Commission advances $19M stormwater bond ordinance to fund ongoing projects

The commission heard a presentation from the village manager on an ordinance authorizing up to $19 million in general obligation borrowing to finance stormwater and roadway improvements and to refund the 2023 stormwater bond. The manager said the measure would allow the village to combine and stretch existing borrowings, reducing near‑term debt millage for property owners. "This ordinance will allow us to take the balance of what we owe and fund that over a longer period of time depending on the offers that we get," he said, noting that pulling the second tranche is necessary to pay contractors on work already underway on North Bay Island.

Staff described active construction on a $11–12 million North Bay Island stormwater project and acknowledged unexpected increases in costs for power and subsurface obstructions found during soft digs. The commission voted in favor of the first reading; the village will return with final bond terms and a companion resolution when a bank and rate are selected, likely at the November meeting.