With the adoption of seven interrelated ordinances, the Village Board has paved the way for Cambridge Homes to begin development of 750 homes on an 80-acre parcel on the north side of Reed Road.
The first of the ordinances established the land as a special service area, enabling Cambridge to build roads, sewers and a water system. The special service area was created to finance the improvements through bonds sold by the village, but retired through levies on property within the new development.
Included in the improvements to be financed with the nearly $5 million bond issue will be a new deep well and storage tank along with a water filtration plant, according to Village Administrator Carl Tomaso.
The other six ordinances cover agreements between the village and the developers concerning sewer service and other aspects of the project. All passed unanimously.
