SYCAMORE – Ahead of an expected presentation on the topic, Sycamore officials say the city can afford a new fire station without additional taxes.

City Manager Michael Hall, who said in July the total cost of the project would be about $10.4 million, wrote in an email to Shaw Local that he was confident the city could finance a new Fire Station No. 1 without additional taxes by refinancing its debt.

“I recommend that the City Council apply the current principal and interest payments from the police station upgrade to the general obligation bond of the new fire station. This strategy eliminates the need for additional taxes/revenues to cover the payments, which are approximately $600,000 per year for 20 years if borrowing $8 million,” Hall wrote. “The remaining $2.4 million will be funded by revenue from the ambulance business.”

The Sycamore City Council will be presented with a bond analysis and timeline for the proposed new Fire Station No. 1 at its meeting Monday, the agenda states.

The City Council has not yet given final approval to the project, but if it does, the facility is expected to be built in January on a 6-acre site donated to the city by Ideal Industries (1375 Park Ave.).

In August 2023, Oak Brook-based architectural firm FGM Architects was awarded an $86,920 contract for preliminary design and conceptual planning of a new Fire Station No. 1 building, and in May the architectural firm was hired by the city to complete designs and estimated costs for the proposed new building.

On Monday, the city council will be informed about various options for how the city could borrow money for the new construction, Hall wrote.

“Baird has developed several credit scenarios based on her knowledge of current interest rates. The current scenario was developed by Sycamore’s finance director and myself approximately three or four months ago,” Hall wrote.

In July, Streamwood held a special city council meeting at a fire station designed by FGM to give city officials a better idea of ​​what a new fire station would look like.

The Streamwood station is about 4,000 square feet larger than the site being considered for a site near the corner of Borden Avenue and South Prairie Drive, but Hall wrote that he felt the meeting helped council members understand what could be built.

“The purpose of the tour was to show the City Council what the new fire station would look like and I believe that goal was successfully accomplished. I think the Streamwood fire station is efficient and conveniently designed,” Hall wrote.