Latest / Kendall County News - Shaw Local / Development authority OKs intent for $50 million in bonds to fund Oswego cricket stadium

Transcript

Development authority OKs intent for $50 million in bonds to fund Oswego cricket stadium · Kendall County News - Shaw Local

• 0:05
  Speaker 1: Development Authority o Cake's intent for fifty million dollars in
• 0:09
  bonds to fund Oswego cricket stadium. This article is being
• 0:15
  read by an automated voice brought to you by Everlett.
• 0:19
  The Upper Illinois River Valley Development Authority is moving ahead
• 0:22
  with a plan to fund up to fifty million dollars
• 0:25
  in revenue bonds for a proposed cricket stadium on the
• 0:27
  west side of Oswego. The authority issues low cost bond
• 0:32
  financing for capital improvements. It serves several counties, including Kendall, Caine, Bureau,
• 0:38
  Grundy Lake, Lasal, Marshall, mckenry, and Putnam. The Authority's Board
• 0:43
  of Directors on January thirteenth unanimously voted to approve a
• 0:48
  resolution determining the intent of the Upper Illinois River Valley
• 0:51
  Development Authority to issue revenue bonds in an amount not
• 0:55
  to exceed fifty million dollars. The bonds would be loaned
• 0:59
  to the non nonprofit Brieborne Foundation, Inc. For the proposed
• 1:03
  Brieborne Stadium. The professional cricket stadium, with a clubhouse and restaurant,
• 1:08
  will be built on thirty three point four to eight
• 1:10
  acres at the northwest corner of Orchard Road and Tuscany
• 1:14
  Trail in Oswego as Upper Illinois River Valley Development Authority
• 1:18
  Executive director Warren Robley noted the board's action is just
• 1:22
  the first step. An inducement resolution is a statement of intent.
• 1:28
  He said. The key thing about the inducement resolution is
• 1:31
  it kind of puts the flag in the ground, if
• 1:33
  you will, any expenses that they start incurring become eligible
• 1:36
  bond expenses that can be financed through the bonds. But
• 1:39
  before any bonds are issued, obviously, we would be coming
• 1:42
  back before the board for a final bond resolution. He said.
• 1:46
  Such a project could have a significant economic impact on
• 1:49
  not only Kendall County, but surrounding counties as well. The
• 1:54
  US Cricket Association has been looking for a location in
• 1:57
  the Chicago Land region. Ribley said there's no financial risk
• 2:00
  to the state or to the authority whatsoever. These are
• 2:03
  revenue bonds that are paid in full by revenues generated
• 2:06
  through the project and by the developer. He said, the
• 2:09
  project will be underwritten by a local lender or an
• 2:12
  investment bank. We would sell the bonds to that lender,
• 2:16
  who then would parcel those out to different investors, Rivley said.
• 2:21
  Oswego resident Paresh Patel, chairman and CEO of Briborne Stadium,
• 2:26
  told the board the project will be built in different phases.
• 2:30
  In November twenty twenty three, the majority of Oswego Village
• 2:33
  trustees voted to approve a special use permit for Phase
• 2:36
  one of the project, which involves construction of the field
• 2:39
  and wicket and installation of underground drain tiles. They also
• 2:44
  recommended approval of preliminary concept plans for all five phases
• 2:48
  of the project prior to the approval of any future phases.
• 2:52
  Additional traffic and parking studies and sound studies will be
• 2:55
  required as part of the second phase of the project.
• 2:59
  The US, the stadium would be open for use with
• 3:01
  the seating capacity of two thousand. Phase three would bring
• 3:05
  the capacity up to six thousand, and Phase four would
• 3:08
  increase it to about fourteen thousand people. With the seating
• 3:12
  increased to fourteen thousand, the stadium would be able to
• 3:14
  accommodate national cricket events. Future plans involve completing second and
• 3:19
  third level stadium seating, which would bring capacity to twenty
• 3:22
  five thousand people. As proposed, the stadium would be a
• 3:26
  seasonal facility and operate from April to October. According to
• 3:30
  the plans, traffic associated with the stadium will occur off
• 3:33
  peak as games are played in the evenings and on weekends.
• 3:37
  Nearby residents and others previously voiced concerns about the noise
• 3:40
  and traffic the stadium would generate. Patel has agreed to
• 3:44
  install a six foot privacy fence along the west property
• 3:46
  line to tel plans to work with village officials to
• 3:50
  develop traffic control management plans that would discourage and prevent
• 3:54
  stadium traffic from using Tuscany Trail to the west of
• 3:57
  the facility. All stadium traffic would be directed to the
• 4:00
  Orchard Road access points. He has said the location is
• 4:05
  well suited for a cricket stadium. Orchard Road is a
• 4:08
  highly traveled regional transportation corridor which can handle heavy traffic.
• 4:12
  Patel said