Politics & Government

Winnetka Plans to Sell $18.5M in Bonds to Pay for Stormwater Improvements

The bond sale will likely happen in September with a second bond sale likely in about three years, Winnetka Talk reported.

The Village of Winnetka hopes to lock in better long-term interest rates and plans to sell about $18.5 million worth of bonds in September to help pay for stormwater projects, and a second bond issuance is likely in about three years, Village Manager Rob Bahan told Winnetka Talk.

The village expects to borrow between $30 million and 35 million for the more than $41 million in stormwater projects and will use between $7.5 million and $10 million from the village reserves, “We are paying a little more for certainty and protection against what could be significant increased costs,” Village President Gene Greable told the newspaper.

The plan includes the $34.5 million Willow Road tunnel, which will divert stormwater east into Lake Michigan and address flooding in five of the village’s drainage areas, and $7 million in smaller stormwater projects like the $4.3 million plan to improve a watershed in northwest Winnetka.

Find out what's happening in Winnetka-Glencoewith free, real-time updates from Patch.

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