What can the American Recovery and Reinvestment Act mean for business owners and real estate developers in Villa Park? If a business wishes to construct new or expand upon existing buildings or purchase equipment used for business purposes, it could mean a lower financing costs when compared to traditional methods.
DuPage County recently adopted a resolution designating the County as a Recovery Zone in accordance with the American Recovery and Reinvestment Act of 2009 (ARRA). As a Recovery Zone, ARRA allows DuPage County to allocate Recovery Zone Facility Bonds, (RZFB) to private industry for development projects. The County has a $69 million capacity for this type of bond. After qualifying, the applicant, in conjunction with a financial institution, can benefit from the issuance of bonds at tax-exempt interest rates to finance their project. Tax-exempt bonds generally provide a deep discount compared to what businesses would otherwise pay for long-term credit.
“Choose DuPage” is the designated agency for implementation of the program guidelines and the application process. Choose DuPage staff is available to meet with or discuss over the phone any specific questions and to assist interested parties in completing the application.
Contact Choose DuPage for more information. The can be reached at 630-955-2092. More information can also be obtained at the Choose Dupage website.