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6 | January 25, 2018 | The winnetka Current news winnetkacurrent.com Northfield Village Board $1.15M in bonds to pay for Rolling Ridge sewer work Neil Milbert Freelance Reporter Todd Marver Freelance Reporter The Northfield Village Board accepted a commitment from Northbrook Bank and Trust to purchase Village of Northfield Special Services Area tax bonds in an amount not to exceed $1.15 million to use for paving and sewer work on Rolling Ridge Road. At the board’s Tuesday, Jan. 16 meeting, the Village’s finance director, Steve Noble, explained the bonds will be paid off through a special tax that will be levied on residents of the Rolling Ridge neighborhood for the next 15 years. The Village has worked with Rolling Ridge homeowners to establish the SSA for water main, sanitary sewer, storm sewer and roadway improvements. The village board first approved the Rolling Ridge SSA at its July 2017 meeting. Given the cost of the improvements, the Village needs to issue bonds to finance them. The property owners within the SSA will be assessed a special tax to pay the debt service on the bonds. To keep the borrowing costs as low as possible, the board agreed at its August Committee of the Whole meeting to back the bonds with the Village’s full faith and credit. Since August, staff has been working with the Village’s financial advisors, bond counsel and Rolling Ridge residents to find the most economical and efficient means of financing the project. By virtue of the agreement, the Village is guaranteeing repayment. “This is unique to Northfield,” Village Attorney Buzz Hill said. “It’s a great service the Village provides to the residents. I represent a lot of municipalities and usually a special service area is a tax that’s imposed on our residents. This is a situation where the Village of Northfield does a service to the residents by being willing to do this.” Trustee Tom Roszak expressed that as a Rolling Ridge resident, he is happy about this moving forward, but recused himself from the vote due to living within the SSA. “As a resident of Rolling Ridge, I’ve worked on this with all the residents,” he said. “I’m very excited, but I will be recusing myself on the vote.” The other five trustees voted in favor were Allan Kaplan, Greg Lungmus, Tom Terrill, John Gregorio and John Goodwin. Terrill was excited about this opportunity for the residents living within the Rolling Ridge SSA. “It is the greatest thing since sliced bread,” he said. “Our residents should look at this opportunity to build up their own property values by having this opportunity for them that we’re willing to guarantee it. That’s quite exceptional. This rate would be at least double and possibly 2.5 times higher than the 2.85 percent if they tried to do it themselves.” New Trier to see new tennis courts The board gave its approval to a text amendment changing the zoning ordinance to allow New Trier to add six tennis courts in a grassy area across Happ Road on the west side of the Northfield campus. These new courts will be located south of the six existing courts that are just north of the parking lot. Extra vegetation will be planted to screen the area and there will be large berms on both sides. New Trier is working with the Northfield Farmers’ Market to find a new nearby location for the market, which will be displaced by the tennis courts that will be part of a major improvement project for the athletic facilities at the Northfield campus. Noble told the board that the Zoning Com- Please see village, 8 A new slant on sign Why John Plunkett Interiors? If you are you looking for that perfect piece or need help creating a room you’ll love, JPI offers: • EXPERT INTERIOR DESIGN for projects large or small • PRODUCT SEARCH • FINE FURNITURE most major brands, best prices • CUSTOM WINDOW TREATMENTS • CARPETING AND RUGS • OBJECTS OF ART Plus the concierge-level service you deserve ...where the best-dressed rooms shop! Plaza del Lago, 1600 10th St., Wilmette, IL 60091 • 847-906-1000 • johnplunkett interiors.com
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WC_012518

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