SportsPlex Financial Considerations Lakewood Village Board Will Consider Tonight

Willl the SportsPlex team hit a home run at the Lakewood Village Board meeting Tuesday night?

The Lakewood Village Board will be considering whether or not to extend the agreement it has with Len Tenore and fellow developers of the McHenry County SportPlex tonight.

One of the findings in last summer’s consideration in public without prior release of supporting documents is the following finding:

“Developer meets high standards of credit worthiness and financial strength as demonstrated by documentation previously tendered to and reviewed by the Village”

That’s finding number 5 on page 4 of the 62-page ordinance.

Page 32 has a paragraph entitled, “Uncontrollable Circumstances.”

Here is the content:

“If the performance of any covenant to be performed by any party is delayed as a result of any covenant to be preformed by any party (which circumstances may include acts of God, war, acts of civil disobedience, strikes or similar acts but which circumstances explicitly exclude financial, financial, financing or market related circumstances), the tie for such performance shall be extended by the amount of time of such delay.” (Emphasis added.)

First Electric Newspaper publisher Pete Gonigam has an article today telling about “liens on his (Tenore’s) home and factory.”

He also supplies a time line which shows financial problems before the McHenry County Board approved in Federal taxpayer-subsidized loans to the project.

Leave it to a Columbia Journalism School graduate to do the research.


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