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Oswego board hears major capital updates: PDR delay for Wolf's Crossing, WIFIA loan expected early 2026, Lake Michigan connection costs still fluid
Summary
Finance and public works staff told trustees the Wolf's Crossing PDR update was delayed until later segments after an IDOT/FHWA interim review, that a WIFIA loan of about $70 million is expected to close in early 2026 (subject to furlough delays), and that project bids will determine the final Lake Michigan connection cost and any required bond size.
Finance Director Andrea (first name on the record) and Public Works staff updated the Committee of the Whole on capital projects and financing on Oct. 25.
Andrea summarized the capital-fund work: "When we left off at the Committee of the Whole, we left off with Wolf's Crossing, and we're in the Capital Fund, so we'll pick up right there," she said, noting the project development report (PDR) had been amended earlier this year to include an intersection design study.
Kurt from Public Works reported that the village's consultant updated the PDR with the IDS and that IDOT and FHWA's interim review concluded the village does not need a new PDR for now. "They determined is that we don't need to do the PDR at this time," Kurt said, adding that means a PDR update may not be required until around 2030 for the next segment that lacks cultural clearances.
Phil (Public Works) explained how that changes scheduling and funding: segment 6 (the roundabout at 5th) could be submitted for a Highway Safety Improvement Program grant in 2026; if successful, design would start and construction could follow in 2028. Trustees noted that delaying the PDR can reduce immediate costs and regulatory scrutiny, but that timing interacts with grant cycles and developer contributions.
On water projects, Andrea outlined the financing plan: an anticipated $70 million WIFIA loan (reimbursement-based) and a not-yet-final general-obligation bond estimated at $25 million to cover remaining Lake Michigan connection costs. "We expect that to close in early 2026," Andrea said, while warning that federal furloughs could delay closing by a few weeks. She emphasized WIFIA reimburses expenditures as they occur and that WIFIA typically layers a contingency onto village estimates.
Trustees and staff discussed grant opportunities, the potential for developers to construct segments with impact fees as part of annexation agreements, and the importance of timing PDR updates so FHWA/IDOT review does not force expanded requirements. Staff also reiterated that final water rates and bond amounts will be revisited once bids are received in early 2026.
Planning and capital adjustments described in the presentation will be bundled for board approval as part of the November meeting agenda packages.
