'It's a big win for us': Sale of Libertyville's indoor sports complex to Canadian firm now final
The sale of the immense indoor portion of Libertyville Sports Complex officially has closed for net proceeds of more than $3.13 million.
The village board on Feb. 14 authorized a sale agreement with Canlan Sports, a Canadian-firm that operates facilities in Lake Barrington, West Dundee and Libertyville.
But having the deal sealed comes with a figurative sigh of relief for village officials. For years, they've been trying to reduce what had become an onerous annual debt payment on the 48-acre complex that opened in 2002 at Peterson Road and Route 45.
"Canlan knows this type of business, and the village is excited that they have been able to reinvigorate the use of the building following the closure related to the pandemic," Village Administrator Kelly Amidei said.
Amidei said she and Finance Director Nick Mostardo within the next few weeks will prepare options for the proceeds to be reviewed by the village board.
"This is one of those things we're very, very happy about," said Mayor Donna Johnson. "It's a big win for us."
Over the years, the 169,000-square-foot indoor complex with multiple indoor sports courts and other amenities held its own. But the associated golf learning center/driving range and a third property leased for years to a mini-golf operation fell well short of expectations.
The village has been transferring about $1 million a year from general funds to meet the debt and for years has wanted to unload the properties, which were regarded as liabilities.
The driving range/golf center was sold last year for development of two warehouse/industrial buildings, with construction anticipated in the spring. A corner piece still is for sale, and there has been "good interest," according to Johnson.
Libertyville closed the indoor facility at the start of the pandemic and during that time was approached by Canlan. But because the U.S.-Canada border was closed, Canlan executives couldn't travel to Libertyville to do their due diligence on the property.
The parties agreed on a lease with an option to buy and the indoor facility reopened July 1, 2021, as Canlan Sports.
Johnson described it as a "creative workaround" to keep the deal alive.
In a Facebook post, village Trustee Matthew Hickey described it as a new chapter for the village in terms of quality and number of recreational options in town.
He said residents will benefit from the market insight, expertise, flexibility and investment Canlan will bring while the village recreation department refocuses its programs toward parks and complimenting the offerings of Canlan and others.
Hickey also said the Canlan sale, combined with the announcement Wednesday that Libertyville would be receiving a $469,000 state grant, makes 2023 one of the village's most financially successful in years.