Wednesday, August 12, 2009

Tools for development: Stephenson County takes part in recovery zone program - Freeport, IL - The Journal-Standard

Both Stephenson and McHenry Counties are in the Recovery Zone Program, when will Boone County get into the program?

By approving this designation, the county will have access to nearly $9 million in bond funding from the federal stimulus program, which is known as the American Recovery and Reinvestment Act of 2009.

For example, this bond funding could be used for a major local infrastructure project such as a new village water tower, officials said. Stephenson County will have access to $3,759,000 in economic development bond funding.

The facility bonds permit counties and large municipalities to provide tax-exempt financing for projects that historically would not qualify for industrial revenue bonds. This includes large manufacturing plants, distribution centers, hotels, research parks, and more. Stephenson County will have access to $5,639,000 in facility bond funding.

Stephenson County is one of the first units of government to proceed with the recovery zone bond program. The only other unit to adopt the program so far is Minneapolis, Minn

Click on the following for more details:  Tools for development: Stephenson County takes part in recovery zone program - Freeport, IL - The Journal-Standard

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