The Chicago Heights Park District Board agreed Monday night to take out a loan to pay for capital expenses.
David Gonzalez, the park district’s financial consultant, said the district will solicit bids from local banks for a loan of about $1.4 million that must be paid back by December.
The district expects to pay between $25,000 and $40,000 in interest, depending on the interest rate obtained, Gonzalez said.
The money will cover maintenance work at the district’s parks and recreation building, parking lots and two 9-hole golf courses among other improvements, according to district officials.
Distributed via Chicago Press Release Services