Financing OKd for village hall

Village trustees on Tuesday approved issuing $9.5 million in general obligation bonds to pay for a new 40,000-square-foot village hall to be built next to the current 14,000-square-foot building at 701 West Haven Ave.

The bonds will cover part of the cost of the $12.5 million project. The rest is set aside in a capital fund derived from developer fees and saved revenue, said Village Administrator Russ Loebe. The bonds will be paid off with sales tax and developer fees over a 20-year period.

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