WKRDA: Will Kankakee Regional Development Authority
WKRDA is a local economic development tool for Illinois counties: Will and Kankakee. This authority offers tax-free bond financing for qualifying companies.
WKRDA is one of ten regional economic development authorities throughout Illinois. Collectively, these RDA’s serve 91 of the 102 counties in Illinois and has been operational for over 20 years. The Authority was created by action of
the Illinois General Assembly and the Governor.
Powers of the Authority
The Authority’s financial and supportive powers enable it, with the written approval of the Governor of the State of Illinois, to:
Issue Taxable Bonds
Issue Tax-Exempt Bonds
Issue Moral Obligation Bonds
Issue Notes or other evidences of indebtedness
for the purpose of developing, constructing, acquiring or improving properties or facilities for business entities locating in or expanding within the territorial jurisdiction of the Authority.
The Authority may also:
Acquire
Own
Lease; or
Sell real property and improvements
The Authority has certain powers granted to it as a municipality as authorized by selected sections of the Illinois Municipal Code including the power to enter into contracts and intergovernmental agreements with private bodies or units of government.
Types of Bonds?
DOUBLE TAX-EXEMPT status to a manufacturing company to finance the acquisition of fixed assets including land, buildings, machinery, and equipment.
DOUBLE TAX-EXEMPT status to a Developer, private for-profit or not-for-profit to finance low-income or senior housing projects.
DOUBLE TAX-EXEMPT status on to a NFP 501(c) (3) company to finance the acquisition of fixed assets including land, buildings, machinery and equipment.
Dock and Wharf Bonds
DOUBLE tax-exempt status on to “exempt facilities” for certain type of projects to finance a building project or other capital project. These exempt facilities include Docks and Wharfs.
DOUBLE Tax-Exempt status on to a public school district to finance a building project or other capital project. Interest on the bonds is not subject to state or federal income taxes.
Program allows DOUBLE tax-exempt status to finance the acquisition of fixed assets including land, buildings, machinery and equipment
Economy Data
Common Industries within WKRDA Territory
Warehouse Logistics
Warehouse logistics, transportation, and freight movement constitute a considerate portion of this local economy.
Chemical Industries
Chemical manufacturing, such as EXXON Petroleum, contribute a considerable portion of the employed workforce in this region.
Pharmaceuticals and Biotech
Companies such as CSL Barring who support major plasma and vaccine production, contribute to a strong biotech industry on the outskirts of Chicago.
Improving Area Workforce by Supporting New Infrastructure and Job Opportunities.
Past Bond Projects
In September 2003, WKRDA issued $8.6 million of Tax-Exempt Private Activity Bonds, on behalf of Inwood Park Partnership, for the acquisition and rehabilitation of the Tower Apartment Complex at 247 Caterpillar Drive in Joliet, Illinois for senior citizens. The project will create 4 direct jobs and promote senior housing in Will County.
In June of 2000 WKRDA issued $6,050,000 of Tax-Exempt Private Activity Bonds on behalf of Unimast Incorporated in Joliet, Illinois. The company established a 150,000 sq. ft. facility in the Rock Run Business Park in Joliet, Illinois for the manufacturing of a light steel framing. The project created 104 new jobs.
In December of 1997, WKRDA issued a bond in the amount of $6,000,000 for Flanders Precisionaire, a manufacturer of filters in Momence, Illinois. The project created 200 new jobs.