DuPage forest preserve: How should we use extra $2 million?

DuPage County Forest Preserve District officials have a chance to save more than $2 million by refinancing some debt. The question they will face this winter, however, is whether to use that money or return it to taxpayers.

During a commission meeting Tuesday, officials listened to a presentation by Thomas Gavin of Robert W. Baird & Co., whose office is in Naperville. Baird said the forest preserve could refinance $32 million in current debt at a lower interest rate.

The district is paying about 4.5 percent annually on a loan through 2024, and refinancing could potentially bring the interest rate to less than 2.5 percent — the estimate for today’s market.

The move would save the district about $175,000 annually over the next 12 years, bringing the savings to about $2.1 million.

Commissioners did not take a formal vote on the matter, but directed staffers to draft an ordinance that will come up for a vote later this month. Several officials voiced support for the idea, with Commissioner Roger Kotecki calling it a “rare window” to save money.

“This should be good news for people to hear,” forest preserve President D. “Dewey” Pierotti Jr. said. “There are a lot of options ahead of us.”

Commissioner Michael Formento noted the district could reduce the tax levy by $175,000 annually, while Commissioner Carl Schultz said he is in favor of giving the money back to taxpayers, since this “represents a permanent savings.”

But Pierotti, Kotecki and Commissioner Joseph Cantore also said the money could be used for land acquisition or long-term projects at sites like Willowbrook Wildlife Center in Glen Ellyn or St. James Farm in Warrenville.

“No matter which way we go, we’re not going to increase the burden on taxpayers,” Pierotti said.

In an interview with the Daily Herald earlier this month, Pierotti indicated he favors using the money for land acquisition.

“Commissioners can either use money that can be generated to buy more land, or could apply it to lower the taxes by (a small amount),” he said. “If you were a taxpayer, what would you want? I’m giving you tax money back, even if it’s a nickel, it might help me get re-elected. But long term, we could buy land that will be there forever.”

Pierotti’s seat is not up in the March 20 primary election, but he said he does not plan to run again when his term expires. All commissioner seats are up for re-election this spring and all incumbents are running except Kotecki.

“There are times to act as a politician and times to do the right thing, the long-term thing,” Pierotti said.