http://chicagowildernessmag.org/issues/summer2007/wolflake.html

Although in the shadow of industry, Wolf Lake provides many recreation opportunities for the local population surrounding the Indiana Illinois state line bordering Lake Michigan.
Wolf Lake straddles the Illinois and Indiana State line between 120th and 134th streets. The park road on the east side runs parallel to the Indiana line. It is not known how the area originally became known as Wolf Lake. Some local residents claimed Wolf was an early settler or an Indian chief; others said that years ago wolves were abundant around the lake and that the lake itself was in the shape of a wolf. The Chicago Historical Society was unable to verify any of these possibilities.

In 1965, the Legislature approved changing the name of the state recreation area to honor the memory of William W. Powers, a former state legislator, who was well-known for his deep interest in the promotion of recreation for the residents of his district. Representative Powers' generosity also included providing annual Christmas parties for children, baskets of food, and fuel for less fortunate ones during the depression years.