Forest preserve board on the verge of its biggest land purchase
A tough housing market and good timing could lead to the largest single-day land buy in Lake County Forest Preserve District history.
Officials on Thursday will consider transactions totaling about 700 acres that would create three new forest preserves spread from top to bottom of western Lake County.
But the $42 million cost would nearly exhaust existing funds approved by voters or made available through debt restructuring to buy land, raising the possibility of a future referendum to replenish the kitty.
"It's very exciting but it brings up some new issues," said forest board Commissioner Ann Maine, chairman of the land preservation and acquisition committee.
For now, commissioners and the district staff are celebrating the opportunity to protect land in high-growth areas near Wauconda, Lakemoor and Antioch and bolster thin resources near Kildeer and Long Grove.
The pending deals also would allow for expansion of Singing Hills Forest Preserve near Volo and give the district opportunities to coordinate programming or projects near Antioch with Red Wing Slough State Natural Area.
"It's a really big deal," said Tom Hahn, the forest district's executive director.
The board's land preservation and acquisition and finance committees will consider the purchases Thursday. Assuming approval, the full board would review the recommendations Jan. 15, potentially increasing district holdings to 26,389 acres.
More than half the new land -- 380 acres -- in Ela and Antioch townships had preliminary approvals for 330 homes."This is one of those cases, because of a decline in the housing market, the owner approached me about six weeks ago and asked if I'd be interested in these properties," Hahn said.Hahn was familiar with executives of the company, as it sold the district two parcels in 2004 and 2006 at Route 22 and Old McHenry Road near Kildeer that became Heron Creek Forest Preserve. The new 119-acre acquisition to the west could someday be connected, he said.Hahn said he had nearly written off the 261-acre piece near Antioch, thinking development was a done deal."The housing market has changed. It's just timing," said Bonnie Thomson Carter, forest preserves board president.Carter said the acquisitions are a coup as they are spread over three geographic areas with different populations. Two of the acquisitions would create an oasis of 317 acres in the Volo/Wauconda area south of Route 60."Even though growth has slowed down in that area, there's a lot of platted homes in the Volo and Lakemoor area," Hahn said.Together, the purchases would cost the district about $60,000 an acre -- not a fire sale but a "relatively good price," according to Hahn.But the purchases, coupled with other potential deals, could put the district in a money bind if other opportunities arose."It does empty the purse," Maine said. "We now have to sit down and say, 'What do we want to do if we want to keep buying land? How are we going to fund it?'"Lay of the landLake County voters consistently have funded forest preserve land acquisitions and improvements.1993: $30 million for land acquisition, preservation, habitat restoration, trails and preserve improvements. 1999: $55 million for land acquisition, preservation, habitat restoration, trails and preserve improvements. 2000: $85 million: $70 million for land acquisition and preservation of natural areas, and $15 million for restoration and improvements 2006*: $35 million left for land acquisition and preservation of natural areas, and $5 million for restoration and improvements.* The forest board in October 2005 authorized issuance of $85 million in bonds under a debt service extension, which becomes available as non-referendum bonds are paid off. Source: Forest Preserve District of Lake County