Barrington plans to borrow $1.6 million for streetscape improvements

Barrington officials updated the village board Monday with a plan to borrow $1.6 million to fund phase one of the village’s downtown streetscape improvement plan.

Aaron Gold of Speer Financial Group spoke before the board, telling trustees the funds could be secured late next month.

Deputy Village Manager Marie Hansen said work on the first phase on Station Street between Hough Street and Grove Avenue and Cook Street between Main and Lake streets, as well as a portion of Park Avenue, will begin later this month or early next.

The scope of work includes the removal of pavers, installation of new sidewalks and clay brick accents, relocation of the trash enclosure on Station Street and enhanced landscaping throughout.

Hansen said the entire project, including the second phase at Main and Hough streets, is likely to cost $3.5 million.

Officials said residents would not see a tax increase. Although the funding will come from general obligation bonds that are technically secured by a property tax levy, repayment will be made through home rule sales taxes, with property taxes abated.

The board will receive final pricing results at its April 13 meeting.

Gold said the village could refinance the debt when the next phase starts.