Premium Partners

Park District to Add Indoor Pool with Purchase of Gold's Gym has partnered with LexisNexis to bring you this content.

Copyright 2013 Paddock Publications, Inc.

Chicago Daily Herald
October 3, 2013 Thursday
NEWS; Pg. 1
325 words
Board moves on gym
By Bob Susnjara Twitter: @DHBobSusnjara By Bob Susnjara

Gurnee Park District commissioners have authorized borrowing $8.5 million for the purchase of the former Gold's Gym near the Tri-State Tollway.

Board members at a meeting Tuesday night voted in favor of borrowing the cash by selling $8.5 million in bonds to investors. Officials said a total $10.5 million eventually will be borrowed for the deal and won't cause a property tax increase.

Park officials said buying the gym for about $9.1 million will allow the agency to add an indoor swimming pool to its portfolio, offer more group exercise space and create extra recreational opportunities. The park district already operates a fitness center at Hunt Club Park on the village's west side.

Executive Director Susie Kuruvilla said the tentative closing date for the purchase is Oct. 15, but it may be pushed back.

"It is the park district's intent to start selling memberships the day after we take ownership," Kuruvilla said.

To rebrand the facility and do a deep cleaning, Kuruvilla said, the park district plans to close the pool and fitness area for roughly two weeks after taking control of the gym at 1655 Nations Drive, just east of the Tri-State Tollway.

Gold's Gym planned to close later this year. Opened in 1999, the facility covers 75,000 square feet, with features such as the five-lane lap pool, saunas, steam rooms, two hot tubs, a gymnasium, group fitness studios, a spin room and spacious locker rooms.

Officials said the $10.5 million will cover the $9.1 million purchase and facility upgrades. Officials said the money is being borrowed in two stages to obtain lower interest rates.

After the $8.5 million is obtained from the first bond sale, officials said, the final $2 million should be secured early next year. Plans call for Gold's Gym customers to be shifted to park district memberships when the sale is finalized.

"We are very excited that our plans are finally becoming a reality," Kuruvilla said.

Twitter: Gym: Facility opened in 1999

October 3, 2013

Copyright © 2013 LexisNexis, a division of Reed Elsevier Inc. All Rights Reserved.
Terms and Conditions Privacy Policy
Buyer's Guide
Information on more than 3,000 companies, sorted by category. Listings are updated daily.
Learn More
Buyer's Guide
AB Show 2022 in Orlando
AB Show is a solution-focused event for athletics, fitness, recreation and military professionals.
Learn More
AB Show