WOODRIDGE – A financing route for the Woodridge Park District's Athletic Recreation Center is expected to be chosen at a park board meeting Tuesday night.
The Woodridge Park District Board of Commissioners is expected to adopt an ordinance to authorize the issuance of debt certificates through either a split sale or single sale.
Administrators are recommending a split sale of debt certificates – a first round sale of $9.8 million this April or May and a second sale whose amount will be based on final project costs and the outcome of a grant application, according to a news release from the park district.
A split sale would ensure the debt amount is based on actual costs as opposed to projected costs, the news release states.
A single sale plan, if that's the route the park board chooses, would result in a single $16 million issuance. One advantage of this option would be potentially lower interest rates, the release states.
Neither financing plan requires a referendum that voters would have to approve before any money is borrowed, as the proposed debt services would be primarily funded through bonds and debt certificates set to retire in 2015, according to the park district.
Two factors could lower the financing amount needed.
The park district submitted an application for an Illinois Park & Recreational Facility Construction (PARC) grant through the State of Illinois that could, if awarded, provide an additional $2.5 million in funding.
Also, the Village of Woodridge, per an intergovernmental development agreement with the Woodridge Park District, has committed $2 million through Janes Avenue Tax Increment Financing District funds.
Open houses preview ARC building design
The Woodridge Park District hosted two open house meetings last week that allowed residents to review a proposed schematic design of the ARC.
Residents were able to provide feedback that will be used to create a final design of the ARC.
To view PDFs of the proposed designs, visit www.shawurl.com/13fc.