Wednesday, Nov. 04, 2009

Collinsville Area Recreation District approves $1.1M in bonds

COLLINSVILLE -- The park district is partnering with other public entities to protect a wetland while refinancing some debt.

The Collinsville Area Recreation District board approved issuing $1.1 million in bonds Tuesday, most of which will go to making payments in December and June on long-term, higher-interest debt.

Director Mark Badasch said this will help the district apply later for "Build America" bonds created by the federal stimulus package that would let the district recoup 35 percent of its interest payments through federal subsidy.

Badasch said the bond issue should not affect the district's tax rate.

About $300,000 of the money will help fund a new maintenance building in Pleasant Ridge Park and CARD's part of the Arlington Wetland project.

CARD has joined with Madison County and Southwestern Illinois Resource Conservation Development to buy 80 acres of wetlands for preservation and to help protect the area from flooding.

Badasch said CARD's part is about 7.5 acres, with the bulk of the purchase coming from Madison County. Eventually they hope to put in a wetlands educational and interpretive center, he said.

Arlington Wetland is located north of Horseshoe Lake Road and west of Interstate 255.

Other pending projects from CARD, not included in the bond money, include permanent restrooms at Willoughby Farms; building a skateboard park next spring in Glidden Park, Collinsville; and waiting on word for a state grant to develop Pleasant Ridge Park in Maryville.

Contact reporter Elizabeth Donald at edonald@bnd.com or (618) 659-0985.