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Canlan approached the village and negotiations began. In April, the village council enthusiastically approved a two-year lease with an option to purchase the facility at any time for $ 3.75 million.
A five-month grace period taking into account COVID-19 capacity restrictions and start-up costs was part of the deal. Canlan will start paying $ 20,000 per month in rent as of December 1st.
The agreement covers the indoor sports center as well as a baseball field and an ice rink on the property. The 169,000 square foot indoor sports facility includes two full-size indoor soccer fields, several indoor courts, a climbing wall, a fitness area and other features.
The building also includes rooms for third party tenants. Hot Ground Gym, which operates a children’s gym featuring indoor obstacle courses and team-building events in Arlington Heights, is preparing a space in Libertyville for an opening this fall.
The indoor facility is one of three components of the Libertyville Sports Complex, which opened on 48 acres in 2002. The village borrowed $ 25 million in two bond issues to purchase the land and build the facilities, which included a multi-level golf practice and a mini golf area.
Both have been closed and available for sale. A plan to sell most of the property for the development of two industrial buildings is pending.
In a related case, annual debt payments on the sports complex are expected to increase from $ 1.6 million to $ 900,000 following a debt repayment and restructuring.
