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ECIDC would like to welcome its newest members: St. Anthony's Memorial Hospital
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East Central Illinois August Development Update ECIDC FEATURED MEMBER Through 2009 ECIDC will feature one of its members in each newsletter...
Ameren was created in December of 1997 by the merger of CIPSCO Incorporated and Union Electric Company. The approximate 9,500 Ameren employees provide energy services to approximately 2.4 million electric customers and one million natural gas customers across Illinois and Missouri. Ameren is also committed to aiding in the development of the communities in which they serve. Ameren has 5 economic developers on staff ready to assist in development efforts within their territories. The Ameren Economic Development team offers a variety of development resources to help regional and local economic development allies from Ameren's service territory develop their economic potential. Evolving programs and services are developed to educate and assist these allies with retaining existing business and recruiting new business. To find out more about Ameren Economic Development click here.
COMMUNITY UPDATES Douglas County Update Arcola, IL
This summer a unique facade restoration project took place at 107 E. Main Street in Arcola. The building's original Mesker Brothers storefront was damaged by a fire in the 50's. The new facade originally adorned the opera hall in Stewardson, almost 40 miles away, but was carefully removed before that building was demolished in 2006. The opera house facade was almost identical to the storefront in Arcola prior to the fire. The restored facade is representative of a turn-of-the-century industry that made a lasting impression on America's main streets. In the late 1800s and early 1900s, thousands of prefabricated, ornamental facades were sold to store owners across the nation. The facades were designed to look like expensive stonework but at about a fifth the cost and were made of interchangeable galvanized steel panels with cast iron decorative components. Store owners could buy an entire facade or individual architectural embellishments that were then installed over a wooden framework. The Mesker Brothers Iron Works of St. Louis and the George L. Mesker Co. of Evansville, Ind. led the market in selling these galvanized storefronts which can be seen on downtown buildings across Illinois. In May 2005, the Historic Preservation Agency launched a "Got Mesker" initiative, educating and enlisting the help of the public to record more than 700 "Meskers" in 257 Illinois communities. When the building owner acquired this building in 2003, he asked the Illinois Historic Preservation Agency for restoration advice. The IL Preservation Agency then helped him located the facade in Stewardson. Christian County Update Taylorville, IL Tenaska’s Taylorville Energy Center Selected By U.S. DOE For Loan Guarantee Program; Illinois Electric Ratepayers Could Save Up To $60 Million Per Year With $2.5 Billion Guarantee TAYLORVILLE, Illinois-July 13, 2009-Tenaska, managing partner for the $3.5 billion Taylorville Energy Center (TEC), announced today that, following a competitive six-month application process, it has been selected by the U.S. Department of Energy (DOE) to proceed into the term sheet negotiation phase under the DOE Loan Guarantee Program. The amount of the guarantee will be up to $2.579 billion, depending on the final project costs and capital structure. Upon completion of due diligence and negotiations, the Taylorville project expects to receive a federal government guarantee of its debt, which will greatly reduce financing costs. Because TEC financing costs are included in electric rates under the recently enacted Illinois Clean Coal Portfolio Standard Law, the DOE loan guarantee results in savings of between $40 and $60 million per year to Illinois consumers. "This is a very important step toward securing a clean coal facility in Taylorville. The federal loan guarantee would significantly reduce the cost of financing the construction of the facility," said Attorney General Lisa Madigan. "That's important because cost will be a critical factor when the General Assembly reviews this project next year." The DOE Loan Guarantee Program, instituted in the Energy Policy Act of 2005, is designed to spur technological innovation in fossil fuel energy development. It essentially gave the U.S. government the ability to back loans for advanced clean energy projects, thereby lowering financing costs. Rep. John Shimkus (Ill. -19), who represents the Taylorville area in Congress, added, "I have been a vocal supporter of Illinois coal use and particularly the Taylorville Energy Center. I appreciate the state making changes to their laws that are beneficial to both electricity consumers and the coal industry.” Tenaska’s application for this program required an extensive review of the viability and creditworthiness of the project, including an independent engineers report and a preliminary credit rating. Tenaska received the support of 11 members of the Illinois congressional delegation for TEC’s application. “Tenaska is pleased that U.S. DOE is joining with the state of Illinois in supporting this project,” said Bart Ford, Tenaska vice president. “This joint state/federal effort is exactly what is needed in order to show that coal can be used on a commercial scale to produce power with no greater emissions than natural gas plants. The implications for the State of Illinois and the country as a whole are enormous.” Tenaska Vice President and Treasurer Greg Van Dyke added, “TEC’s notification of ‘Selection to Proceed with Due Diligence and Negotiation Leading to a Conditional Commitment’ is important because it shows that TEC has prevailed in the competitive process for a loan guarantee based on the merits of the project. What remains is the normal financing process of due diligence, term sheet negotiations and loan documentation. Closing is also dependent upon final approval by the Illinois General Assembly next spring.” Tenaska continues to move forward with the front end engineering and design (FEED) work required by the Illinois Clean Coal Portfolio Standard law. The FEED is expected to include more than 100,000 work hours by the time its facility cost report is presented to the Illinois Commerce Commission in early 2010. Once built, TEC will be one of the nation’s first commercial-scale, coal gasification with carbon capture plants. Its technology will convert coal into substitute natural gas which will be used for electricity generation or fed into the interstate natural gas pipeline system. By capturing and storing more than 50 percent of the carbon dioxide (CO2) it produces, TEC will have an emissions profile comparable to a natural gas-fueled plant. Achieving such a dramatic reduction in greenhouse gases by a coal-fueled plant is a vital step in the global effort to combat climate change. TEC will create 1,500 construction jobs and hundreds of permanent mining and plant operations jobs. Tenaska expects the plant will capture and sequester up to three million tons of CO2 per year, and will result in a significant reduction in net power plant CO2 emissions, as higher emitting power facilities are displaced by the cleaner, more efficient, TEC. Citigroup Global Markets Inc. acted as the financial advisor on the DOE Loan Guarantee Program for the Taylorville project. Capital Technology, Inc. also provided advisory services to Tenaska during the application process. TEC has received funding from the State of Illinois Department of Commerce and Economic Opportunity. About Tenaska Tenaska has developed approximately 9,000 megawatts (MW) of electric generating capacity across the United States. Tenaska’s affiliates operate and manage eight power plants in six states totaling more than 6,700 MW of generating capacity owned in partnership with other companies. Tenaska Capital Management, an affiliate, provides management services for standalone private equity funds, with more than $4 billion in assets, including nine power plants (with approximately 5,400 MW of capacity), natural gas assets, and transmission infrastructure construction and maintenance operations.
Tenaska is applying proven pre and post combustion technologies on a commercial scale in its two environmentally friendly clean coal projects. Taylorville Energy Center in Taylorville, Ill., incorporating coal gasification, combined-cycle and CO2 capture and sequestration technology, will be among the first of its kind in the nation. Trailblazer Energy Center in Nolan County, Texas, is expected to be the first commercial scale, conventional coal-fueled power plant in the world to capture a significant portion of its CO2 after combustion. This plant’s success would demonstrate how existing plants in the U.S. and China could be retrofitted immediately and cost-effectively with this carbon-reducing technology. In 2008, Tenaska was listed in benchmarking studies by the Natural Resources Defense Council as having the best fleet-wide record in the United States for controlling emissions of CO2 and one of the top performing companies for controlling emissions of nitrogen oxides and sulfur dioxide. For more information about Tenaska, visit www.tenaska.com.
About Christian County Generation, LLC Christian County Generation, LLC, a joint venture of Omaha-based independent power developer Tenaska and Louisville, Ky.-based MDL Holding Co., LLC. is developing the Taylorville Energy Center (TEC). TEC is the first clean coal power plant proposed for the state. It will incorporate coal gasification, combined-cycle and CO2 capture and sequestration technology, making it among the most environmentally-responsible, commercially-sized coal plants in the world.
The Hybrid Integrated Gasification Combined-Cycle (IGCC) process for the Taylorville Energy Center is available for viewing and downloading at www.cleancoalillinois.com, along with details on the project, the technology and the law. Permission to reproduce the illustration in news materials has been granted by Tenaska.
REGIONAL EVENTS Community Funding & Resources Forum September 8, 2009 ECIDC is hosting a Community Funding Forum on September 8th beginning at 5:30 p.m. at the Lake Land College Workforce Development Center, 305 Richmond Avenue East, Mattoon, Ill. The Forum was coordinated to aid communities and organizations in finding the resources available to assist in funding and development of projects. Anyone is invited to participate and would be beneficial for those in municipal or county positions, education, economic development, local planning, parks and recreation or business and industry to come. All attendees will be given a Community Resource Guide, meet with various agency representatives, and network with leaders from throughout East Central Illinois and beyond. Some of the agencies that will be represented are: Illinois Department of Commerce and Economic Opportunity, USDA Rural Development, Coles County Regional Planning, Illinois Treasurer’s Office, Rural Partners, Illinois Finance Authority, IL Small Business Development Center, USDA Resource Conservation & Development, and the Business Solutions Center. Seats can be reserved for $15 per person. Individuals may contact the ECIDC office at (217) 540-3517 to make reservations. Please act fast for seating is limited. Click here to view more information and registration form.
Wanted: Investors, Inventors, Start-ups & Expanding Businesses for the Prairie Spark Investment Forum Sept. 3rd The first Prairie Spark Investment Forum will highlight 3-4 potential growth companies and new products that are looking for regional investment. They will present their proposal on Thursday, September 3, 2009 from 7:30-9:30 am at Sarah Bush Lincoln Health Center on Rte. 16 between Mattoon and Charleston. We are looking for the strongest projects, so please help us identify businesses or start-ups in your area that may be candidates for angel investment. Please also spread the word about this forum to potential investors in your town. The Business Solutions Center will be working with the businesses prior to the meeting to help strengthen their business plan and presentation. There is no pressure to invest if you attend. We won’t identify the potential investors by name, however, we have already made sure that there will be “money in the room” to make it worthwhile for the businesses. If you have any questions, please don’t hesitate to call Jeanne Dau at 217-581-2913 or email her at jcdau@eiu.edu.
ECIDC Upcoming Events... September 8th 5:30 p.m. Community Funding & Resource Forum, Lake Land College Workforce Development Center, Mattoon, Ill. November 19th 11:00 a.m. ECIDC Board of Directors Meeting, LLC Workforce Development Center, Mattoon, Ill.
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East Central Illinois Development Corporation (ECIDC) was established in 1984 to assist economic development in an eleven county region consisting of Christian, Clark, Coles, Crawford, Cumberland, Douglas, Edgar, Effingham, Jasper, Moultrie and Shelby counties. ECIDC was one of the first regional economic development organizations in the state and has continued to assist in meeting the economic development needs of east central Illinois. |
