Rolling Meadows prepares to borrow $13 million for fire stations
Rolling Meadows aldermen have taken the first step toward borrowing $13 million to build two new fire stations.
The city council took a 6-1 first reading vote Tuesday in favor of an ordinance to issue most of that amount - $9.5 million - in general obligation bonds to help pay for new firehouses on Algonquin Road and Hicks Road. A final, second reading vote is scheduled for Nov. 13.
Meanwhile, a second bond issuance to fund the remainder of the fire stations' cost, plus $4 million for city infrastructure upgrades, is expected to come before the council in early 2019, officials said.
Proceeds from the first bond sale, expected to take place in December, will fund the construction of the stations, costs of land acquisition, demolition of existing structures, engineering and design costs, and the acquisition of furniture, fixtures and equipment.
City Finance Director Melissa Gallagher said the city can realize a 0.25 percent to 0.4 percent savings by splitting the bond issues into two separate calendar years.
Many aldermen have been critical of the rising costs for the fire stations, narrowly agreeing in a 4-3 vote last month to approve the $5.8 million contract to build a new Station 15 at 3201 Algonquin Road. But only Alderman Joe Gallo - perhaps the fiercest opponent of the fire department's relocation plan - voted against the borrowing plan Tuesday. The council took its vote without debate.
Still to come is approval of a contract for construction of a new Station 16 at 2320-2350 Hicks Road.
Mayor Len Prejna, who has been in favor of building only one new station, proposed last month that the city go to referendum to get permission from voters for future borrowing. That proposal is pending a discussion by the council.