Developers urged to apply for tax-exempt bonds
Deadline looms for program that aids with storm, flood recovery
The Illinois Finance Authority urges developers in Whiteside and 17 other counties affected by 2008 flooding to take advantage of a special tax-exempt financing program, now in its final weeks.
The IFA first offered federal Midwestern Disaster Area Revenue Bonds in 2010 as a way to boost economic development and recovery in areas that suffered storm-related destruction. The deadline to issue the bonds is Dec. 31, the IFA said in a news release.
The MDAB program helps Illinois’ commercial, industrial, manufacturing, retail and public utility industries repair damage and restore jobs to flood-affected regions. Qualified projects can access special reduced-interest financing, with rates typically 1 to 2 percent below conventional loans. All financing comes through local lenders, partnering with the IFA.
“The IFA’s MDAB program assists communities that were hard-hit by both flooding and the national recession through supporting real estate improvements and creating employment opportunities,” IFA Executive Director Christopher B. Meister said in the release. “We encourage developers to work quickly with their lenders to take full advantage of the program’s benefits.”
In August 2012, MDAB financing helped elevator and escalator manufacturer KONE Inc. build a new $40 million headquarters in Moline. Among other projects, the MDABs program is also helping turn an empty 57,000-square-foot former shopping center into an expanded-service clinic for Rockford Orthopedic Associates Ltd., and construct a new privately owned medical office building on the campus of Blessing Hospital in Quincy.
Qualified projects include, but are not limited to, manufacturing facilities, retail businesses and shopping centers, office buildings, warehouses and storage facilities, medical facilities, including office buildings, commercial development, and agricultural facilities and improvements.
Go to www.il-fa.com for a complete list of counties and more information.