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Illinois 31st State Senate District
Bond Announces New Fox Waterway Initiative
Tuesday, March 2, 2010
SPRINGFIELD, IL— State Senator Michael Bond (D-Grayslake) held a press conference this week with local officials to discuss a new funding initiative for shoreline development for residents of the Fox River Chain O’Lakes.
Senate bill 3583 appropriates $2 million to the Illinois Department of Natural Resources. The Department will then transfer the money in the form of a grant to the Fox Waterway Agency. The Agency will then create a low-interest revolving loan program to assist shoreline homeowners in the development of their property.
“Many of our residents are willing to improve their property to reduce erosion and reduce the impact on recreational watercraft, but lack the capital necessary to make the improvements,” Bond said. “This program will allow homeowners to access capital for the upgrades, without requiring high interest rates.”
Senator Bond is a Co-Chair of the Fox Waterway legislative caucus. The other Co-Chair, Senator Pamela Althoff, had this to say about the program:
“Shoreline restoration and stabilization has always been a priority interest of mine since serving on the Fox Waterway Agency back in the late 1990’s; therefore, it is with great pleasure I co-sponsor this legislative initiative with Senator Bond on behalf of our shared constituency along the Chain O’Lakes Waterway.”
The average cost for shoreline restoration is $8,000. Nearly 10% of the shoreline residences could receive loan assistance in the first installation of the program. There are approximately 3338 lakeshore properties along the Fox River Chain ‘O Lakes.
“We have an amazing asset in our backyard and we need to do everything in our power to preserve it,” said Ingrid Danler, Executive Director of the Fox Waterway Agency. “Senator Bond has been a driving force behind the preservation of these lakes and we applaud him for his tremendous efforts in this cause.”
The Fox River Chain O’Lakes is the busiest inland recreational waterway per acre in the entire United States.
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