Upper Illinois River Valley Development Authority

Funded Project Profiles

Company: Windows Acquisition LLC

Location: Toluca, Illinois

Amount of Bond: $1,400,000

Interest Rate: Variable

Jobs: 70 jobs

Type of Project: Manufacturing

Bond Issued: December 2002

Project Overview

In December of 2002, the Authority issued $1,400,000 in tax-exempt industrial revenue bonds on behalf of Windows Acquisition LLC to purchase of the assets of Thermetic Glass Inc. in Toluca, Illinois to manufacture vinyl windows. Windows Acquisition, LLC was formed for the purpose of acquiring Thermetic Glass, Inc in Toluca, IL, and Winstrom Manufacturing, Inc. of Park Forest, Illinois. The total UIRVDA project was $2,050,000 which will include land, building & equipment and retained 70 employees. Thermetic Glass, Inc was owned by AAPC, a large manufacturer of vinyl windows. AAPC had been in Chapter 11 Bankruptcy and had owned Thermetic Glass. Several potential buyers had evaluated the purchase of Thermetic but were unable to obtain financing. Without a buyer of Thermetic it was likely that the assets in Toluca would be liquidated as part of the bankruptcy proceedings of AAPC. A $400,000 subordinated loan was approved by the Upper Illinois River Valley Community Development Corporation UIRVCDC. Plans called for the relocation of the manufacturing of vinyl products to Toluca, reducing costs, and providing space for the expansion of aluminum products in Park Forest, IL.

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Company:	Windows Acquisition LLC
Location:	Toluca, Illinois
Amount of Bond:	$1,400,000
Interest Rate:	Variable
Jobs:	70 jobs
Type of Project:	Manufacturing
Bond Issued:	December 2002
Project Overview
In December of 2002, the Authority issued $1,400,000 in tax-exempt industrial revenue bonds on behalf of Windows Acquisition LLC to purchase of the assets of Thermetic Glass Inc. in Toluca, Illinois to manufacture vinyl windows. Windows Acquisition, LLC was formed for the purpose of acquiring Thermetic Glass, Inc in Toluca, IL, and Winstrom Manufacturing, Inc. of Park Forest, Illinois. The total UIRVDA project was $2,050,000 which will include land, building & equipment and retained 70 employees. Thermetic Glass, Inc was owned by AAPC, a large manufacturer of vinyl windows. AAPC had been in Chapter 11 Bankruptcy and had owned Thermetic Glass. Several potential buyers had evaluated the purchase of Thermetic but were unable to obtain financing. Without a buyer of Thermetic it was likely that the assets in Toluca would be liquidated as part of the bankruptcy proceedings of AAPC. A $400,000 subordinated loan was approved by the Upper Illinois River Valley Community Development Corporation UIRVCDC. Plans called for the relocation of the manufacturing of vinyl products to Toluca, reducing costs, and providing space for the expansion of aluminum products in Park Forest, IL.