McHenry County Blog

Yesterday, McHenry County Blog showed you the letter from the Chicagoland Foreign Investment Group saying that it would raise $27 million “for construction and operation of the (McHenry County SportsPlex” sports facility complex to be constructed in McHenry County.”

That was dated December 1st, but just given to county officials on January 28th.

Today, take a look at a February 5th letter from Stern Brothers & Company.

Click to enlarge.

It says the firm will find “sophisticated investors…in tandem with a sophistical investment letter…”

Then, there are two “if’s.”

• The operating LLC raises $8 million in equity, and
• The project is located in a Targeted Employment Area and CFIG (Chicagoland Foreign Investment Group) commits $27 million in long-term take out financing.

Miyun Cho, Managing Director, signs the letter.

The December 1, 2009, letter you see below was given to McHenry County officials on January 29, 2010, according to the date stamped on it.

Click to enlarge.

The Chicagoland Foreign Investment Group, known for short as the EB-5 company, pledges to provide funding up to $27 million to McHenry County SportsPlex ”for construction and operation of the sports facility complex to be constructed in McHenry County.”

“The funding is contingent,” the letter from Taher Karneli says, “ upon the $8 million in equity to be raised by the equity group as well as several factors relating the the EB-5 Program and the requirements of various Federal laws that govern the program.”

The letter goes on to point out that the money supplied is intended to repay the financing provided by bonds issued through McHenry County.

One of the factors alluded to might be a necessity to broaden the investment mission of the EB-5 entity. This was discovered by Pete Gonigam of the First Electric Newspaper.