Park Board Agrees to Move Ahead on Issuing Debt Certificates for Workman Complex

Print

Published on October 1 2014 4:35 pm
Last Updated on October 1 2014 4:35 pm
Written by Greg Sapp

The glamour of the groundbreaking has come and gone, but the nitty gritty of getting the Richard E. Workman Sports and Wellness Complex built continues.

The Effingham Park Board Wednesday agreed to authorize the issuance of up to $6.1 million in general obligation debt certificates to fund the balance of the project cost beyond funds that have been donated.

Park Board President David McDevitt said the $6.1 million is the limit that the Park District can issue, but doesn't mean they'll necessarily need to issue to that level. McDevitt said Midland States Bank has offered an initial 2.4% interest rate on the debt certificates for the first seven years, and a cap of 4.5% on the remaining eight years if the debt certificates are issued with a 15-year term as is expected. He also said the debt certificates won't be issued until it's decided whether it's more advantageous to use the donated funds first, or issue the certificates first.

McDevitt also said the first annual payment will be less than $500,000 in keeping with the pledge that no more would be borrowed than has been sought for capital projects in other years. He also noted that once the building is completed, the Park District will be receiving lease payments from St. Anthony's Memorial Hospital for the portion of the Complex the hospital will use for therapy and that revenue will help pay off the building.

There's other work to complete. Park District Director Jeff Althoff is meeting Thursday with general contractor Poettker Construction on the plans for the project, while McDevitt heads to Chicago to meet with architects Holabird and Root on design matters.

Still pending is finalizing the contract with Rink Management Company that will manage the complex, completed the contract for the purchase of Get Fit Family Fitness that will be housed in the complex, and completing the lease contract with the hospital.

Also Wednesday, the Park Board annexed parcels of property into the Park District. The District boundaries typically mirror those of the City of Effingham. Additionally, the Board heard from Althoff that work by Effingham Asphalt should start soon on the rebuild of the back road at Community Park. Althoff joked that the work needs completed before the City begins putting up displays for the Wonderlight in Lights Christmas Show.

Park Commissioner Dennis Carie was not present for the meeting.