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Bartlett, IL —
The future of Villa Olivia will be in residents’ hands next month as the Bartlett Park District asks voters for approval of its referendum to issue $18 million in bonds and purchase the property while the price is right.
Park District Executive Director Rita Fletcher said $5.85 million will go toward the purchase of the 138-acre Villa Olivia property, while $6.15 million will be spent to renovate its banquet facility, golf clubhouse and ski area.
The remaining $6 million will allow for upgrades to the 18-year-old Aquatic Center, which has not seen improvements since it was built. The proposed expansion would include a lazy river, drop slide, splash pad, water slides and water-play areas.
Villa Olivia’s owners, the Corrado family, began talks two years ago to sell the property to the Park District. A restricted covenant is in place, dictating that the property remain open space until 2022, which has hamstrung the Corrados’ previous efforts to sell the land to developers. In 2005, the Corrados had plans to sell the property to a developer for $19 million, but couldn’t because of the covenant.
“Because of a downturn in the economy, it has allowed for lower prices and made it more reasonable for the Park District to purchase Villa Olivia,” Fletcher said.
Park District Board Commissioner Ted Lewis said this is a “one-shot opportunity” because of the unique chance to purchase a property with a ski area at a low price.
“Every year after this, that property value will go back to $18 or $19 million,” Lewis said.
If the referendum passes, the Park District would assume ownership by Dec. 31.
Property renovations would likely begin in fall 2011.
The cost to the average taxpayer with a $250,000 home would be $35 a year.
Lewis said the property would be beneficial to all residents and supply an influx of jobs in the village.
“We have a lot of retired people, teens and college kids working at the Community Center, so these facilities would guarantee an awful lot of jobs for Bartlett residents,” he said. “Everyone is looking for something to do and that’s been a struggle. I hate to see Bartlett lose this, because if the Park District doesn’t get it, it will be gone.”
The future of Villa Olivia will be in residents’ hands next month as the Bartlett Park District asks voters for approval of its referendum to issue $18 million in bonds and purchase the property while the price is right.
Park District Executive Director Rita Fletcher said $5.85 million will go toward the purchase of the 138-acre Villa Olivia property, while $6.15 million will be spent to renovate its banquet facility, golf clubhouse and ski area.
The remaining $6 million will allow for upgrades to the 18-year-old Aquatic Center, which has not seen improvements since it was built. The proposed expansion would include a lazy river, drop slide, splash pad, water slides and water-play areas.
Villa Olivia’s owners, the Corrado family, began talks two years ago to sell the property to the Park District. A restricted covenant is in place, dictating that the property remain open space until 2022, which has hamstrung the Corrados’ previous efforts to sell the land to developers. In 2005, the Corrados had plans to sell the property to a developer for $19 million, but couldn’t because of the covenant.
“Because of a downturn in the economy, it has allowed for lower prices and made it more reasonable for the Park District to purchase Villa Olivia,” Fletcher said.
Park District Board Commissioner Ted Lewis said this is a “one-shot opportunity” because of the unique chance to purchase a property with a ski area at a low price.
“Every year after this, that property value will go back to $18 or $19 million,” Lewis said.
If the referendum passes, the Park District would assume ownership by Dec. 31.
Property renovations would likely begin in fall 2011.
The cost to the average taxpayer with a $250,000 home would be $35 a year.
Lewis said the property would be beneficial to all residents and supply an influx of jobs in the village.
“We have a lot of retired people, teens and college kids working at the Community Center, so these facilities would guarantee an awful lot of jobs for Bartlett residents,” he said. “Everyone is looking for something to do and that’s been a struggle. I hate to see Bartlett lose this, because if the Park District doesn’t get it, it will be gone.”
