EIEDA

A Powerful Economic Development Tool

Serving Illinois Counties: Ford, Iroquois, Piatt, Champaign, Vermillion, Douglas, Moultrie, Shelby, Coles, and Edgar.
What is EIEDA?

EIEDA: Eastern Illinois Economic Development Authority

EIEDA is a local economic development tool for Illinois counties offering tax-free bond financing for qualifying companies. EIEDA is one of ten regional economic development authorities throughout Illinois. Collectively, these RDA’s serve 91 of the 102 counties in Illinois and have been operational for over 20 years. 

Bond Program Overview

DOUBLE TAX-EXEMPT status to a manufacturing company to finance the acquisition of fixed assets including land, buildings, machinery, and equipment.

DOUBLE TAX-EXEMPT status to a Developer, private for-profit or not-for-profit to finance low-income or senior housing projects.

DOUBLE TAX-EXEMPT status to a NFP 501(c) (3) company to finance the acquisition of fixed assets including land, buildings, machinery, and equipment.

DOUBLE tax-exempt status on to “exempt facilities” for a certain type of project to finance a building project or other capital project along navigable rivers, public waterways, and port districts. 

DOUBLE Tax-Exempt status 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.

Program allows DOUBLE tax-exempt status to finance the acquisition of fixed assets including land, buildings, machinery and equipment

Existing Regional Economy?

Are you considering moving your business into the EIEDA region? Here is a brief overview of the most common economic activities.

Higher Education

Higher education because of the University of Illinois and Eastern Illinois University. With this territory comes technology development and entrepreneurial support.

Manufacturing

Diverse manufacturing and industrial sectors are located throughout the region.

Agribusiness

Agribusiness and agriculture are visibly noted by the abundance of crop fields throughout the territory. This region is the most agricultural-based of all authorities and is supported by local university programs.

Past Projects​

Authority of EIEDA

How Does it Work?

The bonds are sold to insurance companies, banks, mutual funds, or brokerage houses on behalf of individuals. The proceeds of the sale are made available to the borrower for the project. The borrower then pays the money back directly to those who bought the bonds.

Bond Issuance

EIEDA can issue bonds on behalf of businesses in which debt service is payable exclusively from the earnings of the borrower. In issuing revenue bonds for the borrower, EIEDA acts as a "conduit" or "middle-man."

Advantages

The major advantages of EIEDA include providing savings of 2-3% lower than conventional financing for manufacturing, multi-family housing, and not-for-profit corporations.