McHenry County Sportsplex seeks investment through EB-5 visa program
A proposed McHenry County Sportsplex in Lakewood, Illinois, plans to use investments from the federal EB-5 investment program to quickly gain capital needed to fund development plans. However, whether developers receive any economic stimulus bonds remains a point of contention.
The McHenry County Board Finance and Audit Committee said on Tuesday, March 23, that the Sportsplex principals have two weeks to finalize their proposal in order to receive the stimulus funds they requested, the Northwest Herald reports.
The committee has $22.1 million in federal grants for private projects, though a competitor, EquityOne Sports Development, has also asked for funding.
In December, the committee tentatively approved the plans of McHenry County Sportsplex’s CEO, Lour Tenore, though the executive has yet to submit the project’s final paperwork.
Because the grants would fund about 60 percent of the project, Tenore has turned to the EB-5 visa program for additional capital.
The program grants an expedited residency process to foreign nationals who invest at least $500,000 in a U.S. business to boost job creation.