The Upper Illinois River Valley Development Authority (UIRVDA) was created by action of the Illinois General Assembly and the Governor. UIRVDA is a general development agency for the counties of Bureau, Grundy, Kane, Kendall, LaSalle, Marshall, McHenry and Putnam and is one of only ten regional development authorities within the State of Illinois. The Illinois Regional Authorities are CIEDA, EIEDA, QCREDA, UIRVDA, SIDA, SIEDA, SWIDA, TCRVDA, WIEDA, WKRDA.
The Authority’s financial and supportive powers enable it, with the written approval of the Governor of the State of Illinois, to issue Double-Tax Exempt Bonds for:
- Industrial Revenue Bonds for Manufacturing firms
- Senior Housing Bonds or Supportive Living Bond for Housing
- Not-for-Profit Bonds for YMCAs, Hospitals, etc
- Public Facilites Bonds for Schools, Counties and Municipalities
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:
- 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.