Description:UIRVDA issues taxable revenue bonds for virtually any purpose including commercial, industrial, transportation and recreational projects including warehouse distribution facilities, office buildings, shopping centers, etc. These bonds are exempt from state income tax, but are not eligible under federal tax law for federal tax-exempt financing. Proceeds can be used to purchase land, buildings and equipment and/or to construct new or renovate existing facilities.
Benefits: The benefits of Taxable Revenue Bonds include:

  • Long term – Maturity of the bonds is flexible and can range from ten to thirty years.
  • Favorable Interest Rate – Rates are generally 1.0% to 1.5% below Prime Rate with Moral Obligation Credit Enhancement.
  • Flexible Terms – Interest rates may be fixed or variable and can finance up to 100% of the eligible project costs.
  • Favorable Terms – There is no fixed minimum job creation or capital investment requirements, although some jobs have to be created.

Eligibility: Any commercial, industrial, transportation and recreational project including warehouse distribution facilities, office buildings, shopping centers, etc. which are not eligible for tax-exempt financing. Taxable Revenue Bonds do not require volume cap.

Fees: A $2,000 non-refundable application fee is due when the application is submitted. Please make checks payable to the Upper Illinois River Valley Development Authority. An issuance fee of 80 basis points is due at closing.
Contact: For an application or additional information please contact Andrew Hamilton, Executive Director, Upper Illinois River Valley Development Authority (UIRVDA), 633 LaSalle Street, Suite 401, Ottawa, IL 61350, Toll Free: 866-325-7525, Fax: 866-325-7569. Email: andrewjhamilton@uirvda.com