By Dani Tietz
The Village of Mahomet celebrated Phase I completion of South Mahomet Road this week with a ribbon-cutting ceremony.
The $8.78 million project included engineering, utility work, and roadway from Sunny Acres Road to Churchill Road. Phase II from Churchill Drive to Prairie View Road began in April 2023 and is projected to be completed in the fall of 2024.
The combined cost of the two projects is expected to be $12.5 million: $3.3 million for water and sewer, $1.7 million for engineering, $7.3 million for street, sidewalks, storm drainage, and light poles, and $200 thousand for Norfolk Southern Railroad.
The Village allocated $9.36 million in TIF funds for the project, then used $2 million from Wastewater Capital Fund and $1.17 Million from ARPA.
In order to have the funds immediately, though, the Village borrowed $8.5 million over 15 years with a 1.857 percent interest rate. This move will result in just over $1 million in interest, bring the total to near $9.7 million.
The speed limit on the road that divides the Mahomet-Seymour School District’s 70-acre will be 30 mph over the railroad tracks and 35 mph on the rest of the road. As traffic reaches Churchhill Road, the speed will be reduced to 20 mph. According to a traffic report provided by the Village, between 2,500 and 3,400 vehicles are projected to use the road from the railroad crossing to Prairieview once the entire project is completed.
