First let me say that I am glad you were not hurt!!!
Whatever happens, I hope that there is no revenge or retribution taken out on you or your neighbors from this incident.
I like the repair AND community service idea, tho I don't know how you would enforce it unless you worked something out with their parents.
It would be ideal if they take responsibility for their actions and learn about consequences. As a teacher, I know how believing in a child can make all the difference in the world to them. Not to say they are angels, but to help them realize they are valuable and have potential. (Remember Mr. SoandSo, instead of pressing charges, he made us pay for the damages and taught us...) It would be nice if they can turn their energies into something more positive and constructive, rather than destructive. Boredom or low self esteem in teens often result in making poor choices. Sometimes it's a cry for help or attention. (Not in all cases.)
I know a lot of teens that have joined the Junior Volunteer Fire Departments in our town. They are given training and chores and are able to socialize positively with other teens. Other ideas might be to help build a gazebo, paint a building, clean chicken coops and learn how to care for livestock, etc.
Okay, maybe I'm just a dreamer... but then again.... maybe not.