Lisle citizens who attended a Special Meeting of the Village of Lisle Board of Trustees on May 31, 2016 were surprised to learn that the Village of Lisle failed to conduct independent annual audits of the financial statements of operations of the Village of Lisle - Benedictine Stadium Complex from 2010- 2016.
The "informal" reports that Benedictine University submits to the Village of Lisle show $2.6 Million in total losses since the Stadium Complex opened in 2004.
In 2004, the Village issued $6.4 Million in General Obligation (Alternate Revenue Source) Bonds payable from the facility revenue and from hotel taxes. Hotel tax revenue for FY 2015-16 remains 39% below its high in 2007.
The Village does not have sufficient revenue to make the remaining bond payments, including a $2.3 Million balloon payment in 2024. There has been much controversy on the the options for refinancing the debt and the desire for a ballot referendum.
The Village of Lisle is refusing to voluntarily place the question of bond refinancing on the ballot.
Why? Perhaps because the Village Board knows that voters would reject the proposed refinancing plan that extends payments out to 2033 and permanently removes Benedictine University's obligation to contribute net operating revenues to the bonds fund? OR perhaps the Village Board knows that voters would reject the proposed refinancing plan because it would limit Village of Lisle public use of public-private sports complex to 5% or about $15,000 of use events per year?
Benedictine University can purchase the $6.4 Million in publicly-funded improvements in 2029 for $1.00.
