the Building will emphasize flexibility. A primary feature is a home
for the performing arts. None of the several very talented performing arts
groups in Libertyville has a home. The Brainerd Auditorium and perimeter rooms
could provide rehearsal and performance space in one location. Lower
level spaces would be ideal for set and prop storage. Rental fees that now go
to barely adequate venues would be better spent in support of the Brainerd
Community Center. Other uses such as receptions and banquets would
generate substantial additional revenue. A long-term lease with the
Building’s owner, H.S. District 128, calls for annual payments of
The estimated contractor costs to fully restore the building and gain a full
occupancy permit for ongoing use is $10.7MM. A referendum authorizing the Village to issue an $11.5MM, 10 year bond
to finance the project and associated costs will be included on the March 18, 2014 ballot. If
approved, the Village can issue bonds that will result in a temporary $142
annual property tax increase based on a market value of
$300,000. The tax increase ends after 10 years.
If the referendum fails, the Building
will likely be torn down at significant taxpayer expense. Estimated tear down costs are close to $1,000,000. Improvements to
the property i.e. new parking lots and tennis courts will push the estimated total cost to
taxpayers even higher.
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