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News

Kane Forest Preserve drops levy by $1 million

GENEVA – While increasing the amount taxpayers would pay to run its operations next year, the Kane County Forest Preserve District has slashed the amount those taxpayers will pay to finance the cost of buying public land to preserve.

Monday, the Kane County Forest Preserve District Commission – a governing body made up of the County Board – enacted two property tax levies.

The first, which will fund operations at the district, was increased by about $223,000.

The other levy, however, is used to pay the interest on bonds the district issued with the approval of voters to buy land to create additional forest preserves and expand existing forest preserves within Kane County.

That levy will be decreased by about $1.25 million next year, meaning the forest preserve district will seek a total of about $1 million less from property taxpayers next year.

Kane County Forest Preserve Commission President John Hoscheit, R-St. Charles, said the reduction was made possible thanks to the district refinancing its bonds in October. At that time, Hoscheit said the interest rate on the bonds dropped from around 4 percent to about 0.55 percent.

The refinancing will save taxpayers about $7.5 million to $8 million over the life of the bonds, Hoscheit said.

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