Yorkville voters will be asked to weigh in on whether or not the United City of Yorkville should purchase the REC Center, which the city has been leasing for about five years.
A referendum question on the ballot reads:
“Should the United City of Yorkville purchase the Rec Center to operate as a public recreation facility through a 20- year installment purchase contract at a purchase price not to exceed $ 2.5 million with interest at a rate not to exceed 6% per year?”
A "yes" or "no" vote will provide guidance to city council members on how to procede.
The REC Center currently has 1,400 members. Over 3,000 people use the facility every month, according to city documents. These members will pay for the purchase through membership fees and other recreation revenues.
According to documents the city’s monthly payment will be approximately $18,000 per month if the city moves forward with a $2.5 million purchase. The current lease is $19,000 per month. If purchased, the city will receive income from rental facilities in the building at $4,500 per month, and will not have to pay property taxes on the facility, which are currently $5,500 per month.
Based on current projections, city officials expect the REC Center to run a profit of between $1,000 and $3,000 per month.
Additional information on the city’s proposal can be found here.