The Illinois Finance Authority has a new tool to help regions throughout the state suffering from the twin hits of recession and the prolonged aftermath of damage from severe storms, tornadoes and flooding that came during the summer of 2008.
Midwestern Disaster Area Bonds have been authorized by the federal government as a money-saving incentive for certain multi-family rental projects, commercial, industrial, manufacturing, retail and public utility projects to help repair damage and restore jobs to these troubled regions.
Qualified projects include, but are not limited to:
- Manufacturing facilities
- Retail businesses and shopping centers
- Office buildings
- Warehouses and storage facilities
- Medical facilities, including office buildings
- Commercial development
- Agricultural facilities and improvements
A total of $1.5 billion in tax-exempt bond authority is available for FEMA-designated disaster areas covering 18 counties in four key regions: Rockford’s Winnebago County; Lake County, north of Chicago; southeastern Illinois along the Terra Haute, Indiana border; and several counties along the Mississippi River.
“This type of creative financing will help jump-start development in Illinois communities that need it most,” said Illinois Finance Authority Executive Director Christopher Meister. “We’re proud to partner with the federal government, Governor Pat Quinn and the Illinois Department of Commerce and Economic Opportunity to identify and support projects to repair disaster-related damage and create new jobs statewide.”
Counties eligible for financing through this program are Adams, Calhoun, Coles, Clark, Crawford, Cumberland, Douglas, Edgar, Hancock, Henderson, Jasper, Jersey, Lake, Lawrence, Mercer, Rock Island, Whiteside, and Winnebago.
Between April and September 2008, the affected counties lost nearly 11,000 jobs. That translated to a 20% jump in the unemployment rate, from 5.7% to 6.9%. During the same period, Illinois’ overall unemployment rate rose by 16.4 percent. These new bonds are a tool to help boost employment by replacing lost jobs in communities hit by floods.
More details on the Midwestern Disaster Area Bond program are available at www.il-fa.com.
ADAMS COUNTY
- The Adams County seat of Quincy floods if the Mississippi tops 17 feet. In 2008 the river peaked at 30.8 feet over flood stage, the second highest level recorded. 221,500 acres were affected by the flood, nearly 60% of the county’s total farmland.
- Wages in Adams County fell 3% between the second and third Quarters, compared to a statewide drop of only 1 % during that time.
CALHOUN COUNTY
- The Mississippi and Illinois rivers join in Calhoun County, creating a peninsula with limited access to other communities. During the 2008 floods, the Mississippi crested 11.1 feet above flood stage and the Illinois crested 12.8 feet above flood stage.
- One-third of the total farmland in this highly agricultural county was affected by the flood.
HANCOCK COUNTY
- The Des Moines River joins the Mississippi River in Hancock County. The Mississippi peaked at 26.9 feet over flood stage, the second highest level recorded.
- 249,785 acres were affected by the flooding, or 64% of all farmland in the county.
- Median household income in the county fell by 7.7% in 2008.
HENDERSON COUNTY
- Three levees in Henderson County were either breached or flooded in 2008, when the Mississippi peaked at 25.7 feet over flood stage, which is the highest level recorded.
- Nearly three-quarters of all farmland in the county were affected by the flood (124,824 acres).
- The Illinois Department of Transportation reports flood damage required major road repairs that lasted more than a month and drained $4.9 million from the area economy.
- Between the second and third quarter of 2008, the county employment rate dropped 6.5%.
JERSEY COUNTY
- Combined flooding of the Illinois and Mississippi Rivers damaged 78,558 acres of farmland in Jersey County.
- From the second to the third quarter of 2008, wages decreased slightly by 0.2 % and those unemployed increased by 113.
MERCER COUNTY
- The Mississippi crested at more than 10 feet above flood stage in two areas of Mercer County, hitting a record 24.49 feet at the Keithsburg gauging station.
- 211,410 acres of farmland was affected by the floods, 69% of the county’s available farmland.
- In 2008, the county lost 11% % of its total households.
ROCK ISLAND COUNTY
- Both the Mississippi River and the Rock River flooded this county in 2008.
- Median household income in Rock Island County fell by 2.8% in 2008; statewide, median household income rose 0.1% during this time.
- County wages fell between the second and third quarters by 4%; statewide, wages fell 1%.
WHITESIDE COUNTY
- Flooding of both the Mississippi and Rock rivers caused damage to 62% of County farmland (nearly 250,000 acres).
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