New Bill Targets Bonds For Proposed MCC Wellness Center

A bill aimed squarely at a proposed $42 million McHenry County College health club and classroom expansion looked to be on a fast track Tuesday with a first reading only a day after it was introduced by the two Illinois House members who represent the community college district.

The bill, sponsored by strange bedfellows freshman Republican Dave McSweeney of Barrington Hills and veteran Democrat Jack Franks, Marengo, would clamp down on "double barrelled" alternate revenue bonds, so called because they can tap not only a specific conjectural revenue stream for payoff but also "all funds available" to a taxing district. The bonds are popular financing vehicles since they can be issued without, for practical purposes, any chance at a taxpayer vote.

McSweeney confirmed Tuesday the bill for which he's chief sponsor targets the McHenry County College Board's proposal for a public-private Wellness Center. That's now in the feasibility study stage, but McSweeney said it would be important elsewhere, too.? "This has been a problem all over the state," he said.? "I'm going to try pass this as soon as possible."??

McSweeney cited recent Chicago Tribune articles about disastrous alternate revenue bond projects including nearby Lakewood's Redtail golf course which only brought in half the money the village needed for the bond issue to buy it.? The McSweeney-Franks measure would require projected revenue to be at least one and a half times the bond payoff.? More important, McSweeney said, it drops the bar? on stopping a bond issue to only 500 signatures in 90 days to call a referendum.? Right now it's, in the case of MCC, about 13,500 within 30 days.? "There's got to be a 'back door' referendum," said McSweeney.

MCC's Wellness Center proposal includes features reminiscent of a failed plan five years ago when a sports promoter promised to study whether a $29 million minor-league baseball stadium paid for with MCC alternate revenue bonds would be a good idea. He reported it was and asked for a contract to develop it.? The MCC Board tore itself to shreds for a year before dumping the plan and then-College President Walt Packard, too.? Current Board President Mary Miller was an MCC Board member then but said Tuesday, nevertheless, the college's current contract with fitness center operator Power Wellness, Addison, doesn't bar the company from running the proposed new facility if it decides it's a viable proposition.

Co-sponsor Franks couldn't be reached Tuesday but in a press release said, "Municipalities have little oversight when it comes to borrowing millions of dollars which oftentimes end up being a back door tax hike on residents."

In the pic:? A 75,000 square-foot health and fitness center that Power Wellness, Addison,? runs for Washtenaw Community College, Ann Arbor, MI, one of about 20 it operates.

Source: http://www.firstelectricnewspaper.com/2013/01/new-bill-targets-bonds-for-proposed-mcc.html

Kevin Clash Walmart Black Friday 2012 Paula Broadwell Tilted Kilt Barbara Palvin Yahoo Fantasy Football Nick Foles