UIRVDA ISSUES BONDS FOR WASTE RECOVERY
FOR RELEASE ON:
February 14, 1994
Contact: James R. Washburn, Chairman
Upper Illinois River Valley Development Authority
The Upper Illinois River Valley Development Authority (UIRVDA) has just completed financing for the development of a $4,030,000 industrial project m the Village of Marseilles. Construction will begin in December. The Waste Recovery-Illinois, Inc. (WRI) plant will process discarded tires creating fuel which will be mixed with Illinois coal to generate electric power in Illinois Power’s Baldwin plant. The WRI plant will employ 25-30 people when complete. The tax exempt bonds provided long-term financing well below the prime rate of interest. They will be used for site improvements, construction of the facility and the purchase of equipment.
The authority was created by action of the Illinois General Assembly and the Governor. UIRVDA is a general development agency for the counties of Bureau, Grundy, LaSalle, Marshall and Putnam and is one of only three such economic development organizations 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 moral obligation revenue bonds, 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. These revenue bonds are moral obligation bonds of the State of Illinois, they are rated by Standard and Poors as an A+, often resulting in a lower interest rate for the borrower than may otherwise be obtainable if the bonds were rated only on the strength of the company/borrower.
Members of the Authority board include: Lynn Fieldman, David Forbes, Barbara Griffith, Dennis Hackett, Philip McCully, Donna Matteson, William D. Meagher, Eugene Mercier, Richard Nelson, Martha Pattelli, William Steep, David Thompson, James Washburn, Craig Wesner and the Director of the Illinois Department of Commerce and Community Affairs and the Illinois Department of Central Management Services. For more information call James R. Washburn, Chairman or Andrew Hamilton, at 866-325-7525.