ROCKFORD (WIFR) -- Another half a million dollars in state grants is set aside to turn the downtown Ingersoll building into an indoor sports complex.
That half a million going was supposed to pay for renovations at Davis Park, instead the council will use that money to pay for design work and the ultimate construction of the sports facility. It will have 7 basketball and 14 volleyball courts. Nearly $9 million, including the money approved Monday night, is coming from various state grants. That leaves the city on the hook for $ 12 million. Aldermen hope to get additional help from the Rockford Park District and the new increase hotel tax in Winnebago County. Some aldermen remain hesitant on the project because it would mean a yearly loan payment of more than $800,000.
“If tournaments are slow during certain parts of the years through this bond of 25 years we need to make sure that we can afford it every year because once that payment is in place, it goes on for 25 years no matter if it’s a slow period of time in the economy or not," says 14th Ward Alderman Joe Chiarelli.
The state has to approve this change in funding. Aldermen believe all the figures will be in place in about by the beginning of March and that is when they'll vote to take out the loans on the project.