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The New Lenox Village Board has finalized an agreement to buy a new water tower and related lines, which would add 500,000 gallons to the system.
Mayor John Nowakowski said that $190,000 of the $590,000 purchase price will be paid up front, and that the remainder will be paid over 10 years at a 4.75 interest rate.
An easement in the P.T. Ferro industrial subdivision north of Interstate Highway 80 and U.S. Highway 30, will have to be purchased.
In 1994, when Ferro developed his subdivision, he agreed to build the water tower, and officials said the village would buy it after it was working.
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