HUNTLEY – Following a recent ribbon-cutting ceremony, Huntley Village Board members on Thursday continued paying back their portion of the costs for the new $59 million tollway interchange.
The board unanimously authorized to pay the Illinois Tollway Authority $1.65 million of the village’s $5.65 million total share that helped construct the full-access interchange at Route 47 and Interstate 90.
The village will continue to pay back the Tollway in installments through 2015. The $1.65 million approved Thursday includes $353,514 more than the village’s budgeted amount to the agency this year.
“We thought the higher amount was going to be last year, so we had to revise it,” Village President Chuck Sass said.
Huntley started paying back the Tollway last year with an $1.05 million installment. The village’s total share represents 9.05 percent of the project’s costs.
The Tollway, Illinois Department of Transportation, McHenry and Kane counties also contributed money to the project. Only the statewide agencies contributed more money to the project than Huntley.
The Tollway paid $29.5 million (50 percent); IDOT contributed $15.32 million (25.9 percent); Kane County paid $4.97 million (8.42 percent); and McHenry County paid $3.85 million (6.53 percent).
The village’s portion of the interchange costs is paid out of its tollway fund, primarily generated from reserves in its operating budget.
The village has had a busy month with interchange related activities. Village trustees and staff joined state transportation officials and lawmakers for a ribbon-cutting ceremony Nov. 8 that officially opened the new interchange to traffic.
Officials will now look to fill more than 300 acres around the interchange zone for commercial and industrial use, as they look to bolster Huntley’s business sector.