For Immediate Release:
March 30, 2011
Justice Park District Approves Plan for Park Improvements:
The Justice Park District Board of Commissioners approved a plan to acquire funds for various capital improvements. The Justice Park District Board of Commissioners, by unanimous vote at the March 29, 2011, park district board meeting, approved a plan to improve park facilities, add park facilities, and solidify the finances of the park district.
The three phased plan was set in motion with the approval of an intergovernmental agreement with the Township of Lyons Lyons Township funding was approved March 10th, 2010, by the township but the Justice Park
“It was in the best interest of the park district and residents to get a clear outlook of the district’s financial status in the present and future before moving forward with this plan” said Olivia Jachymiak, Park Board President. Pending the completion of paperwork the district plans to initiate and complete the lighting and court projects within 90 days.
Phase two of the capital improvement plan involves the district utilizing non-referendum bonding authority to access additional funding. The district has planned for the complete replacement of Gotwald Playground, the removal of the small playground at Commissioners Park , additional court renovation work at Commissioners Park Commissioners Park
Funds may also be used to retire an outstanding bank loan that was used to pay for the golf driving range on
79th street that the park district no longer operates, the district still owes over $350,000. dollars on this loan that costs $2,300. monthly at 7% interest rate with an approximate $250,000. balloon payment due in the final year of the loan in 2012. “The bad terms of this loan are not only costing the park district money from the operational budget but we’re paying for a facility that is not longer available to the taxpayers unless the taxpayers want to pay the fee’s being charged by the new operator, in addition the district is also paying for the lighting at the golf range through a financing agreement made when the lighting was purchased many years ago. These are the problems we inherited and are managing for the sake of the future of the park district.”
79th street that the park district no longer operates, the district still owes over $350,000. dollars on this loan that costs $2,300. monthly at 7% interest rate with an approximate $250,000. balloon payment due in the final year of the loan in 2012. “The bad terms of this loan are not only costing the park district money from the operational budget but we’re paying for a facility that is not longer available to the taxpayers unless the taxpayers want to pay the fee’s being charged by the new operator, in addition the district is also paying for the lighting at the golf range through a financing agreement made when the lighting was purchased many years ago. These are the problems we inherited and are managing for the sake of the future of the park district.”
said Park Commissioner Dan McGee
This capital plan is being initiated with the requirement that no additional taxes will be requested from the residents while maintaining the present debt service level the park district currently has and will continue to maintain in the future.
For additional information please contact Joseph C. Vallez, 708-546-9969.
