Boone County to sell approximately $6 million in Recovery Zone Bond Authority to Navistar

At tonight’s Boone County’s Finance Committee meeting, the subcommittee recommended that the County Board allocate the county’s Recovery Bonds to Navistar.  Approximately $7,600 will be paid to the county by Navistar for this action.  The following is an explanation of what will be happening with the funds.  It is sad that no corporation with jobs closer to Boone County could not use the funds.

new law sponsored by State Sen. A.J. Wilhelmi (D-Joliet) earlier this year has played a vital role in Navistar's decision to keep their corporate headquarters in Illinois

Wilhelmi's initiative allows a county or municipality to voluntarily waive all or a portion of their authorized allocations of Recovery Zone Economic Development Bonds, Recovery Zone Facility Bonds, or Qualified Energy Conservation Bonds, to the Illinois Finance Authority (IFA). By doing so, IFA can pool the respective bond allocations and make the larger sum available for larger projects outside of those communities as only IFA has statewide jurisdiction.

On Tuesday[9-14-2010], the Illinois Finance Authority voted unanimously in favor of awarding $145 million in Recovery Zone Facility Bonds to Navistar International Corporation…will provide low-interest financing to purchase, renovate, equip, and construct additions to nine existing buildings located on an approximately 87 acre site in Lisle, as well as finance leasehold improvements and equipment related to expanding a warehouse facility in Joliet to nearly 338,000 square

bond allocation was made available when Elgin, Joliet, Naperville, Rockford, Douglas County, DuPage County, Henry County, Kankakee County, and Winnebago County, among others, offered some or all of their respective bond allocations for Navistar's use. It is expected that more counties and municipalities will offer their bond allocations for the project as Recovery Zone bonds are set to sunset at the end of the calendar year.

Click on the following for more details on the Navistar project:  Tag:wilhelmi

Here is the Boone County Resolution: 

Click on the photocopies to enlarge.