The Village of Bradley, Illinois is pushing forward with one of the most ambitious tourism projects in the state: an $80 million indoor waterpark planned for the Northfield Square Mall site. Led by Mayor Mike Watson and Finance Director Rob Romo, this massive development is positioned as the centerpiece of Bradley’s long-term economic transformation.
This post gives a complete, SEO-optimized breakdown of the budget, financing, projected revenue, and long-term economic impact of the Bradley Waterpark project.
What Bradley Is Building: Illinois’ Largest Indoor Waterpark
The proposed indoor waterpark is being marketed as the largest indoor waterpark in Illinois, offering year-round operations and drawing guests from a four- to six-hour radius. Early feasibility studies projected costs between $65 million and $100 million, but the number consistently used by Village of Bradley officials has settled at approximately $80 million.
This project pairs with the nearby youth baseball–softball sports complex, pushing the village’s total investment above $135 million.
How Much It Costs: Full $80 Million Project Overview
Waterpark Cost Highlights
- Official estimated project cost: $75–$80 million
- Combined tourism strategy total: $135 million+
- Largest development project in Bradley’s history
Village leaders, including Mayor Mike Watson and Finance Director Rob Romo, have repeatedly positioned this project as a generational investment designed to shift the village’s economic base toward tourism.
How Bradley Is Paying for It: The Bond Financing Strategy
The waterpark is funded through general obligation bonds issued by the Village of Bradley. These bonds are backed by the full faith and credit of the village, and their structure forms the backbone of the project’s finances.
Phase 1: March 2025 Bond Sale
- Amount: $28.9 million (authorized up to $30M)
- Term: 20 years
- Funding source: General obligation bonds
Phase 2: October 2025 Bond Sale
- Amount: Approximately $51 million
- Term: Expected 25-year repayment schedule
Total waterpark borrowing: ~$80 million
Why Bradley’s Credit Rating Matters
In March 2025, S&P Global gave Bradley an AA credit rating, affirming what officials, including Mayor Watson and Rob Romo, cited as crucial for lowering interest costs. A stronger rating means cheaper borrowing.
Major Waterpark Costs Already Approved
Even before breaking ground (expected spring or mid-2026), the Village of Bradley approved several major expenditures:
• Waterpark Equipment & Attractions — $20,064,654
Purchased from WhiteWater West, covering:
- Water slides
- Multi-level play structures
- Spray features
- A surf machine
The early purchase was pushed by Mayor Watson due to possible 25% tariffs on Canadian-made components.
• Retractable Roof System — $10.5 Million
A glass-and-aluminum retractable roof from OpenAire, essential for year-round Midwest operation.
• Land Acquisition — $6.5 Million
The bulk of the Northfield Square Mall property was acquired to support the waterpark site.
• Architectural & Engineering Design — $2.6 Million
Contract with Ramaker for design work.
• Consulting & Pre-Opening Services — $375,000
Contract with American Resort Management.
• Initial Village Funding Commitment — $3 Million
Seed money provided early in the development process.
How the Waterpark Will Pay for Itself
Bradley officials emphasize that the waterpark is designed to be self-sustaining, with bond repayments funded through project-generated revenue, not property taxes.
Revenue Sources for Bond Repayment
- Tax Increment Financing (TIF)
- Hotel taxes
- Business district taxes
- Admissions and user fees
Projected Financial Performance
- $17.7 million in first-year operating revenue
- $10.5 million from admissions alone
- Over $2 million in annual profit after bond payments
- $1 million per year from Bradley’s amusement tax (from the waterpark alone)
- $26.77 million in new village tax revenue over 10 years
- $399 million in total economic impact over a decade
According to Finance Director Rob Romo, the long-term objective is to shift the Village of Bradley’s revenue model from property-tax dependency to tourism-driven sales tax revenue. The Bradley Waterpark is the cornerstone of that strategy.
Why Village Leaders Call This a Transformational Investment
The Village of Bradley compares the financial structure of the project to a massive mortgage on a profit-generating asset. The $80 million in bonds is the debt. The waterpark admissions, business taxes, hotel taxes, and amusement tax revenue are the repayment engine. If the projections hold, the Bradley Waterpark becomes a regional tourism magnet that finances itself and boosts the surrounding economy.
This project’s success is central to the vision laid out by Mayor Mike Watson and Finance Director Rob Romo, who have repeatedly cited the long-term economic impact as justification for the scale of the investment.
Final Thoughts
The Bradley Waterpark project is one of the most ambitious tourism investments in Illinois. With $80 million in development, aggressive bond financing, and projected annual revenue in the tens of millions, the Village of Bradley is making a bold bet on its future.
Whether it becomes the regional destination officials envision will depend on execution, tourism trends, and how accurately the revenue forecasts play out over the next two decades.
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