A $21 million project proposed for downtown Lemont has been a topic of discussion around town since Jan. 28, when Mayor Brian Reaves first introduced the indoor/outdoor sports complex to the public.
Residents will have a chance to express their opinions on the subject at a public hearing planned for 7 p.m. Monday at Lemont Village Hall, 418 Main Street.
The sports complex, proposed to be built at the north end of Stephen Street south of the Chicago Sanitary and Ship Canal, would encompass 26 acres and feature a 190,000 square-foot outdoor venue and a 122,000 square-foot indoor facility.
At its Jan. 28 meeting, the village board approved a preliminary bond ordinance to allow the village to borrow money and issue alternate bonds to finance the project in an amount not to exceed $21 million .
Village officials have projected that fees collected from groups renting the facility, as well as concessions and other operating revenues, will pay for the debt service on the alternate revenue source bonds.
With alternate revenue source bonds, the village is required to pledge other sources of revenue – in this case, revenue from operation of the facility, sales tax receipts, income tax and TIF increment.
In a Feb. 1 statement published in Patch and on the village website, officials expressed confidence in the village’s ability to cover the debt with revenue from the facility.
“The village is required by law to have third party studies show this level of ‘coverage’ in order to sell the bonds,” the statement explains. “This ‘extra coverage’ also allows for the debt service to be paid with the facilities revenues even if the facility underperforms. The additional pledged revenue sources would create a second tier fallback to ensure sufficient funds are available should the facility underperform.”
If you want to brush up on the facts before attending Monday night’s public hearing, read the stories below:
For more information ...
Click here to view the Sports Complex Market and Impact Study on the village website.
Click here to view the Jan. 28 village board agenda (which includes the preliminary bond ordinance for the sports complex) and the agenda for Monday night's meeting.