The Orland Park Village Board’s Finance Committee is recommending that the village borrow $15 million to continue with capital improvement projects, such as the development of a new downtown area and a high-tech office corridor along Interstate Highway 80.
If approved by the Village Board on Monday, Orland Park would issue $15 million in general obligation bonds in the next few months. The interest rate of the new bonds has not been determined, said David Phillips, of Chicago-based Speer Financial Inc., the village’s financial adviser.
The new debt would be added to the $10 million in bonds issued in June 1998. Village officials said the $10 million would only be enough to get started on their list of capital projects.
On the Interstate 80 development, engineering work is nearly complete for the water, sewer and street operations that will be installed along the southern border of the village between 183rd Street and Interstate 80. The village is promoting the area as a high-tech office and hotel corridor, said Village Manager Rick Boehm.
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That area’s private land owners, including state Sen. Patrick O’Malley and his family, are expected to reimburse the village for the groundwork that is preparing the land for development, Boehm said.
The downtown development, envisioned for years just west of La Grange Road and 143rd Street, is in the planning stages. One key part of the project is the village’s purchase of a 3-acre parcel that is home to the Davidson Redi-Mix Concrete Company.