Development News for Libertyville, Illinois

Libertyville Issues \$25 Million in Bonds for New Police Station Project

The Village Board approved an ordinance authorizing the sale of \$25 million in general obligation alternate revenue source bonds for the construction and equipping of a new police station and site improvements. The bonds will be repaid using the Village's special non-home rule Municipal Retailer's Occupation Tax. The bond sale, facilitated by Spears Financial, Inc., attracted 26 bids, with Fidelity Capital Markets offering the winning bid at a 4.09% interest rate over 25 years. The village's recent upgrade to AAA bond rating contributed to this favorable interest rate. The average annual payment is approximately \$1.64 million, and the bonds are scheduled to close on April 28th. [cite: 92-101, 102-103, 104-107, 108-109, 110-112, 113-117, 118-123, 131-133, 134-135, 136-138, 139-141, 142-143, 145, 151-152, 156-164, 178-189, 290-294]

Libertyville Authorizes Sale of \$10 Million in Bonds for Water and Sewer System Upgrades

The Village Board approved an ordinance authorizing the sale of up to \$10 million in general obligation bonds for waterworks and sewage system improvements. These improvements include water main replacement and lead service line replacement. The bonds will be repaid from the net revenues of the village's combined waterworks and sewage system. Spears Financial facilitated the sale, with TD Financial Products submitting the winning bid at a 3.83% interest rate over 20 years. The average annual payment is approximately \$755,000, and the bonds are set to close on April 28th. [cite: 196-206, 207-209, 210-214, 215-216, 217-220, 231-233, 234-235, 236-237, 237-239, 247-248, 259-260, 273-282]

Libertyville Approves \$80,000 Change Order for Sanitary Sewer Replacement in Flood Reduction Project

The Village Board approved a change order for \$79,929.39 with DeMayo Brothers, Inc. for the Copeland Manor Flood Reduction Project. This additional cost is for replacing a deteriorating sanitary sewer along the project route, discovered during the installation of a new storm sewer. Replacing the 75-year-old clay sewer offers benefits including increased project efficiency, reduced risk of future sanitary backups, less annual maintenance, favorable contractor pricing, and decreased stormwater infiltration into the sanitary system. Despite this change order and a previous one, the project remains over \$600,000 under budget. The additional work was necessary to keep the project on schedule. [cite: 1514-1516, 1516-1518, 1519-1524, 1525-1527, 1527-1530, 1531-1533, 1533-1534, 1534-1535, 1535-1536, 1536-1537, 1537-1539, 1540-1543, 1544-1547, 1547-1555, 1556-1558, 1559-1566, 1569-1580, 1583-1585, 1587, 1603-1617]

Libertyville Renews Streetlight Maintenance Contract with Gary Electric, Inc.

The Village Board approved a resolution to renew the contract with Gary Electric, Inc. for annual streetlight maintenance services. The renewal is for the second and final one-year term, with a 4% increase in unit prices. Gary Electric's performance and responsiveness have been satisfactory. The budget for this service in fiscal year 2026-2027 is \$178,600. This budget does not account for potential repair costs from high-speed internet installers or vehicle collisions with new flashing beacon assemblies. Any contract amount exceeding the budget would require a change order for board consideration. [cite: 1196-1201, 1203-1205, 1205-1207, 1207-1213, 1214-1216, 1216-1221, 1224-1229, 1230-1246, 1248, 1262-1271]