The Quad Cities Regional Economic Development Authority (QCREDA) was created in 1987 by an action of the Illinois General Assembly and the Governor. QCREDA is a general bonding agency for the counties of Carroll, Henry, Jo Davies, Knox, Lee, Mercer, Rock Island, Stephenson and Whiteside.
The Authority’s powers allow it to issue DOUBLE TAX-EXEMPT bonds for private and public entities to provide an interest rate that is generally 2-3% lower than conventional financing. QCREDA can issue Industrial Revenue Bonds for manufacturing firms, bonds for senior housing and affordable housing, bonds for hospitals, YMCAs and other 501c3 not-for-profit firms, schools and universities, in addition to water, waste water and intermodal transportation bonds. Bonds are generally purchased by investment banking firms that place them in the public market with mutual funds or insurance companies. The bonds are generally backed by a bank letter of credit. QCREDA is authorized to issue bonds up to an outstanding amount of $250 million dollars.