Village announces $20M IPA loan executed; 30-year term approved for capital projects

A village staff member told the Village Board on June 25 that an Illinois Finance Authority loan application for slightly more than $20 million has been executed and is ready for signatures, and staff secured a 30-year loan term.

The staff member said the loan is “just over $20,000,000” and that “we were able to get a 30 year loan term, which is new. Previously, it had been 20, so that's good.” The speaker also said the interest rate is “below 2%” and that signatures from Village President Matthew T. Brawley are needed to finalize the loan.

Staff indicated the funds will be used for projects slated to begin this summer and continue into next year. No additional project-level details or formal board action on specific contracts were recorded in the transcript excerpt.

This announcement was made as part of board members’ remarks and administrative updates; the transcript does not show a separate vote or ordinance tied to the loan execution at the June 25 meeting.

Next steps: staff will coordinate signatures with the village president and proceed with planned projects as described by staff.