14,810
which is where you have a list of properties that have been identified as potentially significant from the previous survey work.

1483
02:13:14,810 --> 02:13:22,050
And that could be the start of how you identify properties that may be eligible for the top tier.

1484
02:13:24,110 --> 02:13:31,510
And then you can have a lower tier that has a lesser criteria.

1485
02:13:32,690 --> 02:13:40,830
But it's still older homes that should be preserved and then they could join the overlay in a lower tier.

1486
02:13:40,830 --> 02:13:47,530
And so then you can determine which tiers get which incentives based on their tier level.

1487
02:13:47,970 --> 02:13:52,950
And so the idea, if that is, so I mean, you know, some people worry about landmarking their

1488
02:13:52,950 --> 02:13:57,070
home because it restricts what they can do to their homes and if they want to make changes,

1489
02:13:57,310 --> 02:14:01,310
they have to go to the historic preservation commission, get a certificate of appropriateness.

1490
02:14:01,590 --> 02:14:07,090
So is this idea that, you know, we're not restricting what you can do in your home,

1491
02:14:07,090 --> 02:14:16,550
But if you want to preserve your home and the character of your home, it's a possible tool for having done without going to the landmark.

1492
02:14:17,590 --> 02:14:23,450
Well, I guess you could look at it that way if you want to separate landmarks as a higher tier than zoning overlay.

1493
02:14:24,650 --> 02:14:31,310
I think in my mind, I was seeing the higher tier as the landmarks.

1494
02:14:31,310 --> 02:14:39,290
but you're adding additional tools so that you're hopefully people are going to want to

1495
02:14:39,290 --> 02:14:45,050
landmark because they have all these additional tools incentives available to them if they're

1496
02:14:46,090 --> 02:14:53,590
at that level in the zoning overlay. But you could make it three tiers if you wanted.

1497
02:14:53,770 --> 02:14:57,550
I mean that's up to the village however they want to if you wanted to implement it.

1498
02:14:58,550 --> 02:14:59,970
Let me see, can you use...

1499
02:15:04,100 --> 02:15:13,780
So I just wanted to chime in that yes, that I forget which theme it is exactly, but that idea of really

1500
02:15:13,780 --> 02:15:22,520
encouraging preservation and allowing the flexibility, regardless of being a local landmark or not, that is contemplated in one of the actions.

1501
02:15:22,520 --> 02:15:29,060
and so, yes, encouraging preservation efforts, regardless of local landmarks that are not

1502
02:15:29,060 --> 02:15:36,840
through a tiered system or through a designated geographic location, that is part of the

1503
02:15:36,840 --> 02:15:41,260
plan suggested actions. Yes. I know him's down.

1504
02:15:41,640 --> 02:15:47,340
Back to a couple of Trustee Kennedy's time. The question about success or how helpful these

1505
02:15:47,340 --> 02:15:51,640
stuff will be, if the plan is approved or when it's approved, one of the next action I was

1506
02:15:51,640 --> 02:15:56,020
to go to the administration committee and identify our priority action items and we look at that

1507
02:15:56,020 --> 02:16:01,780
based on what actions we think can be most impactful and most successful and focus on those first

1508
02:16:01,780 --> 02:16:06,960
and then moving down that list. So something like a demolition delay for example maybe way

1509
02:16:06,960 --> 02:16:11,160
low on the list given how we think that may play out whereas what we're talking about here with

1510
02:16:11,160 --> 02:16:15,500
zoning overlays or incentives could be more impact when we may move that up the list of recommended

1511
02:16:15,500 --> 02:16:20,980
review. So I think that shakes out is the plan starts to get implemented but we'll go back and

1512
02:16:20,980 --> 02:16:24,800
I don't want to just say we're going to approve this plan at our next meeting, I think there's some additional work to do.

1513
02:16:25,040 --> 02:16:40,380
So we'll work with the staff and consultants to see if there is any empirical data we can identify that could help us with the priorities in putting this plan up for adoption, but also the question about our surveys and whether it accounts for who lived in the home.

1514
02:16:41,120 --> 02:16:42,560
Yes, in certain circumstances.

1515
02:16:43,180 --> 02:16:47,720
So most of our historical surveys are architectural based, but they do look at the original building permit.

1516
02:16:47,720 --> 02:16:59,360
So if it's original, if it's original, if it's a, I don't know, somebody who becomes president because of it, we don't have a way to do that.

1517
02:16:59,460 --> 02:17:13,860
So we do that on either on a case by case basis when there's a request for a landmark designation or is the historical museum is going through the archives and doing work or study and they identify, you know, somebody of historical significance, we may then add that as a notation.

1518
02:17:13,860 --> 02:17:15,980
So we do not have that for everyone.

1519
02:17:16,460 --> 02:17:16,580
Right.

1520
02:17:19,260 --> 02:17:20,360
That's kind of too bad.

1521
02:17:20,560 --> 02:17:22,500
I mean, that we don't have some better way to,

1522
02:17:22,500 --> 02:17:23,520
but I don't know what you're doing.

1523
02:17:23,700 --> 02:17:24,960
I've been searched for me.

1524
02:17:25,500 --> 02:17:27,580
Cook County transfer records.

1525
02:17:28,000 --> 02:17:28,080
Right.

1526
02:17:28,140 --> 02:17:29,660
Or we won that person become famous.

1527
02:17:29,860 --> 02:17:31,100
Where did they use to live?

1528
02:17:31,580 --> 02:17:34,380
Well, no, I mean, we do have some famous people.

1529
02:17:34,420 --> 02:17:35,180
Yeah, we do.

1530
02:17:35,460 --> 02:17:38,400
And people let me just always tell them we know where Bill Murray lived.

1531
02:17:38,400 --> 02:17:39,260
And I happen to know.

1532
02:17:39,740 --> 02:17:43,040
But I know because their house is protected for being involved.

1533
02:17:43,840 --> 02:17:48,520
But I'm sure if that house was part of a survey, that would definitely have been mentioned.

1534
02:17:49,980 --> 02:17:51,040
Because it's known.

1535
02:17:51,800 --> 02:17:53,180
It's only not to some people.

1536
02:17:53,380 --> 02:17:54,480
I bet it's not known.

1537
02:17:58,410 --> 02:17:59,050
Two questions.

1538
02:17:59,950 --> 02:18:01,750
First of all, thank you for all the hard work.

1539
02:18:01,970 --> 02:18:02,530
Your team is down.

1540
02:18:02,950 --> 02:18:05,150
This is amazing, important.

1541
02:18:05,650 --> 02:18:12,990
I'm sure that there's been hundreds of hours put into this between your work and the work of the various teams that have found this.

1542
02:18:12,990 --> 02:18:14,450
So thank you for that.

1543
02:18:15,850 --> 02:18:24,010
In reading through the very sections of the report, there were things that I thought were great.

1544
02:18:24,330 --> 02:18:26,210
Now, the things that I wanted to ask questions about.

1545
02:18:26,730 --> 02:18:33,470
I will say that the things that I thought were great were the things that helped people accomplish their goals

1546
02:18:33,470 --> 02:18:42,010
and helped people to do things that they didn't think they could do, such as I have this beautiful 150-year-old home.

1547
02:18:42,010 --> 02:18:48,690
I wish I could save it, but I can't afford to because these programs aren't in place yet.

1548
02:18:49,270 --> 02:18:58,950
Or I'm not aware of the finance and alternatives and to the extent that this provides for that, you know, I think that's a big success.

1549
02:19:00,270 --> 02:19:11,990
The things that gave me concern were the President of Placco was suggesting the things that

1550
02:19:11,990 --> 02:19:18,370
may be viewed as an incumbents upon people's value and people's greatest asset.

1551
02:19:19,030 --> 02:19:25,210
There was a section here that kind of I had a read a couple of times that said that homeowners

1552
02:19:26,030 --> 02:19:32,670
didn't necessarily, there could be protections on people's homes, limitations on people's

1553
02:19:32,670 --> 02:19:35,590
homes, contrary to the wishes of the homeowner.

1554
02:19:35,830 --> 02:19:43,910
So the homeowners approvals were not necessary to be included in some of these protected

1555
02:19:44,750 --> 02:19:45,410
lists.

1556
02:19:45,730 --> 02:19:52,830
And that caught me a little bit off that we were going to be going against the wishes of

1557
02:19:52,830 --> 02:19:55,050
at homeovers in certain circumstances.

1558
02:19:56,990 --> 02:20:00,010
So, I have other questions, but maybe you could comment on that, please.

1559
02:20:02,590 --> 02:20:05,270
Oh, I thought you were asking me to wait.

1560
02:20:06,010 --> 02:20:12,090
I don't know what specific action you're referring to, but we would never, I mean, we

1561
02:20:12,090 --> 02:20:14,070
wouldn't really put something in there like that.

1562
02:20:14,110 --> 02:20:20,930
I think the historic district does that, because it lowers the threshold if you've

1563
02:20:20,930 --> 02:20:28,570
a historic district of which don't have any. It really lowers the threshold from, right now we,

1564
02:20:28,810 --> 02:20:39,290
you could, if 75% of property owners in a district voted to have this via historic district,

1565
02:20:39,390 --> 02:20:45,350
then all the significant properties in that would not be able to make changes without a review.

1566
02:20:45,350 --> 02:20:51,690
So this is, that exists now, but we've never gotten to 75% that would be a lot.

1567
02:20:51,870 --> 02:20:54,150
So this is suggesting that you lower it to 50.

1568
02:20:54,530 --> 02:21:01,430
So I think that kind of leans into, you know, your concerns and my concerns too, that,

1569
02:21:01,430 --> 02:21:08,130
you know, you might find yourself in a home that you couldn't change without, you know, without

1570
02:21:08,130 --> 02:21:09,350
your input on that.

1571
02:21:09,430 --> 02:21:10,650
And you'd be very upset about that.

1572
02:21:10,650 --> 02:21:38,610
Yeah, it's the same with the conservation program where you're mandating the character of a neighborhood and, you know, some people might want that, but a lot of people, you know,

1573
02:21:38,610 --> 02:22:01,570
You've seen some of these smart homes demolished and maybe two homes put together in larger homes built that are absolutely beautiful and, you know, our asset to the community and the neighborhood that we need to make sure we're not going to limit.

1574
02:22:02,270 --> 02:22:08,050
we're not going to suggest that that's inappropriate as we move forward because I mean

1575
02:22:08,050 --> 02:22:11,490
there's a beautiful home throughout the community that clearly were the result of

1576
02:22:12,070 --> 02:22:18,830
demolitions that I think that we all would apply. So I want I'm very sensitive to that

1577
02:22:18,830 --> 02:22:22,750
because I think it's a big asset to our community.

1578
02:22:25,790 --> 02:22:28,310
I think also no matter what we do we

1579
02:22:28,670 --> 02:22:29,970
especially as a board we need to think.

1580
02:22:31,160 --> 02:22:41,120
What happened on central to that home that we were all so strong, I don't remember the address of that home, but near the central school that was demolished and new homes under construction.

1581
02:22:41,920 --> 02:22:55,480
And how we have this new plan may have assisted with that, or may not have, and I think we should just all be honest with ourselves about what our goal would have been.

1582
02:22:55,480 --> 02:23:00,240
And if we would have been able to save that home, what would have been the implications to that home,

1583
02:23:00,520 --> 02:23:05,140
who was able to sell their home at a much higher price,

1584
02:23:05,420 --> 02:23:07,680
because they were able to demolish it.

1585
02:23:07,920 --> 02:23:12,340
So if we were able to stop that demolition that would accomplish a great amount,

1586
02:23:12,580 --> 02:23:16,760
you know, a lot of us would have been thrilled to see that home still exist today,

1587
02:23:17,120 --> 02:23:20,400
but I can, you know, the homeowner would have been very sick because they would have lost great value.

1588
02:23:20,600 --> 02:23:23,380
So I think that trade-off is really important.

1589
02:23:23,380 --> 02:23:26,660
as we proceed as well.

1590
02:23:27,600 --> 02:23:30,500
And lastly, I just wanted to say that we talk about

1591
02:23:30,500 --> 02:23:36,540
obtaining the look and feel of these communities.

1592
02:23:37,840 --> 02:23:40,420
And I think there are many neighborhoods in Walmart

1593
02:23:40,420 --> 02:23:42,740
that are absolutely gorgeous.

1594
02:23:43,300 --> 02:23:44,740
There are other neighborhoods that,

1595
02:23:44,820 --> 02:23:47,240
you know, maybe there are some homes there that have

1596
02:23:47,240 --> 02:23:54,500
live there, they're useful life, and would be candidates for new construction, and to be

1597
02:23:54,500 --> 02:24:00,140
extent that this plan doesn't allow for that would also cause a concern. So that was kind

1598
02:24:00,140 --> 02:24:02,400
of my reaction as I was reading this.

1599
02:24:02,860 --> 02:24:08,960
Well, that's the balance that you're talking about that we heard beginning, and that's what

1600
02:24:08,960 --> 02:24:18,620
we were trying to address with neighborhood conservation over the which is not preventing

1601
02:24:18,620 --> 02:24:24,960
demolition. It's not about that. It's about ensuring that new construction is compatible

1602
02:24:24,960 --> 02:24:31,020
with existing neighborhood because that's what we heard was concerned with houses that

1603
02:24:31,020 --> 02:24:37,220
did not fit at all with their neighbors. We're going up that following the demolition. And so

1604
02:24:37,220 --> 02:24:48,380
So, we provided some actions to try and address that issue in addition to providing other

1605
02:24:48,380 --> 02:24:54,660
actions that would help actually preserve historic buildings rather than just regulating

1606
02:24:54,660 --> 02:24:56,240
the new construction.

1607
02:24:59,400 --> 02:25:05,980
So I mean, we're trying to strike a balance on, is that's what we were hearing, is we

1608
02:25:05,980 --> 02:25:16,480
out both. And so it's not easy to have one easy answer or how to do it. So we were hoping that

1609
02:25:16,480 --> 02:25:25,280
this package of various incentives and tools would work towards achieving that now.

1610
02:25:26,500 --> 02:25:33,380
And I certainly, you know, I know people that, you know, feel strongly about the character

1611
02:25:33,380 --> 02:25:39,840
their neighborhoods and, you know, I think we try and are zoning code to do the size and scale,

1612
02:25:40,120 --> 02:25:44,020
you know, no matter what you build, you've got the size and the scale, and that's not changing,

1613
02:25:44,120 --> 02:25:50,260
and that can always be reviewed. If your, you know, the new home is just actually, like,

1614
02:25:50,320 --> 02:25:56,260
outside for the, the lot, I do fear that if you do something like that, you would never have

1615
02:25:57,100 --> 02:26:03,200
the modern style. You would never have the prairie style. You would never have all of these

1616
02:26:03,380 --> 02:26:11,140
styles of homes that we feel that we are now working to preserve, but when they were first

1617
02:26:11,140 --> 02:26:17,660
put in, they were quite shocking in their neighborhood. So it's an interesting question.

1618
02:26:18,300 --> 02:26:28,500
I think I just would want the plan to be clear that these tools may not be for everyone and that

1619
02:26:28,500 --> 02:26:36,440
This is certainly up to the village to do this, and I just, I do love your point that

1620
02:26:36,440 --> 02:26:42,460
you made in the beginning, like I would like to know, and you've talked to Hinstale.

1621
02:26:42,640 --> 02:26:48,100
I mean, that was kind of what we were basing a lot of these anecdotes on, and I think

1622
02:26:48,100 --> 02:26:49,080
just even offline.

1623
02:26:49,280 --> 02:26:54,160
I'd love to kind of just hear how that's going.

1624
02:26:54,160 --> 02:27:11,300
you know, what they think is, you know, the best tool the day of implemented and what they think may be, you know, isn't working as much, you know, and their other home, you know, there's certainly, you know, other communities out there.

1625
02:27:11,920 --> 02:27:21,560
Every community is going to be a little bit different, but you know, I think that, you know, even those anecdotes, I think, would be helpful, you know, what have they noticed.

1626
02:27:21,560 --> 02:27:28,440
they had a huge tear down epidemic and really concerned about that and I would love to kind

1627
02:27:28,440 --> 02:27:32,660
of hear what they attribute to this plan.

1628
02:27:33,700 --> 02:27:38,380
I think what I love about this a couple things that I want to say number one, there's been

1629
02:27:38,380 --> 02:27:39,220
a long time coming.

1630
02:27:39,320 --> 02:27:43,920
We've been talking about his door preservation plan for a really long time and it's been

1631
02:27:43,920 --> 02:27:50,800
in our comprehensive plan and I'm really excited about the idea of a historic preservation

1632
02:27:50,800 --> 02:27:57,300
and giving, you know, telling, you know, homeowners that we, you know, we understand, you

1633
02:27:57,300 --> 02:28:03,100
know, we care, we know that, you know, when you need to re-clad your house and the exact

1634
02:28:03,100 --> 02:28:08,520
same shingle that it was in from, you know, 1910, it's going to be more expensive and maybe,

1635
02:28:08,780 --> 02:28:15,840
you know, there's something that we can do to help you with that. I love that we talk about

1636
02:28:15,840 --> 02:28:21,680
sustainability and preservation, I think the catch word when I was on the historic preservation

1637
02:28:21,680 --> 02:28:26,920
commission was oldest the new green and that was, you know, and in discussion. So I think

1638
02:28:26,920 --> 02:28:31,320
that's really important to talk about, you know, the preservation is kind of the ultimate

1639
02:28:31,320 --> 02:28:38,200
and sustainability. And I also love, you know, talking about preservation and keeping homes attainable.

1640
02:28:38,200 --> 02:28:50,160
Because certainly the existing home is going to be a lot more attainable than a very expensive brand new construction home.

1641
02:28:50,360 --> 02:29:00,300
And so if this is a way for us to preserve some of our older, more attainable homes, I think that's great.

1642
02:29:00,300 --> 02:29:02,420
a couple things on this plan.

1643
02:29:05,120 --> 02:29:10,360
I got a bunch of comments on the historical background and maybe

1644
02:29:10,360 --> 02:29:17,420
the organization and the layout and just kind of clarifying, you know, things that we already

1645
02:29:17,420 --> 02:29:24,000
do that I don't necessarily know that that was highlighted in here that maybe we want to enhance

1646
02:29:24,000 --> 02:29:28,440
versus things that we don't do yet that we would want to bring in.

1647
02:29:29,260 --> 02:29:36,100
So I feel like I would want a little more time with the nuts and bolts of this plan

1648
02:29:36,100 --> 02:29:40,260
to just kind of, you know, we're talking about, you know, the history of Will Met, which is very

1649
02:29:40,260 --> 02:29:40,860
complex.

1650
02:29:41,000 --> 02:29:47,000
I think there's a couple neighborhoods that I kind of didn't see mentioned in here, a couple

1651
02:29:47,000 --> 02:29:52,020
other areas that I would like a little bit more history on, and maybe kind of clarifying

1652
02:29:52,020 --> 02:29:58,680
some of our more ancient history, once this document is adapted.

1653
02:30:00,000 --> 02:30:12,000
This is, you know, this is, we're going to be looking at it in the future, and so I do think we can take, you know, just a little bit of extra time, just to, you know, the line by line.

1654
02:30:16,260 --> 02:30:21,380
kind of else I'm missing from here is this new trend on the North Shore of consolidating lots

1655
02:30:22,000 --> 02:30:29,400
destroying all the houses on them and so you could put up a monstrosity. We did, I think earlier

1656
02:30:29,400 --> 02:30:36,340
actually, we stopped the aggregation more than is it three? I thought it was more than two.

1657
02:30:36,520 --> 02:30:44,360
I think it's like, it's isn't it two point something based on like your, yeah, right, right.

1658
02:30:44,360 --> 02:30:51,300
That ought to go into, I think people shouldn't forget that there's a reason for that, and in a lot of the reason for it is to preserve

1659
02:30:51,300 --> 02:30:58,680
the scale of what goes up in a neighborhood because if you put three lots together or two gigantic lots together as we've seen already

1660
02:30:59,260 --> 02:31:05,000
You can put a quite a quite a, quite a, oh, mansion. It's quite out of character and destroys

1661
02:31:05,000 --> 02:31:06,220
But otherwise

1662
02:31:07,660 --> 02:31:11,820
Oh, and always my plug because I always say this

1663
02:31:12,480 --> 02:31:20,500
I would love to see Ridge Road be a national historic district, and I would also love to see Plaza de Lago designated as a historical,

1664
02:31:20,860 --> 02:31:33,820
because it's a national landmark status, I mean, and I know neither one of those designations prevents any building changes, any of that, I just think that, you know,

1665
02:31:33,820 --> 02:31:40,640
So, they are so important to will met, and I think that recognizing Ridge Road and Plaza

1666
02:31:40,640 --> 02:31:44,620
Delaco, and, you know, and their own is important.

1667
02:31:44,900 --> 02:31:53,100
I know, I think W.S. was on the way with the Plaza Delaco, so I think maybe they changed

1668
02:31:54,240 --> 02:31:57,540
management, so we need to kind of keep pushing them on that.

1669
02:31:57,620 --> 02:32:02,280
I think it would be good for everybody, and, you know, Ridge Road.

1670
02:32:02,280 --> 02:32:04,120
I mean, start reading the plan.

1671
02:32:04,180 --> 02:32:06,400
The history of Ridge Road is fascinating.

1672
02:32:07,100 --> 02:32:09,060
And so many of those buildings are still there.

1673
02:32:09,600 --> 02:32:12,820
And if they were designated as a national historic district,

1674
02:32:13,220 --> 02:32:16,200
some of those buildings might even be able to get federal

1675
02:32:16,200 --> 02:32:19,140
tax incentives for rehabbing those buildings.

1676
02:32:19,800 --> 02:32:22,360
So I'm doing my plug for those, too.

1677
02:32:23,480 --> 02:32:25,740
And I would add forth and linden to that, too,

1678
02:32:25,820 --> 02:32:27,560
because there are a number of commercial buildings

1679
02:32:27,560 --> 02:32:29,440
that forth and linden that are really extraordinary.

1680
02:32:29,900 --> 02:32:31,740
And maybe not the best of shape.

1681
02:32:32,240 --> 02:32:39,800
Some of those rental, like the, the being a part of the art, I think it's art vendor, whatever it is.

1682
02:32:39,940 --> 02:32:43,320
I guess I'm not good at this tiles, but I know what you went exactly what you're talking about.

1683
02:32:43,960 --> 02:32:44,220
On fifth.

1684
02:32:45,160 --> 02:32:45,460
Building.

1685
02:32:46,400 --> 02:32:46,480
Yes.

1686
02:32:47,020 --> 02:32:54,780
And to do it to help, you know, to help save it, not, you know, this doesn't prevent anything.

1687
02:32:55,240 --> 02:32:58,240
Honestly, it doesn't, you know, but it's some.

1688
02:32:58,580 --> 02:33:04,320
I mean, if we don't already provide those recommendations, then we can certainly have them.

1689
02:33:04,740 --> 02:33:11,700
Yeah, I know there's a little bit about Ridge Road and Plaza de Lago. I've made that pitch before, so I appreciate that.

1690
02:33:13,820 --> 02:33:22,440
But, you know, I, I, to plan, I mean, we've got a lot of good stuff in there. I think, you know, this is just being introduced at the board level.

1691
02:33:22,440 --> 02:33:30,740
I think, you know, it's going to be another, you know, a bit of a dive just to go over the details, but, you know,

1692
02:33:30,880 --> 02:33:36,340
am I definitely excited and this will be, you know, soon.

1693
02:33:37,260 --> 02:33:38,080
Thank you.

1694
02:33:38,160 --> 02:33:38,980
Thank you.

1695
02:33:39,440 --> 02:33:40,020
Thank you.

1696
02:33:44,300 --> 02:33:47,120
Okay, trusty scene does not have anything else.

1697
02:33:47,580 --> 02:33:48,900
Anything else is on consent?

1698
02:33:52,620 --> 02:33:59,820
So now we go to the municipal services community, trusty Kennedy.

1699
02:34:00,960 --> 02:34:10,260
Okay, well, I, we do have one thing that was not, that was taken off the content agenda that I believe the person who did so is left through.

1700
02:34:10,280 --> 02:34:12,800
Okay, Mr. Rire Miller was.

1701
02:34:12,800 --> 02:34:13,980
You just did a telephone call.

1702
02:34:13,980 --> 02:34:39,440
Okay, so then I would move passage of 3.10 on our agenda, adoption of resolution number 2026-R-143, authorizing the village manager to execute a three-year contract for the unit rate schedule with farmers market, Chicago's Garden Center, Chicago Illinois, for the purchase of winter hanging basket day core.

1703
02:34:40,320 --> 02:34:40,780
Second.

1704
02:34:45,060 --> 02:34:45,520
Second.

1705
02:34:45,520 --> 02:34:45,660
Second.

1706
02:34:46,700 --> 02:34:49,820
Since this is taken off, the consent agenda, Mr. Brayman, would you like to

1707
02:34:49,820 --> 02:34:50,380
ensure that?

1708
02:34:50,380 --> 02:34:54,380
This is a standard recurring contract that we've approved each of the last six years.

1709
02:34:54,860 --> 02:34:56,880
It's decorative hanging baskets in our downtown,

1710
02:34:56,960 --> 02:34:58,880
Lyndon Square, and Ridge Road Business Districts.

1711
02:34:59,480 --> 02:35:03,140
The holiday season is an incredibly important time for our businesses,

1712
02:35:03,480 --> 02:35:06,580
retail and restaurant for their bottom lines.

1713
02:35:06,680 --> 02:35:09,460
And we want to do everything we can to help facilitate a successful

1714
02:35:09,460 --> 02:35:17,180
December season for them, and it's an important economic development tool to make sure our business districts are welcoming and attractive to all of our visitors and residents.

1715
02:35:18,160 --> 02:35:27,580
In Mr. Raymond, these are the same things that I mean, this is the same area where we have flowers hanging down right now, just with holiday days.

1716
02:35:27,840 --> 02:35:34,180
And we, that's correct. And we receive a lot of compliments on both the flower baskets and the winter decor baskets as well.

1717
02:35:34,180 --> 02:35:37,820
If it isn't that like one of our more like frequented

1718
02:35:37,820 --> 02:35:40,360
like thank you's as far as our businesses

1719
02:35:41,140 --> 02:35:42,880
I see a lot of those emails.

1720
02:35:43,760 --> 02:35:45,640
And it's not just some weirdo thing we do.

1721
02:35:45,700 --> 02:35:48,600
Go to Plaza Logo for example, look how beautifully they do.

1722
02:35:48,680 --> 02:35:49,680
Pretty much the same thing.

1723
02:35:50,620 --> 02:35:51,460
It works.

1724
02:35:52,240 --> 02:35:53,480
Yeah, and they're very tasteful.

1725
02:35:54,120 --> 02:35:55,140
Very, very tasteful.

1726
02:35:55,340 --> 02:35:56,280
Very tasteful.

1727
02:35:57,080 --> 02:35:58,880
And the good amount of it is that it says in the memo

1728
02:35:58,880 --> 02:36:01,640
as we use from year to year, which is much more.

1729
02:36:04,260 --> 02:36:04,700
Yeah.

1730
02:36:04,700 --> 02:36:11,560
Other than the live plants, which are less in the winter ones?

1731
02:36:12,160 --> 02:36:12,360
Yes.

1732
02:36:14,360 --> 02:36:19,240
Seeing is that there is no one left in the audience to make a comment.

1733
02:36:20,820 --> 02:36:22,180
Anything else from trustees?

1734
02:36:23,980 --> 02:36:24,220
Okay.

1735
02:36:24,540 --> 02:36:27,780
It's been moved in seconded.

1736
02:36:28,260 --> 02:36:29,720
Do we have to do an individual role on this?

1737
02:36:29,800 --> 02:36:29,920
Yeah.

1738
02:36:30,000 --> 02:36:31,140
Mr. Alden, can you do an individual?

1739
02:36:31,140 --> 02:36:38,560
Trustee Liner, Trustee Shepherd, Trustee Labor, Trustee Kennedy, and President Blockhead.

1740
02:36:40,080 --> 02:36:40,540
I'm a priest.

1741
02:36:41,200 --> 02:36:43,000
Anything else, Trustee Kennedy?

1742
02:36:43,360 --> 02:36:45,060
No, everything else is I can say.

1743
02:36:48,060 --> 02:36:50,920
Public Safety Committee, Trustee Smith.

1744
02:36:51,740 --> 02:36:53,040
I will take that.

1745
02:36:53,480 --> 02:37:01,060
And so we have Mr. Warren Miller took 3.1.9.

1746
02:37:01,060 --> 02:37:09,400
off the consent agenda. He is not currently in the room, but I moved to adopt Resolution 2026

1747
02:37:09,400 --> 02:37:15,560
R-142, amending an intergovernmental agreement between the village of Wilmet and the village of

1748
02:37:15,560 --> 02:37:21,800
Northfield to permit the Wilmet Police Department to utilize the temporary holding facility in gun range

1749
02:37:21,800 --> 02:37:27,680
located at the Northfield Police Department. Is there a second? Okay, it's been moved in

1750
02:37:28,980 --> 02:37:29,160
Seconded.

1751
02:37:29,240 --> 02:37:29,980
Mr. Brown, what if you can?

1752
02:37:30,900 --> 02:37:59,520
This is part of our temporary facility situation with the police department being constructed now. We do not have our own firearms range at this time. So we have an agreement with the village of Kennaworth. This is an amendment with an agreement with the village of Northeal to provide our police officers additional flexibility, additional hours during the daytime to use their firearms range. So we want to thank our friends and our partners in Northeal for providing us this opportunity. We're already working with them in utilizing their holding facility for prisoners.

1753
02:38:00,000 --> 02:38:02,480
This is just an expansion of that existing IGA.

1754
02:38:03,460 --> 02:38:04,400
Thank you.

1755
02:38:04,560 --> 02:38:05,400
Any questions?

1756
02:38:06,680 --> 02:38:08,480
I have since there's no one here in the audience.

1757
02:38:09,120 --> 02:38:12,000
I will ask Mr. Holdren to call the vote on this.

1758
02:38:12,320 --> 02:38:12,740
Trustee Liner.

1759
02:38:13,080 --> 02:38:13,320
Aye.

1760
02:38:13,620 --> 02:38:14,200
Trustee Schouper?

1761
02:38:14,860 --> 02:38:15,540
Trustee Weber?

1762
02:38:16,560 --> 02:38:16,860
Trustee Kennedy?

1763
02:38:17,220 --> 02:38:17,460
Aye.

1764
02:38:17,600 --> 02:38:18,500
And President Blanco?

1765
02:38:19,160 --> 02:38:19,440
Aye.

1766
02:38:21,140 --> 02:38:22,040
Resolution proved.

1767
02:38:22,880 --> 02:38:25,620
All other public safety committee items were on consent.

1768
02:38:26,340 --> 02:38:27,780
Do you just hear a committee Trustee Lieber?

1769
02:38:28,280 --> 02:38:29,360
No report this meeting.

1770
02:38:30,000 --> 02:38:35,760
Okay. There are no reports from special committees and no new business. May I have a motion to adjourn.

1771
02:38:36,620 --> 02:38:37,280
So moved?

1772
02:38:37,580 --> 02:38:38,140
Is there a second?

1773
02:38:39,660 --> 02:38:40,240
Is that good?

1774
02:38:40,580 --> 02:38:41,360
All those in favor?

1775
02:38:42,280 --> 02:38:42,480
Aye.

1776
02:38:43,120 --> 02:38:44,000
We stand adjourned.