Gov. Blagojevich signs legislation creating important economic development tool for eastern Illinois

[JULY 25, 2005]  SPRINGFIELD -- In an innovative attempt to spur economic growth and create more good jobs for working families in eastern Illinois, Gov. Rod R. Blagojevich signed legislation July 13 creating the Eastern Illinois Economic Development Authority. House Bill 690 authorizes the new agency to issue bonds in order to encourage economic development projects in Ford, Iroquois, Piatt, Champaign, Vermilion, Douglas, Moultrie, Shelby, Coles and Edgar counties.

"This legislation is so important because it empowers local leaders throughout eastern Illinois to support the initiatives they deem most critical to fueling the economy and creating jobs in their communities," Blagojevich said. "By giving it the authority to issue bonds, we are providing the Eastern Illinois Economic Development Authority the tools to put good ideas into action."

The 14-member Eastern Illinois Economic Development Authority board will be comprised of one member from each of its 10 counties, appointed by the respective county board chairs; the director of the Illinois Department of Commerce and Economic Opportunity; and three members appointed by the governor with the advice and consent of the Senate.

House Bill 690 was sponsored by Rep. Roger Eddy, R-Hutsonville, and Sen. Dale Righter, R-Mattoon.

"Governor Blagojevich and I believe that nobody understands this region's needs better than the people who live and work here," Eddy said. "Creating the Eastern Illinois Economic Development Authority helps ensure that capital resources will be dedicated where they are needed the most to help bring more jobs and economic growth to our communities."

"Regardless of where you live in Illinois, job growth is vital," Righter said. "Without jobs, people cannot support themselves or their families, and without significant job growth government cannot pay for the services they want to provide. It is my hope that the creation of the Eastern Illinois Economic Development Authority will provide another tool to help people create jobs."

The Eastern Illinois Economic Development Authority is one of several similar authorities created by the state legislature. The other existing authorities are the Southwest Illinois Development Authority, the Southeast Illinois Development Authority, the Upper Illinois River Development Authority, the Will-Kankakee Development Authority, the Quad Cities Regional Economic Development Authority and the Western Illinois Economic Development Authority.

These authorities provide financing ranging from a few thousand dollars to assist a micro-sized company with startup costs to several million dollars for a major corporate expansion or relocation. They also provide technical assistance and expert advice to help companies prepare financing packages and grant administration. More than 70 financing projects have been carried out under the power of the existing regional development authorities. The Eastern Illinois Economic Development Authority has a total authorization of $250 million.

House Bill 690 is effective immediately.

[News release from the governor's office]