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Illinois sports complex planning to utilize EB-5 visa program avoids setback
An important piece of land for a potential sports complex in Lakewood, Illinois, barely avoided the auction block recently, the Northwest Herald reports.
The 38-acre piece of land that McHenry County Sportsplex LLC is hoping to purchase had been in foreclosure and was scheduled for a sheriff's sale on January 13, according to the news provider. If it had been sold at the auction, the Sportsplex would not have been able to buy it, according to CEO and managing partner Lou Tenore.
The day prior to the auction, Donald Alan Swanson, the owner of the property, filed for bankruptcy, court documents reportedly indicate. However, Tenore told the news source that the bankruptcy filing "doesn't deter the project from moving forward" and that the firm still plans to purchase the land.
According to the news source, the company is planning to utilize the federal EB-5 visa program in order to obtain foreign funding. Through the EB-5 program, foreign nationals are eligible to obtain a U.S. green card if they make an investment of $1 million (or $500,000 in some areas) in an American company or project that either creates or maintains at least 10 full-time jobs.
Additionally, the city of Lakewood has reportedly pledged to contribute $5 million to the project, but this money will come from fee waivers and grant dollars that the community helps to attain, according to the Herald.