Forest Preserve Board Approves $25 Million Capital Plan
The Forest Preserve District of Will County is about to embark on a five-year capital plan that will extend and connect trails, improve preserves and facilities, and allow for additional land acquisition. The plan will be funded by a $25 million bond issue that was approved Nov. 14 by the Forest Preserve’s Board of Commissioners. The $25 million capital plan allows the Forest Preserve to maintain the quality of facilities and trails that visitors have come to expect and to protect them for future generations, he added.
Even with the new bond issue, the District’s tax rate will decrease because the Forest Preserve recently retired $45.2 million in previously issued general obligation capital appreciation bonds from 1999, said John Gerl, the Forest Preserve’s chief financial officer. For instance, the owner of a $200,000 home will pay approximately $88 in property taxes to the District in 2020 as compared to $91 in 2019. In general, the Forest Preserve makes up around 2 percent of the average property tax bill in Will County.
In addition to approving the bond issue, the Board also approved a balanced $68 million budget and multiple property tax levies that will fund the budget.