In Your Region

EDUCATION

501(c)(3) Revenue Bonds – Higher Education, Cultural, and other Non-Healthcare projects:

Each of these Bonds was undertaken as a “conduit” bond issue – neither IFA nor the State of Illinois provided any credit enhancement to provide security to bond investors on these financings.

  1. Roosevelt University, Chicago, IL (November 2009) - approx. $183.6MM

    • New Money Proceeds were combined with funds of the University to finance (i) demolition of an existing student housing facility, and (ii) replacement with a new, 32-story multi-use building that will serve as the University’s new student union and provide replacement student housing beds, classrooms, and faculty and administrative offices. Additionally, New Money Proceeds were used to (iii) finance capitalized interest, fund a debt service reserve, and pay bond issuance costs.
    • Approximately $33.2 million of proceeds were used to refund outstanding balances of prior Tax-Exempt 501(c)(3) Revenue Bonds used to finance capital improvements at Roosevelt’s Chicago and Schaumburg campuses.
  2. The Art Institute of Chicago, Chicago, IL (March 2009) - $140.0MM

    • New Bond Proceeds were used to finance a portion of the cost of constructing and equipping the new Modern Wing of the Art Institute of Chicago and to finance certain other renovations at the Art Institute’s other galleries and facilities at its Main Building.
  3. Creative Children’s Academy (d/b/a “Quest Academy”), Palatine, IL (December 2010) - $3.7MM.

    • New Bond Proceeds ($1.7MM) were used for acquisition of land for recreational facility/outdoor learning center in Palatine.
    • Approximately $2.0MM of bond proceeds were used to refund outstanding Tax-Exempt 501(c)(3) Revenue Bonds.
    • Quest Academy is a private, 501(c)(3) grade school that targets gifted students.
  4. Adler School of Professional Psychology, Chicago, IL (February 2010) - $5.1MM.

    • Construction of leasehold improvements and the purchase of equipment at a building in Downtown Chicago. This project enabled Adler to expand and consolidate its operations in contiguous space thereby improving the educational experience for its students and providing capacity for future growth.
    • The Adler School of Professional Psychology is a private, 501(c)(3) Higher Education institution offering baccalaureate and advanced degrees at its downtown Chicago campus.
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