The Arlington Heights Park District uses funding from voter-approved bonds, grant funds, land dedication funds, recreation funds and non-referendum general obligation bonds. The following summarizes some of the funding sources for the Capital Improvement Plan. View the Park District's current Capital Improvement Plan.
represent pay‐as‐you‐go contributions from the operating revenues for capital projects specific to the fund making the contribution. The NWSRA Fund assists in making the existing facilities accessible as required by ADA (Americans with Disabilities Act).
Land Dedication Fund Contributions
are cash contributions received from developers in lieu of land for the development or improvement of parks in the area of development within the District. Financing is provided only through cash contributions received in accordance with the Village of Arlington Heights ordinance. The Land Dedication Ordinance requires developers and subdividers to dedicate 9.9 acres of land for each one thousand persons; contribute cash in lieu of land ($165,000 per acre); or a combination of both for park and recreational purposes. Criteria and formulas for the calculations are provided in the ordinance. The Land Dedication Fund has provided over $3 million in cash, in lieu of land, from developers for capital improvements in parks near major developments.
are grant funds from the Open Space Lands Acquisition and Development Act (OSLAD). The Act provides for grants to be disbursed by the Illinois Department of Natural Resources to eligible local governments for the purpose of acquiring, developing and/or rehabilitating lands for public outdoor recreation purposes. The Park District submitted a grant request for a $400,000 grant for the master plan improvements at Frontier Park.
Interest and miscellaneous
represents interest income earned on the capital projects funds’ investments and other miscellaneous revenues related to capital projects.
Non-Referendum Limited General Obligation Park Bonds
are bonds that are secured by the full faith and credit of the issuer. General obligation bonds, issued by local units of government, are secured by a pledge of the issuer’s property taxing power. The legal debt limit for non‐referendum bonds is .575% of assessed valuation ($19 million). The Park District has the capacity to issue $6.4 million in bonds; however, the debt service on these bonds is limited to $1,937,237 per year. The Park District uses the funds from these bonds to fund capital improvements and development, to maintain and improve parks and facilities, acquire land and replace outdated equipment. In October 2010, the Park District issued $1.9 million in general obligation park bonds for the funding of three years of the capital improvement plan.
Referendum General Obligation Park Bonds
are bonds that are secured by the full faith and credit of the issuer. General obligation bonds issued by local units of government are secured by a pledge of the issuer’s property taxing power and must be authorized by the electorate. The legal debt limit for the Park District bonds is 2.875% of assessed valuation ($100 million) for total debt including referendum and non‐referendum bonds. The Park District has approximately $70 million in legal debt margin.
PARC Grants (Park and Recreational Facility Construction Act)
were created by Public Act 096‐0820 effective November 18, 2009 to provide grants to be disbursed by the DNR to eligible local governments for park and recreation unit construction projects. Park or recreation unit construction project means the acquisition, development, construction, reconstruction, rehabilitation, improvements, architectural planning, and installation of capital facilities consisting, but not limited to, buildings, structures, and land for park and recreation purposes and open spaces and natural areas. The Park District received a PARC grant of $2.5 million for the Camelot Park Community Center.
For more information please contact the fINANCE Department at 847-506-7878.