The Village would like to clarify what was stated in yesterday’s announcement on the news of receiving the $4.5M Federal earmark. It was stated that this would give the Village more money to work with. We understand how this statement could be perceived to misrepresent that the Village intends to spend more than what has been authorized by the GO Bond referenda (including the $2.2M from 2018-19 bond). This is not the case. To clarify, if the bids for the project come in at $18M, the $4.5M earmark will reduce the amount needed to borrow down to $13.5M which coincides with the amount that would not require a tax increase specifically to pay back that associated debt.
As always, if you have any questions or comments, please contact the Village at public.information@villagebhi.org.