CRYSTAL LAKE - McHenry County College’s controversial Health, Wellness and Athletic Complex would likely have lost about $633,800 in its first year, a study released Tuesday showed.
The complex was projected to run in the red every year for its first five seasons, according to that study, before turning into a revenue generator in its sixth year of existence.
College officials released the facility feasibility study Tuesday, more than eight months after project consultant Mark Houser and EquityOne Sports Development completed it.
]The college had planned to build a combined health complex, educational facility and 6,500-seat minor league baseball stadium on 44 acres located north and west of the current campus.
According to the numbers reported in February, the project would have cost $25,987,274 to build.
College leaders had maintained that the construction and financing costs, which ballooned in price by about $3 million in September, would be covered by revenues from the project and not fall on taxpayers’ backs.
The feasibility study projected that the complex would start out as a money drain, but ultimately earn more than $43 million in revenues over a 25-year period.
In its first year, it was expected to bring in almost $2.6 million in revenues - from stadium operations, team expenses and rentals of the athletic complex, among others - while costing an estimated $3.2 million to run.
For more, see tomorrow’s Northwest Herald or nwherald.com.