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Board amends YMCA agreement to allow early site work; approves $1.25M escrow payment
Summary
Trustees approved a first amendment to the village's agreement with the Greater Joliet Area YMCA to permit earlier site work and to defer certain preconditions to financial closing; the board also approved payment of $1,250,000 into the Midland States Bank escrow as required by the agreement.
The board approved a first amendment to the Village of Shorewood's agreement with the Greater Joliet Area YMCA that allows an earlier closing so the YMCA can begin site work and potentially avoid a construction-season delay. The amendment defers several preconditions (the mortgage vesting, subcontractor lists and building‑permit/PUD approvals) to the later "financial closing," while keeping the financing commitments intact.
YMCA representatives said construction documents would be complete within days and that enlargements to the facility have increased the fully designed footprint to 59,915 square feet with a project budget of about $22,000,000. The YMCA said the design includes an expanded pool (from 6 to 8 lanes), an enlarged wellness center and additional community space; the group projected construction could begin in fall and an opening targeted for April 2026 if site work begins now.
"We're currently sitting at a budget of around 22,000,000, and the YMCA is fully committed to helping to make sure that we will fund that full project beyond the village's investment," the YMCA representative said, while the village attorney summarized that the mortgage and some closing preconditions would be deferred until the financial closing.
Following the amendment's approval, the board approved the contractual payment into escrow: $1,250,000 into Midland States Bank per the March 12, 2024 agreement. Trustees discussed limiting the village's exposure and requested explicit documentation of the YMCA board resolution affirming the YMCA's funding commitments; YMCA representatives said the resolution had been provided to village counsel and could be added to the agreement if desired.
Trustees indicated plans for a groundbreaking ceremony if the site work proceeds and the board expects further permit and PUD submissions for final approvals.
