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After receiving a $57, 610 bill from the village, The Glen Ellyn Historical Society asked the village board to consider a reduction of interest rate to reflect current market conditions and provide relief to the organization for the groups outstanding invoice for the organization's properties.
During the past decade, the historical society periodically made down payments for the purchase of properties in the five-corners area, at the intersection of Main Street, St. Charles Road and Geneva Road, with the intention of using the land for a public historic park, to be called “History Park.” The village covered the remaining costs of the properties with money from its corporate reserve fund and purchased the properties directly, with the agreement that the historical society would raise money to pay the village back over time.
Since 2002, the historical society has paid the village $1.9 million, including interest, to reimburse acquisition costs of the village-owned History Park properties. The society still owes $1.4 million, plus interest, which is expected to be paid over the next 15 years.
After receiving a $57, 610 bill from the village, The Glen Ellyn Historical Society asked the village board to consider a reduction of interest rate to reflect current market conditions and provide relief to the organization for the groups outstanding invoice for the organization's properties.
During the past decade, the historical society periodically made down payments for the purchase of properties in the five-corners area, at the intersection of Main Street, St. Charles Road and Geneva Road, with the intention of using the land for a public historic park, to be called “History Park.” The village covered the remaining costs of the properties with money from its corporate reserve fund and purchased the properties directly, with the agreement that the historical society would raise money to pay the village back over time.
Since 2002, the historical society has paid the village $1.9 million, including interest, to reimburse acquisition costs of the village-owned History Park properties. The society still owes $1.4 million, plus interest, which is expected to be paid over the next 15 years.
