Cook County.docx
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Cook County.docx
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CookCounty
CookCounty
RecoveryZoneFacilityBonds
ProgramOverviewandApplication
ToddH.Stroger,President
CookCountyBoardofCommissioners
BureauofCommunityDevelopment
WilliamMoore
BureauChief
Background:
CookCountyRecoveryZoneFacilityBonds
InFebruary2009,aspartoftheAmericanRecoveryandReinvestmentActof2009CongressenactedSections1400U-1and1400U-3oftheInternalRevenueCodeof1986permittingStateandlocalgovernmentstoissuerecoveryzonefacilitybonds,(RZFB’s)anewtax-exemptprivateactivitybond,tofinancecertaindepreciableproperty,includingneworusedequipment,locatedortobelocatedinadesignatedrecoveryzone.Thereisa$15billionnationallimitationontheissuanceofRZFB’s,knownasthe“volumecap”
CookCounty’sshareofthevolumecapis$196,814,000sothetotalamountofRZFB’sCookCountycanissueislimitedto$196,814,000.IncertaincircumstancesCookCountymay(butisnotrequiredto)cedeaportionofitsvolumecaptopermitamunicipalitylocatedinCookCountytoissuerecoveryzonefacilitybonds,providedthattheCountyhasapprovedtheproposedprojectandthatsuchmunicipalityhasalsodesignatedtheproposedprojectsiteasarecoveryzone.
Recoveryzonefacilitybondsareobligations,theinterestonwhichistax-exemptifthefollowingrequirementsaresatisfied:
(i)95%ormoreofthenetproceedsofthebondissuearetobeusedfor“recoveryzoneproperty;”
(ii)theobligationisissuedpursuanttoalocalallocationofvolumecap;
(iii)theobligationisissuedon/orbeforeDecember31,2010;and
(iv)theissuerdesignatestheobligationasarecoveryzonefacilitybond.
Recoveryzonepropertyisdepreciablepropertythatmeetsthefollowingrequirements:
(i)thepropertywasconstructed,reconstructed,renovatedoracquiredbypurchasebythetaxpayerafterthedateonwhichthedesignationoftherecoveryzonetookeffect;
(ii)theoriginaluseofwhichintherecoveryzonecommenceswiththetaxpayer(subjecttoanexceptionforcertainrenovations);and
(iii)substantiallyalloftheuseofwhichisintherecoveryzoneandisintheactiveconductofa“qualifiedbusiness”bythetaxpayerinsuchrecoveryzone.
Aqualifiedbusinessisanytradeorbusinessexceptresidentialrentalproperty,privateorcommercialgolfcourse,countryclub,massageparlor,hottubfacility,suntanfacility,racetrackorotherfacilityusedforgamblingoranystoretheprincipalbusinessinwhichisthesaleofalcoholicbeveragesforconsumptionoffpremises.
RZFBBenefits
oTaxexemptbondstypicallybearlowerinterestrates.
oLongerdebtterm,e.g.20yearsversus5yearbankfinancing.
oGivescompanieswithgoodcreditawaytoenterthelong-termdebtmarketatdesirableratesallowingtoretainandcreatejobsandsales.
oIsnotlimitedtoindustrialfirmsbutalsocanbeusedbyotherqualifiedbusinessesincludingretail,commercial,officeandserviceproviders.
oIslessrestrictivethantraditionalindustrialdevelopmentrevenuebondfinancing.
oNomaximumamountonindividualissue.Thedollaramountisbasedonprojectrequestandcompanies’creditworthinesstopaydebtserviceonthebonds.
Application,Approval,andSale
CookCountywillprovideanapplicationtothebusinessinterestedinthistypeoflowcostfinancingandtheBureauofCommunityDevelopmentwillreviewallrequests.ApprovedprojectswillbeauthorizedtouserecoveryzonefacilitybondfinancingpursuanttoproceedingstobeadoptedbytheCookCountyBoard.
TheCountyintendstoreservenotlessthan30%ofits$196,814,000volumecapforprojects(such projectsbeing,collectively,the“TargetProjects”)inthoseareasoftheCountywithbelowareamedianincomeorhighunemploymentrates, basedontheAnnualUnemploymentRatesforCookCounty(updatedMarch 2009),above8.7%.
CookCountyRZFB’swillbesoldatpublicsaleorbyprivateplacementastheborrowerandCookCountymayagree.
TheapplicantisrequiredtoretainanationallyrecognizedbondcounselthatisacceptabletoCookCounty.
Arefundablefeeof$1,500.00isrequiredwiththeapplication.CertainotherfeeswillbepayabletoCookCountyassetfourthintheapplicationform.
Summaryof
RZFBApplicationProcess
oIdentifyanunderwriterfortheproject.
oRetainnationallyknownbondcounsel.
oClearlydefineprojectinthedescriptiondetail.
oConfirmthesite,zoningandrequiredlotsize.
oCompleteapplication,includingCertificationsandSignaturepages.
oApplicationwillbeacceptedcommencing5/17/10toandincluding7/26/10andwillbeacceptedandprioritizedonafirstcome,firstservebasis,butultimatelybasedonitsmerit.
oCompletelyanswerallquestionsandprovideallrequireddocumentation/attachments.
oAttachacheckpayabletoCountyofCookintheamountof$1,500.00.
oAttachacopyoftheapplicant’sfinancialstatementsforthelast(3)threeyearsandcurrentinterimfinancialstatementstoyourapplication(wewillkeepyourrecordsconfidential).
oPleasebeadvisedthattheprocessingfeewillbeduewhenthebondsareissued.
oStaffwillarrangeasitetourwithapplicantaspartoftheCounty’sduediligencepriortoanyawarddetermination.
oAdetermination/recommendationwillbemadebyCookCountyReviewCommitteeandbyCookCounty’sbondcounsel.
oFinalapprovalwillbemadebytheCookCountyBoardofCommissioners.
oCookCountyreservestherighttorescinditsvolumecapifbondsforanapprovedprojectarenotissuedwithin90daysofthedateofapprovedbytheCookCountyBoardofCommissioners.
RecoveryZoneFacilityBondApplication
Pleasereturnthecompletedapplicationandsupportingdocumentation:
CookCounty
BureauofCommunityDevelopment
69WestWashingtonSt.,Suite2900
Chicago,IL60602
(312)603-1070
I.ProjectInformation
1.Applicant:
i.Name:
__________________________________________________
ii.Address:
________________________________________________
iii.ContactPerson:
__________________________________________
iv.PhoneNumber___________________________________________
2.BusinessNameandAddress________________________________________
3.StateofOrganization:
______________________________________________
4.DateofOrganization:
_____________________________________________
5.PhoneNumber:
__________________________________________________
6.FaxNumber:
____________________________________________________
7.E-mailAddress:
__________________________________________________
8.TypeofBusinessEntity:
SoleProprietorshipPartnership
LimitedLiabilityCompanyCorporation
9.FederalTaxIDNumber:
_______________________________
10.Isthecompanywhollyorpartlyownedbyanyotherbusiness?
NoYes
11.Nameandaddressofprincipalshareholders(1%ormore)and/orallgeneralpartners:
NameAddress%ofOwnership
____________________________________________
_____________________________________________
_____________________________________________
_____________________________________________
IfownershipofanypropertywillbebyaLandTrust,identifythetrustandallbeneficiaries,includingthepercentageofbeneficialinterestofeach:
Trust:
________________________________________
NameofBeneficiariesAddress%ofBeneficialInterest
__________________________________________________
__________________________________________________
__________________________________________________
__________________________________________________
__________________________________________________
12.Management:
Pleaselistthosepeoplewhowillberesponsibleforthemanagementofthecompany.
NamePositionPercentDateStarted
OwnershipWithCompany
____________________________________________________
____________________________________________________
____________________________________________________
____________________________________________________
II.ProjectDescription
1.IndicatethetotalamountofCookCountyRecoveryZoneFacilityBondAllocationrequested(incurrentdollars):
____________________________________
2.Hasanyrealestatepropertytaxassistancebeenprovidedtotheapplicantortotheproperty?
(CheckOne):
□Yes□No
Ifso,describethetypeandamountofassistanceprovided:
_______________________________________________________________
_______________________________________________________________
3.Haveyouappliedfor,orbeengranted,anysalestaxrelieforothertaxreliefconcerningtheproperty?
Ifso,describethetypeandamountofassistanceprovided:
_______________________________________________________________
_______________________________________________________________
4.IstheprojectlocatedinanEnterpriseorEmpowermentZone?
□Yes□No
5.NameofEnterpriseorEmpowermentZone:
________________________
6.IstheprojectlocatedinaTaxIncrementFinancingDistrict?
□Yes□No
NameofTaxIncrementFinancingDistrict:
____________________________________
AmountsanddateissuedofanyTIFobligationsfortheproposedproject:
____________
______________________________________________________________________
7.Istheprojectsitelocatedinaspecialservicearea,designatedslumandblightedarea,commercialdistrict,targetedredevelopmentarea,ordowntownbusinessdistrict?
Ifyes,namethetypeofdesignationandthemunicipalityorlocaljurisdictionbody.___________________________________________________________________
___________________________________________________________________
8.Indicatethetypeofprojectproposed(checkallthatapply):
□NewConstruct
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