SportsPlex Bond Issuance Deadline to be Missed

Representation of the SportsPlex entrance across from where Rt. 176 meets Rt. 47 from the east.

A press release has arrived from Lakewood Village President Erin Smith about the financing of the McHenry County SportsPlex, which the village approved for the west side of Route 47 opposite the south leg of Route 176. Here it is:

Village President, Erin Smith, made the following statement regarding the Sports Complex proposed for development on the west side of Route 47, just south of Route 176:

“The Village of Lakewood was informed yesterday that the sale of bonds required to finance the Sports Complex will not be completed by the December 31st deadline as required for Recovery Zone financing.

Erin Smith seen making her pitch for approval to the McHenr6 County Board.

“Missing this deadline means the project forfeits eligibility for $18M in tax-advantaged Recovery Zone Bonds.

“These bonds were first approved by the McHenry County Board and then transferred to the Upper Illinois River Valley Development Authority (UIRVDA).

“This news is disappointing, but does not mean that the project will not proceed.

“Andrew Hamilton, Executive Director of UIRVDA, reaffirmed UIRVDA’s continued support of the project today. UIRVDA has the authority to issue taxable bonds which could replace the Recovery Zone portion of financing.

“A representative from Stern Brothers, the firm responsible for the sale of the bonds, indicated they have identified investors interested in purchasing the bonds, but the terms and conditions of the sale could not be finalized by December 31st.

“I am proud of the way our Village Board and Village Staff have supported this project and grateful for the support we have received from elected officials at the County, State and Federal levels.

“There is risk associated with any commercial development and, recognizing this risk, the Village Board has not committed any tax dollars from Lakewood or McHenry County residents.

“We will meet with the development team after the holiday to assess the impact
of the delay in financing.

“Lakewood remains strongly committed to commercial development along the Route 47 corridor and we are hopeful that the Sports Complex will be an integral part of our plan.

“We are also confident that other suitable projects will come forward as the intersection of two major State highways makes this one of the most desirable development locations in the County.”


SportsPlex Bond Issuance Deadline to be Missed — 13 Comments

  1. It read like people are making it up on the fly with no real commitments behind the “plans.”

    In other words, a hope and a prayer.

    It looks like there is no serious money but only promoters looking for other people’s money.

    It’s all based on a rising economy where people secure in their jobs will spend more recreational dollars.

  2. I don’t understand the whole bond issue, but it does seem like it will be even harder to sell taxable bonds.

    It would be much cheaper (and thus have to raise less money) to put the Sportsplex at Red Tail where sewer and water are already available. Also, there is more acreage, in one parcel rather than piecemeal like the proposed sites.

  3. Lakewood bit off more than they could chew with this project. Commercial development is inevitable on 47, but the sportsplex is not the best fit.

  4. Maybe Smithwood should invest the $5MM she was intending to spend of our tax dollars and develop the business the village already owns – RedTail. BUILD A CLUBHOUSE!!! The return is more than likely better (and faster) on food and and liquor than the sportplex.

  5. GR, you are right. The money already spent by Smithwood would have been a good start to upgrading RedTail.

  6. Erin Smith should invest in a snow plow, lawn mower to clear the part of Pleasant Valley Rd they had to annex but have no money to take care of. Pleasant Valley Rd was always one of the cleanest streets because Dorr Township took care of it. Now when you turn off RT.47 onto Pleasant Valley Rd it’s like going through the ghetto until you pass Swanson Rd. were Dorr Township maintenance starts .Why did Lakewood annex it if they can’t maintain it the way it used to be.

  7. Smithwood what does cost for the bondo for your face get rid of her

  8. They lost 18 mil in bonding no problem forget the sewer and water just use outhouses and hand sanitizer to give it the Lakewood trademark touch.

  9. I usually ignore the same constant negative commentors here, because truthfully, you people are the lowest form of human life. I would like to say, can the bashing, name calling, complaining, and loads of whining, just cease for one day. I am not a fan of the sportsplex either but my gosh, its Christmas, and you people feel the need, to waste your breath with clever screen names, to post on some small time local blog. Really? Really, what does it accomplish but making yourself more angry. Is your life that empty? Its amusing to me and embarrassing for you. Please have Merry Christmas and a safe one. Take care.

  10. Sterns Bros has been aware of these bonds since December 2009 and NOW they couldn’t finalize the terms and conditions of the sale by December 31st 2010—who are they kidding?????

    If this project was so desireable and profitable to investors why weren’t they waiting in the wings and chomping at the bit to buy these bonds….Doesn’t it make you wonder?

  11. I would have to say that the lowest forms of human life are those pushing things through with no regard for others. Those that stand to gain financially at the expense of others and find it ok to threaten those that dare say NO to something that will wipe out everything they have ever worked for.

  12. Christine you have not ignored anything you are part of the queens moles. You moles are the lowest form of human life. If we should not respond to articles on holidays then why was it released on a holiday weekend? In hopes no one would see it same trick all politician do .

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