Bond Financing Projects
Showcasing Previous Double Tax-Exempt Projects
Cambridge Lakes Charter School
Northern Kane Educational Corp. utilized UIRVDA’s bond financing to fund critical capital improvements at Cambridge Lakes Charter School, a high-performing K-12 institution in Pingree Grove. The project addressed essential infrastructure upgrades, including the replacement of the school’s HVAC systems and a campus-wide conversion to energy-efficient LED lighting.
The renovations enhanced the school’s academic offerings by converting three standard classrooms into specialized science and broadcasting labs. This investment not only improved the learning environment for over 650 students but also ensured the long-term operational efficiency and sustainability of the school, which was originally established to serve the educational needs of the growing Cambridge Lakes community.
Crystal Lake Supportive Living Facility
This project involved the new construction of a 120-unit Supportive Living Facility (SLF) with a dedicated 30-unit Memory Care Wing in Crystal Lake, IL, representing a total investment of over $39 million. The development was supported by bond financing for $26 million, which facilitated the creation of a high-quality residential community for elderly residents earning 60% of the Area Median Income or less. The facility significantly increased the stock of affordable, specialized housing in the region and was designed to achieve a high standard of sustainability. By transforming a former commercial nursery into a vibrant community, the project provided essential amenities and services—including onsite medical care, physical therapy, and numerous community spaces—while adhering to prevailing wage standards throughout construction, ensuring a positive economic impact on the local workforce.
Elgin Math & Science Academy Charter School
Elgin Math & Science Academy Charter School secured $16.5 million in bond financing to execute a strategic expansion that enhanced its educational capacity and financial sustainability. The project enabled the conversion of its historic Administration Building into new classrooms, allowing the school to increase its student population from 468 to 504 and officially operate as a full K-8 institution, thereby expanding critical school choice options within the community.
A portion of the financing was used to refund an existing taxable loan, achieving substantial debt service savings and ensuring the long-term fiscal health of the campus. This investment not only preserved the educational legacy of a historic local property but also solidified the academy’s role as the only public charter school in its district, creating a lasting economic and community impact.
Prairie Crossing Charter School
Prairie Crossing Charter School, located at 1531 Jones Point Road in Grayslake, IL, utilized bond proceeds to support its growth and facilities. The school refinanced existing debt and funded the acquisition of property alongside the construction of a new gymnasium.
Having been founded years prior, the school’s campus evolved over time. An initial building was constructed, followed by the later addition of a gymnasium and another building. This expansion supported the school’s substantial growth, enabling it to serve a student body of over 400 students in grades K-8.
Morris Hospital
Morris Hospital financed a comprehensive, three-part expansion and modernization plan using proceeds from a bond issuance. The first completed project enhanced the Diamond-Coal City single-story multi-specialty outpatient center.
The second major improvement took place at the Morris Main Hospital, where the Emergency Department was successfully relocated. This strategic move allowed the department to grow significantly, increasing from nine mostly semi-private rooms to seventeen all-private rooms and treatment areas.
The third project involved the development of a two-story multi-specialty outpatient center in Ottawa. The 15,336-square-foot first floor was fully built out to house services including Imaging, Rehab, Occupational Medicine, Laboratory, Immediate Care, and physician offices. To accommodate future growth, the 13,369-square-foot second story was left as a shell, ready for future physician office expansion and consolidation.
Prairie View Timber Oaks
The Prairie View Timber Oaks project involved the purchase and renovation of two housing developments in Illinois to further the mission of the Invest in America Veterans Foundation, Inc., a non-profit organization. This initiative supported the foundation’s work by creating and retaining full-time jobs.
The project encompassed two multi-family properties: the 334-unit Prairie View development in Woodstock, McHenry County, and the 235-unit Timber Oaks development in unincorporated Ingleside, Lake County. Bond financing was secured to support the acquisition, renovation, and improvement of these properties, representing a significant investment in the local communities. The project was supported by bond issuance totaling $60,400,000.
Cinnamon Lakes Towers
The Cinnamon Lake Towers project involved the comprehensive renovation of a 274-unit multi-family housing development in Waukegan, IL. The property featured two seven-story brick-faced buildings, a clubhouse with a pool, a pond, tennis courts, a play area, and a BBQ area.
The extensive renovation included a complete roof replacement, concrete repairs on balconies and patios, and the installation of LED lighting throughout all common areas. Additional upgrades involved resurfacing the parking lot and replacing all HVAC units, kitchen cabinets, countertops, flooring, appliances, plumbing fixtures, windows, and glass sliding doors.
The development served a diverse community of families, individuals, and seniors. All 274 units were designated as Section 42 tax credit units at the 60% income level, with 115 of those units covered by Section 8 HAP Contracts. Of these Section 8 units, 110 were specifically designated for elderly or disabled residents.
This revitalization was supported by bond financing totaling $26,650,000.
Ottawa Dental Laboratory
Ottawa Dental Laboratory, LLC, a third-generation manufacturer of dental products, utilized bond financing to support a significant expansion project. The company had outgrown its existing facility due to a period of rapid growth and needed to increase its production and administrative space.
The project funded the addition of new square footage to house offices, production, training, accounting, customer service, and shipping and receiving operations. This expansion was designed to support the company’s evolving workflow, which was increasingly incorporating digital design and manufacturing alongside its established methods.
The project was supported by bond issuance totaling $4,300,000, which facilitated the creation of dozens of new full-time jobs.
Cambridge Lakes Learning Center
Cambridge Lakes Charter School was a K-12 educational institution located on a 15-acre campus in Pingree Grove, IL, and part of Community Unit School District 300. Its parent company, Northern Kane Educational Corp. (NKEC), undertook a project to make essential capital improvements.
The initiative included acquiring additional land, constructing a new parking lot, and refunding prior debt. This previous debt had financed the acquisition, construction, and equipping of several campus buildings, including classrooms, an annex, a tutoring center, and related site work.
The project was supported by bond financing totaling $18,750,000.
Goodwill of Northern Illinois
Goodwill Industries of Northern Illinois, a community-based not-for-profit, expanded its reach by constructing a new facility in Crystal Lake, IL. This project represented the organization’s 12th location and was designed to further its mission of providing job training and placement services for individuals facing barriers to employment.
The project involved purchasing a property and constructing a new building that housed a retail store and administered the “Let’s Go to Work” program. This program provided employment opportunities for individuals with significant barriers, supported by a dedicated job coach to help them learn valuable skills. To operate the new facility, Goodwill hired dozens of full-time and part-time employees, including staff for the retail store and participants in the program.
The project was supported by bond financing totaling $2,320,000, which helped create numerous full-time jobs.
Pleasant View Lutheran Home
Pleasant View Lutheran Home, a non-profit continuing care retirement community on the former site of Pleasant View Luther College, undertook a major redevelopment project. The campus, which served the elderly in the Greater LaSalle County area for decades, included independent living cottages and skilled nursing beds on a 17.3-acre property in Ottawa, IL.
The project involved constructing a new assisted living building. Upon its completion, residents moved from the existing intermediate care wing into the new facility. The former intermediate care building was then demolished and replaced with a new administrative wing and town center.
This modernization effort was supported by bond financing totaling $16,695,000.
Aurora Christian Schools
Aurora Christian, a non-profit private school serving students from pre-school through high school, consolidated its operations onto a single campus in Aurora, IL. The school had previously acquired a significant parcel of land and undertook a series of renovations and expansions to create a unified home for its community.
Key improvements to the campus included the addition of a full gymnasium and a football field. The consolidation of all grade levels into the main campus building created a centralized and modern educational environment.
This comprehensive campus project was supported by bond financing totaling $13,250,000.
Deer Path of Huntley, INC
Deer Path constructed a new 110,000-square-foot supportive living facility for seniors with physical disabilities in Huntley, IL. The 128-unit community was designed to provide specialized care and housing.
This project was supported by bond financing totaling $19,730,000, which facilitated the creation of dozens of new full-time jobs.
Pleasant View Village Square
Pleasant View Lutheran Home, a non-profit continuing care retirement community, undertook a significant expansion and enhancement of its campus in Ottawa, IL. Located on the historic grounds of the former Pleasant View Luther College, the community already featured independent living cottages and skilled nursing beds.
The project involved the construction of a new Administration and Village Square building, fostering a central hub for community life. Additionally, the development added new housing units within the existing pavilion, increasing the home’s capacity.
This initiative represented a major investment in the facility and its mission, supporting the retention of a large workforce and the creation of new jobs
Walsh Automotive
Plaspros, INC.
Morris Healthcare
Habitat for Humanity of Illinois
NIMED Corp
UIRVDA issued bonds to NIMED Corporation, an affiliate of Centegra Health Systems, to fund the construction of two key healthcare facilities in Huntley. The project included the development of a 60,000-square-foot ambulatory care center and medical office building, as well as a 120,000-square-foot health club.
This expansion was supported by bond financing totaling $55,000,000, which facilitated the creation of dozens of new jobs in the local area.
Living Springs Senior Living
Living Springs of McHenry completed construction of a 99-unit Supportive Living Facility in McHenry, IL. The project represented a significant community investment and created dozens of new jobs.
Illinois Valley YMCA
Streator Dependable
Countryside of Yorkville, INC
Countryside Development renovated a 138-unit affordable housing property for low-income elderly and disabled residents in Illinois. The comprehensive upgrades included installing new kitchens and bathrooms, improving lighting, and remodeling the community rooms and public facilities.
This project to revitalize essential housing was supported by bond financing totaling $6,500,000, which also helped create several new full-time jobs.
Advanced Flexible Composites
AFC, a manufacturer of high-temperature fabrics headquartered in Lake in the Hills, IL, expanded its operations through the purchase of a new facility. The company, which specializes in non-stick composite and silicone-coated materials, acquired a 22,000-square-foot building on two acres to support its growth.
This expansion project was supported by bond financing totaling $5,500,000, which played a key role in both creating and retaining dozens of full-time jobs.
Georgi Holdings
Windows Acquisition
Advanced Drainage Co
Tri-Con Materials
Seneca Grain Co
Morris Hospital
Clover Technologies
Gemini Acres, LP
Gemini Acres LLC, a real estate holding company, utilized bond financing to support the growth of its affiliated family-owned transportation businesses. The project was supported by bond issuance totaling $22,700,000, which helped create a significant number of full-time jobs.
At a later date, UIRVDA facilitated a transaction where the warehouse property was sold and the lease was assumed by CenterPoint Properties, Inc., a major real estate firm. As part of this transition, UIRVDA worked to add CenterPoint as an additional guarantor for the bond, strengthening the financial structure over the existing collateral and guarantees.