The District intends to issue the bonds over several years, funding projects as they are constructed, so the entire $48 million will not be issued at once. The debt retirement will be structured to be combined with the District’s current debt, a significant portion of which will be retired in the next fewyears.
Once all of the bonds have been sold, the District is estimating that a $300,000 home would see an increase of $36 over the current amount, and sustained at that level over a 25-year period. Should the referendum not pass, taxpayers would see a decrease in their taxes of $60 beginning in 2016, when existing debt is retired. Click here for a Data Chart illustrating the Bond Structure.
To simply take the property taxes levied today and add a debt service figure to it, as has been suggested by a local taxpayer watch group, ignores both the issuance over several years, as well as thedebt that is scheduled to be retired in the coming few years, on which that tax will no longer be collected.
EXECUTIVE DIRECTOR STEVE SCHOLTEN COMMENT
“The Park District is well aware of the importance of its role in creating the wonderful life style that exists in Arlington Heights and we work daily to earn and maintain the trust of the public. We know how vital it is that the District remains an outstanding steward of the public funds that we are entrusted with. In March of 1936 the Park Board of Commissioners was presented with two petitions, one against and one for putting a question on the ballot. Board Members approved a referendum question, stating that the Park District wanted the “will of the people” to prevail. The community voted in favor of thereferendum and the land for Recreation Park was purchased and the pool and community center were built. The March 20 referendum question will once again allow the “will of the people” to prevail. We look forward to a continued dialogue with the community.”
FOR MORE INFORMATION
Further information about the master plans and the proposed referendum is available on the Park District’s web site, ahpd.org. Available materials include the 2009 Community Needs Assessment,Master Plan presentations, approved plans, fact sheet, FAQs, operating budgets, comprehensive plan and capital improvement documents, in addition to information on the existing community parks and their specific amenities and features. Questions and comments are welcomed and encouraged. They can be submitted online at ahpd.org by clicking on the Just Ask banner or by calling 847-577-3007.