|Governor Quinn Signs Legislation to Boost Economic Development in Quad Cities|
|News Releases - Business & Economy|
|Written by Katelyn Tye|
|Tuesday, 09 August 2011 12:26|
Announces Support for Northwest Illinois Company to Expand, Creating and Retaining Nearly 100 Jobs
CHICAGO – August 8, 2011. Governor Pat Quinn today signed legislation to expand the Quad Cities Regional Economic Development Authority, which will encourage greater economic development in Northwest Illinois. The Governor’s signature comes as Tennant Truck Lines, Inc. announces an expansion that will create and retain close to 100 jobs. The new law reflects Governor Quinn’s aggressive business agenda that is creating jobs in every region of the state and growing the economy.
“Powerful economic tools like this new law demonstrate our commitment to creating jobs and making Illinois even more competitive in the global economy,” said Governor Quinn. “This legislation helps local governments in Northwest Illinois to attract and develop businesses in the region, growing the economy.”
Senate Bill 1755, sponsored by Sen. Mike Jacobs (D-Moline) and Rep. Patrick Verschoore (D-Rock Island), amends the Quad Cities Regional Economic Development Authority Act by expanding the geographic area of the authority. The authority currently includes Rock Island, Henry, Knox and Mercer counties. The new area will also include Jo Daviess, Carroll, Whiteside, Stephenson and Lee counties. Senate Bill 1755 also expands the governing board of the authority from 11 to 16 by adding a member from each of the five additional counties. New members will be appointed by each of their respective county board chairs.
Illinois law gives regional economic development authorities power to issue bonds on behalf of a company to help facilitate economic development. The Quad Cities Regional Economic Development Authority focuses its development in three main project areas: manufacturing, not-for-profit and senior housing.
Governor Quinn’s signature comes as Tennant Truck Lines, Inc., a family-owned and operated transportation and logistics company located in the Quad Cities, plans to invest $3 million to merge their headquarters and logistics operations into one facility in Colona, creating 30 new jobs and retaining 65 full-time jobs. The new site will allow the company to keep existing functions in Illinois and provide room for expansion of both headquarter and logistics functions. The state will provide a more than $1 million business investment package in the form of job creation tax credits spread out over 10 years and an employer training grant to leverage the private investment.
Governor Quinn’s aggressive business agenda is creating jobs, growing the economy and encouraging economic development in every region of the state. In June, Governor Quinn awarded more than $10.4 million through the “IKE” Disaster Recovery Program to communities throughout Northwest Illinois to assist with water and sewer improvements and other critical public infrastructure needs. Through the state’s economic development agency, Illinois has a wide range of programs and services available to help businesses of all sizes remain competitive.
Tags See All Tags