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CDFA Illinois Financing Roundtable Newsletter - April 2018
April 4, 2018
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CDFA Illinois Financing Roundtable Newsletter


IL Considers State Tax Credit for Historic Preservation
State Rep. Mike Halpin, D-Rock Island, has introduced legislation providing an income tax credit on expenditures spent rehabilitating historic structures. The credit will be equal to 25 percent of eligible expenses to taxpayers living in 34 counties bordering the Mississippi River.

Chicago Sells Special Facilities Revenue Bonds for O'Hare
Chicago sold $120 million of BBB-rated, tax-exempt senior special facilities revenue bonds on behalf of a major air cargo operator at O'Hare International Airport.

Loyola's Run Extends Beyond Sports as University Lands an Upgrade
News worth cheering about at Loyola University Chicago extends beyond its Ramblers' winning ways on the basketball court to the finance team's office. The school won an upgrade tied to its improved finances, as Moody's Investors Service raised the school and its $292 million of debt sold through the Illinois Finance Authority one notch to A1.

Former Brownfield Could be Converted to Solar Farm in East St. Louis, IL
After years of contamination from aluminum production, a 400-acre site off Illinois 15 is finally cleaned up and ready to use for a solar panel field to generate renewable energy.

McLean County, IL Begins Affordable Housing Pilot Program
The four-year pilot program will start with about 10 "super utilizers" — people who may be homeless and frequent emergency rooms and the county jail. By the third year, the program will grow to about 30 people, said county Administrator Bill Wasson.

Aurora, IL Looks to Expand Fiber Optic Network Downtown
The city of Aurora is looking to expand its fiber optic network further through downtown, thanks to a grant from the downtown tax increment financing district. Aldermen are set to vote on $75,000 from the downtown TIF to pay for connecting commercial properties to OnLight Aurora.

Cedar St. Lands $45M To Repurpose Historic Loop Office Building
Cedar Street secured a $44.7M Housing and Urban Development loan to reposition an iconic Loop building into market-rate apartments. Walker & Dunlop's Carolyn McMullen and Kyle Peterson arranged the financing through HUD's 221(d)(4) program, allowing the developer to capitalize on savings from the existing historic tax credits.

Rosemont, IL Gives $1M in TIF Dollars for DHL Innovation Center
Rosemont will give $1 million in tax increment financing funds to the developer of global logistics firm DHL's new Innovation Center, where the company plans to showcase products to clients from across North and South America.

Upcoming Events

CDFA Illinois Conference
May 24, 2018 - Chicago, IL
Join the CDFA Illinois Financing Roundtable for a special one-day conference hosted at the offices of Seyfarth Shaw LLP. This event will feature a number of economic development finance experts from around the state discussing development finance tools, authorities, resources and approaches, and how these can affect the Illinois economy going forward.

CDFA Spotlight

Submit Your Proposal to Present at the 2018 CDFA National Summit
CDFA needs your help to source deals, projects and programs and will be accepting submissions for potential deals, projects and program presentations. If selected, each speaker will be given one complimentary registration to attend the CDFA National Summit.

Illinois News

Chicago Announces Finalists for O'Hare Express P3
The Bond Buyer | Mar. 22 | Bond Finance | Public-Private Partnership (P3) Financing

PFA to Provide $140M in TEBs for Hotel Project
Public Finance Authority | Mar. 14 | Bond Finance | Member News | Tax Increment Finance (TIF)

IL Hotel to Restructure its $190M Bonds
The Bond Buyer | Mar. 8 | Bond Finance

4 Firms Respond to Chicago P3 RFQ
The Bond Buyer | Feb. 8 | Infrastructure Finance | Public-Private Partnership (P3) Financing

EDA RLF to be Used to Support Downtown Rantoul, IL Improvements
Rantoul Press | Jan. 30 | Revolving Loan Funds (RLFs) | Urban Development

Chicago Development Funded by TIF and LIHTC
The Columbia Chronicle | Jan. 23 | Tax Credits | Tax Increment Finance (TIF)

Springfield, IL Project Gets Additional $1.1M in TIF
The State Journal-Register | Jan. 17 | Historic Preservation | Redevelopment | Tax Increment Finance (TIF)

Aldermen to Debate More Money for Downtown Development
The State Journal-Register | Jan. 9 | Tax Increment Finance (TIF)


State Partner

Illinois Department of Commerce & Economic Opportunity Illinois Finance Authority

Venue Sponsor

Seyfarth Shaw LLP

Principal Sponsor

Ehlers Katten Muchin Rosenman LLP

Premium Sponsor

Baker Tilly Virchow Krause Bryan Cave LLP Ice Miller LLP KeyBanc Capital Markets MB Financial Bank, NA Peckham Guyton Albers & Viets, Inc. SB Friedman Development Advisors

Supporting Sponsor

Illinois Tax Increment Association Jacob & Klein Ltd. Reyes Kurson

For information about sponsoring the CDFA Illinois Financing Roundtable, review the sponsor prospectus and complete our sponsorship agreement or contact CDFA.

The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information about CDFA, visit www.cdfa.net or e-mail info@cdfa.net.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300

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CDFA National Sponsors

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  • Baker Tilly Virchow Krause
  • Ballard Spahr LLP
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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