Each calendar year, the Village of Wheeling receives private activity bonding authority from the State of Illinois. The purpose of this bonding authority is to encourage economic development within Wheeling by enabling manufacturing companies to finance, through
the issuance of tax-exempt bonds, the acquisition of fixed assets such as land and equipment or the acquisition, construction or renovation of buildings. In some cases, bond proceeds may also be used for the acquisition, rehabilitation and construction of apartment buildings.
Qualified private activity projects include facilities that are primarily used to manufacture or process tangible products. Because of significant up-front costs of issuance, private activity bonds of less than $1.5 million are generally not cost effective. For most companies, bank participation is necessary before bonds can be sold to investors. The Internal Revenue Code defines all private activity bond requirements. Final determination of project eligibility is subject to a legal opinion from a recognized municipal bond attorney. If you have a project you believe may qualify for private activity bond financing and would like more information about this program, please contact the Village’s Economic Development Director, John Melaniphy, at 847-499-9094.