Community Development District 4 is facing the sobering reality of $560,000 in unexpected costs stemming from sinkholes that opened up earlier this year.
That number was unveiled this afternoon before a packed house of CDD 4 residents at Savannah Center.
The expenses include replacements of pipes and pavement at the location of the sinkholes which originally opened up in February on McLawren Terrace in the Village of Calumet Grove.
The $560,000 only covers repairs on District property at the location. That number has been tallied through March 9.
Homeowners must separately recover their losses through their insurance companies.
However, there is no insurance to cover CDD 4’s losses.
“We have no insurance for this type of loss,” said Assistant District Manager Richard Baier.
CDD 4 officials admitted that maintenance assessment fees paid by residents may have to be increased.
“We have reserves in place, but no one expected to be hit with a nearly $600,000 expense,” said CDD 4 Chairman Paul Kelly.