The Village of River Forest has been studying options to alleviate flooding on the Village's North Side (Thatcher to Harlem and Division to North). The proposed project would create a new, separate storm water utility to significantly reduce the risk of flooding in this area. The first phase would cost approximately $13 million. In order to finance the sewer improvement project, the Village needs to issue debt. The sources of revenue available to pay the debt include property tax or water/sewer revenue through utility bills. The debt will be paid over a 20 year period.
The Village has prepared a calculator to allow its residents to estimate the potential cost of each financing option. Please also complete a short survey to provide feed back to the Village regarding the project. Please note, for the purposes of these calculators, we are assuming only the issuance of $13 million for Phase 1 of the project.
The first financing option available to the Village is to issue debt paid by property tax. To determine the additional cost of using this option, simply enter the Assessed Value of your home. This number can easily be found by visiting the Cook County Assesor's Office website. The final number will be the approximate additional cost per year based on the property's current assessed value. Please note: The approximate property tax assumes a $7,000 General Homestead Exemption.
The second financial option available to the Village is the option of issuing debt paid by water/sewer revenue. To determine the additional cost of using this option, simply enter your average monthly water consumption in units. This will provide you with your approximate, additionally monthly cost as well your annual cost. Please note that your usage fluctuates during the year, so use an average of your winter and summer consumption.