City of Urbana City Council Regular Meeting Agenda April 2026
Urbana Transfers 2026 Bond Cap to EIEDA for Housing
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Description
The City of Urbana will transfer $2,688,592.50 of its 2026 Private Activity Bond volume cap to the Eastern Illinois Economic Development Authority to support issuance of tax-exempt bonds for affordable housing and other eligible projects. The bonds will be issued by EIEDA during calendar year 2026 and will not constitute debt of the City. The resolution also directs the City Clerk to notify the Governor of the reallocation.
Contract Details
Contract Amount
$2,688,592.50 (volume cap allocation)
Vendor
EASTERN ILLINOIS ECONOMIC DEVELOPMENT AUTHORITY
Agency
Town of Urbana, IL
Contract Type
FINANCIAL_SERVICES
Document Date
April 12, 2026
Contract Term
Calendar year 2026 volume cap; bonds to be issued during 2026
Renewal Date
2026-12-31
Renewal Info
Single-year reallocation of 2026 private activity bond volume cap; any future allocations would require separate Council action for subsequent years’ caps.
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