Lake County forest question going to voters
Prompted by favorable public opinion and an unusual opportunity, the Lake County Forest Preserve District wants to stay bullish in the real estate market.
The district appears ready to ask voters in November to allow it to issue up to $185 million in bonds to buy land and improve its holdings.
Forest board commissioners in a special meeting Thursday reached that consensus, although no official vote was taken. The exact amount will be $155 million to $185 million.
If successful, as much as a fifth of the money would be used to improve existing preserves. The specific amount is also to be determined prior to a July 22 vote.
The decision was steered, in part, by results of a survey of 617 residents -- the first since 2005 -- in which a clear majority said they favored extending the bonds.
Overall, nearly two-thirds of respondents said they would favor the highest amount, with three-quarters voicing support for $125 million. Results varied by area, with the county divided into four sections.
"The voters are saying this is important to them, so we've got to put it on the ballot," said Commissioner Michael Talbett of Lake Zurich.
Acquiring and protecting natural areas was more important to people now than three years ago, the survey showed.
As for local issues, property taxes and traffic congestion remain the top local concerns for respondents.
Forest commissioners say there are two big advantages in pursuing bond approval in November: land is less expensive and more available than in the past, and issuing bonds would not involve a tax increase.
Preserving land also limits residential growth, supporters said.
"We are actually lowering taxes in the long run … because it's not being developed with all those houses and kids," said Bonnie Thomson Carter, forest board president.
Because other bonds are being retired, the amount of property taxes for bond and interest payments will drop by $24 per year from the current $66 paid by the owner of a home valued at $200,000.
Owners still would save 75 cents for the whole year even if the largest bond amount is sought, and $3.91 if the figure is $155 million.
"The real key is we have to educate the voters that this is not a tax increase and there might be a slight decrease," said Tom Hahn, the district's executive director.
Voters approved tax hikes in 1999 and 2000 to issue $140 million in bonds. Another $110 million was secured through refinancing. But with ongoing projects and pending contracts, only $1.5 million is left, Hahn said.
The district has purchased more than 6,000 acres with the money, added more than 50 miles of trails and created 16 new forest preserves.
But there are $50 million in unfunded improvements on the books and a goal to acquire an additional 3,200 acres, Hahn said.
The housing crisis has created a unique opportunity because developers are dumping their open land.
"There are willing sellers flooding the market with prices that are incredibly low compared to prices we've paid in the past," said Commissioner Pam Newton of Long Grove.
Hahn cautioned that well-funded developers also are looking for bargains.
Several commissioners noted the economy is hurting residents. Brent Paxton of Zion said taxpayers should get the tax break, however small.