The Quincy Finance Committee has agreed to cede its private bonding capacity to the Illinois Housing Development Authority and the Western Illinois Economic Development Authority.
The city has $3.86 million in private bonding capacity. The Illinois Housing Development Authority will receive $1.2 million in bonding capacity, which it will use for first-time home buyer assistance in the area. The Western Illinois Economic Development Authority will receive $2.66 million, which can be pooled with other dollars for large economic projects.
Chuck Bevelheimer, director of planning and development for the city, said the city has ceded its bonding capacity to other jurisdictions for a number of years.
If the city does not cede the capacity, it will lose it. Bevelheimer said there have been no requests to use the city’s bonding capacity in recent years.
“If there is ever a bigger project that exceeds the $2.6 (million) that we have available, (WIEDA) will let us access that cash from the region,” he said. “So it basically gives it to a bank-type pooling bond capacity, where if we need it, they’ve agreed to give it back to us.”
The committee also:
• Approved the low bid of $4,948 from Skirvin Excavating and Trucking to demolish 401-403 State, which is part of the city’s “fix or flatten” program. Estimates to repair the building were $70,000.
• Agreed to sell 923 N. Fifth to Ron McKenzie for $2,000. McKenzie plans to rehab the house.