Press release submitted by Renew Moline|
MOLINE, IL – Local, state and federal elected officials joined Moline's business community today to celebrate the grand opening of KONE Centre, the new home to KONE Inc.'s U.S. Operations Center. The company's North American Leadership Team as well as the nearly 250 Quad Cities area employees were also part of the event.
"An international manufacturer of elevators and escalators, KONE Inc. is a major employer in downtown Moline," Gregory R. Noe, Renew Moline Chairman of the Board and Corporate Secretary and Associate General Counsel for Deere & Company said. "Keeping them a strong corporate citizen here was of major importance to all of us. Renew Moline was pleased to facilitate the partnerships between many public and private entities involved in making this project a success and congratulates Financial District Properties and their tenant, KONE, on the successful completion of their project."
The nearly $40 million project retains nearly 250 KONE employees in the area. Owned by Financial District Properties (FDP), the building was designed by HOK Architects' St. Louis, Mo., office and constructed by Ryan Companies, Inc., Davenport, Iowa.
Rodney Blackwell, Managing Principal, Financial District Properties, said, "From the beginning, Financial District Properties and KONE wanted a first class building for KONE's employees. Today we hope that KONE's employees are as proud of this building as KONE and the community are of them."
Local tax increment financing (TIF) and enterprise zone benefits were coupled with more than $20 million in Midwestern Disaster Recovery Bonds issued by the Illinois Finance Authority (IFA) and $5.8 million in New Market Tax Credits secured through U.S. Bank , Great Lakes Capital Fund and Waveland Ventures to make this project a reality.
"KONE is pleased to celebrate this important milestone for our company and the City of Moline. Our commitment to stay and rebuild in downtown has had such a positive impact on our employees of the Quad Cities," said Larry Wash, KONE EVP and Area Director for the Americas. "The opening of the KONE Centre has not only altered the city's skyline, but it has refined the city's image as a modern and vibrant city to live and work in. We are thrilled to be able to continue to support the city of Moline through this investment."
Illinois Finance Authority Executive Director Christopher B. Meister said, "The Illinois Finance Authority is pleased support KONE and the Moline area by financing this project through Midwestern Disaster Area Bonds. Governor Quinn and his administration are dedicated to creating and retaining jobs in Western Illinois and throughout our state, and we are using every tool in our toolbox to keep economic development growing strong in Illinois."
The KONE Centre project is expected to attain LEED Gold status. More than $470,000 in Community Renewable Energy Program American Recovery and Reinvestment Act (ARRA) Funds allocated by the Illinois Department of Commerce & Economic Opportunity (DCEO) were used to install what is now the third largest distributed solar panel in Illinois. Capturing the energy created by the friction of the movement of the signature KONE elevators is yet another of the energy conservation features of the building.
The city of Moline was integral to the financial packaging of the project, loaning Financial District Properties $7.5 million at a reduced interest rate to purchase the existing KONE buildings. The two entities also crafted a development agreement which makes FDP eligible for an up to
$10.1 million rebate of the nearly $11 million of property taxes it will pay over the 23 year life of the Tax Increment Finance District. These commitments were rewarded by four of the original KONE properties being leased to add to the continued vibrancy of Moline's downtown.
Moline Mayor Don Welvaert said, "I am proud that the city was able to work in partnership with federal, state and local entities from both the public and private sectors to retain KONE in Moline. The resulting structure changes the Moline skyline forever and will be an icon for generations to come."
A partnership started in 1989, Renew Moline and the City of Moline have worked together to create jobs, expand Moline's tax base and return vibrancy to Moline's downtown. This public-private partnership has facilitated more than $250 million of private investment, making the downtown a place where people live, work, play and learn.
Moline – Growing Illinois