New homes deliver windfall for Dist. 158

Huntley Unit District 158 has a nice surprise waiting for it in the village of Hampshire's coffers: more than $1 million in developer fees the village has collected from Lakewood Crossings.

District 158 didn't expect to get this much from Hampshire, budgeting $685,000 in impact and transition fees from the village this year.

But most of the building permits Lakewood Homes has obtained this year are for homes in the smaller, northeast corner of the development -- the portion within District 158.

The district, though, can't get the money until the school board and the village board approve an indemnification agreement, a standard document that protects the parties from legal liability.

The school board is set to vote on the agreement at its Nov. 12 meeting, and the village board plans to ratify the agreement thereafter.

When both boards have approved the agreement, Hampshire officials say they will release $618,000 in transition fees, which cover the cost of educating students before school districts receive property tax dollars.

The village is also holding $521,000 in impact fees from Lakewood Homes. To get this money, district officials will have to request it from the village board and specify for what it will be used.

The district is also entitled to the interest the developer fees have earned for the past year, Chief Operations Officer Glen Stewart said.

Lakewood plans to build more than 100 homes in District 158, Hampshire Village Administrator Eric Palm said. These will translate into more transition fees, more impact fees and more students for District 158.

But the bulk of Lakewood Crossings, more than 400 homes with potentially hundreds of students, will be in Community Unit District 300.