Discussions regarding financial planning for a new community center in Rochelle headlined the Flagg-Rochelle Community Park District Board of Commissioners meeting at Rochelle City Hall on Monday.
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ROCHELLE — Discussions regarding financial planning for a new community center in Rochelle headlined the Flagg-Rochelle Community Park District Board of Commissioners meeting at Rochelle City Hall on Monday.
On April 2, Flagg Township voters approved a tax increase proposal to finance the construction of the $14 million facility on the south property of the Helms Park Athletic Complex and the park district will be selling bonds to fund the project.
Financial advisor Tom Chapman led discussions about possible financial avenues for the park district to pursue, including the choice of issuing either general obligation bonds, alternate revenue bonds or both.
“Whatever would be the best and most cost-effective for the park district, that’s what we’re going to pursue,” Chapman said.
Chapman presented a preliminary calendar to the board, which detailed a potential plan for putting the $14 million in place. Chapman said a request for proposal to bond underwriting firms will be sent out on Tuesday, and he said potential proposals would be reviewed in April. Reviewed proposals could be presented to the board during a special meeting prior to the next regularly-scheduled meeting on May 20.