COLLINSVILLE, IL-The Southwestern Illinois Development Authority has reached a major milestone, topping $1-billion in bonds issued for a range of projects. According to SWIDA, these projects “have helped change the landscape of Southwestern Illinois and contributed to the region’s growth over the past two decades.”
The organization, which serves Bond, Clinton, Madison and St. Clair counties in Illinois, has now issued bonds to finance a total of 75 projects that have helped to create or retain more than 9,000 jobs in their service area. A recent $30-million bond issue for Belleville Memorial Hospital in Belleville, IL, pushed the bonds issued by SWIDA over the $1-billion mark.
The projects contributing are representative of all sectors of the economy, including infrastructure, education, healthcare, big industry, small business, energy, community revitalization, manufacturing and processing.
“These projects and so many others have benefited from the hard work of our board members, past chairs and current and past executive directors and staff who have collaborated with our clients to help bring each project to fruition,” says SWIDA chairman Bob Lombardi. “With the bi-partisan support of our legislators at the local, county and state levels, SWIDA has served as a catalyst in jumpstarting investment in our region in order to create and retain jobs and fuel the economy of the Metro East.”
Some of the significant projects that SWIDA has been responsible for financing over the years include: More than $94-million in bonds to finance the improvements being made to the Metro East levee system. “This is one of the most critical infrastructure improvement projects in the region because the levees protect 150,000 residents, 4,000 employers and 56,000 jobs in the American Bottom, which is not only the region’s industrial core, but also has the potential for tremendous future growth,” says SWIDA; and more than $23.5-million in bonds for Center Ethanol. Located in Sauget, IL, the alternative energy plant helped to establish the Metro East as a hub for this type of investment, says SWIDA. In addition, millions of dollars for school districts and colleges across the region, which are helping to train the workforce of the future, says SWIDA.
That role was exactly what was envisioned when, in 1988, Governor Thompson and the Illinois General Assembly looked to Southwestern Illinois and saw a depressed area in need of help, according to a prepared statement. Their solution was to enact legislation that facilitated the creation of SWIDA and granted the organization the essential tools to effectively foster economic development within the Metro East counties it was created to serve.
In addition to bonds, the organization provides alternative financing for projects not suited for bond issuance, including loans for land acquisition, gap financing and micro loans. SWIDA also provides real estate development services, as well as expert advice and guidance to establish Tax Increment Financing Districts and Enterprise Zones, prepare financing packages, and support grant writing and administration efforts. The agency also has supported a range of projects that have contributed to the revitalization of East St. Louis, IL, according to a prepared statement.
“The Southwestern Illinois region offers an exceptional intermodal transportation system, abundant available land and a quality workforce—attributes that are very attractive to businesses looking to expand or relocate,” Lombardi says. “SWIDA stands ready to support those projects that further enhance our intermodal transportation infrastructure to help solidly position the region as one of the prime distribution hubs in the country.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
