Secretary of State George H. Ryan announced that the Will Kankakee Regional Development Authority (WKRDA) received approval to issue $6,000,000 of Tax-Exempt Volume Cap to on behalf of Flanders Precisionaire, Inc. in Momence, Illinois. The Volume Cap authorizes the issuance of tax-exempt bonds for Precisionaire. Interest on the bonds is exempt from federal income tax to the bondholders. Because of this exemption, tax-exempt bonds offer a lower interest rate to the borrower. “We are delighted that the State can assist in the Presisionaire Expansion”, said Racich. “This project will create almost 400 new jobs over the next two years.”

Flanders Precisionaire plans on buying the Peterson Puritan Building in Momence, which has 211,000 square feet of factory space and 20,000 square feet of office space. The Site has been vacant for 10 years.

The interest paid to the purchasers of these bonds is exempt from Federal Income Tax. “This is important because it does not effect the tax base of the local communities,” according to Racich “This program provides low-cost capital for program-specific projects since tax-exempt bonds have a lower interest rate than bonds with taxable interest.”

WKRDA, created by action of the Illinois General Assembly and the Governor, is a general development agency for the Will and Kankakee counties and is one of only four active economic development regional authorities within the State of Illinois. The Authority's financial and supportive powers enable it, with the written approval of the Governor of the State of Illinois, to issue taxable or tax-exempt State of Illinois revenue bonds for the purpose of developing properties or facilities for business entities locating in or expanding within the territorial jurisdiction of the Authority.

Members of the Authority board include: Walter Charlton, Howard Norberg, Mike Parish, Bruce Payne, Barbara Peterson, John Racich, Francis J. Smith, Phillip Williams, and the Director of the Illinois Department of Commerce and Community Affairs. For more information call Andrew Hamilton, Executive Director at 217/546-7525.

January 28, 1998
Contact: John Racich
WKRDA Chairman
815/774-2071

Regional Authority Issues Bonds to Help Create Jobs

The Will Kankakee Regional Development Authority (WKRDA) issued $6,000,000 of Tax-Exempt Private Activity Bonds on behalf of Flanders Precisionaire, Inc. in Momence, Illinois. Interest on the bonds is exempt from federal income tax to the bondholders and thus offers a lower interest rate to the borrower. “We are delighted that the Authority can assist in the Precisionaire Expansion”, said Racich. “This project will create almost 400 new jobs over the next two years.” Flanders Precisionaire purchased the former Peterson Puritan Building in Momence, which has 211,000 square feet of factory space and 20,000 square feet of office space. The Site has been vacant for 10 years.

The interest paid to the purchasers of these bonds is exempt from Federal Income Tax. “This is important because it does not effect the tax base of the local communities,” according to Racich “This program provides low-cost capital for program-specific projects since tax-exempt bonds have a lower interest rate than bonds with taxable interest.”

Members of the Authority board include: Walter Charlton, Howard Norberg, Mike Parish, Bruce Payne, Barbara Peterson, John Racich, Francis J. Smith, Phillip Williams, and the Director of the Illinois Department of Commerce and Community Affairs. For more information call Andrew Hamilton, Executive Director at 217/546-7525.

August 10, 2000
Contact: Bruce Payne
WKRDA Chairman
815/723-9070

Regional Authority Issues Bonds to Help Create Jobs

The Will Kankakee Regional Development Authority (WKRDA) issued $6,050,000 of Tax-Exempt Private Activity Bonds on behalf of Unimast Incorporated (Unimast) in Joliet, Illinois. Interest on the bonds is exempt from federal income tax to the bondholders and thus offers a lower interest rate to the borrower. “We are delighted that the Authority can assist a manufacturing company open a new facility in Will County”, said Payne. “This project will create 104 new jobs.” Unimast is a wholly owned subsidiary of WHX Corporation based in New York, New York. Unimast is a manufacturer of light steel framing, drywall steel, plastering steel and other construction products. The company has other facilities in Illinois, Ohio, Georgia, Texas, New Jersey, Minnesota, Florida, Arizona and Indiana.

The interest paid to the purchasers of these bonds is exempt from Federal Income Tax. “This is important because it does not effect the tax base of the local communities,” according to Payne “This program provides low-cost capital for specific projects since tax-exempt bonds have a lower interest rate than bonds with taxable interest.”

Members of the Authority board include: Alice Argyelan, Walter Charlton, Howard Norberg, Bruce Payne, Barbara Peterson, Ab Potter, John Racich, Phillip Williams, and the Director of the Illinois Department of Commerce and Community Affairs. For more information call Andrew Hamilton, Executive Director at 815/723-9070.

Andrew Hamilton
Executive Director
Will Kankakee Regional Development Authority
116 No. Chicago Street
Two Rialto Square
Joliet, Illinois 60432
tel 866-325-7525
fax 866-325-7569
email andrewjhamilton@wkrda.com