Move to save $100K a year

Heather Wright/The Independent

Warwick Township now owns its municipal building.

The township moved into its new office in Watford on Nauvoo Road in April 2022. The Watford Investment Group which removed a block of old buildings in the downtown and erected a new plaza and home for Libro Financial.

Council approved the construction and work began April 2021. The 25-year lease was signed July 20, 2021 giving the the township the option to purchase the building after four years. The township was paying nearly $13,500 a month in rent to the developer or just over $167,000 the first year. In 2026, after the lease rate increased in line with the Consumer Price Index, the lease cost was $260,000.

The lease of the building was controversial at the time and became an issue in the 2022 election.

Friday, the township announced it has reached a $2.5 million agreement with Watford Investment Group to buy the building. “One of council’s goals this term was to purchase the municipal office building to save money for our residents,” said Mayor Todd Case in a news release. “Municipalities should own as much of their essential infrastructure as possible.”

Officials say the move will save the municipality $100,000 a year.

If Warwick leased the building for the full 25 years, it would have spent well over $4 million in lease payments.