FOR RELEASE ON:
December 19, 2000
Contact: Andrew Hamilton, Executive Director
Upper Illinois River Valley Development Authority
SPRINGFIELD, IL – Governor George H. Ryan signed in to law a bill that adds Kane and McHenry Counties to the Upper Illinois River Valley Development Authority (UIRVDA) territory.
“The addition of Kane and McHenry Counties to UIRVDA will extend a powerful economic development tool to more Illinois citizens and allow them to be competitive in a global economy”, said UIRVDA Chairman Chester Massino.
The amendment to the UIRVDA Act also increases UIRVDA’s bond authorization to $250 million. UIRVDA has issued $46.2 million in bonds to date that has assisted in the creation and retention of over 620 jobs. “We are delighted that the Governor and the Legislature think we are doing such a good job to increase our bond authorization and add additional territory, said Chairman Massino, “We will work hard to maintain their confidence and respect”.
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 and now Kane and McHenry. 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, with approval of the Governor, 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, Melissa Barnhart, Bill Cote, Lynn Fieldman, Barbara Griffith, Michael Guilfoyle, Dennis Hackett, Philip McCully, Chester Massino, William Meagher, James Miller, Steven Nelson, Harold Read, John Shaw, William Steep, Kevin Olson, 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.