Naperville Based Developer Promises $5.8 Million For Wonder Lake East Water System Expansion

Naperville based real estate developer Andrew Teegen proposes through his entity NRB Land LLC to pay off a $5.8 million Illinois EPA Public Water Supply Loan applied for by the Village of Wonder Lake to drill two new water wells, build a half million gallon ground storage tank, three pump station and water treatment plant to service the drinking water needs of his proposed 3,700 homes on 1,400 acres north of Route 120 and south of Wonder Lake Road. The agreement requires NRB to put up $700,000.00 in cash or a letter of credit, by capacity for a minimum of 100 homes a year at connection fees of $3,500 each, and repay the village annually $350,000.00 after the first nine years to cover the cost of the loan repayments.

Construction of the water system expansion must be completed before home building can begin on the property. Teegen proposes working with five different home builders working simultaneously in “neighborhoods” of different price ranges on the property, called Thatcher Meadows. Some roads and bridges are already in place on the land. Teegen also proposes recreational facilities, bike paths and walking trails, clubhouses, soccer and baseball fields, and a new school on the site.