Alton is in the process of transferring bond volume cap to a regional agency where it may be able to do more for the greater good. The federal government limits the volume of industrial revenue bonds that a municipality is able to issue in any given calendar year. This move comes at no burden to the taxpayers of Alton, according to Corporation Counselor Jim Schrempf.
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SWIDA is the Southwestern Illinois Development Authority. According to the agency’s website, it works to jump-start investments in St. Louis’ Metro East region, helping to take plans off the drawing board and turn them into bricks and mortar. Recently, SWIDA issued over $94 million in bonds to finance the improvements being made to the Metro East levee system. The Alton City Council Committee of the Whole approved the resolution at its meeting last night. It must still receive full approval tomorrow and then go through the ordinance process.