$31 million bond sale to fund expanded Carpentersville village hall, police station

Carpentersville plans to sell $31 million in bonds in December to finance the expansion and renovation of its village hall and police department, work on which is already underway.

An update on the funding plan was presented to the Carpentersville Village Board by Finance Director Ben Mason at this week’s board meeting.

Several bonds previously sold for other projects have already been repaid or are nearing repayment, easing the village’s debt obligations, Mason said.

A $1.55 million bond is expected to be off the books by the time the village makes the first payment on the building bonds for the new construction project, according to village documents. Another $1.5 million payment will be complete in 2030.

The village has a stable financial outlook and is expecting a good credit rating from Standard and Poor’s Global Ratings as part of the bond sale, Mason said. The estimated bond payment will be $2.3 million annually for 25 years.

Details for the bond sale will be finalized in the next few weeks. Officials are hoping for a 5% interest rate on the bond sale, Mason said.

The entire construction project will cost about $40 million, with the village using $10 million in reserve money to put toward the total, he said. The bond sale will include $1 million for contingencies.

Because of what had been an estimated $80 million cost, Carpentersville officials opted to renovate village hall and build an addition to the police station rather than raze the buildings and construct a new campus.

Both buildings date back to the late 1970s. Their mechanical, electrical and plumbing systems have become less efficient in recent years, requiring more maintenance and repairs, and will be replaced, officials said.

The final design will add 27,000 square feet to the existing footprint, including a new village board room that will double as a community meeting space and a new standalone shooting range for the police department.

The village hall campus is now closed to the public. Village Hall, including the water department, is temporarily located at the Public Works facility, 1075 Tamarac Drive. The Carpentersville Police Department has moved to 250 Carpenter Blvd.

Water bill drop-off boxes are located at the Public Works facility and Carpentersville Fire Station 93 at 5000 Sleepy Hollow Road.

Village board meetings also are being held at Fire Station 93.

The renovation and expansion construction is expected to be completed in January 2028.

Gloria Casas is a freelance reporter for The (Elgin) Courier-News.