As if trying to clear their desks before leaving on vacation, Elmhurst City Council members on Monday trotted quickly through a list of items during their regular meeting. In addition to the approval of a report that will clear the way for a , aldermen discussed storm cleanup, Mariano's incentives (in committee) and a $10 million bond sale.
After the Storm
City crews have been putting in overtime, including Saturdays and even an eight-hour day on July 4, to clean up following a that blew through on July 1. Grabowski told aldermen the city so far has spent $118,000 to clean up the debris left behind, and that about 150 trees will have to be removed from public property alone.
On the night of the storm, ComEd was set to give an update on its efforts to keep the lights on during severe weather events, but company officials had to postpone their visit. Grabowski said ComEd is looking at an Aug. 6 appearance before the council.
The Finance, Council Affairs and Administrative Services Committee met prior to the full council meeting to discuss a development agreement for Mariano's Fresh Market. The store has asked for a incentive from a proposed North York Road tax increment financing district.
After the meeting, 4th Ward Alderman Steve Hipskind said the development agreement spells out two payments to Mariano's of $625,000 each, one on opening day and the second six months into the life of the store.
The incentive would be paid by line-of-credit funds, which would be paid back with future TIF funds. Hipskind noted that the development agreement will include a guaranteed repayment schedule.
City Manager Jim Grabowski told aldermen that the company will close on its purchase of the property after the development agreement is in place.
The last finance issue of the night involved the refinancing and selling of $10 million in bonds with the goal of investing the money in . The city achieved a $580,000 savings by refinancing at a rate of under 3 percent. The city's bond rating remained at AA+.
“It doesn't get a whole lot better than that,” Hipskind said.