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Macomb council adopts $6.5 million revenue bond to fund Wesley Village assisted‑living conversion
Summary
The Macomb City Council adopted a resolution authorizing a revenue bond not to exceed $6.5 million to loan proceeds to Wesley Village to refinance existing debt and fund an assisted‑living conversion; council and bond counsel said the financing is conduit‑style and carries no liability for the city.
The Macomb City Council on a unanimous vote adopted a resolution authorizing the issuance of a revenue bond for the Wesley Village Project not to exceed $6,500,000, providing loan proceeds to Wesley Village to refinance prior bonds and to finance a new assisted‑living conversion.
Shelley, a Wesley Village representative, told the council the package would refinance roughly $4.5 million of outstanding debt, fund conversion of the facility’s second floor to assisted living and reimburse recent capital projects. She said the project has secured nearly $600,000 in private gifts and hopes to open the assisted‑living units next fall.
Bond counsel Jody GiGiotti described the proposal as conduit financing under the Illinois Industrial Revenue Bond Act, saying the bonds would be a limited obligation of the city payable solely from payments under a loan agreement with Wesley Village and Morton Community Bank. “There is no cost to the city,” GiGiotti said, adding the repayments will be made by Wesley Village and the city would not be liable if the borrower defaulted.
Council members asked for and received confirmation that the financing would not expose city taxpayers to repayment obligations. After the discussion the council moved to adopt the resolution authorizing the mayor to enter into the loan agreement and to sell the bonds; the clerk recorded an unanimous roll‑call vote in favor.
The adopted resolution permits the city to designate the bonds as qualified tax‑exempt obligations and authorizes the mayor to execute closing documents. Bond counsel said the project was targeting a bond closing in December 2025, and Shelley said the developer hopes to have the assisted‑living conversion ready by October or November of the following year.
Next steps include finalizing documentation, mayoral execution of the loan agreement and lender closing. The council’s action authorizes the financing; Wesley Village will secure and repay the bond under the loan agreement.
