Village OKs $28M Bond Sale for Lewis Projects

The village will act as a middleman to help obtain tax-free financing for up to $28 million in construction projects at its Romeoville campus.

Trustees on Wednesday OK’d a proposal to sell $28 million in revenue bonds to Wells Fargo Bank and lend the proceeds to the university. In turn, Lewis will be solely responsible for paying back the bonds, which have a 30-year term, Finance Director Kirk Openchowski told trustees.

“The village would have no obligation for repayment,” he noted.

Mayor John Noak explained that going through the village will allow the university to access tax-free bonds and lower financing fees.

“They’re just using us as a conduit,” he said, adding the village and Lewis previously entered into a similar pact to fund the construction of a new residence hall on the campus.

“Going through us saves Lewis University a lot of money,” Openchowski added, noting the university will pay $20,000 in fees to the village, as opposed to the $60,000 or $80,000 it would pay in the open market.

The revenue bonds will help pay for projects including the university’s new science building, renovations on the existing science building, the installation of elevators, an addition to the fine arts building and parking lot improvements.