Politics & Government
Board Close to Naming Private Financing for Sports Complex
The Village of Lemont might not need to issue the $21 million in bonds previously approved in an ordinance. On Jan. 6, board members will vote on whether to repeal that ordinance in favor of other funding.
Lemont Mayor Brian Reaves is closer to a private financing option for a controversial sports complex, possibly nixing the need to sell $21 million in general obligation bonds.
During a special meeting Jan. 6 at 7 p.m., board members will consider repealing an ordinance previously thought necessary to issue the funds for the complex. Repealing the ordinance would also negate the need for a referendum.
"The board is close to presenting an option to finance the project utilizing a financing tool that has no statutory to levy property tax against the residents, and consequently would not require a referendum," according to a release from the village.
The use of private financing to build the complex would take 100 percent of the burden off of taxpayers, Reaves has said previously. If the complex were to fail, citizens would not be forced to help pay the village's debt.
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Residents have previously been incensed by the board's hasty decision-making regarding the project. Some at a December meeting questioned why Reaves was seemingly ignoring the voices of 1,700 people who signed a petition to push the issue to referendum on the March 18, 2014 election ballot. Reaves clarified that the ordinance involved how to fund the project—not whether or not to build it.
The last day to officially submit the alternate revenue bond question to the county clerks for certification to be on the ballot for this March is Jan. 9.
Find out what's happening in Lemontwith free, real-time updates from Patch.
If the board votes to pursue other options and not place the question on the ballot, Village bond counsel has recommended that a repealing ordinance be passed prior to the January filing deadline. With no regularly scheduled meeting before Jan. 9, the board scheduled the special meeting.
Reaves said in March that he hopes to see the Lemont Sports Complex come to fruition during his next four years as mayor.
"There needs to be an economic vehicle that runs and brings people into Lemont," Reaves previously told Patch.
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