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"We help finance initiatives throughout Illinois that stimulate the economy, create jobs and make a better Illinois for all." |
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Chicago 180 N. Stetson Ave. Suite 2555 Chicago, IL 60601 Phone: 312.651.1300 Fax: 312.651.1350 |
Mount Vernon 2929 Broadway St. Suite 7B Mt. Vernon, IL 62864 Phone: 618.244.2424 Fax: 618.244.2433 |
Peoria 100 SW Water St. Peoria, IL 61602-1329 Phone: 309.495.5959 Fax: 309.676.7534 |
Springfield 427 E. Monroe St. Suite 202 Springfield, IL 62701 Phone: 217.782.5792 Fax: 217.782.3989 |
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Prairie Power is a member-owned, not-for-profit electric generation and transmission cooperative that produces and supplies electricity for 11 member distribution cooperatives throughout central Illinois. They are also an investor in the 1,600 megawatt clean-coal power generation facility, Prairie State Energy Campus, being developed in Lively Grove Township. Prairie Power is financing a portion of its investment in the Prairie State Energy Campus with proceeds from $51.2 million in Solid Waste Disposal Facilities Revenue Bonds that IFA issued in November 2008. These tax-exempt bonds are available for qualifying facilities that are used to collect, store, treat, transport, utilize, process or provide for the final disposal of solid waste, and will help lower the overall cost of constructing the pollution control facilities at the Energy Campus. The Prairie State generation facility is expected to deliver low-cost energy to more than 1.7 million families, create 270 full-time jobs and 1,200 construction jobs, and fuel business growth throughout the Midwest. The plant is planned to be among the nation's cleanest coal-fueled plants.
Norwegian American Hospital (NAH), a Chicago 200-bed acute care safety-net hospital, issued approximately $24 million in tax-exempt bonds. Approximately $17.5 million of proceeds will be used to finance the renovation, construction, and equipping of a new Women's Center of Excellence and an Outpatient Imaging Center. Norwegian is recognized as one of the largest providers of childbirth services in the State. The new Center of Excellence is designed to serve women's health needs in the child-bearing years while the Imaging Center will offer full-service imaging in a timely, professional and patient-centered manner. Bond proceeds are also being used to upgrade fire sprinkler and fire alarm systems. The project will add twelve new jobs to an existing staff of 750 and will create approximately 20 construction jobs.
OSF Healthcare is constructing a 50,872 sq.-ft. medical office building in Peoria with the proceeds from $16 million in Commercial Paper Revenue Notes issued through IFA. OSF is headquartered in Peoria with five hospitals and one continuing care and nursing home center located in Illinois. The newly-constructed medical office building will be used for OSF-employed physicians and ambulatory diagnostic services. The project will create approximately 50 construction jobs and will add 30 new jobs to OSF's current staff of 9,693.
Kenall Manufacturing is one of the lighting industry's well-respected independent lighting manufacturers. They were the first to create a series of impact and vandal resistant lighting products and have broadened their product base to include other specialized types of lighting. With the assistance of $5.6 million in low-interest Industrial Revenue Bonds issued by IFA, Kenall is constructing a 19,000 sq.-ft. state-of-the-art addition and purchasing new equipment. This expansion will help to competitively position Kenall to expand international sales in the complex high-end lighting industry. Located in Gurnee, Kenall currently employs 157. The project will create 30 new jobs and 15 construction jobs.
The Greater Peoria Young Men's Christian Association (GPYMCA) is getting a face lift... using proceeds from a $2.5 million 501(c)(3) bond issuance, the Y will build and equip a new 4,800 sq.-ft. wellness center, 3,200 sq.-ft. of new office space, and a new 2,200 sq.-ft. multipurpose activity room. In addition to the new construction, proceeds are being used to renovate existing structures, relocate utilities, update mechanical systems, and make exterior improvements. The GPYMCA provides many services and activities, including comprehensive health fitness and exercise programs, team and group activities such as basketball, indoor tennis and tumbling, teen and youth programs, and after school activities. Fourteen jobs will be retained and 25 construction jobs will be created with this project.
Lake Forest College is constructing a 70,000 sq.-ft. addition to their recreation facility with proceeds from a $6 million tax-exempt bond issuance by IFA. The new Sport Center will offer three practice courts with various surfaces for a variety of sports, a four lane running track located on a mezzanine level, and a lower level equipped with strength and conditioning equipment. The College has a Fall 2008 enrollment of over 2,400 and is located 30 miles north of Chicago in Lake Forest. 75 construction jobs are anticipated to complete this project over ten months.
Proceeds from $9.4 million in 501(c)(3) bonds issued through IFA are being used by Prairie Crossing Charter School to consolidate outstanding debt and finance infrastructure improvements. Prairie Crossing will benefit from a lower interest rate and lower payments on existing debt, providing greater cash flow flexibility for other operating needs. The charter school's K - 8 curriculum is unique. It is centered on the environment, teaching students through daily experiences in Grayslake-area prairies, wetlands, lakes and woodlands, and at the school's organic farm. The school has grown from an initial size of 60 students to an enrollment of 358 with a waiting list of approx. 100 students. Prairie Crossing currently ranks in the 97.0 percentile of schools tested in the State for academic standards. Prairie Crossing Charter School employs 63 staff members. The project will create 20 construction jobs over 6 months.
Agriculture is IFA's largest market sector in terms of number of projects, with 70 Beginning Farmer Bonds and Agriculture Guarantees completed in fy2008. Since 2004, more than 350 projects have helped Illinois growers and producers to start, expand, and improve operations... in nearly every county in the state. Serving Illinois' agriculture is, and will continue to be a strong focus for IFA.
Congratulations to Brian Bohnhoff, Vice President, Peoples State Bank, Newton. Mr. Bohnhoff was named Outstanding Ag Lender by the Illinois Finance Authority (IFA) in its third annual program to honor excellence in agricultural lending. As part of the activities held during the Illinois State Fair Ag Day, IFA Board Member, Brad Zeller along with IFA Funding Manager, Cory Mitchell presented Brian with a plaque and awarded a monetary donation in Brian's name to Jasper County Cooperative Extension Service. The award recognizes Brian's personal and professional contributions to strengthening the agriculture industry in his community. A life-long resident of the Dieterich area, Brian continues to operate a grain farm with his family. IFA works with Ag Lenders throughout Illinois to provide Beginning Farmer Bonds and a range of agricultural loan and State-backed loan guarantee programs. Because of partnerships with lenders like Brian, many farmers, livestock producers and agri-businesses are able to obtain affordable low interest rate financing to start, expand or restructure their operations.
