August 27, 1997
Contact: John Racich
Secretary of State George H. Ryan announced that the Will Kankakee Regional Development Authority (WKRDA) received approval to issue $6,000,000 of Tax-Exempt Volume Cap to on behalf of Flanders Precisionaire, Inc. in Momence, Illinois. The Volume Cap authorizes the issuance of tax-exempt bonds for Precisionaire. Interest on the bonds is exempt from federal income tax to the bondholders. Because of this exemption, tax-exempt bonds offer a lower interest rate to the borrower. “We are delighted that the State can assist in the Presisionaire Expansion”, said Racich. “This project will create almost 400 new jobs over the next two years.”
Flanders Precisionaire plans on buying the Peterson Puritan Building in Momence, which has 211,000 square feet of factory space and 20,000 square feet of office space. The Site has been vacant for 10 years.
The interest paid to the purchasers of these bonds is exempt from Federal Income Tax. “This is important because it does not effect the tax base of the local communities,” according to Racich “This program provides low-cost capital for program-specific projects since tax-exempt bonds have a lower interest rate than bonds with taxable interest.”
WKRDA, created by action of the Illinois General Assembly and the Governor, is a general development agency for the Will and Kankakee counties and is one of only four active economic development regional authorities within the State of Illinois. The Authority’s financial and supportive powers enable it, with the written approval of the Governor of the State of Illinois, to issue taxable or tax-exempt State of Illinois revenue bonds for the purpose of developing properties or facilities for business entities locating in or expanding within the territorial jurisdiction of the Authority.
Members of the Authority board include: Walter Charlton, Howard Norberg, Mike Parish, Bruce Payne, Barbara Peterson, John Racich, Francis J. Smith, Phillip Williams, and the Director of the Illinois Department of Commerce and Community Affairs. For more information call Andrew Hamilton, Executive Director at 217/546-7525.
Secretary of State George H. Ryan announced…
August 27, 1997