QUAD CITIES REGIONAL ECONOMIC DEVELOPMENT AUTHORITY 1830 Second Avenue, Suite 200, Rock Island, Illinois 61201-8038 Toll Free Tel: 866-325-7525, Fax: 866-325-7569

 

PRESS RELEASE

 

FOR RELEASE ON:                                                      Contact:            Andrew Hamilton,

IMMEDIATELY                                                                                      Executive Director

            Quad Cities Regional

                                                                                                            Economic Development

Authority

Tel: 866-325-7525

 

QCREDA Approves Expansion at Augustana College

 

ROCK ISLAND, IL . The Quad Cities Regional Economic Development Authority (QCREDA) approved the issuance of not-for-profit tax-exempt bonds in the amount of $15,000,000 on behalf of Augustana College in Rock Island, Illinois.   .QCREDA was created to assist important projects such as this,. said Chairman Greg Kistler, .Augustana is an important asset to the Quad Cities area and we are delighted to help them with their expansion..

 

Augustana College is planning the construction of a new residence hall.  The three-story building will be located at the northwest corner of 38^th Street and 11^th Avenue in Rock Island and will open in the fall of 2006, in time to welcome students for the new academic year.  .QCREDA has created over 1,400 jobs in the Quad Cities,. said Senator Mike Jacobs, .the Augustana College project will enhance the quality of life in the region..   The 96,000 square foot structure will be comprised of three wings containing two distinct styles of housing for 238 students.  The east wing will be made up of apartment-style units known on campus as Transitional Living Areas, or TLA Housing.  The building.s south and west wings are designed to accommodate sophomore and first-year students in two-room suites separated by an individual restroom.  Representative Patrick Verschoore added, .QCREDA has provided over $80 million in project financing; Augustana ranks at the top of these projects in providing quality housing and much needed construction jobs to the area..

 

QCREDA was created by the State in 1987 as a bonding agency that provides financing for  companies in the counties of Rock Island, Henry, Knox and Mercer.  The Authority.s powers enable it to issue taxable or tax-exempt revenue bonds for the purpose of developing, constructing, acquiring or improving facilities for business entities locating in or expanding within the jurisdiction of the Authority.  Members of the Authority include Robert Anderson, Mark Appleton, James Barnes, Harry Coin, Ann DeSmith, Nancy Mulcahey, J.P Jacobs, Greg Kistler and Scott Verschoore.  For more information call Andrew Hamilton, Executive Director at 866-325-7525.

 

QUAD CITIES REGIONAL ECONOMIC DEVELOPMENT AUTHORITY 1830 Second Avenue, Suite 200, Rock Island, Illinois 61201-8038 Toll Free Tel: 866-325-7525, Fax: 866-325-7569

 

Quad Cities Regional Economic Development Authority

October 2005

Introduction

The Quad Cities Regional Economic Development Authority (QCREDA) was created by action of the Illinois General Assembly and the Governor.  QCREDA is a general development agency for the counties of Rock Island, Knox, Henry and Mercer. The Authority's financial and supportive powers enable it, with the written approval of the Governor of the State of Illinois to Issue Taxable, Tax-Exempt Bonds and Moral Obligation Bonds for the purpose of developing, constructing, acquiring or improving properties or facilities for business entities locating in or expanding within the territorial jurisdiction of the Authority.

 

History

The Quad Cities Regional Economic Development Authority created by an act of the legislature and signed into law by Public Act 85-988 on December 30, 1987 and amended in March 2001. The Authority is a ten member body of which five members are appointed by the Governor with consent of the Senate.  The Director of the Department of Commerce and Community Affairs serves as an ex-officio member.  Three members are appointed, one each by the county board chairman of Henry, Knox, Mercer and Rock Island. Some bond projects QCREDA include:

 

Project                                   City                        Date                        Amount                  Interest                  Jobs

Thoms Proestler Co.            Rock Island           07-01-92 $16,225,000            8.70% (A)              310

HDC, Inc. Heritage Place    Moline                   05-01-91 $11,000,000            9.75% (A)              200

Whitey's Ice Cream              Moline                   12-22-95   $2,000,000            5.20%                       40

Plastic Products Co., Inc.    Moline                   12-18-97   $4,206,450            5.98%                     102

Steel Warehouse Co., Inc.  Rock Island           12-31-97   $5,600,000            4.82%                       50

Plastic Products Co., Inc.    Moline                   06-01-98  $2,041,567            5.98%                     102

Steel Warehouse Co., Inc.  Rock Island           12-08-99   $2,200,000            4.80%                       50

Seaberg Industries, Inc.      Rock Island           12-11-98   $1,300,000            5.20%                       95

Watts Trucking Company  Rock Island           12-22-99   $6,500,000            5.50%                     400

Isotech of Illinois, LLC        Rock Island           07-19-01   $2,000,000            variable                    15

Two Rivers YMCA              Moline                   02-26-02   $6,000,000            variable                  103

Pheasant Ridge Apts.         Moline                   08-24-05   $6,700,000            variable                    10

Augustana College              Rock Island           10-21-05 $15,000,000            variable                    ----

Total Bonds                                                                                          $80,773,017                                            1,477

                (A) Taxable Rates, (B) created and retained

 

Board of Directors

Mark Appleton                        Vacancy                                   Harry Coin                                               James Barnes

Appleton & McHugh, P. C.      T. Getz (Resigned)                   American Bank                                        Mercer County

Aledo, IL  T: 309/582-5121    Moline, IL  T:                          Rock Island, IL T: 309/794-0111                            Sherrard, IL T: 309/593-2904

 

J. P. Jacobs                               Ann DeSmith                           Vacancy                                                   Scott Verschoore

Rock Island                              Henry County                          Rock Island County                                  IBEW

T: 309/788-5110                     Atkinson, IL T: 309/944-6939                Moline, IL T:                                           Reynolds, IL T: 309/736-4239

 

Greg Kistler                              Robert Anderson                      Nancy Mulcahey                                      Andrew Hamilton, Exec. Dir.

Marquette Bank                       Moline, IL                               Dept. of Com & Econ. Op.                      Rock Island, IL

Galesburg, IL T 309/343-7141 T:309-762-0202                      Rock Island, IL T: 309-794-1769                            Toll Free: 866/325-7525