Tri-County River Valley Development Authority
The Heartland Partnership is proud to announce a new funding opportunity for regional businesses. The Tri-County River Valley Development Authority (TCRVDA) is now operational in Central Illinois. TCRVDA was created by the Illinois General Assembly and the Governor and has the ability to issue up to $100 million in bonds for economic development purposes and is a general development tool for Peoria, Tazewell, and Woodford Counties. The TCRVDA is one of ten such development authorities in the State. The other nine authorities have issued over $900 million in bonds since the early 1990s.
TCRVDA is a localized unit of government that provides long term financing using bonds instead of traditional lending and is most beneficial for manufacturing and non-profit businesses. TCRVDA can issue bonds allowing local companies to access an additional allotment of bonding volume cap that is presently not available.
TCRVDA has been granted the authority to:
· Issue taxable bonds
· Issue tax exempt bonds
· Issue moral obligation bonds (with consent of Governor)
· Issue notes or other evidences of indebtedness
TCRVDA board of directors is made up of 11 members: Gary Densberger, East Peoria; Jimmy Dillon, Peoria County; John Abel, Pekin; Bob Knepp, Woodford County; Russ Crawford, Tazewell County; Tim Riggenbach, City of Peoria; Marc Miller, IDNR; Tony Rolando, DCEO; and 3 more to be appointed by the Governor.
Kip McCoy, VP of The Heartland Partnership says we have been looking into various avenues to offer additional support to local companies and projects that are seeking financing. “We determined TCRVDA could bring additional financing options to the local communities. The Heartland Partnership is administering the program, and the Heartland Community Development Corporation has agreed to fund the first 12 months of TCRVDA activity which will enable the Authority to begin operations without seeking additional start-up capital. After the initial 12 months, the TCRVDA will need to have a plan in place to be self sustaining.” McCoy believes the TCRVDA offers our region another economic development tool that can work closely with our local municipalities and civic leaders.
People seeking financing from TCRVDA should contact Kip McCoy directly at kmccoy@h-p.org.