The Village of Bradley, Illinois, is fast-tracking one of the most ambitious municipal projects in recent state history: a massive, two-acre, year-round indoor water park. Expected to be the largest facility of its kind in Illinois, and potentially the entire Midwest, the development is intended to revitalize the former Northfield Square Mall property and position Bradley as a regional tourism hub capable of drawing visitors away from destinations like the Wisconsin Dells.
The catch is that the project’s financial stability hinges almost entirely on sustained, unprecedented attendance. If the water park falls short of its revenue targets, Bradley residents face a permanent consequence: the activation of an unlimited ad valorem property tax levy that transfers the full debt burden from tourists onto local homeowners.
The $80 Million Municipal Debt
The Village is preparing for construction as early as spring 2026, with early cost estimates ranging from $70 million to $100 million. The bond package approved by the Village Board now puts the total commitment near the upper end of that range.
The project is funded almost entirely through General Obligation Alternate Revenue Bonds (GO ARBs). In October 2025, trustees approved an additional $51 million in general obligation bonds for construction, bringing the combined authorized water-park debt to roughly $80 million. This followed a prior resolution allowing a bond sale of up to $30 million.
Key expenditures already approved include:
- Land Acquisition: $6.5 million for 43 acres of the Northfield Square Mall property.
- Water Park Equipment: $20,064,654 for attractions and specialized equipment for the two-acre facility.
- Architecture & Consulting: $2.6 million to Ramaker for architectural and engineering work, and $375,000 to American Resort Management, LLC (ARM) for consulting services.
The Repayment Formula: Pledged Revenues
Because the bonds are classified as Alternate Revenue Source obligations, the Village intends to repay the debt using new economic activity generated by the project. The pledged revenues include:
- Tax Increment Financing (TIF) revenue
- Hotel taxes
- Business district taxes
- Sales and use taxes
Village consultants project Year 1 attendance of 410,550 visitors. That level of traffic is expected to generate enough revenue to cover the estimated $5.1 million annual bond payment and still leave an approximate $2 million operating cushion.
The Core Risk: The Mandatory Tax Levy
The legal foundation of the financing structure is the unlimited ad valorem property tax levy. While this clause provides strong security for investors, it exposes Bradley residents to potentially major tax increases.
Bond ordinances authorize the Kankakee County Clerk to “extend and collect tax so levied for the payment of said alternate bonds without limitation as to rate or amount” if pledged revenues fall short.
In practical terms: if the water park underperforms, Bradley must raise property taxes as high as necessary to pay off the debt.
Estimated Tax Impact if Revenues Fall Short
The Village’s revenue projections depend on extremely aggressive attendance numbers. A shortfall of even 25 percent would eliminate the entire projected surplus and begin triggering property tax obligations.
Scenario Analysis
| Scenario | Attendance | Consequence | Estimated Tax Shortfall |
|---|---|---|---|
| 75% of Goal | 307,913 visitors | Eliminates $2M profit cushion | $2.42M annual deficit |
| 50% of Goal | 205,275 visitors | Park operates at a $1.75M loss before debt service | $6.85M total deficit |
If tourism revenues were to collapse entirely:
- Tax Authorization: Village may levy up to $4,250,000 annually in direct property taxes.
- Homeowner Impact: A resident with a $250,000 home could see annual municipal taxes rise by more than $1,000.
This structure guarantees repayment to bondholders but guarantees financial exposure for Bradley homeowners.
Mitigating the Risk: The Tourism-Driven Strategy
Village officials are pushing to generate sufficient alternate revenue to avoid invoking the tax levy. Key strategies include:
- Amusement Tax: The Village sought to impose a new amusement tax aimed at capturing revenue from visitors rather than residents. The proposal has drawn questions from local businesses, including Aspen Ridge Golf Course.
- Synergy With 315 Sports Park: The water park is designed to complement the nearby $50 million sports complex. Officials expect sports tourism to provide a steady flow of overnight stays and water-park traffic.
- Strong Financial Position: Bradley currently maintains an S&P AA credit rating, considered extremely strong for a municipality its size. Officials believe this reduces long-term borrowing risk.
- Strategic Delay of Bond Sale: Village leadership is considering delaying the full $51 million bond issuance to secure lower interest rates, which could reduce total repayment costs and lessen pressure on the pledged revenue streams.
Final Assessment
The Bradley indoor water park is an unusually bold municipal gamble, effectively positioning the Village as a large-scale tourism developer. Whether this becomes a transformative regional success or a long-term tax burden depends entirely on whether the anticipated surge of visitors materializes.
The central investigative question remains:
Will the projected tourism dollars flow, or will Bradley homeowners ultimately pay for the state’s largest indoor water park through an unlimited property tax levy?
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