Deal Could Slash Village Power Bill

As officials wait to see whether voters will approve the , the village is planning to lower its own electric bill.

The board will vote Wednesday on a one-year contract with Exelon that will reduce the village’s power rates by 21 percent, according to village documents.

In January, trustees voted to allow the Northern Illinois Electric Cooperative (NIMEC) to seek competitive bids. Exelon’s rate of 3.85 cents per kilowatt was the lowest of three bids received.

Due to the 2007 deregulation of Commonwealth Edison, the power giant is no longer the sole supplier of electricity in Northern Illinois. That means municipalities can now purchase electricity based on market price by seeking bids from competitors.

If approved by trustees, the 12-month contract with Exelon would expire May 31, 2013.

The new contract would affect only municipal electric rates and is not related to the electric aggregation referendum that will appear on the March 20 primary ballot. The referendum will seek voter permission to allow the Will County Governmental League to seek bids from ComEd competitors in order to broker lower rates for more than 500,000 residents.

Spartans’ Square tenant wants out

Trustees will also vote on a request from the owner of to amend the business’ lease in the Spartans’ Square shopping center.

The current lease for the business, 625 Access Dr., does not expire until May 2013. The new pact would hasten the expiration date, moving it to Aug. 31 of this year.

The amended lease would suspend the base rent for the remaining portion of the lease, but the business would still continue to pay utility costs and other non-rent charges outlined in the original lease.

The village, which has owned Spartans’ Square since 2008, has been — or possibly demolish it.

In addition to Fancy Nails, tenants remaining in Spartans’ Square include a restaurant and a laundromat.

Stormwater drainage program

Also on Wednesday’s agenda is a proposal to create the Stormwater Drainage Assistance Program, which would provide limited assistance to help homeowners address drainage issues.

Help would be provided in the form of contractor-performed improvements, for which the homeowner would reimburse the village for a portion of the costs, or direct financial assistance with repair costs.

The village would provide between 25 and 75 percent of the cost of the repair, up to a maximum of $500 to $1,500 per repair, depending on the drainage issue.

A maximum of $5,000 would be available for a single drainage issue shared by a group of adjacent homeowners.