Company: Inwood Park Partners
Location: Joliet
Amount of Bond: $8,600,000
Interest Rate: variable
Jobs: 4 jobs created
Type of Project: Senior Housing
Bond Issued: September 2003
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. The project will include a HUD Housing Assistance Payments (HAP) Contract which is project based and 100% of the apartments are covered. The HAP expires on February 28, 2018.
Company: Toltec Steel Services
Location: Kankakee
Amount of Bond: $8,250,000
Interest Rate: variable
Jobs: 50 jobs
Type of Project: Epoxy Coating Rebar Manufacturing
Bond Issued: December 2002
In December 2002, WKRDA Board of Directors approved a Final Bond Resolution to Toltec Steel Services to fund a second expansion in an amount of $3,500,000. In November of 2001 WKRDA issued a $5,000,000 bond for Toltec. Toltec planned an additional expansion of $3,250,000 for 2003 to manufacture epoxy coated rebar that will create and retain approx. 50 jobs within 12 months. respectfully requested $3,250,000 in 2003 volume cap re-allotment to fund the project.
Company: Ring Can Inc.
Location: Kankakee
Amount of Bond: $2,500,000
Interest Rate: variable
Jobs: 25 jobs
Type of Project: Container Manufacturing
Bond Issued: August 2002
In August 2002, WKRDA issued $2,500,000 of Tax-Exempt Private Activity Bonds on behalf of Ring Can, Inc. for the purchase of equipment at the Kankakee, Illinois plant to produce one-gallon wide mouth containers for Cargill in Sidney, Ohio and Ventura Foods in Waukesha, Wisconsin. Cargill and Ventura are existing customers, and there is a projected increase in annual volume of approximately 10 million containers between them. Additional sales are being pursued to consume the balance of capacity of the equipment. The company will purchase and install the machinery to produce this volume on a Graham Standard 9 Station wheel as well as other various down stream equipment needed. The IRB will be used to finance manufacturing equipment and construct a building addition to house the equipment to produce containers for Ventura Foods in St. Joseph and other customers packaging agricultural chemicals in the mid-west. The project will create jobs and retain existing employees.
Company: Toltec Steel Services
Location: Kankakee
Amount of Bond: $5,000,000
Interest Rate: variable
Jobs: 35 jobs created & retained
Type of Project: Epoxy Coating Rebar Manufacturing
Bond Issued: November 2001
In November of 2001, WKRDA issued $5,000,000 of Tax-Exempt Private Activity Bonds on behalf of Toltec Steel Services in Kankakee, Illinois. The company is planning the construction of a new 45,000 sq. ft. black rebar manufacturing facility on 10 acres in the East Gate Industrial Park in Kankakee, IL. Toltec International started in 1973 with three partners in El Paso, Texas as a manufacturer of black rebar fabrication. The company developed a method for applying epoxy powder developed by 3M Corp. to the rebar that inhibited corrosion. In 1977, they closed the El Paso operation and started a new epoxy coating operation in Tulsa, Oklahoma named ABC Coating Company, Inc. of Oklahoma (ABC). As the business grew, they opened other facilities in Oregon, Washington, Utah, Colorado, Texas, Michigan and North Carolina under ABC and Western Coating. The partnership dissolved and different locations have different ownership. The present company has facilities in Texas, North Carolina and two in Colorado. The project created 35 new jobs.
Company: Consumers Illinois Water Company
Location: Kankakee
Amount of Bond: $4,500,000
Interest Rate: 5.70%
Jobs: 50 jobs
Type of Project: Water Company
Bond Issued: September 2000
In September of 2000 WKRDA issued $4,500,000 of Tax-Exempt Private Activity Bonds on behalf of Consumers Illinois Water Company in Kankakee, Illinois. The company built a new water tank and two trunk transmission mains that will serve the Kankakee and surrounding area. The Hobbie Transmission Main Project was 10,500 lineal feet of new 24 inch water main on Hobbie between Chestnut and North Street. The Bradley Standpipe Transmission Main Project was 9,300 lineal feet of main from North Street to the 3.0 MG standpipe in Bradley. The Bourbonnais Elevated Storage tank was a 1.0 million gallon elevated tank in the Larry Power Road area. The project retained the existing 50 employees. Consumers Illinois Water Company is a sister company to the Philadelphia Suburban Water Company. Both are subsidiaries of Philadelphia Corporation, which is headquartered in Bryn Mawr Pennsylvania. Consumers first began in 1910 as Kankakee Water Company, which merged with several companies and purchased interest in others in the late 1980’s and then with the existing Philadelphia Suburban Corporation (PSC).
Company: Triton Manufacturing
Location: Monee
Amount of Bond: $3,440,000
Interest Rate: 5.25%
Jobs: 80 jobs
Type of Project: Electronic Manufacturing
Bond Issued: August 2000
In August of 2000 WKRDA issued $3,440,000 of Tax-Exempt Private Activity Bonds on behalf of Triton Manufacturing in Monee, Illinois. The company constructed a new 80,000 sq. ft. manufacturing facility to produce electronic components. The project created 80 new jobs.
Company: Unimast Inc.
Location: Joliet
Amount of Bond: $6,050,000
Interest Rate: variable
Jobs: 100 jobs
Type of Project: Light Steel Manufacturing
Bond Issued: June 2000
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. Unimast, established on July 1, 1989, is a wholly owned subsidiary of WHX Corporation (WHX), a publicly traded company headquartered in New York, NY with approx. 15.6 million shares of stock outstanding. Unimast and related companies manufacture light steel framing, drywall steel, plastering steel and other construction products.
Company: Atlas Putty Products.
Location: Tinley Park
Amount of Bond: $2,900,000
Interest Rate: 4.2% floating
Jobs: 45 jobs created & retained
Type of Project: Putty Manufacturing
Bond Issued: December 1999
In December of 1999, WKRDA issued a bond in the amount of $2,900,000 for Atlas Putty Products Co. The company constructed a new 45,000 sq. ft. facility to manufacture putty, spackling and other paint supplies on a 9.6 acre site at in Tinley Park located along the north side of Interstate 80 between 80th and 84th Avenues. The property has approx. 24,000 sq ft in the flood zone of which 12,000 sq ft is wetlands. The company purchased a new bulk handling system for their calcium carbonate which will automatically convey powder to their mixers for processing. The total project was $2.9 million and retained and created 45 jobs.
Atlas Putty Products Company (Atlas) is a manufacturer of glazing compounds spackle, putties, wood fillers, caulks and special mastics. Approximately 75% of the company’s products are generated from private label and contract packaging. The company’s client list includes True Value, Ace Hardware, Sherwin Williams, Red Devil, Bondex, H. B. Fuller, Hobbico, and W. C. Wood Company. Atlas Putty Products Company, founded in 1947 by Benjamin Cope. The company went through several owners until it was sold to Jack Payton who began to market products almost entirely to this wholesale hardware distribution market. In 1984, an addition was built which tripled the size of the facility to 6,800 sq ft. In 1987, David in Matthew Payton joined the firm. In 1991 the company acquired Perm-E-Lastic, which tripled the business and provided increased opportunities in spackling, private label contracts and distribution. In 1995 the company built a new 23,000 sq ft facility in Tinley Park and Jacqueline Payton assumed the role as chief financial officer.
Company: T. H. Davidson & Co.
Location: Will County
Amount of Bond: $4,600,000
Interest Rate: 4.8% floating
Jobs: 21 jobs
Type of Project: Concrete Manufacturing
Bond Issued: November 1999
In November of 1999, WKRDA issued a bond in the amount of $4,600,000 for T. H. Davidson & Co. The company established new concrete manufacturing facilities in Will County at New Lenox and Orland Park. The New Lenox facility was 5,000 sq. ft. on 5 acres and the Orland Park facility was 22,000 sq. ft. on 7.5 acres. The facilities include a completely enclosed batching system, landscaped, fenced and bermed site, concrete paved traffic areas, wet batch process, storm water detention, underground and covered conveyer system, computer controlled mixing and material handling, central dust control systems. The projects created 21 new jobs within three years. T.H. Davidson & Co. was founded in 1921 by Thomas Henry Davidson in Orland Park Illinois. This company was in the Road and Bridge building industry until just after WWII, when the focus gradually shifted to building material, coal and fuel oil. In 1955 William Davidson launched the ready mixed concrete operation at the present site in Orland Park. The company gradually phased out of the coal and fuel oil business and concentrated more on the production of Ready Mixed concrete. T.H. Davidson was incorporated in 1973. In 1993 a new round of expansion was started. During this time several internal improvements were made to the production facilities to streamline operations and increase efficiency.
Company: Chapel Steel Company
Location: Bourbonnais
Amount of Bond: $6,000,000
Interest Rate: 4.15% floating
Jobs: 120 jobs
Type of Project: Manufacturing
Bond Issued: December 1998
In December of 1998 WKRDA issued $6,000,000 of Tax-Exempt Private Activity Bonds on behalf of Chapel Steel Company (JRS Realty Associates, LLC) in Bourbonnais, Illinois. The project will create 120 new jobs. JRS Realty Associates LLC purchased the formerly vacant 400,000 square foot Chicago Bridge & Iron building in Bourbonnais, IL. The project will house facilities for Chapel Steel Company, a steel service center that manufacturers steel plating and Alabama Steel Industries who is a manufacturer of steel grates.
Company: Flanders Precisionaire Inc.
Location: Momence
Amount of Bond: $6,000,000
Interest Rate: 4.8% floating
Jobs: 200 jobs
Type of Project: Manufacturing
Bond Issued: December 1997
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. Flanders Corporation, the parent company, designs, manufactures and markets a full range of air filtration products ranging from high performance laminar flow High Efficiency Particulate Air (“HEPA”) filters; and charcoal filters for semiconductor manufacturing facilities, to residential furnace filters. The Company’s air filtration products are utilized by many industries. including those associated with commercial and residential heating, ventilation and air conditioning systems (commonly known as “HVAC” systems), semiconductor manufacturing. ultra-pure materials, biotechnology, pharmaceuticals, synthetics, nuclear power and nuclear materials processing. The Company’s customers include Abbot Pharmaceuticals, E.I. Dupont, Home Depot, Inc., Lucent Technologies Inc., Merck & Co., lnc., Motorola, Inc., Upjohn Co., Walmart Stores, Inc., Westinghouse Electric Corp., and several large computer chip manufacturers. They employ 1,389 employees and have seven manufacturing facilities in Florida, Texas, Pennsylvania, California and three in North Carolina.