The Chicago Tribune reports that the Kane County Board will require the minor league ball team that rents its Elfstrom stadium to pay for improvements to the stadium.
Unlike McHenry County College’s board, the Kane County folks aren’t putting the taxpayers on hook, if secretly projected revenue does not materialize.
How different are the statements of John Hosheit, head of the Kane County Forest Preserve District (composed of all the county board members) and the Kane County Cougars ownership group. Take a read at what Tribune reporter William Presecky wrote:
Indirect quote from Horscheit:
“Under its agreement with the Cougars, now in their 17th season at the stadium, the team is required to cover any project costs in excess of $5 million or reduce its scope accordingly.”
Direct quote from Jeff Sedivy, Cougars general manager:
“Our ownership group remains committed to getting this done in this off-season and will try to work as fast as we can within the governmental bid process that we have to follow.”
So, if the Kane County team doesn’t earn enough money to pay back the bonds, the bond holders lose, not the taxpayers or students, as in the case of the McHenry County College baseball stadium venture.