A plan to build a baseball stadium in suburban Chicago offers a case study of the pros and cons of the Obama administration's efforts to stimulate the economy.

When a proposal to build a sports complex at a community college in suburban Chicago failed, the developer did not give up. And when President Barack Obama signed the $789 billion American Reinvestment and Recovery Act, the developer saw a new opportunity.

EquityOne Sports Development, owned by Mark Houser, had already built a sports complex in Libertyville, Illinois, when Mr. Houser set his sights on McHenry County College in neighboring Crystal Lake. Still, the city council rejected the deal. At that point EquityOne Sports went a few miles down the road to Woodstock.

Under the recovery act, McHenry County has the authority to issue $27 million in low-interest bonds for private projects. Mr. Houser put a plan to the county board to issue $15 million in low-interest bonds to build a ballpark for a minor league baseball team.