Lake in the Hills to borrow $15 million for new police facility

Lake in the Hills plans to issue $15 million in bonds to build a new police facility.

The village approved the plan for funding the new station in 2022, with about half the $27 million project cost coming from reserves and about half from the bond sale, Finance Director Peter Stefan said.

Lake in the Hills officials have long said that paying for the new police station will not raise residents’ taxes. The project broke ground last year behind the Costco store and next door to village hall.

While Lake in the Hills is taking on debt for the project, Stefan said the village paid off its police pension debt, which freed up some money. While there will be a tax levy for the bonds each year, Stefan said the plan is to abate it.

With current projections and current interest rates, which are “changing drastically every day,” Stefan said, final maturity could be Dec. 15, 2044, and the annual payment would be $1,039,000, below the $1.1 million approved in the plan.

Trustees approved the bond sale unanimously Tuesday with little discussion.

Though the village has until October to sell the bonds, Stefan said the village plans to sell the bonds online next month.

Lake in the Hills Police Public Information Officer Amanda Johnson said the anticipated completion and move-in date for the new police department is winter 2025.

“As progress continues, excitement and anticipation grow for the station as the space will not only be a building for officers and staff but also be a place of safety, service, and pride for the entire community,” Johnson said in an email.