Aurora is considering the sale of up to $95 million in bonds to pay for various previously-approved construction and capital projects, including the recently-approved new Aurora Fire Department headquarters building.
The bond sale is expected to have a roughly $9.25 monthly impact on the property tax bill of a $300,000 house, Aurora Chief Financial Officer Chris Minick told the Aurora City Council’s Finance Committee last week. The sale was formerly proposed at that meeting, and it is now set to go before the Committee of the Whole Tuesday before making its way to the Aurora City Council, potentially as early as next week, for final approval.
The tax-exempt general obligation bonds would go to pay for the construction of a relocated Fire Station 9, a new Fire Station 13, the new fire department headquarters building, the RiverEdge Park renovation and the recently-constructed new Public Works facility as well as the roadway improvement project around Farnsworth Avenue and Bilter Road. All of these projects were approved under former Mayor Richard Irvin, and current Mayor John Laesch voted against some of them.
The two new fire stations, plus the new fire department headquarters that is set to hold a relocated Fire Station 4, are being moved at the recommendation of a 2021 plan that looked to lower emergency response times.
The new Aurora Fire Department headquarters building, in addition to housing fire administration and the relocated fire station, will also hold administrative space for the city’s Emergency Management Agency as well as the city’s Emergency Operations Center. It is set to be located on the same site as the current Aurora Police Department headquarters, making the site into the Aurora Public Safety Campus.
The currently under-construction RiverEdge Park renovation project will include a new backstage, a new entry on the southern edge of the park, a new beverage pavilion, a new VIP section and new restrooms, according to past reporting. The renovations are expected to increase the park’s capacity, which is currently about 7,300 for events and 6,500 for concerts, by about 2,500 people.
Much of the roadway construction along Farnsworth Avenue, Bilter Road and Church Road is connected to the new Hollywood Casino-Aurora resort, however, the city had already been planning to do roadwork in that area, according to past reporting.
A presentation from Minick last month showed that, from the money the city would receive from the bond sale, roughly $7 million would go towards the construction of Fire Station 9, $4 million would go towards the construction of Fire Station 13, $35 million would go towards the construction of the new fire department headquarters, $18 million would go towards the roadway improvement project near Farnsworth Avenue and Bilter Road, $18 million would go towards the RiverEdge Park renovation and $6 million would go towards the construction of the Public Works building.
Ald. Edward Bugg, 9th Ward, said at the Finance Committee meeting last week that he heard some projects were over-budget, but neither Minick nor Chief of Staff Shannon Cameron said they knew of any budget overruns. The RiverEdge Park work was delayed but was still on budget, Cameron said, and cost-cutting measures are being considered for that project.
Although $95 million is the maximum the city would need to repay over 20 years under this bond sale, the figure likely won’t be more than $90 million, Minick told the Finance Committee. The bonds will be competitively bid online, he said, and the bidder who meets all qualifications and offers the lowest interest cost will be selected.
The current timeline has the bond sale happening in late June and closing in early to mid-July, according to Minick. He said residents would start to see the impact to their property tax bill next year.
rsmith@chicagotribune.com