Seeking to take advantage of low interest rates, Bolingbrook’s village board Tuesday authorized an exploration of the bond market to see if the town can refinance any of its debt.
The ordinance approved would authorize the refinancing of up to $75 million in bond debt, according to village documents.
Mayor Roger Claar said the move would not add any further debt to the town.
“No additional debt is being incurred,” Claar said.
The move could end up saving the town millions in interest, according to village officials.
A formal bond ordinance will likely come before the board in December, based on what kinds of deals underwriters are able to find on the market, according to village attorney Jim Boan.
Plainfield also seized on low interest rates and refinanced some of its debt this month.
Also Tuesday, the board voted to authorize an agreement allowing West Liberty Foods to construct a freezer distribution warehouse on a vacant parcel in the 1300 block of Remington Boulevard.
The plan calls for initial construction of an approximately 158,000-square-foot distribution facility, with the future potential of adding another roughly 102,000 square feet, according to village documents.
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Bolingbrook is offering a bevy of economic incentives to the applicants in order to get them to construct their facility in town, according to village documents.
These include the waiving of plan review and building permit fees, and a discount on the village’s wastewater treatment plant connection charge, village documents show.
Bolingbrook will also rebate up to one-half of the real estate transfer tax paid by the owner in connection to the purchase of the property.
Claar said the facility will generate current and future jobs in the village.
The board also voted to renew the management agreement with Clow LLC for the management and operation of Clow International Airport.
The new agreement will be in effect until May 2017, according to village documents.
Under the terms of the new agreement, Bolingbrook will pay the company $12,458 a month in management fees, and will collect $1,200 per month from the company for using airport office space, according to the agreement.
Bolingbrook charges the rental fee because “it is acknowledged by all parties that Clow will not be providing 100 percent of its time and effort to the management of the Airport and will be pursing its ongoing business interests while also managing the Airport,” the agreement states.
The new agreement also calls for a management fee reduction if the airport is closed for anticipated runway repairs in the future.
Finally Tuesday, the board signed off on the establishment of a Once Upon A Child used goods store in the 300 block of North Bolingbrook Drive.