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Bensenville authorizes application to borrow for Belmont/Church water‑tower rehabilitation
Summary
The board authorized an ordinance allowing the village to apply for and borrow from the Public Water Supply Loan Program for the Belmont Avenue and Church Road water‑tower rehabilitation project; staff provided a conservative cost estimate of $4.18 million and said principal forgiveness may be possible.
The Village of Bensenville adopted an ordinance Feb. 24 authorizing staff to apply for and, if awarded, borrow funds from the Public Water Supply Loan Program for mechanical upgrades and repainting of the Belmont Avenue and Church Road water tower. Staff presented a conservative cost estimate of about $4,180,000 but said the likely cost may be closer to $2,000,000 depending on bids; the loan would carry a 20‑year term and staff cited an EPA low‑interest rate of roughly 2.16% compared with higher market rates.
Staff said the village has pursued IPA revolving loan funds for the last three years and is positioning the project to be more shovel‑ready to improve scoring; the ordinance includes a 30‑day petition period in which 894 valid signatures could trigger a referendum, though staff said they do not anticipate a petition. The board approved the ordinance unanimously.
