The Community Park District of La Grange Park recognizes that Master Planning supports a healthy community by creating dynamic long-term strategies surrounding park infrastructure, equitable access to open space, inclusive recreational opportunities, and more. The park district is committed to integrating internal assessments, community engagement, resources and data collection as well as the development of an implementation plan to ensure that our Master Planning represents our community's needs and is executed successfully.
On Monday, November 8, 2021 the Community Park District Board of Park Commissioners approved a contract with JSD to enter into Strategic Master Plan process to address the Community Park District parks, facilities, programs, policies and operations. JSD provided a wide range of opportunities to engage the community in helping us create a better future for parks and recreation in La Grange Park. This included:
Financing for new projects became available in December 2021
To take advantage of historically low interest rates, the Community Park District refinanced existing debt that was issued in 2011. On November 8, 2021 the Community Park District approved a $3 million bond parameter ordinance, which is a parameter the park district could not exceed. The new non-referendum general obligation bond issuance was approximately $2.3 million in aggregate. Half the issuance was dedicated to refinancing existing debt, and approximately $1.3 million is earmarked to finance projects and park improvements for our community.
Because of the significant refinancing savings, the new debt issuance has a nearly $0 impact on residents' tax bills. In 2021/22, the park district's bond payment was approximately $286,000. New debt payments are estimated to be $288,000 and the payment structure will only extend out one additional year from the existing schedule.