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Huntley New-Home Building Permit Revenue Nearly Double Than Projected

The number of new-home construction building permits for 2011 surpassed what village officials had estimated.

 

While the housing market has drastically slowed in most areas, the village of Huntley is somewhat of an anomaly.

New-home construction remained steady this past year in Huntley.

Huntley officials released total revenue figures collected from construction building permits for 2011. To everyone’s surprise, permit income for new houses tallied a 99-percent increase over projections.

Taking into account the sluggish economy and stalled housing market, Huntley administrators estimated building permit revenue to total $300,000 for the 2011 fiscal year.

Instead, permit funds totaled $599,811 for the year, said Village Manager Dave Johnson.

“We thought permits would slow down as we expected Sun City to build out, and the Cider Grove subdivision to finish soon,” Johnson said. “But we issued 70 permits to the Talamore subdivision.”

Talamore, located off Illinois Highway 47 north of Algonquin Road, is a resort-style development that offers recreational amenities such as a clubhouse, swimming pool, parks and stocked fishing pond.

Through October 2011, the village of Huntley issued 97 building permits for new, single-family detached houses, and 33 permits for single-family attached units, such as townhomes, according to village documents.

Building permit revenue from January to October 2011 nearly doubled what was budgeted, and surpassed the number of permits issued in 2010.

In the year ahead, Huntley leaders expect housing construction at the Cider Grove–Phase One development, located on the southeast side of town, to finish.

Village officials again estimate permit revenues for 2012 to total $300,000, according to the 2012 fiscal year budget. Administrators do not project another surprise increase as Sun City is built-out, and commercial permits are expected to be limited.

The anticipated decrease in building permit revenue is significant because that revenue source has been used over the past 12 years to fund capital projects and equipment purchases, according to village leaders.

In 2007, building permit revenue accounted for 18 percent of the village’s general operating fund revenue. In 2012, that revenue is expected to account for 3.5 percent, village documents show.

 

danakopp December 14, 2011 at 11:28 AM
Over the life of a 30 year loan, a $300 per month decrease would equal over $100K in savings. Search the web for 123 Refinance website they helped me find 3.118% rate easily. Strongly recommend them for anyone. Good luck.
Brian Fragassi October 18, 2012 at 04:14 PM
I can tell you based on my experience, construction is ramping up. If you have been holding back on that project, its time to get started for next spring. Things are busier than they have been the last 3 years. Don't hesitate to give me a call for your free consultation!

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