ROMEOVILLE – People driving by the Romeoville Athletic and Events Center will soon see a local hospital’s name emblazoned on the front of the multi-purpose facility.
Village trustees Wednesday night approved an $500,000 five-year agreement with Naperville-based Edward Hospital to rename the 76,792 square foot facility to “Edward Hospital Athletic and Events Center” and make the hospital the “official sponsor of the center.”
In addition to the exclusive naming rights, the village will grant Edward Hospital rights to a 1,660-square foot dedicated space to be used as a physical therapy center.
The space is free to the hospital for the first year but would be rented at $11 a square foot, or $18,260, a year until the agreement expires.
Edward Hospital also becomes the sponsor of one of the portable basketball courts, and will install its logo at center court.
Signage for the hospital will be displayed primarily outside, while Romeoville’s name will still be on the inside of the building.
In return, the village will receive $500,000 for the length of the contract through a payment of $100,000 each year.
Noak said the partnership will help both the hospital and village market themselves.
The center officially opened on March 24 last year and has hosted several regional and national events.
Pension funds
Trustees heard how the Romeoville firefighters and police pension funds are going.
The firefighters’ pension is fully funded at 100 percent with a current market value of $7.2 million. But the police pension fund is only funded at 67 percent with a current market value of $34.1 million, less than last year’s 68 percent.
Both funds are down from last year, mostly because of financial and investment conditions, Finance Director Kirk Openchowski said.
Noak said the police pension fund needs to be 90 percent funded by 2040, and that it’s on track.
Both funds are separate from each other and from the village. They have their own tax levy allocation.
Trustees also approved an amended snow removal ordinance, creation of a special events committee and an ordinance allowing the village to collect secondary tap-on fees for new businesses that strain the water and sewer systems significantly more than previous tenants.