From bond analyst Steve Willson:
Concerning Healthbridge
The Crystal Lake Park District is considering the purchase of the old Centegra Healthbridge facility.
Will this purchase fulfill unmet recreational needs at a reasonable cost, the job of the Park District? \Let’s examine the issue.
Centegra Healthbridge was a fitness center with a swimming pool.
With at least half a dozen fitness clubs in Crystal Lake, there is no unmet need for more.
The Park District will simply duplicate existing services and compete with local businesses, without paying property taxes or income taxes, and with a property tax subsidy.
Sage YMCA‘s swimming pool is available to the public without a membership.
If the Park District buys the old Centegra Healthbridge, it will duplicate available resources while financially damaging a venerable not-for-profit organization that has served the community for almost 60 years.
Is the Park District likely to buy and operate this unnecessary facility without losing money and raising property taxes?
Consider this: Northwestern closed Healthbridge years ago and no for-profit company has bought the facility to date.
These facts should give the Park District Board significant pause.
If the Board sees its job as watching out for the taxpayers, it will think very hard about whether it really needs to buy this white elephant.
But if the Board sees its job as making the Park District as big as possible, without asking obvious, business-like questions, or caring about damaging local businesses and Sage YMCA, it will proceed.
