Meeting About Brainerd Building Fate Monday Night
A meeting Monday is the first of three town hall style meetings to discuss the historic building's fate.
The first of three town hall style meetings to discuss the fate of Libertyville's Brainerd building will be held Monday at 7 p.m. at the Libertyville Civic Center, according to the Libertyville Review.
On March 18, residents will get to formally cast their votes in a referendum that could result in the issuance of $11.5 million in bonds—and a 21.84 percent increase in the village's tax rate—to renovate the Brainerd building.
Should the referendum be approved, the village board would have the option to issue the bonds, which would be paid over a 10-year period. A portion of the bond proceeds would pay the $250,000 initial lease payment owed to Community High School District 128, along with the first two lease payments of $50,000 apiece, according to village board meeting documents.
The referendum would cost the owner of a home valued at $300,000 an additional $141.98 per year in property taxes.