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Itasca to accept $14 million in IEPA loans for Northside water and stormwater work
Summary
Village officials reported receiving $14 million in low-interest IEPA loans for phase 3 of the Northside infrastructure project, covering water and stormwater work; village staff will complete paperwork and move to bidding and construction next year.
Itasca officials told the Village Board on Aug. 19 that the village received notification of $14 million in loans from the Illinois Environmental Protection Agency for phase 3 of the Northside infrastructure project, covering water and stormwater work.
Village staff said initial state draft lists included the water main but not wastewater; the final list included both elements. Public works and village administration are assembling paperwork to accept the loans. The village expects to finish engineering and advertise the project for bid, with construction to begin sometime next year.
Village Administrator and board members said the loans are low-interest programs — under 2 percent at the time of discussion — and that using the IEPA programs will save the village and residents “hundreds of thousands of dollars” compared with revenue bonds or other borrowing. The board credited staff for redesigning portions of the project to meet state program requirements.
No final bond or tax actions were taken at the meeting; village officials said they will run final cost numbers once the engineering is complete and paperwork to accept the loans is finalized.
