NOTICE IS GIVEN that, on September 9, 2020, at 10:00 a.m., the Executive Director of the Quad Cities Regional Economic Development Authority (the “Issuer”), or his designee, will conduct a public hearing held via conference call at the Restaurant Conference Room of the Quad City International Airport, located at 2200 69th Avenue, Moline, Illinois 61265, regarding a plan to issue not to exceed $6,352,500 in aggregate principal amount of the Issuer’s Industrial Revenue Refunding Bond (LRC Developers Project), Series 2020 (the “Bond”), the proceeds of which Bond will be loaned LRC HV, LLC, an Illinois limited liability company or any affiliates thereof (collectively, the “Borrower”) to be used by the Borrower to (i) refund and redeem the Issuer’s outstanding Industrial Revenue Bonds (LRC Developers Project), Series 2013, as amended by an Amended and Restated Bond and Loan Agreement – A, dated May 1, 2014, among the Issuer, LRC LL, LLC, an Illinois limited liability company, and Central State Bank, an Iowa banking corporation (the “Original Purchaser”), and issued in the aggregate principal amount of $2,573,700, and as amended by an Amended and Restated Bond and Loan Agreement – B, dated May 1, 2014, among the Issuer, the Borrower, and the Original Purchaser, and issued in the aggregate principal amount of $7,223,700 (collectively, the “Prior Bonds”) to finance, refinance, or reimburse L.R.C. Developers, Inc., an Illinois corporation, for all or a portion of (a) the costs of the acquisition, construction, rehabilitation and equipping of an approximately one hundred thousand (100,000) square foot facility located at 350 44th Street, Rock Island, Illinois, which were used to manufacture sugar-free and non-sugar added products (the “Prior Project”), and (b) the costs of issuing the Prior Bonds, and (ii) finance a portion of the costs of issuance of the Bond. The Prior Project is owned by the Borrower and was leased to Hill & Valley, Inc., an Illinois corporation.
The Issuer is a political subdivision, a body politic and a municipal corporation duly organized and validly existing under the laws of the State of Illinois. The Bond will be issued by the Issuer pursuant to the Quad Cities Regional Economic Development Authority Act, 70 Illinois Compiled Statutes, 510/1 et seq., as supplemented and amended (the “Act”). The Bond will be a special, limited obligation of the Issuer, the principal of, premium, if any, and interest on which will be payable solely from revenues and income derived fromthe repayment of the loan of the proceeds of the Bond to the Borrower.
The Bond and the interest thereon do not constitute an indebtedness of the Issuer, the State of Illinois or any political subdivision thereof, or a loan of credit or a charge against the general credit or taxing power of any of them, within the meaning of any constitutional or statutory limitation, and the Issuer, the State of Illinois and any political subdivision of the state shall not be liable for the payments of the principal of, premium, if any, and interest on the Bond, except from such revenues and income. The Bond will not be payable in any manner from taxation.
The above-noticed public hearing is required by Section 147(f) of the Internal Revenue Code of 1986, as amended. At the time and place set for the public hearing, residents, taxpayers and other interested persons will be given the opportunity to express their views for or against the proposed plan of financing, the issuance of the Bond and the nature and location of the facilities proposed to be financed and refinanced by the Bond. Written comments may also be submitted during regular office hours to Warren Ribley, Executive Director, 1601 River Road, Suite 310, Moline, Illinois 61265, until 5 pm, September 8, 2020.
Due to social distancing requirements, and in an effort to protect the public from potential further spread of COVID-19, all persons interested in expressing their views for or against the proposed issuance of the Bond and the proposed plan of financing are recommended to and may participate the public hearing by using the following toll-free number: (800) 309-2350; passcode: 3257525#.
In accordance with the Americans with Disabilities Act (“ADA”), if any person with a disability as defined by the ADA needs special accommodations to participate in the public hearing, then he or she should contact the Executive Director at (217) 836-9553 by not later than 5 pm on September 8, 2020.
Notice dated August 31, 2020
Quad Cities Regional Economic Development Authority
/s/ Warren Ribley, Executive Director