$37 Million In Taxpayer Funds At Stake? Joliet OKs Dick's House Of Sport, 'No Funds Are Provided Upfront'

(The following edited press release came from Sydney Thompson, the city of Joliet's director of media engagement.)

JOLIET, IL — At Tuesday night's meeting, the Joliet City Council approved an updated development agreement to
advance Rock Run Collection and a key catalyst for the next phase is Dick’s House of Sport, a new retail concept from Dick’s Sporting Goods that goes beyond traditional sporting goods retail by combining a full-line store with interactive athletic experiences, training spaces, and sports-related programming.

Dick’s House of Sport will serve as the anchor tenant for the next phase of the development helping to attract big-name national retailers and elevating the overall quality and scale of the development.

As part of the agreement, the city of JOliet has structured a $37 million general obligation bond on a pay-for-performance basis, meaning no funds are provided upfront and financing is issued in phases as the project meets key milestones including store openings, executed leases and vertical construction.

The GO bond will only be repaid using new revenue generated by the project, specifically sales tax.

These payments will not be made upfront and will be paid only after the city of Joliet receives revenue generated by the development. This ensures the city is paid first and significantly reduces financial exposure.

“This structure ensures accountability by the developer at every stage,” Mayor Terry D’Arcy proclaimed. “The City only carries financial risk in proportion to the project’s success against clearly defined performance measures.

“Rock Run Collection represents a transformational investment in Joliet’s future, and Dick’s House of Sport is a game-changing anchor that helps the development reach its full potential. This isn’t just about tenant, it’s about creating a destination that attracts high-quality retailers, generates jobs and drives long-term economic growth," D'Arcy's comments continued.

Located at the intersection of Interstates 55 and 80, where approximately 228,000 vehicles pass daily, Rock Run Collection is poised to become a major regional draw and is designed to be accessible across a wide range of price points, ensuring it serves residents and visitors with diverse needs and preferences. Envisioned as a hybrid lifestyle center combining retail, dining, residential, and entertainment uses, Rock Run Collection will serve both daily needs and
regional visitation.

This next phase of the project is expected to generate significant economic impact, including approximately 8,000 construction jobs and 5,000 permanent jobs across multiple sectors.