Monday, January 25, 2016

Village Sells Bonds at 2.93 Percent for Construction of New Police Station

The Village Board approved an ordinance for the issue of $32.9 million in bonds for a new Arlington Heights Police Station which is anticipated to be built sometime in 2017.

Financial advisers recommended moving on the bond sale early this year since the state is considering a 2-year property tax freeze.

29 bids were submitted for the bond sale which started at 3 percent and dropped to 2.93 percent by KeyBanc, which will be paid over the 20-year life of the bonds. The Village's bond rating of Aa1 by Moody's Investors Service results from the Village's strong credit strengths as including a large tax base, ample reserves, and financial flexibility through home rule and a low debt burden.

The new station is planned as a two-story, 70,500-square-foot building that will additionally include a 10,000-square-foot indoor garage for police vehicles. Choosing an architect for the project and construction manager are the next steps in planning for a new facility.

Village of Arlingtgon Heights, bond, new police station, Arlington Heights Police Department