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Champaign Community Improvement Corp. paves way for new company to buy equipment

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By Matt Sanctis, Staff Writer 10:52 PM Saturday, July 31, 2010

Members of the Champaign County Community Improvement Corp. voted this week to adopt a resolution certifying bonds that will allow WICOR to purchase equipment for their operations in Urbana.

WICOR, a Swiss-based company that produces electrical insulation for transformer manufacturers, has plans to open a facility on the former Neenah (Fox River) Paper Mill on Court Street in Urbana.

Jim Smith, executive director of the CIC, said the county has plans to issue up to $12.3 million worth of federal Recovery Zone Facility Bonds, which will be loaned to WICOR to purchase equipment. WICOR will then be responsible for repaying the loan with interest. Smith said there will be no cost to the county.

The bonds are relatively new, and were created as a way to allow certain kinds of business development activity in areas that are economically distressed.

Smith said earlier this month, the commissioners voted to designate the CIC as the organization to decide whether the bonds fit in with the county’s economic development plans. CIC members voted unanimously to certify the bonds.

Smith said CIC members also had initial discussions concerning hosting an economic development summit in Champaign County. The organization had previously hosted a similar summit in 2007, and had plans to make it an annual event. But the following year, the commissioners decided to hire an economic development director, and the CIC did not host a summit since that time.

However, some members felt it might be a good idea to begin hosting an annual summit again, Smith said. If it moves forward, the summit could take place in November, and would draw in representatives from private industry and local governments together to discuss challenges the area is facing.

Smith said discussions about a summit are still in the early stages.

Contact this report

er at (937) 328-0355 or msanctis@coxohio.com.

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