McHenry Co. OKs help for minor league ballpark, sports complex
The McHenry County Board said "Play Ball" Tuesday night to a pair of multimillion-dollar sports projects, including a minor league ballpark, seeking county help to obtain financing.
Board members voted 19-3 to allocate $18 million in federal bonding authority to McHenry County Sportsplex LLC, money that will finance a portion of a $40 million plan for an athletic complex near routes 47 and 176 in Lakewood.
Later, in an 18-4 vote, the board agreed it would, if possible, make another $15 million of financing available to EquityOne Sports Development, the group behind a proposal to build a $15 million baseball stadium in Woodstock that would serve as home to a minor league team to be called the McHenry County K-Nines.
In neither case is the county lending the money itself, nor would it be liable for repaying the loans if either developer defaults. Instead, the votes give the companies access to privately issued bonds subsidized through the federal economic stimulus bill to keep interest low.
"I know a lot of construction people out of work, and a project like (the Sportsplex) is going to bring back work, and bring money to their families and the economy," board member Jim Kennedy said. "This is a good project and I'm glad we're backing it."
Opponents said neither proposal does enough to create long-term, good paying jobs once construction is complete. They also questioned the project's chances of success and impact on local traffic.
"I think these projects should be supported with private funds," board member John Hammerand said. "I just can't find myself in support of it."
The proposed Sportsplex will include a 125,000-square-foot indoor sports facility and multiple athletic fields on a 180-acre site north of Huntley. Its developers say they hope to break ground late this year and complete work no later than 2012.
The county currently does not have enough bonding authority to meet EquityOne's $15 million request, but hopes to receive additional authority through the state later this summer. If that happens, the money would arrive in time to break ground this year and complete the stadium in time for Opening Day 2011.