Don’t know why I didn’t think to figure out how much the Lakewood TIF project will cost before, but I didn’t until bond analyst Steve Willson ran the numbers.
Most have been thinking that the figures provided in the SB Friedman feasibility report sum up the total cost.
That’s $66 million.
But just looking at how the bond money could be spent does not factor in the interest that will have to be paid to borrow the money.
That probably doubles the cost.
So we are looking at property taxes amounting to about $132 million that will be diverted from
- McHenry County Community College
- Crystal Lake Park District
- Dorr Township
- Dorr Township Road & Bridge
- Grafton Township
- Grafton Township Road & Bridge
- Huntley Area Library District
- McHenry County
- McHenry County Conservation District
- Rural Woodstock Library District
- School District 47
- School District 155
- School District 158
- School District 200
Instead the $132 million in real estate taxes will go to benefit the Village of Lakewood.
The meeting at which the Lakewood Village Board is expected to approve the Tax Increment Financing District will be held at the Turnberry Country Club at 7 PM.