The village of Lombard this week finalized plans to build a convention center and hotel financed with $160 million of bonds, announcing that Westin Hotels & Resorts will operate the complex in the Chicago suburb.
The village plans to come to market in late January with three tranches of debt to be sold through the Lombard Public Facilities Corp. The bonds will be backed by hotel, motel, restaurant, and sales tax revenues. One portion will carry bond insurance, according to finance director Len Flood.
On Monday, the village announced the final agreement with Harp Mid-
America to develop the 500-room hotel and 60,000-square-foot conference center.
The village is one of three Chicago-area suburbs that have plans to build hotel and convention centers. The Lombard center is expected to be complete by 2006.
The village is located in growing DuPage County.
