Forest district moves to generate more money for preserves
A divided DuPage County Forest Preserve Commission voted Tuesday to refinance roughly $38 million in debt at lower interest rates and to borrow another $4 million to be used for upgrading preserves.
Officials said they will be able to accomplish both tasks without affecting tax rates for DuPage homeowners.
Commissioners had considered several options, including simply refunding to taxpayers the $2 million they will save from refinancing their debt.
They also considered a proposal to refinance the debt and then borrow $10 million. That plan would have cost the owner of a $315,000 home roughly 34 cents more a year.
Before they could vote on the $10 million plan, however, Commissioner Michael Formento amended the proposal to borrow just $4 million. That amendment was approved in a 4-3 vote, with support coming from commissioners Michael Formento, Marsha Murphy, Linda Painter and Carl Schultz, while commissioners Roger Kotecki, Joe Cantore and President D. “Dewey” Pierotti opposed it.
The commission eventually voted unanimously to approve the $4 million borrowing plan.
“I think the citizens get the biggest bang for their buck,” Formento said. “They get the $4 million for the preserves, but at the same time no increase in taxes. Some would call it political if they wish to, but it is not; it is just good business.”
Pierotti, who favored borrowing $10 million, disagreed.
“I don’t know if you could call it good business, but I’ve done my job and presented the options (to residents),” he said.
Several residents and candidates running in the March 20 primary election were critical after the vote.
Some, like Jan Shaw of Wheaton, a member of West Suburban Patriots Tea Party, said the commission should have simply refinanced without taking on new debt.
“You need to lead by being fiscally responsible,” she said.
District 5 Republican candidate Mary Lou Wehrli said she was “appalled” commissioners didn’t solicit comments until after the vote and one of her competitors, Charles Schneider, said the district should have simply returned the $2 million in savings to taxpayers.
Steve Leopoldo, a Democrat running for District 3, said the $4 million the district will borrow should be used for preservation, rather than expanding infrastructure at St. James Farm near Warrenville and Willowbrook Wildlife Center in Glen Ellyn.
District 4 Republican candidate Tim Whelan said the district wasn’t clear with the public on the issues of refinancing versus taking on new debt.
“My concern is that you mixed the issues of refinancing, which makes sense, and new borrowing, which is not transparent to the taxpayers of why you need that money,” Whelan said.
Pierotti hailed the district’s transparency in sharing its plans with residents.
“This is a perfect example of good government in action,” he said. “We had public meetings, brought all options forward. I think the board took in the concerns of the people they represent and acted accordingly.”