A $2.3 million alternate revenue bond proposal to finance senior citizen housing in New Lenox Township is headed for the March 21 ballot.
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Trustees will vote on an ordinance authorizing the referendum on Nov. 23.
The money would pay for building a 24-unit senior citizen apartment building at 1100 S. Cedar Rd., to open in 2001.
Rent revenue, not taxes, would pay for the bonds.
Bond counsel Ron Norene said the township can get a better interest rate, permitting lower rents, by levying enough tax money annually to pay the debt. The levy could then be abated and the debt serviced from rents, he said.
The plan would let the township charge rents of $592 instead of $1,000, Norene said. “There’s no reason for the rent ever to go up,” he said.