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

St. Charles reaches agreement with police union :: Beacon News :: Local News

 

The agreement calls for the wage rates for bargaining unit personnel to remain at their current levels through the end of this fiscal year.

This matches the terms of a wage freeze already implemented for non-union employees, as well as the IBEW, Teamster and International Association of Firefighters bargaining units.

The final three years of the contract with police officers calls for wage increases of 3.75 percent for the 2010-2011 fiscal year, 4 percent for 2001-12 and 4.25 percent for 2012-13.

St. Charles reaches agreement with police union :: Beacon News :: Local News

Burlington may add one really nice house :: The Courier News :: Local News

There still are some people with money. 

BURLINGTON — Burlington has been asked to approve construction of one really, really nice place to live — a 12,000-square-foot house with a Japanese garden, a three-hole private golf course, ponds and a turf and sod farm, totaling 52 acres of yard.

And that will just be the owner's summer home.

Click on the following for more information:  Burlington may add one really nice house :: The Courier News :: Local News

Northwest Herald | Cary road bonds move forward

Here is a stimulus program which officials in Boone County know nothing about.  I previously report this on June 10, 2009 at:  http://boonecountywatchdog.blogspot.com/2009/06/northwest-herald-recovery-bonds-clear.html  I talked to numerous Boone County board members and still no one knows the details.  Well maybe taxpayers in McHenry County get something for their high taxes—elected officials with knowledge of the stimulus plan.

– The village of Cary is set to receive $5 million of McHenry County Board economic stimulus bonding power to repave and repair its roads.

The federal government has given the County Board up to $45.8 million in bonding authority to jump-start “shovel-ready” government and private projects.

The federally-backed bonds do not count against the county’s debt limit or leave the county liable if a borrower defaults.

Investors who buy the bonds are entitled to receive a 45 percent refund of the federal taxes payable on them

Illinois received $1.67 billion in bonding authority under the Act, which was divided among all 102 counties and six cities. McHenry County received the sixth largest piece, behind Chicago and Cook, DuPage, Lake and Will counties.

Click on the following for more details:  Northwest Herald | Cary road bonds move forward

Will Naperville get video poker? Bloggers place their bets :: Naperville Sun :: Lifestyles

 

Unless a county or other local form of government votes to ban them, the machines may be added to locations such as bars and fraternal organizations.

Many towns disapprove of legalized gambling in their communities and are considering such a ban, with Naperville being no exception. Once the chamber of commerce had discussed it, the city was set to consider whether to impose a ban.

The Sun asked users of our Potluck Blog if the machines should be banned in Naperville. The responses generally ranged from "it's none of the government's business" to "I don't want those here,"

Will Naperville get video poker? Bloggers place their bets :: Naperville Sun :: Lifestyles

Greg Hinz Blog | Crain's Chicago Business

The State’s Capital Plan may still be in trouble—the major source of funding may not be allowed by local governments.

revolt against Illinois' new video-poker law is beginning to pick up a remarkable amount of support -- so much support that one key source says it could endanger the revenue stream needed to pay off billions in state infrastructure bonds.

The revolt, which so far has received remarkably little press attention, is led by big counties, which can ban gaming only in [un]incorporated areas. But the pitchforks are starting to come out in municipalities, too. …

First up is the DuPage County Board….in Will County…The board is to hold a committee-of-the-whole hearing on Thursday to begin deliberations.  A similar ban in unincorporated Cook County will be submitted next month….Other sources expect action soon in Lake County….Rosemont, of Emerald Casino fame, last week became the first suburban Chicago municipality to outlaw video gambling….

Revenue from video poker will comprise about 40% of the funds needed to retire billions in state bonds for infrastructure that were authorized by the General Assembly earlier this year

Read the rest of the story by clicking on the following:  Greg Hinz Blog | Crain's Chicago Business

Prohibition of Video Gaming by Political Subdivision

A municipality or county may pass an ordinance prohibiting video gaming within the corporate limits of the municipality or unincorporated area of the country, respectively. Video gaming can also be prohibited through a majority vote for the passage of a referendum seeking to ban video gaming in that municipality or county.
Those municipalities and counties which do not prohibit video gaming will be allocated funds monthly by the Department of Revenue. The amount of such funds allocable to each such municipality and county will be in proportion to the tax revenue generated from video gaming within the eligible municipality or county as compared to the tax
revenue generated from video gaming statewide. The funds may be used for any general corporate purpose authorized for that municipality or county.