Members of the Quad Cities Regional Economic Development Authority (QCREDA) met Thursday in Geneseo for the first time as part of a new effort to become better known throughout its three county region.

The authority was created by the Illinois General Assembly in 1988 to spur economic growth and create jobs in Rock Island, Henry, and Mercer counties.

QCREDA's biggest advantage is its ability to offer long-term, tax-free financing for manufacturers.

"The authority's bonding power can save businesses 2 to 3 percent a year on their borrowing cost", QCREDA members said.

The authority previously met in the board room of the Quad City International Airport in Moline. Future meetings will be held in community centers or restaurants on a rotating basis in Henry, Mercer, and Rock Island counties, Mr. Schloemer said.

QCREDA's most recent financing was a $2 million bond issued on behalf of Whitey's Ice Cream Manufacturing Co. in Moline. The bond financing saved the family-owned company thousands of dollars in interest on its expansion QCREDA executive director Andrew Hamilton said.

Typically, Development Authority tax-exempt bonds carry floating interest of 4 to 5 percent and finance all of a project's costs over 15-20 years, Mr. Hamilton said.

QCREDA's board members are Harry Coin, Dean Foster, Thomas Getz, Richard John Sr., Gaylon Martin, Jennifer Rowe, Mr. Schloemer, and the director of the Illinois Department of Commerce and Community Affairs, represented by Gregg Fahey.