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Crete Township

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1 month ago
Crete Township

CRETE TOWNSHIP
SPECIAL TOWNSHIP MEETING OF THE ELECTORS
MAY 14, 2024 - 7:00 PM
25930 SOUTH COTTAGE GROVE AVENUE, CRETE, IL 60417
... See MoreSee Less

CRETE TOWNSHIP
SPECIAL TOWNSHIP MEETING OF THE ELECTORS
MAY 14, 2024 - 7:00 PM
25930 SOUTH COTTAGE GROVE AVENUE, CRETE, IL 60417
2 months ago
Crete Township

SPECIAL TOWN MEETING OF CRETE TOWNSHIP ELECTORS CALLED FOR TUESDAY, MAY 14TH AT 7:00PM TO CONSIDER PURCHASING THE SERTOMA STAR BUILDING AS THE NEW COMMUNITY CENTER.

Why is this proposal being presented to the Electors again?

The difference is due to substantially improved economics.

1. A contingent award of an $822,000 in Federal ARPA grants administered by Will County which nearly doubles the Township Capital Improvement Fund. The grant can only be used for a community center and if the Electors decide not to proceed, the County may reallocate funds to another area of the County. The ARPA grant is a once-in-a-lifetime opportunity, and it is doubtful that Crete Township would ever receive a grant of this size again.

2. A 7.14% reduction in the asking price by owners to $1,300,000.

3. An increase in the Township’s Capital Improvement Fund which has grown to approximately $976,000 as a result of budget funding and investments in US Treasury bills earning over 5%/annum.

Thus, the Township could now afford to purchase the building with no debt and still have funds left over to begin to work on making the building conducive as a community center.

With the ARPA grant, the Township could acquire a 15-year-old, 30,000 square foot building on approximately 13 acres for a net cost to the people of the Township of only $478,000.

Per the original builder, the building originally cost over $5 million to build 15 years ago. At the going rate for new building at approximately $375/square foot, it would cost over $11 million to build it today.

Thus, at a net cost $478,000, the Township could purchase a 30,000 square foot building on 13 acres for less than 10% of its original cost and for less than 5% of what a building of that size would cost to build today.

Even if in the next 1-2 years, it was determined that the building didn’t work out, the Township could sell the property at a profit and still maintain the benefits of the ARPA grant. We were informed by the current owner, Sertoma-Star (a 501c(3) non-profit organization) that their Board wished for the property to be continued to be used for the benefit of the people of Crete Township, thus they are willing to sell it to the Township below market price.

The Town Fund (operated by Crete Township for its non-road operations) makes up only about 1.62% of a typical property tax bill. for those in the unincorporated area.

We will have a presentation of the details and public Q&A during the Special Town Meeting. We look forward to seeing you then.
... See MoreSee Less

SPECIAL TOWN MEETING OF CRETE TOWNSHIP ELECTORS CALLED FOR TUESDAY, MAY 14TH AT 7:00PM TO CONSIDER PURCHASING THE SERTOMA STAR BUILDING AS THE NEW COMMUNITY CENTER.  

Why is this proposal being presented to the Electors again?

The difference is due to substantially improved economics.

1. A contingent award of an $822,000 in Federal ARPA grants administered by Will County which nearly doubles the Township Capital Improvement Fund.   The grant can only be used for a community center and if the Electors decide not to proceed, the County may reallocate funds to another area of the County.  The ARPA grant is a once-in-a-lifetime opportunity, and it is doubtful that Crete Township would ever receive a grant of this size again.

2. A 7.14% reduction in the asking price by owners to $1,300,000.

3. An increase in the Township’s Capital Improvement Fund which has grown to approximately $976,000 as a result of budget funding and investments in US Treasury bills earning over 5%/annum.

Thus, the Township could now afford to purchase the building with no debt and still have funds left over to begin to work on making the building conducive as a community center.

With the ARPA grant, the Township could acquire a 15-year-old, 30,000 square foot building on approximately 13 acres for a net cost to the people of the Township of only $478,000.  

Per the original builder, the building originally cost over $5 million to build 15 years ago.  At the going rate for new building at approximately $375/square foot, it would cost over $11 million to build it today.

Thus, at a net cost $478,000, the Township could purchase a 30,000 square foot building on 13 acres for less than 10% of its original cost and for less than 5% of what a building of that size would cost to build today.

Even if in the next 1-2 years, it was determined that the building didn’t work out, the Township could sell the property at a profit and still maintain the benefits of the ARPA grant.  We were informed by the current owner, Sertoma-Star (a 501c(3) non-profit organization) that their Board wished for the property to be continued to be used for the benefit of the people of Crete Township, thus they are willing to sell it to the Township below market price. 

The Town Fund (operated by Crete Township for its non-road operations) makes up only about 1.62% of a typical property tax bill. for those in the unincorporated area.

We will have a presentation of the details and public Q&A during the Special Town Meeting.  We look forward to seeing you then.
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