PORTAGE | The Portage Park Board this week took the next step in issuing $3.5 million in bonds for capitol projects and equipment.
At its meeting Monday night, the board approved two resolutions moving the process forward and set a public hearing on the bonds for its next meeting on Oct. 21.
The Portage City Council must adopt an ordinance at its November meeting, City Attorney Gregg Sobkowski said after the public hearing. The bonds should be sold by the end of the year.
The bond issue was set at $3.5 million for a 15-year term with a maximum interest rate of 6 percent.
Proceeds from the bonds will be used for improving eight parks along with purchasing equipment.
Facility improvements are planned for Woodland and Countryside parks. Superintendent Jenny Orsburn developed a list of approximately $1.5 million in improvements at Woodland Park; $1 million at Countryside and about $300,000 needed at Imagination Glen, Gilbert, Olson, Wolfe, Perry and Robert's parks. In addition, Orsburn said about $30,000 in equipment is needed.
Many of the proposed improvements at Woodland Park would be at Sycamore Hall, including reconstructing an entrance on the north side of the building, updating the kitchen and updating the roof.
Improvements at Countryside would focus on the barn, bringing water, sewers, heating and air conditioning to the building so that it could be used as a rental space.
A present bond issue would be paid off at the end of 2014, so the new proposed issue would take its place and have no effect on taxpayers, according to officials.