SWIDA E-News
Fall 2016

  PROJECT AWARDED TO SWIDA AND BYWATER

New Transit-Oriented Development Project Will
Offer Affordable Senior Living with Easy Access to 
MetroLink

undefined
    Southwestern Illinois Development Authority (SWIDA), in partnership with Bywater Development Group and Bi-State Development (BSD), is pleased to announce a new, $10.5 million development that will bring senior apartment living adjacent to the Swansea MetroLink Station in Swansea, Ill. The transit-oriented development (TOD) project, which will be developed by SWIDA and Bywater, was approved by the Illinois Housing Development Authority (IHDA) in Chicago on September 16.

    This new development, called Metro Landing of Swansea, will feature a handsome three-story building with 62 affordable one- and two-bedroom apartments for older adults seeking an independent lifestyle. Located adjacent to the Swansea MetroLink Station, residents will have car-free transportation options via MetroLink and MetroBus to conveniently access restaurants, retail, entertainment venues, recreational locations, employment centers, and medical facilities around the bi-state region. The Swansea Station is located on the Metro East Park and Recreation District BikeLink trail system, so seniors will be able to utilize the trail for exercise and recreation.

    This development would not have occurred without the collaboration of a number of groups including IHDA, the St. Clair County Transit District and the Village of Swansea.  The Village has been a vital asset in the predevelopment planning process.  "It is truly an example of how public and private partnerships can lead to an important community investment," James Nations, SWIDA's Chairman said. "This is an excellent opportunity for SWIDA and Bywater Development Group to contribute to active senior housing as this segment of the population continues to grow." The SWIDA Board of Directors is seeking other markets in the region in need of comparable developments.

    Mike Lundy, Executive Director of SWIDA said, "It has been great working with Bi-State Development. We are very pleased with the new senior housing development and worked extremely hard to move this development forward."
"This new development, to be positioned next to the Swansea MetroLink Station, reflects other successful transit-oriented projects in our area, and is a testament to the positive benefits the Metro transit system brings to the region," said John Nations, President and CEO of Bi- State Development (BSD). BSD operates the metro public transportation system for the St. Louis region. 

    "Metro Landing of Swansea is reflective of a very strong and effective public/private partnership and stands to serve as a model for transit oriented senior housing. It will create both a positive impact on the community and an ideal living environment for its residents.  Our organization is highly honored to be a part of this collective effort," said Aaron Burnett, President of Bywater Development Group.  
 
    Metro Landing of Swansea is scheduled for construction commencement in the summer of 2017 with full completion by late summer of 2018.  


Office Space for Rent at SWIDA Location
Contact: BARBERMurphy Group ∙ 1173 Fortune Boulevard Shiloh, IL 62269 ∙ Office 618-277-4400 

3,213 SF of Office Space available for lease.  Great location in Collinsville's Eastport Plaza district.  Easy access to I-55, I-70 and I-255 with excellent visibility from I-55/70.  Ample Parking is available with Zoning BP-1, Madison County.
    SWIDA RESOURCES

       
Through its enabling legislation, SWIDA has been given a wide variety of
powers to finance, buy, sell, create and manage almost any type of activity that would contribute to the economic development of SWIDA's four-county region.

        SWIDA's main tools for fostering economic development include:

Issuing tax-exempt revenue bonds

For all bonds issued through SWIDA, the buyer of the bonds does not only not have to pay Federal income tax, but also does not pay State of Illinois income tax on the interest they receive from buying the bonds. The project has to meet Federal IRS guidelines to qualify to be Federal tax-exempt.

The bonds are not bought or guaranteed by SWIDA or any other governmental entity. The bonds are sold in the private financial markets to individuals or institutions solely on the strength of the project and the company borrowing for the project.  If the company financials are not strong enough to meet the market requirements, they may have their local bank guarantee or buy the bonds directly.     
       
        Advantages of tax-exempt financing
:
 

The main and very strong advantage of tax-exempt bonds is the significantly lower interest rate the borrower pays. Because the buyer of the bonds does not have to pay income tax at all on the bonds, the buyer is willing to accept a lower tax-exempt interest income. This is similar to an individual buying municipal bonds for one's personal financial portfolio. In fact most SWIDA bonds can be bought by individuals.

The lower differential interest rate can be as much as 1.5% to 2% annually, which over the course of a typical 20-year, multi-million dollar bond issue can add up to significantly large actual dollars saved from financing of the project.  Depending on the size of the project, the overall savings over the life of the bonds can range from at least hundreds of thousand dollars to several million dollars.      

  
Do you have an interest in:
BOND ISSUANCE?
*Schools
*Factories/Manufacturing
*Housing
*Solid Waste
*Redevelopment
BUSINESS
   INDUSTRY
      NON-PROFIT
         GOVERNMENT

This source of financing has resulted in the construction, expansion and improvements to 54 businesses, 14 schools and 11 hospitals.

CALL MIKE LUNDY
618.345.3400
618.334.1252 Cell

Did you know...

SWIDA has issued over $1.3 Billion in Bonds.

 
Did you know...

SWIDA
has participated in the financing through bond issuance or direct lending of more than $64 million resulting in over 600 housing units.

 
SWIDA Board

James Nations, Chair

Reggie Sparks

Barbara Johnson

Rickie Thomas

Jim Sullivan

Dave Willey

David Miller

Kennard Tucker

John Hipskind

Kevin Kaufhold

Greg Kuehnel

Kevin Jemison

Tom Hoechst

Erika Kennett

 

Mike Lundy, Exec Dir

Joe Gasparich

Teri Rumsey

Destini Lednicky
 

 
  CONTACT US

1022 Eastport Plaza Drive
Collinsville, IL 62234

618.345.3400

Email: info@swida.org

Website: swida.org


IF YOU WOULD LIKE TO BE ADDED TO OUR MAILING LIST OR HAVE A TOPIC SUGGESTION FOR OUR NEWSLETTER, PLEASE LET US KNOW 

info@swida.org