The Addison Village Board chose to put the $46,000 in proceeds of a planned bond refinancing into the public building fund rather than rebate property taxes.
“It seems like a definite financial advantage to refinance the bonds and have that $46,000 come back to the village rather than go through all that work to take a few cents off property taxes,” said Trustee Sylvia Layne.
If the board had decided to rebate the interest savings, the owner of a $150,000 house would save 64 cents per year for three years, said Finance Director Thomas Kuehne. Instead, that money will help pay off the remaining bills from the new Village Hall and other recent construction and enable officials to close the public building fund. “This kind of infusion of cash would help with this fund, especially since the sales tax revenues that go into this fund are about 5 percent lower than anticipated,” Kuehne noted.