Flood relief is on the way for some Mount Prospect residents.
The village board this week approved a $2.5 million bond issue to finance public flood control projects that come in response to extensive and damaging flooding left behind by last summer's record rainstorms.
The bond will be repaid over seven years out of a quarter-cent home rule sales tax dedicated to flood control. Interest rates were extremely favorable, with the village receiving a .91 percent fixed rate, according to Finance Director David Erb,
Public Works Director Sean Dorsey said the projects will target storm and sanitary sewer improvements in the Hatlen Heights neighborhood, combined and storm sewer improvements in the Lonnquist area, stormwater improvements in Glendale Heights and storm sewer improvements on Lawrence Lane.
"This is such an important thing to do," Mayor Irvana Wilks said.
"This is a project that is going to directly impact our residents and their quality of life," added Trustee John Matuszak.
Village officials also praised staff and the Mount Prospect State Bank for their efforts to obtain a low interest rate.
"I appreciate that a local institution bid and sharpened their pencils as sharp as they did," Trustee Paul Hoefert said. "I said to the village manager -- and I'm not one big at borrowing -- 'At this rate, maybe we should borrow some more.' It's not going to get any better than that, likely."
Trustee A. John Korn noted that engineers told the board that a system capable of handling the record rainfall seen last summer would cost as much as $200 million.
"Of course we said we don't have $200 million," Korn said. "So we have to go with a plan that is a little bit more acceptable. And that's what this is the beginning of."Copyright © 2014 Paddock Publications, Inc. All rights reserved.