Now that there is a “legacy” deal for Morton Grove to purchase water from Evanston, it might be useful to look at some of the “nuts & bolts” surrounding this agreement.
One thing that needs to be considered is the new infrastructure that will be required to get the Evanston water to the pipes in Morton Grove. The last “conservative” estimate on the cost was somewhere in the neighborhood of $90,000,000, (which puts it in a pretty ritzy neighborhood, but we are, after all on the southern border of the northshore).
Since it is highly unlikely that the DiMaria administration has $90 mil in a mayonnaise jar in the administrator’s office, that will mean floating a bond to pay the freight… and here is where the two latest downgrades in the village’s bond rating comes back to bite Morton Grovers in the posterior.
Doing some quick figuring computing the $90,000,000 necessary to fund the construction and add to that the fees and costs that go to the underwriters along with the “juice”, (interest), that will have to be paid to borrow the money and the dividing that by the number of households in Morton Grove and we are looking at a property tax increase of somewhere between $1,800 – $2,000 per household.
Just goes to show you that “legacy deals”, just like elections, have consequences. Perhaps the administration would like to show more of its’ transparency and hold another town hall meeting… this one to explain just how, (and who), is going to pay the freight on this project.
…and speaking of projects, has anybody else noticed that there has been no work done on either the Moretti’s site, (where the equipment remains parked since early February), or the project on Waukegan rd, (where the site has been leveled and there is no equipment or activity in view).
We are now in prime construction time… the weather is cooperating and the projects are unlikely to build themselves. Maybe the village fathers would like to explain what the delay is.