TRVDA
Achieve Double Tax-free financing on Economic Development Projects
Serving Illinois Counties: Peoria, Tazewell, and Woodford County
Who is TRVDA?
TRVDA: Tri-County River Valley Development Authority
TRVDA is a local economic development tool for Illinois counties: Peoria, Tazewell, and Woodford County. This authority offers tax free bond financing for qualifying companies
TRVDA is one of ten regional economic development authorities throughout Illinois. Collectively, these RDA’s serve 91 of the 102 counties in Illinois and has been operational for over 20 years.
Overview of Bond Programs:
Industrial Revenue Bonds
DOUBLE TAX-EXEMPT status to a manufacturing company to finance the acquisition of fixed assets including land, buildings, machinery, and equipment.
Housing Bonds
DOUBLE TAX-EXEMPT status to a Developer, private for-profit or not-for-profit to finance low-income or senior housing projects.
Not-For-Profit Bonds
DOUBLE TAX-EXEMPT status on to a NFP 501(c)3 company to finance the acquisition of fixed assets including land, buildings, machinery and equipment.
Education Bond
DOUBLE TAX-EXEMPT status on to a public school district to finance a building project or other capital project. Interest on the bonds is not subject to state or federal income taxes.
Dock and Wharf Bond
DOUBLE TAX-EXEMPT financing for facilities including Docks and Wharfs. The project can include the acquisition of fixed assets including land, buildings, and equipment.
Tax-free Bond
The interest on the bonds is not subject to state or federal income taxes, investors and lenders require a lower interest rate to achieve an equivalent after-tax return.
TRVDA Overview:
How to Apply
TRVDA has a simple application process that will get you going fast
How We Do It
TRVDA acts as a conduit or middleman between the borrower and lender that results in a lower interest rate
What we do
TRVDA can issue Double-Tax Exempt bonds for manufacturing firms, hospitals, not-for-profit entities, units of government, and senior and assisted housing developers
Improving Area Workforce by Supporting New Infrastructure and Job Opportunities.
Bond Financing
Past Projects
Glen Oaks Towers
TRVDA issued $7.5 million in bonds as part of a $15 million acquisition, rehabilitation and equipping project for Glen Oaks Towers Apartments, a 71-unit development for seniors built in the 1950s. Glen Oaks is located in Peoria, Illinois.
- Project Total: $7,500,000
Cedars of Lebanon
Cedars of Lebanon Affordable LLC acquired the property in May 2019 and proposes an $11.5 million project to pay-off a bank loan secured to purchase the property and provide fund to upgrade the housing units. The sole member provides affordable housing for low income, elderly, and disabled residents.
- Project Total: $11,125,000
Cityscape Apartments (Proposed)
Code Capital Partners proposes a nearly $19 million project for the acquisition and eventual syndication of Cityscape Apartments with the intention of engaging in a property-wide upgrade and modernization program while ensuring the continued operation of the property as an income-restricted rental property for very-low, low- and moderate-income families.
- Projected Project Total: $18,856,307
A Powerful Economic Development Tool Serving Peoria, Tazewell and Woodford Counties.