Illinois Gov. J.B. Pritzker has added a total of three new members to the Quad Cities Regional Economic Development Authority with his recent appointment of Quad City Bank & Trust Co.’s Paul Schmitt to the QCREDA board.
The authority is an economic development financing tool available to 11 northwestern Illinois counties. It helps to lower the cost of financing for businesses, nonprofits, senior housing and public projects in the counties of Henry, Mercer, Rock Island, Knox, Carroll, Lee, Whiteside, Jo Daviess, Stephenson, Boone and Winnebago.
“I’m excited to have the opportunity to serve on the Quad Cities Regional Economic Development Authority,” said Mr. Schmitt, first vice president and senior wealth management officer for Quad City Bank & Trust. “It is an honor and a privilege to have been appointed by Gov. Pritzker.”
He added in an email to the QCBJ: “I look forward to making a positive impact on our community as we focus on the most financially viable structure for new projects for businesses of varying sizes as well as non-profits in our area. The long-term impact we can have means a lot to me.”
Mr. Schmitt has nearly 20 years of wealth and trust management experience, the governor’s office said in a news release.
“Paul’s extensive experience as a senior wealth management officer at Quad City Bank & Trust, his strong community ties and his acumen as a CPA will serve him well in this position with the QCREDA,” added Jason Grindle, QCBT’s executive vice president wealth management.
He added: “I am excited for him to serve at this high level as not only an expert in his own right, but a strong representative of QCBT. He embodies our values of being a community focused, financially solid community bank.”
Active in community
Mr. Schmitt, who received his bachelor of science from Creighton University, is active in the Quad Cities community. That includes as a member of the Salvation Army of the Quad Cities and Davenport and the Youth Service Bureau of Rock Island County Board.
He joins these two QC community and industry leaders appointed to the authority’s board by Mr. Pritzker late last month: Doug House and David Aguirre.
Mr. House has spent his career in public service at all levels of government. HIs focus includes transportation, infrastructure, and workforce development. He most recently was deputy secretary of the Illinois Department of Transportation.
Mr. Aguirre is a seasoned electrician with more than 32 years of experience in the electrical trade. He currently serves as director of construction services for Tri-City Electric Co., Davenport.
QCREDA was created in 1987. Its powers enable it to issue taxable or tax-exempt revenue bonds on behalf of a company. Its purpose is developing, constructing, acquiring or improving facilities within the region. These bonds result in a lower interest rate for the borrower than may otherwise be obtainable if bonds were rated only on the strength of the company.
Among its development tools are Industrial Revenue Bonds, Housing Bonds, Not-for-Profit Bonds and Enterprise Zones.
