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updated: 5/12/2017 3:59 PM

Elk Grove approves $10 million loan to start infrastructure overhaul

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Elk Grove Village approved plans this week for a $10 million loan to kick-start work on a new public works building and fire station, which are major parts of a long-term infrastructure overhaul in the community.

Trustees voted unanimously Tuesday to authorize the village to take out the loan from Schaumburg Bank & Trust Company to acquire land and perform architectural and engineering for the projects. The money will also fund remodeling at village hall, road improvements, pedestrian paths and street lighting.

Mayor Craig Johnson said the funds are "seed money" to start the public works and fire station projects.

In February, the village unveiled the eight-year, $105 million infrastructure plan. The village plans to also issue about $30 million in bonds, seek grant funding and tax increases to pay for the improvements.

A resident with a $300,000 house would pay an additional $36 in village property taxes, $53 more in a natural gas tax and $7.20 more a year in a telecommunication tax.

The new 10,000-square-foot fire station would replace and combine two current stations on Greenleaf Avenue and Oakton Street, respectively. It would be located near the Busse Road corridor. The new public works building would replace the James Petri Public Works Facility at 600 Landmeier Road.

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