Bradley was already in the deep end when it came to the funding of the planned indoor water park.

On Monday, the Village Board approved its previously discussed second – and significantly larger $51 million general obligation bond sale – clearing the way for the estimated $80 million construction of a 2-acre indoor water park at the northeast corner of Interstate 57’s 315 interchange.

Development of the massive water park is anticipated to begin by no later than mid-2026.

In March, the board approved the sale of $29 million in government obligation bonds, which would be repaid over 20 years.

About six weeks ago, the board held a public hearing at which the $51 million bond sale was the subject. There were no public objections or questions to the planned sale.

The water park is set to be developed on the Northfield Square Mall property the village bought in February for $6.5 million from Namdar Realty Group of Great Neck, New York.

In mid-September, the Village Board gave its go-ahead on the bond package. When this bond package eventually moves forward, it is likely to have a 25-year repayment schedule.

The exact timing of when the bonds will be taken to the market has not been determined. The administration is hoping interest rates could yet come down and perhaps dip below 4%.

After the board meeting, Mayor Mike Watson said the bonds can be sold even after the ground is broken.

The water park is expected to take at least 18 months to construct. At the earliest, the park would be ready for visitors by late 2027.

According to a study completed for the village, the park’s first year of operation is projected to have attendance of 410,550, and by 2037, the park’s 10th year, attendance could reach just under 500,000, with a projected total of 479,448.

The park could accommodate 1,700 to 2,000 people at a time and draw patrons from a four- to six-hour drive.

The travel radius for park visitors is expected to reach far beyond northern Illinois. Park developers said a development of this magnitude would attract from across the Midwest, reaching southwest Michigan, Indianapolis, St. Louis and Des Moines, Iowa.