Public Hearing on City of Freeport Spending and Budget Set for April 23rd

Freeport, Illinois — The City of Freeport is conducting a public hearing on its Appropriation Ordinance for Fiscal Year 2018-2019 coming up this Monday, April 23.

Public input is requested at the meeting which will begin at 5:45 p.m., in City Council Chambers, City Hall, 314 West Stephenson Street, Freeport, Illinois.

An electronic copy of Ordinance #2018-18, Appropriation Ordinance Fiscal Year 2018-2019, for the City of Freeport, Illinois, is available here at this link, or on the city website home page. A paper copy is available for public inspection at the City Clerk’s Office during regular business hours.

Anyone wishing to express comments or concerns should attend the public hearing or submit a written comment to the Mayor’s Office, City of Freeport, 314 West Stephenson Street, Freeport, Illinois, prior to the public hearing.

You can view the ordinances by clicking the links below from the Monday evening agenda.

ORDINANCES – SECOND READING

4. 2 nd READING OF ORDINANCE #2018-18: Appropriation Ordinance, Fiscal Year 2018-2019 for the City of Freeport, Illinois View Appropriation View Budget At the April 2, 2018 Council Meeting a motion to move forward for approval was made by Alderperson Cheney; seconded by Alderperson Smith; and the matter was laid over to tonight’s meeting. Presented by Finance Director Randy Bukas and City Manager Lowell Crow

5. 2 nd READING OF ORDINANCE #2018-26: A Supplemental Appropriation Ordinance of the City of Freeport, Stephenson County, Illinois, for the Fiscal Year Beginning May 1, 2017, and Ending April 3, 2018 Presented by Finance Director Bukas and City Manager Lowell Crow

ORDINANCES – FIRST READING – Request Suspension of the Rules

6. 1 ST READING OF ORDINANCE #2018-25: An Ordinance providing for the issuance of $____________ Taxable General Obligation Bonds, Series 2018, of the City of Freeport, Stephenson County, Illinois, for the purpose of financing capital municipal improvements, providing for the levy and collection of a direct annual tax sufficient to pay the principal and interest on said bonds, and authorizing the execution of a Bond Purchase Agreement with Robert W. Baird & Co., Incorporated, Naperville, Illinois, in connection with the sale of said bonds view memo Presented by City Manager Lowell Crow.

April 17, 2018 Memo to Council from the City Manager Subj: 2018 General Obligation Bond

Over the last six months in conjunction with the Northwest Illinois Community Development Council and NIDA the City has been working to secure a bond to increase revenue for revitalization of the downtown. With the A rating we have worked to secure the bond. Bond amount will be $1.1 million to pay for expenses of processing the bond. The $1 million of the bond money will go along with the $2 Million that the banks will be providing to create business in the downtown. This bond is backed by the full faith and credit of the City and is a general obligation bond. US Bank required a general obligation bond to match the amount of money of the bond. This bond will be used to give $100,000 loans to small business startups to promote growth in the downtown. The CDC will be the review authority and the new NewCo organization will work to present the redevelopment agreements to the City for approval. Additionally, the CDC will have the ability to give micro loans to existing business to promote growth. The estimated principle payment will be:

  • 70,000 2019
  • 75,000 2027
  • 60,000 2020
  • 75,000 2028
  • 60,000 2021
  • 80,000 2029
  • 65,000 2022
  • 80,000 2030
  • 65,000 2023
  • 85,000 2031
  • 65,000 2024
  • 90,000 2032
  • 70,000 2025
  • 90,000 2033
  • 70,000 2026

Interest payments will bring the bond payments annually to between $95,000 and $105,000 which will be covered out of the Downtown TIF fund. We will get the interest payments Monday before Council based upon the current interest rates. This will be required to be done through waving of the rules to lock the interest rates of the bonds in. Speer Financial will be in to present the Bond to Council. Baird will be the bond selling company. The purpose of the bond is to spur growth in the downtown area.

Public Comments – Agenda or Non-Agenda Items (limited to 3 minutes per person)

You can also read this article from Tutty Baker.

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