The District 208 Board of Education unanimously gave approval on Dec. 9 to a plan to issue up to $4.5 million in tax-exempt working cash bonds for capital improvements on the property between Riverside-Brookfield High School and Brookfield Zoo.
Those improvements will include handicapped accessibility to the school as well as accessibility to the school’s parking lot and Brookfield Zoo’s overflow parking, along with improvements to extracurricular facilities, according to Superintendent Dr. Kevin Skinkis.
“The zoo and the high school have reached a tentative agreement on terms for a sublease agreement,” Skinkis said. “The next step is for the tentative agreement to be reviewed at the county level.”
The bonds will most likely get final approval, with a final interest rate set, at the board’s next meeting on Jan. 20, according to Assistant Superintendent Dr. Kristin Smetana.
“(Bonds) are a way to borrow money for capital improvements, which means it can’t be used for operating funds,” Smetana said. “It’s specifically for building and improving capital projects.”
The issuance of these bonds provides a decrease in the debt service portion of tax bills, as bonds for older projects have been paid off.
“We have some other debt coming off, so we’re going to be issuing some more debt, but not as much for the taxpayers,” Smetana added. That includes the expiration of referendum bonds in levy year 2027.
At its Nov. 11 meeting, the board was presented three bond issuance options – for $3.5 million, $4 million and $4.5 million. Smetana said the board will decide the total amount in January, but is leaning toward $4.5 million due to project scope.
The matter was subject to a public hearing, but there were no citizen comments.
Board unanimously approves tax levy
The board also unanimously approved on Dec. 9 the 2025 proposed tax levy increase of 4.95%.
The district’s tax levy is capped to whichever is lower – 5% or the consumer price index for 2025, which is 2.9%. That means the tax levy increase will be 4.95% for new properties, both residential and commercial, to account for the CGI increase, and 2.9% for existing properties.
The tax levy increase was also subject to a public hearing, but there were also no citizen comments.