On Nov. 6 Glencoe voters will be asked to vote on an infrastructure bond referendum that the village says will fund ongoing infrastructure improvements and maintenance needs, according to the village website.
The village is seeking authority to issue $8.55 million in bonds to pay for storm sewer improvements, sanitary sewer maintenance upgrades, street resurfacing and sidewalk replacement work.
How does the referendum impact property tax? For each $10,000 paid in property tax, taxpayers would see a $33 increase on their tax bill annually until 2018. From 2019 to 2027, the total amount of property taxes needed to pay the village’s debt is expected to decrease since a portion of Glencoe’s existing debt will be retired.
The storm sewer improvements include reducing severe and recurring flooding in three separate drainage basin areas: Elm Place and Valley Street, Greenwood and Oakdale Avenues, Harbor Street and Linden Avenue.
While the sanitary sewer maintenance upgrades include rehabilitation of 25,000-feet of sanitary sewer and 30 manholes to reduce basement backups.
The two sewer projects is estimated to cost $6.31 million and the village says are essential to reducing the impacts of flooding and sewer backup, and improving emergency access to neighborhoods.
Street, Sidewalk Repairs
The $2.24 million street resurfacing program would be completed in two years and resurface about 20 percent of Glencoe’s streets.
About 100,000 square yards of pavement on streets that were last paved between 1987 and 1997 would be resurfaced, while 16,000 sidewalk squares would be repaired or replaced.