Mt. Vernon Register-News

Local

June 8, 2010

Bonds available for private companies

By TESA CULLI tesa.culli@register-news.com

MT. VERNON — Now that the Jefferson County Board has declared the county as a Recovery Zone to allow the Mt. Vernon Township High School and the city to use a total of $4.4 million in bonding, there is still more than $6.6 million in bonding ability available to private companies.

“The bonds can be used for private sector projects that typically would be ineligible for tax exempt bonds,” Jefferson County Development Corporation Executive Director Mary Ellen Bechtel explained. “It gives companies the ability to access that bond feature, which lowers their interest rate.”

Recovery Zone Facility Bonds, also known as Tax Exempt Private Purpose Bonds, permit the county to provide the tax exempt financing to projects such as office buildings, warehouses and storage facilities, commercial development, retail business, shopping centers, auto dealerships, restaurants, hotels and medical office buildings. According to information from the U.S. Treasury Department, the bonds can’t be used for residential rental facilities, golf courses, massage parlors, country clubs, health clubs, hot tub facilities, liquor stores or gambling facilities.

“There was $6,662,000 allocated to Jefferson County for private bonding,” Bechtel said. “The county is already designated as a Recovery Zone. The only caveat is the bonds have to be issued by Dec. 31.”

Bechtel said anyone interested in finding out more about how they can utilize the bonds may contact her at the JCDC office at 244-3554 or Andrew Hamilton of Southeastern Illinois Economic Development Authority at 217-546-7525. SIEDA serves Jefferson, Clark, Clay, Crawford, Cumberland, Edwards, Effingham, Fayette, Hamilton, Jasper, Lawrence, Marion, Richland, Wabash, Wayne and White counties as a financing tool for economic development.

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