The Illinois Finance Authority is reminding developers they can access a special tax-exempt financing program for Adams, Hancock and 16 other counties affected by 2008 flooding.
The IFA first offered federal Midwestern Disaster Area Revenue Bonds in 2010 as a creative approach to boost economic development and recovery in areas that suffered storm-related destruction. IFA has the ability to issue MDABs only through Dec. 31.
The program is a tool to help 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 percentage points below conventional loans. All financing comes through local lenders, partnering with 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 Meister said. "We encourage developers to work quickly with their lenders to take full advantage of the program's benefits."
The MDAB program is helping to turn an empty former shopping center into an expanded-service clinic for Rockford Orthopedic Associates Ltd. and build a new privately owned medical office building on the campus of Blessing Hospital.
Qualified projects include, but are not limited to, manufacturing facilities, retail businesses and shopping centers, office buildings, warehouses and storage facilities, medical facilities, commercial development and agricultural facilities and improvements.