Posted by on Jan 28, 1998 in Uncategorized | 0 comments

January 28, 1998
Contact: John Racich
WKRDA Chairman
815/774-2071
Regional Authority Issues Bonds to Help Create Jobs
The Will Kankakee Regional Development Authority (WKRDA) issued $6,000,000 of Tax-Exempt Private Activity Bonds on behalf of Flanders Precisionaire, Inc. in Momence, Illinois. Interest on the bonds is exempt from federal income tax to the bondholders and thus offers a lower interest rate to the borrower. “We are delighted that the Authority can assist in the Precisionaire Expansion”, said Racich. “This project will create almost 400 new jobs over the next two years.” Flanders Precisionaire purchased the former 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.”
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.