The Village of Lakewood is expected to expand by 565 acres following Tuesday's Village Board meeting as well as a meeting of Village Planning and Zoning Committee. A lengthy meeting and public hearing regarding a special use permit to allow a planned development permitting a variety of activities on a sportsplex faculty. The planned development is on property located west of Illinois Route 47/176.
However, this annexation is subject to attorney review and obtaining funding by the group planning to develop a Sportsplex on the property. That development is contingent upon approval of funding through EB5 bonds. If that funding is not approved and no other means of funding is provided for the Sportsplex, then the annexation will not take place.
The properties to be annexed are known as 12317, 12512 and 11717 Pleasant Valley Road also known as Napier Partners, LP; Patricia M. LeClair Revocable Trust; and Donald Swanson Properties.
The EB5 bonds are to be used to fund the project. According to information from the related federal act, "These are foreign immigrant investors who receive a United States visa in return for a capital investment of $1 million for all areas, except in rural and high unemployment areas, where a lowered investment of $500,000 may be made." The loan of these funds had to also be approved by the McHenry County Board and there are no risks for the Village or the County. Any risks are on the bond holders.
The Village Board and capacity audience in the Redtail Golf Clubhouse heard many aspects of the proposal from experts involved with the planning of the project including soils experts through the building of the development. Considerable testimony was provided regarding the soils in the area since the location is in a sensitive area involving wetlands and a creek.
Details were also presented on the layout of the various sports fields, walks, lighting, a building to house indoor sports and retail facilities.
Traffic of the area was also considered as an expert in this field presented plans for a slight realignment of Pleasant Valley Road which currently runs westward from the Route 47/176 juncture. The traffic concerns also have been worked on by Illinois Department of Transportation. Also considerable information was provided regarding the soils in the proposed and surrounding areas, many of which are wetlands. These concerns have been addressed by experts in that field.
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