WL hosts lake dredging hearing tonight

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WONDER LAKE — Wonder Lake officials will host a hearing on the proposed lake dredging special service area at 7 p.m. tonight at Greenwood Elementary School, 4618 Greenwood Road, Greenwood.

After the hearing, affected residents will have 60 days to file petitions against the proposal. If they do not, plans for the dredging will move forward.

Under the proposed agreement, all residents with lake rights would be included, or about 3,900 property owners.

The village would facilitate the funding through bonds of up to $5.93 million to dredge the first million cubic yards of sediment from the lake.

Those residents then would repay the bonds through a special fee on their property taxes for the next 20 years.

Officials have said that preliminary figures show a homeowner with property worth $200,000 could pay off the entire fee for $1,800 in the first year. However, that does not include interest that would be tacked on if the same homeowner paid it back over the 20-year period.

Two million cubic yards still would need to be dredged, and officials have said they hope to sell some of the sediment to soil contractors to fund that.