Lake Co. sets up taxing district for Lake Michigan water

A special taxing district to raise up to $46 million to bring Lake Michigan water to Lake Villa, Lindenhurst and unincorporated Fox Lake Hills and Grandwood Park officially was established this week by the Lake County Board.

Special Service Area 16 is comprised of about 11,300 parcels and its establishment is considered a milestone in the years long project.

“Our shallow wells are depleting, our deep wells are being contaminated with radium,” Lake Villa Mayor Frank Loffredo told the county board before the vote Tuesday. “Thanks to the county taking the lead, we were able to seize the opportunity.”

The SSA allows the county to issue a maximum of $46 million in bonds, a form of borrowing, for the project then recoup the costs through a special taxing district. The first bond sale is expected to raise $7 million. Lake Michigan water isn’t expected to flow to the new taps until the end of 2016 or early 2017.