The Quad Cities Regional Economic Development Authority (QCREDA) was created by action of the Illinois General Assembly and the Governor. QCREDA is a general development agency for the counties of Henry, Knox, Mercer, Rock Island, Carroll, Lee, Whiteside, Jo Davies and Stephenson and is one of ten regional development authorities within the State of Illinois. The other Regional Development Authorities in Illinois are the Upper Illinois River Valley Development Authority (UIRVDA), the Will Kankakee Regional Development Authority (WKRDA), the Western Illinois Economic Development Authority (WIEDA), the Central Illinois Economic Development Authority (CIEDA), The Tri-County River Valley Development Authority (TRVDA), the Eastern Illinois Economic Development Authority (EIEDA), the Southwestern Illinois Development Authority (SWIDA), the Southeastern Illinois Economic Development Authority (SEIDA) and the Southern Illinois Development Authority (SIDA).
The Authority’s financial and supportive powers enable it, with the written approval of the Governor of the State of Illinois, to:
- Issue Taxable Bonds
- Issue Double Tax-Exempt Bonds
- Issue Notes or other evidences of indebtedness
for the purpose of developing, constructing, acquiring or improving properties or facilities for business entities locating in or expanding within the territorial jurisdiction of the Authority.
THE AUTHORITY MAY ALSO:
- Lease or
- Sell real property and improvements.
The Authority has certain powers granted to it as a municipality as authorized by selected sections of the Illinois Municipal Code including the power to enter into contracts and intergovernmental agreements with private bodies or units of government.
The Authority may designate a portion of the Authority for certification as an Enterprise Zone which shall have all the privileges and rights afforded under the Illinois Enterprise Zone Act, but which shall not be counted in determining the number of Enterprise Zones to be created in any year.