FOR RELEASE ON:
December 14, 1999
Contact: Andrew Hamilton, Executive Director
Upper Illinois River Valley Development Authority
SPRINGFIELD, IL – Chairman Chester Massino announced approval of moral obligation taxable bonds to be issued by the Upper Illinois River Valley Development Authority (UIRVDA) in the amount of $22,700,000 in on behalf of Gemini Acres, LP (Gemini). Gemini, an affiliate of A&R Transport Corporation, in Morris, Illinois is planning the construction of a major inter-modal transportation facility.
“The efficient movement of passengers and goods by rail is essential to Illinois’ continuing prosperity in the increasingly competitive global economy”, said Massino. “The state’s interdependent network with rail lines, highways, waterways and airports is among the best in the world, but it needs to be expanded to keep pace with economic growth”.
The project will include 28,000 feet of rail, the construction of 300,0000 sq. ft. warehouse for bagging, boxing and bulk loading, a rail car wash, a 26,000 sq. ft. maintenance building, distribution facility equipment, etc. on 65 acres in Grundy County in the Village of Channahon, Illinois. The project will create and retain 112 jobs. A&R Companies consists of a group of family owned profit centers solely owned by James Bedeker.
“A key issue facing the rail freight industry is improving efficiency for inter-modal traffic involving rail-to-rail or rail-to-truck transfer” said Massino. “The state’s inter-modal freight industry is vital to Illinois’ continuing economic growth”.
UIRVDA, created by Illinois General Assembly and the Governor, is a general development agency for the counties of Bureau, Grundy, Kendall, LaSalle, Marshall and Putnam. The Authority’s powers enable it to issue taxable or tax-exempt revenue bonds for the purpose of developing, constructing, acquiring or improving facilities for business entities locating in or expanding within the jurisdiction of the Authority. These revenue bonds can be moral obligation bonds of the State of Illinois, at a rate 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 borrower.
Members of the Authority board include: Peter Austin, Bill Cote, Lynn Fieldman, Barbara Griffith, Michael Guilfoyle, Dennis Hackett, Philip McCully, Chester Massino, William D. Meagher, James Miller, Steven Nelson, Harold Read, William Steep, James Washburn, and the Directors of the Illinois Department of Commerce and Community Affairs and the Illinois Department of Central Management Services. For more information call Andrew Hamilton, Executive Director at 815/431-9250.