County Board Committee Set to Award $15 Million in Bonding Authority to Baseball Stadium Tuesday

Toot, toot.

Or is it,

“Hoonk, hoonk?”

That train speeding down the track is the one delivering authority for the Woodstock baseball stadium developer to use $15 million in Federal Stimulus Bonds to finance their proposed stadium.

The beneficiary of this largess is Equity One Development Corporation. The application form lists Mark Houser as the 100% owner of the firm.

Here are a couple of relevant sections of the proposed resolution:

Section 1. The County meets certain conditions specified in the Act required to designate the County as a Recovery Zone, those conditions being a significant increase in the unemployment rate, an increase in the rate of home foreclosures, and general distress and the County has been designated as a Recovery Zone.

Section 2. The County Board hereby approves the Project submitted by Equity One Development Corporation and designates $15,000,000 of Recovery Zone Allocation to Equity One Development Corporation for the issuance of Recovery Zone Facility Bonds to finance the Project.

Section 3. The Allocation shall be used to issue bonds to finance the Project and said Bonds must close no later than March 1, 2010. In the event the Bonds do not close by March 1, 2010, then the Allocation shall expire and revert back to the County.

Section 4. All actions of the officers, agents and employees of the County that are in conformity with the purposes and intent of this Resolution, whether taken before or after the adoption hereof, are hereby ratified, confirmed and adopted.

Here are the committee members who will meet next Tuesday at 9:30:

Chairman: Marc Munaretto

Vice Chair: Lyn Orphal
Members: Scott Breeden, John Hammerand, Tina Hill, Daniel P. Ryan, Mary Donner

Up for election this year are

  • Lyn Orphal in the Crystal Lake-Lake in the Hills District 2
  • Tina Hill in Woodstock-Lake in the Hills-Huntley District 5
  • Dan Ryan the Huntley, Marengo, rural Woodstock, Harvard, Hebron, Alden District 6

In yesterday’s article about this pending decision, I laid out the campaign opportunities it would offer Democrats.

The light at the end of this tunnel could be what Democrats planning to run for county board are seeing.

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