On Wed., Feb. 6, 2019, Oak Brook Park District closed on a $15.8 million purchase of the 34-acre property located at Jorie Boulevard and Kensington Road.
The property, which is currently being referred to as “Central Park North,” is now owned by the Oak Brook Park District and available for the public to use and enjoy from dawn to dusk. The park district plans to begin making improvements to the property this spring.
Oak Brook Park District Executive Director Laure Kosey says the park district is going to rely on the community to determine the official name of the park, prioritize projects, and amenities. Residents should be on the lookout for focus group invitations and surveys regarding the property. “We are excited to engage our residents to make sure we are best serving the needs of the community,” says Kosey.
Voters overwhelmingly approved a referendum that allowed the park district to issue $17.9 in bonds to purchase and improve the property at the Nov. 6, 2018 election. The measure passed with 68% voter support.
Once voters ok’d the referendum, park officials sought a bond rating in order to obtain the lowest interest rates possible when issuing the voter approved bonds. On Wed., Dec. 26 the Oak Brook Park District received official notice that Moody's Investor's Service assigned the park district an Aaa rating with a stable outlook, the highest rating available. $17.9 million in bonds were issued through a competitive sale. The park district will use the remaining $2.1 million in bond proceeds to make improvements to the property over the next three years.
According to Oak Brook Park District Park Board President, Sharon Knitter, the board and staff are looking forward to working with the community to develop creative plans for the property. “We were thrilled to receive such strong direction from our residents and we are happy to preserve and improve this open recreational space in ways that align with their vision for Oak Brook,” says Knitter.
More information on upcoming projects will be posted here.