Last week State Representative Barb Wheeler was honored to host a luncheon meeting with community leaders and guest speaker Andrew Hamilton of the Upper Illinois River Valley Development Authority, also know as UIRVDA, to discuss how UIRVDA might be able to help.
UIRVDA was created by the Illinois General Assembly in 1990 and is a general bonding agency for 9 Illinois counties, including both Lake and McHenry. UIRVDA offers tax free bonds, which are double tax exempt for economic development, senior housing, public works projects, affordable housing, not-for profits, universities and schools.
The interest rate on these loans are usually 2-3% lower than conventional financing. UIRVDA issues the bonds which are then purchased by investment banking firms that place them in an open market with mutual funds or insurance companies, but can also be purchased directly from a bank, and the bonds are backed with a letter of credit.
Several of the municipal attendees from the luncheon were very interested in UIRVDA's program and left the meeting excited that their projects for senior housing and public works improvements might be able to utilize the program to help their residents, while saving possibly millions of dollars from the double tax exempt status. Another luncheon with Lake County Municipal leaders and UIRVDA is being planned by State Representive Rita Mayfield in July. For more information on UIRVDA, please call Andrew Hamilton at 866-325-7525.