Greetings Sylvan Lakers,
I hope this message finds you well. We are pleased to inform you that the major portions of the dam project are now complete. As we move forward, we wanted to share an important update regarding the expected Special Assessment that will commence next year.
Fremont Township will find out in February whether an IEMA loan can be obtained through Lake County for our portion of the project. If successful, this loan will offer a lower interest rate and more favorable terms. Should the IEMA loan not be available, the township will secure a loan on our behalf. Regardless of the outcome, we will finalize our agreement with the township by the end of February once this information is confirmed.
Additionally, Fremont Township is in the process of obtaining the SLIA subtotal from Lake County Stormwater Management. Current indications suggest we are very close to the anticipated amount of $500,000.
We plan to send out the first special assessment invoice around March 2025, once all necessary information is available. Moving forward, these invoices will be issued in January each year, alongside our annual assessment. We will continue to utilize a portion of our reserves over the ten year term to keep the special assessment as low as possible.
Thank you for your attention to this matter. Should you have any questions or require further information, please do not hesitate to contact the SLIA Board.