East St. Louis Fund Projects

Projects funded by the East St. Louis Development Fund (ESLDF)

  1. Comprehensive Mental Health Headquarters: In addition to SWIDA issuing $12 million in double tax-exempt bonds for this project, SWIDA’S ESLDF provided an additional $1 million loan to fill a shortage in the financing to be used to establish a Debt Service Reserve Fund for the bond issue.
  2. Parson Place Rental Housing: This two hundred unit housing rental project developed by McCormack Baron had a $1.1 million financing gap that needed to be filled to begin the project. SWIDA’s ESLDF filled the gap through long term financing tied to the cash flow of the project.
  3. River City Housing Development
  4. Southside Housing Development
    (3. & 4.) These two housing projects were developed by Don Johnson’s CDC Development Corporation. SWIDA’s ESLDF provided land and predevelopment loans and construction financing for some 50 single family houses in East St. Louis.
  5. Eagles Nest Veterans Homeless Shelter: In addition to providing a $50,000 soft loan for operation of this 28 bed rehab center, SWIDA’s staff helped with getting the conversion of the building from an abandoned Army Depot to a complete service center for drug and alcohol dependent homeless veterans.
  6. Jackie Joyner Kersee Youth Center: SWIDA’s ESLDF provided a $50,000 soft loan to help get this youth center reorganized and reopened.
  7. N 33 Street Housing Project: Don Johnson was awarded the contract to construct 6 modular single family houses on 33th St. in East St. Louis. SWIDA’s ESLDF provided a loan to the contractor in the form of a required $ 250,000 contractor cash performance bond.
  8. East St. Louis Redevelopment Commission: SWIDA’s ESLDF provided a $35,000 matching loan for operating expenses of this new Commission that pre-approves new development projects starting up in East St. Louis.