Title
Debt Service Program - Update and Parameters Ordinance for the Series 2026C General Obligation Bonds
History
In February 2026, the Village issued two series of General Obligation Bonds to finance anticipated capital and redevelopment projects. Series 2026A consisted of taxable bonds used to acquire two strategic properties, while Series 2026B consisted of tax-exempt bonds issued to support Tax Increment Financing (TIF) and other public improvement projects.
The proposed Series 2026C Parameters Ordinance authorizes the issuance of not to exceed $21,300,000 in General Obligation Bonds, consisting of both taxable and tax-exempt debt, to finance priority capital, redevelopment, and economic development initiatives. The proposed borrowing would be repaid through dedicated revenues associated with the Downtown Orland Park project and the proposed former Andrew Corporation redevelopment.
The bond issuance is dependent upon the establishment of a new TIF District encompassing the former Andrew Corporation property at 10500 W. 153rd Street, as well as implementation of the recently executed Redevelopment Agreement (RDA) Amendment with E&R Development, LLC (Edwards Realty) and the ground lease with the University of Chicago Medicine.
2026C General Obligation Bonds
Use of Bond Proceeds:
Bond proceeds may be used to fund the following components of the Project:
1. Heroes Park/Utility Relocation Improvements - $11.3 million
· The recently approved RDA with E&R Development, LLC provides for approximately $13.8 million in reimbursable infrastructure improvements.
· Of that amount, $2.5 million is available from the Village's 2025 bond proceeds, reducing the new borrowing required to approximately $11.3 million.
· The majority of this project and utility improvements are anticipated to be completed before the end of 2026 with the total project completion anticipated in the Summer of 2027.
2. Former Andrew Corporation Redevelopment - $10 million
· Subject to...
Click here for full text