Title
Joint resolution authorizing the transfer of up to $45,581,000 of volume cap of the Recovery Zone Facility Bond Allocation to the Illinois Finance Authority for use for the Navistar retention project.
Staff Summary
· Lake County received an allocation of $59.5 million from the Federal government as a part of the American Recovery and Reinvestment Act (ARRA).
· Any Recovery Zone Facility Bond allocation must be used by December 31, 2010 when the allocation will expire.
· The resolution authorizes a transfer of an amount not to exceed $45,581,000 of volume cap to the Illinois Finance Authority (IFA) for the use for the Navistar retention project. The IFA is the consolidating conduit for the Navistar project and will serve as the issuer of the Recovery Zone Facility Bonds.
· Navistar will use the bonds for their corporate headquarters expansion in Lisle, Illinois and for a warehouse facility it will occupy in Joliet, Illinois.
· Navistar is committing to create at least 400 new jobs and retain an additional 2,220 existing jobs in Illinois. In addition, approximately 400 new construction jobs will also be created.
· The total cost for the Navistar project is $161 million.
Body
RESOLUTION NO. ___
RESOLUTION REALLOCATING RECOVERY ZONE FACILITY BOND ALLOCATION TO THE ILLINOIS FINANCE AUTHORITY FOR THE NAVISTAR INTERNATIONAL CORPORATION PROJECT
WHEREAS, Section 1401 of Title I of Division B of the American Recovery and Reinvestment Act of 2009, Pub. L. No. 111-5 Stat. 115 2009, (“ARRA”) authorizes state and local governments to issue Recovery Zone Facility Bonds; and
WHEREAS, Recovery Zone Facility Bonds may be used to finance certain “recovery zone property,” as such term is defined in ARRA; and
WHEREAS, the term “Recovery Zone” means: (1) any area designated by the issuer as having significant poverty, unemployment, rate of home foreclosures or general distress; (2) any area designated by the issuer as economically distressed by reason of the closure or real...
Click here for full text