S-921 - 12/08/1998 - SPORTS CORE - Ordinances Supporting Documents fi
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VILLAGE OF OAK BROOK
2 0 0 0 OAK BROOK ROAD
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OAK BROOK , ILLINOIS 60523.2255
PHONE: 6313 9901-3000
Date: December 2, 1998 FAX: 63C 490-087h
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To: Village President and Board of Trustees
From: Darrell Langlois
Recommendation: That the Village President and Board of Trustees approve the
attached ordinance authorizing loans from the General Corporate
Fund to the Sports Gore Fund.
At the Village Board meeting of November 24, 1998, the Board awarded a contract for i
the expansion of the golf clubhouse. Based on materials provided at that meeting, the
total cost of the project is anticipated to be $1,313,440. Funding for this project is
anticipated to come from the sale of real estate in the Westchester Park neighborhood.
Since the land sale is likely to occur sometime after most or all of the construction has
been completed, temporary financing is needed for this project.
As provided for in the 1999 Budget, the attached ordinance authorizes the General
Corporate Fund to provide the temporary financing for this project. l am authorized to
draw down funds as the project progresses, and funds will be repaid once the proceeds
are received. To date, $75,440 has been expended for this project. Since this amount
was paid for with Sports Core operating funds, once this authorization is given I will
refund this amount to the operating account.
The ordinance also extends the term of the existing loan authorization of $650,000 for
an additional one year period, through .January 1, 2000. The 1999-2003 Five-Year jl
Financial Plan provides for repayment of this loan beginning in 2001 once the revenue,
enhancing improvements at the Sports Core are completed. No increase is needed for
this authorization since operating revenues are expected to cover both operating and
regular capital expenses of the Sports Gore in 1998.
Please feel free to contact me if you have any questions or need further information. l
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4) INA Mr= 98-BU- - 1 O INA CE AUTHORIZII�'G AA ORD. 98-BU-S-�2t
OAN TO THE SPORTS CORE FUND: AUTHORIZING n
LOAN TO THE
At the Village Board meeting of November 24, 1998, the Board SPORTS CORE D
awarded a contract for the expansion of the golf clubhouse. Based on
materials provided at that meeting, the total cost of the project is
anticipated to be $1,313,440. Funding for this project is anticipated
to come from the sale of real estate in the Westchester Park
neighborhood. Since the land sale is likely to occur sometime after
most or all of the construction has been completed, temporary
financing is needed for this project.
As provided for in the 1999 Budget, the ordinance authorizes the
General Corporate Fund to provide the temporary financing for this
project. Finance Director Langlois is authorized to draw down funds
as the project progresses, and funds will be repaid once the proceeds
are received. To date, $75,440 has been expended for this project.
Since this amount was paid for with Sports Core operating funds,
once this authorization is given Finance Director Langlois will refund
this amount to tl,a operating account.
The ordinance also extends the term:of the existing loan authorization
of $650,000 for an additional one-year (1) period, through January
31. 2000. The 1999-2003 "ive-Year Financial Plan provides for
repayment of this loan beginning in 2001 once the revenue enhancing
improvements at the Sports Care are completed. No increase is
needed for this authorization, since operating revenues are expected
to cover both operating and regular capital expenses of the Sports
Core in 1998.
Motion by Trustee Mclneniey, seconded by Trustee Caleel, to pass
Ordinance 98-BiJ-S-921, "Ordinance Authorizing A Loan To The
Sports Core Fund", as presented and «naive the full reading thereof.
ROLL CALL VOTE:
Ayes: 5 - Trustees Caleel, Kenny, McInerney, Savino and
Shumate.
Nays: 0 - None.
Absent: 1 - Trustee Bartecki. Motion carried.
N`11.1.r10E O OAK I31 WOK Minutes 7 cal'16 Deceniber 8. 1998