Sunday, August 1, 2010

Foreign funding and Federal Stimulus Bonds key to 165-acre McHenry County Sportsplex project

I do not necessarily advocate sportsplexes but here is how McHenry County used their federal stimulus bonding capacity and other programs. McHenry County passed their ARA declaration in June 2009 and had it all allocated by the time Boone County passed its declaration in December 2009.  The time for allocation is almost over and Boone County’s share [approximately $2million] will revert back to the state.

Each investor has to put in $500,000, which has to support 10 jobs for at least two years. In return for the foreign investment, the investor goes through an expedited visa-application process for himself, a spouse and their children.

The sports complex, which will be on the west side of Route 47, south of the northwest leg of Route 176, has received permission to sell $18 million in recovery zone bonds to help jumpstart the project and purchase the land, which should take place by mid-October, Porter said.

playing fields for team sports such as soccer, baseball, lacrosse, basketball and volleyball. There will be a restaurant, retail space and indoor sports facilities. It is being designed with an outdoor championship arena able to accommodate local, national and international athletic teams

Click on the following for more details:  Northwest Herald | Foreign funding key to project