Joliet Park District begins work on referendum projects

JOLIET – The Joliet Park District is moving forward on projects to be funded by a bond referendum approved overwhelmingly by voters.

The Joliet Park District in January sold $9.5 million in bonds to pay for park and facility improvements.

Some good news for taxpayers is that the bonds were sold at a lower interest rate than expected, meaning the referendum may cost a little less than originally estimated.

On Monday, the Park Board approved an engineering contract for the replacement of lights at Memorial Stadium. The $16,340 contract went to United Engineering in Shorewood. The entire project is estimated to cost $300,000.

Another project already underway is engineering for new roads and trails at Pilcher Park, estimated at $2 million.

Voters in November approved $19.5 million in bonds for park improvements. The referendum passed with 70 percent of voters voting yes. The park district plans to sell the remainder of the bonds in 2016.

Interest rates were low enough on the first round of bond sales that the park district expects the impact on property taxes will be lighter than expected, said Finance Director Matt Pehle.

"It's going to depend on the second half of the bonds going out," Pehle said. "Right now, it looks like it would be down about 75 cents to a dollar."

That would mean the impact on property taxes could be closer to $19 per $100,000 of assessed value, instead of the original $20 estimate, he said.

Taxpayers will begin to see the cost of the referendum on this year's property tax bill, but not the full impact, since all of the bonds have not been issued.

Meanwhile, the park district will look toward other projects, said Park Board President Glen Marcum.

Those projects include an East Side recreational facility, likely to be built at Nowell Park.

Marcum said before that facility is designed, park officials will meet with the community to hear what they want.

“All along during the referendum, we made it clear that we want to include them (the community) in the design process,” Marcum said. “But they have to remember that the building must be self-sustaining. So, it can’t be just a gym.”