Headed by Lake in the Hills’ Louis Tenore, Jr., a group of investors is seeking permission to obtain $18 million in Federally-subsidized stimulus money, according to a document posted on the McHenry County Board’s web site.
The proposed McHenry County Sportsplex will be mainly on the west side of Route 47 where it joins with Route 176. That area is within the planning jurisdiction of the Village of Lakewood. Background on the project can be found here.
While discussions have been going on for a considerable length of time, the application says that the Village of Lakewood will not act on annexation and approval of the project until next March.
Issuance of the $18 million in bonds, if approved by the county board, is scheduled for April 15th. Construction would begin January 1, 2010, with completion six months later.
If approved, unless more Federal stimulus money is found, the current $27.5 million allocation of Federal Stimulus Bonds would not seem to have enough remaining to also provide the $15 million in financing that the Woodstock minor league baseball stadium promoters are seeking.
SportsThe time table listed seems a bit optimistic, given the stated March approval by the Lakewood Village Board.
The name of the limited liability corporation which will own 30% of the project is MCSMG LLC. It was formed on May 12, 2009.
The Illinois Secretary of State’s Office lists it as “McHenry County Sportsplex, LLC.”
McHenry Sportsplex E-5 Fund LLC, established August 21st of this year and located at 111 E. Wacker Drive in Chicago, will own the other 70%. According to the Illinois Secretary of State’s Office, it is related to McHenry Real Estate and Property Investments, LLC. The fund proposes to invest $27 million in the project.
This is how the document says the $40 million will be spent:
- $6 million – land acquisition
- $6 million – site development
- $24,100,000 – new construction
- $500,000 – furniture and fixtures
- $2.9 million – professional fees
Getting the project off the ground will produce 524 temporary jobs, the application says. 420 permanent jobs will be created. Annual payroll after the first year is estimated to be $14.1 million or almost $36,000 per person per year.
The investment banking firm is identified as Stern Brothers. The bonds will be privately placed.
Kitak, Rock, LLC, will be the bond counsel.
Legal counsel is Mike Moody of O’Rouke and Moody at 55 W. Wacker Drive, Chicago.
The application is dated December 16th.
An attachment showing local labor, supplies and materials to be used is not posted on the county’s web site. Another attachment explaining the project is also not attached.