Oak Park homeowners would pay about $393 in added annual property taxes through 2058 under the financing plan the village's Finance Committee is recommending for a new police headquarters and other major capital projects.
The committee met Thursday, July 2, and reviewed updated construction estimates that put the police station cost at $64.8 million, a 13.5% drop from figures first presented on Thursday, June 18. The planned facility would occupy a renovated U.S. Bank building at Madison Street and Austin Boulevard.
What the committee decided
Financial consultant Stifel presented two bond-financing scenarios. Trustees Derek Eder and James Taglia backed Scenario One, which offers steadier tax payments but carries higher total interest. Village President Vicki Scaman was absent, but Trustee Brian Straw said she firmly supported that option as well.
Straw himself expressed a slight preference for Scenario Two, which front-loads higher taxes through 2040 but pays less interest overall. Non-voting committee member Brigett Allen Hedgeman also favored Scenario Two, citing more room for future projects.
Under Scenario One, a home valued at $450,000 would pay roughly $393 in additional annual taxes, leveling off around 2033 through 2058. Under Scenario Two, the same home would pay about $465 through 2040, dropping to $312 by 2047 and $106 by 2058.
The bigger capital picture
The village caps annual debt growth at 3%. If all outlined projects proceed and bonds are issued, borrowing capacity will be maxed out through approximately 2032.
"If we agree to follow this, our hands are kind of tied until 2032," Trustee Eder said at the July 2 meeting.
The police station is the first phase of the Oak Park Municipal Campus Project. In February 2026, the Village Board approved a $1.685 million schematic design contract with Johnson Lasky Kindelin Architects for the police department at 11 Madison Street and Village Hall at 123 Madison Street. A Village Hall remodel, estimated at $27.7 million, is slated for 2028.
The capital plan also includes the Oak Park Avenue sewer and streetscape project, a 30-year Bike Plan ($30 million), and a 10-year Vision Zero safety plan ($16.5 million). The village's acquisition of the U.S. Bank site at Madison and Austin is still pending.
What comes next
The full Village Board is scheduled to vote on the preferred financing structure on Tuesday, July 21. Bond issuance for the Oak Park Avenue sewer and streetscape project is also on that agenda. Village Manager Kevin Jackson told the committee the framework gives staff clear direction while allowing the board to make adjustments later.
