The Upper Illinois River Valley Development Authority is moving ahead with a plan to fund up to $50 million in revenue bonds for a proposed cricket stadium on the west side of Oswego.

The authority issues low-cost bond financing for capital improvements. It serves several counties, including Kendall, Kane, Bureau, Grundy, Lake, LaSalle, Marshall, McHenry and Putnam.

The authority’s board of directors on Jan. 13 unanimously voted to approve a resolution determining the intent of the Upper Illinois River Valley Development Authority to issue revenue bonds in an amount not to exceed $50 million.

The bonds would be loaned to the nonprofit Breybourne Foundation Inc. for the proposed Breybourne Stadium.

The professional cricket stadium with a clubhouse and restaurant will be built on 33.48 acres at the northwest corner of Orchard Road and Tuscany Trail in Oswego.

As Upper Illinois River Valley Development Authority Executive Director Warren Ribley noted, the board’s action is just the first step.

“An inducement resolution is a statement of intent,” he said. “The key thing about the inducement resolution is it kind of puts the flag in the ground, if you will. Any expenses that they start incurring become eligible bond expenses that can be financed through the bonds. But before any bonds are issued, obviously we would be coming back before the board for a final bond resolution.”

He said such a project could have a significant economic impact on not only Kendall County, but surrounding counties as well.

“The U.S. Cricket Association has been looking for a location in the Chicagoland region,” Ribley said. “There’s no financial risk to the state or to the authority whatsoever. These are revenue bonds that are paid in full by revenues generated through the project and by the developer.”

He said the project will be underwritten by a local lender or an investment bank.

“We would sell the bonds to that lender, who then would parcel those out to different investors,” Ribley said.

Oswego resident Paresh Patel, chairman and CEO of Breybourne Stadium, told the board the project will be built in different phases.

In November 2023, the majority of Oswego village trustees voted to approve a special use permit for Phase 1 of the project, which involves construction of the field and wicket and installation of underground drain tiles.

They also recommended approval of preliminary concept plans for all five phases of the project. Prior to the approval of any future phases, additional traffic and parking studies and sound studies will be required.

As part of the second phase of the project, the stadium would be open for use with a seating capacity of 2,000. Phase 3 would bring the capacity up to 6,000 and Phase 4 would increase it to about 14,000 people.

With the seating increased to 14,000, the stadium would be able to accommodate national cricket events. Future plans involve completing second- and third-level stadium seating, which would bring capacity to 25,000 people.

As proposed, the stadium would be a seasonal facility and operate from April to October. According to the plans, traffic associated with the stadium will occur off-peak as games are played in the evenings and on weekends.

Nearby residents and others previously voiced concerns about the noise and traffic the stadium would generate. Patel has agreed to install a six-foot privacy fence along the west property line.

Patel plans to work with village officials to develop traffic control management plans that would discourage and prevent stadium traffic from using Tuscany Trail to the west of the facility. All stadium traffic would be directed to the Orchard Road access points.

He has said the location is well-suited for a cricket stadium.

“Orchard Road is a highly traveled regional transportation corridor which can handle heavy traffic,” Patel said.