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Village of Lemont negotiating private financing option for sports complex

Published: Wednesday, Nov. 27, 2013 12:44 p.m. CST

LEMONT – The village of Lemont could have a plan to privately finance the proposed Lemont Sports Complex by mid-December, according to Lemont Mayor Brian Reaves.

In the village's December newsletter, Reaves said the Village Board of Trustees is close to presenting an option to back the $21 million sports complex by using a financing tool that would prevent the village from being able to levy property tax against the residents to pay for the project.

Reaves said the village is in talks with a private company in the Chicago area and he feels this is the closest the village has been to reaching a private financing agreement for the complex.

If the private financing agreement is reached, a proposed March referendum on the sports complex would not be necessary.

Reaves said that if an agreement is reached he expects the village to have a formal announcement in the coming weeks.

The sports complex has been a contentious topic for some residents who have voiced concerns about how the village would pay for the project.

As the village prepared to move ahead with the project in February, residents collected enough signatures to force the village to go to referendum with the complex.

Reaves has said the village would be able to fund the project without using property taxes, instead using operation revenue from the facility, sales and income tax dollars, and Tax Increment Financing district funds.

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