Since the first meeting when a new clubhouse was discussed with residents, I have been asking how ir will be financed.
The only information I have been able to glean is that it will be
- golf course revenues
- developer impact fees designated for parks (is a clubhouse a park?)
No one thinks this will provide enough money.
The electorate remembers all too well how a previous village Board screwed things up by issued Alternative Revenue Bonds.
That’s a non-referendum bond issued on the promise that property taxes will pay for any shortfall.
So, I figure that’s a non-starter.
The only alternative I can see is a non-referendum borrowing device called “Debt Certificates.”
Very few taxpayers have any idea what they are.
They sound harmless, don’t they?
But, Debt Certificates have the same deficiency as Alternative Revenue Bonds.
If the golf course spins off too little profit, homeowners will be forced to pick up the difference.
Now comes the Village agenda for Tuesday night’s meeting with bids for “subsurface exploration and geotechnical engineering services for the planned construction of the new building in Lakewood, Illinois.”
I’m not aware that a public decision has been made to build a new clubhouse, but that’s surely what this map indicates: