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2008 Volume I
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Private Colleges and Universities are Saving BIG with this Short-term Borrowing Program...
The Revenue Anticipation Note program, offered in conjunction with the Illinois Finance Authority and Piper Jaffray Co., is a tax-exempt working capital loan program for private colleges and universities. Participants share in the cost of the program, with cost decreasing as the number of participants increases. This program is a cost effective alternative to other taxable short-term borrowing options including external lines-of-credit or inter-fund endowment transfers. Participants in the RAN program consider it an efficient financing means for smoothing out institutional revenue flows. IFA will be issuing another Revenue Anticipation Note in March 2008. Click here to let us know if you are interested in being considered for the March financing.
Learn more about RAN
RAN Program Question & Answer
RAN Program Overview
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Erikson Institute will now have a permanent home at the corner of LaSalle Blvd. and Illinois Street in Chicago with the help of a $32.5 million tax-exempt bond financing through IFA. Erikson, one of the nation's leading graduate schools in child development, looks forward to creating a campus that will expand its work in early childhood education and research. The expanded facility will accommodate a student enrollment that has more than doubled in the past five years.
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Banner Year for IFA Beginning Farmer Bonds!
In 2007, IFA approved 65 Beginning Farmer Bonds totaling $11.8 million. From 2004 to 2007, IFA has approved a total of 193 and $37.1 million in Beginning Farmer Bonds. Beginning farmers, Lenders and IFA are a successful partnership working together for the growth of Illinois agriculture! Contact Eric Reed () at 618.244.2424, ext 1501, or Cory Mitchell () at 618.244.2424, ext 1408 if you are interested in using the Beginning Farmer Bond Program to make financing more affordable for your farming clients.
Learn more about IFA Agriculture Programs
Beginning Farmer Bond Program Overview
Specialized Livestock Guarantee Program Overview
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Illinois Finance Authority recently helped Greg and Cindy Husser to purchase and expand an existing cow dairy in Tampico (Bureau County). Working with the Community State Bank of Rock Falls, IFA partnered in two financings, a $425,000 beginning farmer contract bond and a $292,000 specialized livestock guarantee. With the combined $717,000, the Hussers acquired 110 head of milk cows, equipment and 15 acres of real estate. The Husser Dairy expansion and the IFA financing programs that helped make it possible were recently featured by the Illinois Milk Producers' Association.
Read more...
Photos from the Husser Dairy (click the thumbnail for a larger image.)
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IFA Financing Programs Help Build Community Infrastructure
IFA has programs to provide financing for infrastructure projects, ranging from $20,000 up to over $100 million, allowing communities to improve their quality of life. IFA offers different programs depending on the amount needed. For example, IFA's Local Government Pooled Bond Program works great for community financing needs between $100,000 and $4 million. However, if the amount needed is between $20,000 and $250,000, our Direct Purchase Program may be a better solution.
We've helped finance many projects including water and sewer improvements, the construction of municipal buildings, park improvements, and equipment needs. IFA works with all types of communities, including school districts, park districts, fire districts, library districts, water and sewer districts, townships, cities, villages, counties, and others.
The Pooled Bond Program offers local governments a cost-efficient financing option with many benefits...
- lower borrowing rates due to double tax-exempt status (interest exempt from state and federal income taxes)
- decreased bond issuance costs (communities share the fixed costs)
- streamlined process (simplified 1-page preliminary application)
- possible moral obligation backing by the State of Illinois (can also serve to lower borrowing rates)
In the Pooled Bond Program, IFA purchases the securities from the local governments and, in turn, issues its own tax-exempt revenue bonds via the financial markets.
The Direct Purchase Program is an excellent choice for communities where the Pooled Bond Program doesn't fit. In this program, IFA directly purchases local government debt at a reduced interest rate and holds the debt in its own investment portfolio.
Through IFA's Pooled Bond and Direct Purchase Programs, we have helped many Illinois communities build the infrastructure necessary to bring in new businesses and social services, create new jobs, attract families, meet regulatory code and improve their quality of life.
Click here for a simplified local government application.
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The Village of Waynesville is participating in IFA's Local Government Pooled Bond Program. With the proceeds from $620,000 in double-tax exempt bonds, Waynesville is constructing a building to house a water filtration system as well as waterlines to connect a water-well to the plant. The Pooled Bond Program allowed Waynesville to obtain the financing they needed at a lower, shared cost and also at a lower borrowing rate. The Village of Waynesville, located in DeWitte County approximately 25 miles southwest of Bloomington, covers less than one square mile with a population of 452.
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Chicago Gear - D.O. James Corporation is expanding its operation with the help of $5.3 million in industrial revenue bonds issued through IFA. This project supports economic development in the Chicago Kinzie Industrial Corridor and enables Chicago Gear to remain in the location where it has operated since before 1920.
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German manufacturer CENTA Corporation has launched its first manufacturing operation in the U.S. with a new plant in Aurora. This project was supported by the issuance of $3.3 million in tax-exempt industrial revenue bonds by the Illinois Finance Authority. With this new facility, CENTA will consolidate in one location all U.S./North American sales, distribution and service operations, and will in-house manufacture in the U.S. for the first time in company history.
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With the support of IFA, INX International Ink Co. is consolidating operations from three locations into a new manufacturing facility located in Homewood. This $10 million Industrial Revenue Bond financing will help retain 51 manufacturing jobs in Illinois.
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John Hofmeister & Son, Inc., a processor of fine hams and ham products headquartered in the Pilsen neighborhood of Chicago, is expanding its meat processing plant with the support of a $3 million industrial revenue bond financing through IFA. Currently employing 60, this small family-owned business plans to add 15 new jobs.
Read press release
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A new world-class supercomputing facility will be housed at Argonne's National Laboratory in DuPage County with the support of a $61 million bond financing through IFA. This new 200,000 square-foot facility, known as the Theory and Computing Sciences Building, will be home to over 600 laboratory employees and one of the fastest computers known as the IBM Blue Gene/P. The facility will also include a centralized library, computational research labs and a conference center.
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Jel Sert Company is expanding its business operations in DuPage County with $10 million in tax-exempt industrial revenue bonds issued by IFA. This expansion project is in response to a successful launch of the milk flavoring straw called a "Sipahh." Jel Sert is a manufacturer of many well-known consumer food brands including Wyler's , Wyler's Light, Pop-Ice, Fla-Vor-Ice, Otter Pops, Royal, Mondo, My-T-Fine, Mr. Freeze, Flavor Aid, and Sipahh. DuPage County will benefit from 300 new manufacturing jobs with this expansion project.
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IFA a Leading Healthcare Issuer Nationwide
IFA has a strong record of support for healthcare facilities in Illinois. Since its inception in 2004, IFA has become one of the leading healthcare issuers nationwide, issuing more than $7.3 billion in healthcare bonds in 91 financings. Healthcare projects range from $500,000 and under for small hospital and equipment financings to nearly $500 million for Illinois' world-class medical institutions. IFA's Healthcare Team is ready to help. To discuss your unique project financing needs, contact IFA Funding Managers Pam Lenane () and Dana Sodikoff ().
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1985 Pooled Funds Now Available for Reimbursement of Capital Expenditures for Rated Hospitals
IFA's 1985 Revolving Fund Pooled Financing Program has traditionally been able to provide qualified Illinois hospitals with access to capital at one of the lowest possible costs of borrowing. Currently, the program has approximately $40 million available for reimbursement of capital expenditures including equipment acquisitions, renovations, land and building acquisitions, construction and refinancing of taxable debt. Click here to get in touch with our IFA Heathcare team.
Learn more about 1985 Pool Funds
1985 Revolving Fund Pooled Financing Program Overview
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Holy Cross Hospital, a "safety-net" hospital, is undergoing a renovation project to update aging facilities and improve healthcare access on Chicago's Southwest side. Financing for this project was supported by $16 million of 501(c)(3) refunding bonds through IFA. Recent low interest rates made it possible for Holy Cross to refinance existing higher cost debt, providing a significant net present value savings. Holy Cross is recognized as one of the busiest emergency rooms in the state, and also receives the most fire and police ambulances of any healthcare facility in Illinois.
Read press release
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Northwestern Memorial Hospital (NMH) recently completed the construction financing of its new Prentice Women's Hospital with the support of $364 million in healthcare bonds issued by the IFA. The new hospital, located in Chicago, can accommodate 13,500 births annually, ranking Prentice Women's Hospital among the nation's top three birthing centers. In addition to obstetrics, Prentice delivers integrated healthcare for women from adolescence to geriatrics. The Chicago area benefits from 3,500 construction jobs and 600 new permanent jobs.
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Monarch Landing, a new continuing care retirement community, will offer quality living facilities to local seniors in the fast growing community of Naperville. The $185 million healthcare bond project will create 1,876 living and nursing units as well as 593 new jobs. The project is being developed in three phases by Erickson Retirement Communities, with the first phase expected to be completed in March of 2009.
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A major $11 million expansion project by Search, Inc. will improve access to residential, educational and employment opportunities for adults with developmental disabilities. Supported by tax-exempt bonds issued by IFA, Search will acquire and construct a new day training facility in Mt. Prospect as well as expand and renovate its network of 33 facilities throughout northern Cook County. This project will enhance service to over 430 participants.
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$7.5 million in affordable housing bonds issued by IFA will enable a newly-renovated Hidden Glen Apartments complex to remain affordable for up to 30 years under the management of Evergreen Real Estate Services, LLC. Hidden Glen Apartments, located in Bourbonnais (Kankakee County), will benefit from a substantial renovation to unit interiors and exteriors, building mechanical systems, and sidewalk, parking and garbage enclosure repairs. This project results in an improved standard of affordable living for 128 low-income families and seniors.
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