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Peru turns to stimulus related bonds for water and sewer plans

Posted by wlpo on December 3, 2009

Water and sewer projects are on the horizon for an area of Peru the city hopes to continue developing.  City officials are considering a $2.4 million Recovery Zone Economic Development Bond.  It would pay for projects in the city’s industrial park TIF district.

Springfield Electric and Euclid Beverage are a couple of the companies that have developed in the TIF which has been in place for a couple of years. TIF funds would be used to pay back the bond through 2030.
Herb Klein is the attorney the city uses when dealing with TIF matters.  He explained the idea to the city council during an informal meeting Wednesday night.

This type of bond was created by the American Recovery and Reinvestment Act to fund projects that would promote economic development. The city would not be responsible for paying back all of the interest.

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