Americana Estates profit and losses to Bolingbrook taxpayers

Americana Estates is the only housing subdivision owned by taxpayers in the State of Illinois.  This means that Bolingbrook used your tax money to be in the real estate business.  So when the market busted and they lost their pants, all the taxpayers lost their pants.

American Estates was plotted to accommodate about 150 mac-mansions behind the current golf course.  It holds approx. 30 homes, some are vacant.  The taxpayers, with the vote from the Mayor and Trustees, built the land, sewer, plumbing, electric, plotting, the whole nine yards with tax money.  For years they have not sold one plot of land...

Last year, according to the Village financials, the area operating revenues were $0 and the losses were $63,436.00.  Vendor payment was $71,475 to suppliers showing a total loss of $71,475.00.  This loss was a loss to the people that pay property taxes and sales taxes in Bolingbrook.

The homeowners association fee is not listed in the financials.  We are unsure if they pay this anymore, as they were offered many things in their community that never came to be.  The losses should be the homeowners association losses, not the village losses, as most homeowners pay for the services.  Since this is Village owned, we all get stuck with fees to owning a slice of wasteland.

According to a local source, they have had opportunity to sell this land to a local builder and get out of the real estate business, cutting the loss to the taxpayers...  Bolingbrook would make money on this deal and not have the annual costs of maintenance and marketing.  The Mayor and Trustees have not decided to sell. 

So the people that made a bad business decision to buy the land and run a real estate business are the same people that won't sell.  Is anyone surprised?  It appears we have some REALLY bad decision makers in office...