CAMCO gets money from City of Rockford!
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Posted by Steve
(18.104.22.168) on September 23, 2002 at 19:34:22:
CAMCO to Relocate Corporate Headquarters to Downtown Rockford
Rockford, IL, July 31, 2002
Governor George H. Ryan, along with Rockford Mayor Doug Scott, today announced that Capital Acquisitions and Management Company (CAMCO) is establishing its new headquarters and training center in downtown Rockford, Illinois. The move to the former Conseco Building, 303 N. Main Street, is currently planned for early September. CAMCO's relocation and expansion could bring as many as 500 new jobs to downtown Rockford over the next three years. The Council of 100 assisted with site selection and the coordination of financial incentives.
"I'm pleased that the State of Illinois is able to assist CAMCO in this phase of the company's rapid growth," said Ryan. "My administration continues to focus not only on expanding businesses in the state, but ensuring that companies that have made their home in Illinois, remain in Illinois."
"The City of Rockford is excited to have a growing company such as CAMCO locate its corporate headquarters in downtown Rockford," said Mayor Doug Scott. "The jobs that CAMCO will bring to the area will further enhance our efforts to revitalize our downtown."
CAMCO is eligible for tax credits through the Economic Development for a Growing Economy (EDGE) program, and for worker training grants through the Industrial Training Program (ITP). The Illinois Department of Commerce and Community Affairs (DCCA) administers both programs. The City of Rockford has offered various incentives to assist CAMCO in relocating to and expanding in downtown Rockford, including Community Development Block Grant (CDBG) funding. CAMCO may qualify for a maximum of $750,000 from the city, but is only eligible for these dollars if it meets CDBG eligibility requirements. If CAMCO does not create 500 jobs, the amount will be prorated based upon the number of new jobs created.
"The CAMCO project is yet another example of the importance of local and state cooperation in promoting economic development in order to provide job opportunities for our residents," said DCCA Director Pam McDonough. "These partnerships, combined with business incentives initiated by Governor Ryan and supported by local lawmakers like Senator Dave Syverson, are crucial to the continued growth and diversification of the economy both locally and statewide."
CAMCO was started in Genoa, Illinois in August of 1997 with just two employees and has grown to approximately 300 workers with sites in Illinois, Georgia and Florida. CAMCO is a major purchaser of non-performing debt portfolios and has acquired over $2 billion in non-performing receivables.
"We at CAMCO are truly excited about our expansion into Rockford and about our opportunities for growth in our new facility," said CAMCO Chairman George J. Othon. "We were looking for a city that provided us with a strong and talented workforce as well as a healthy downtown. The City of Rockford provides us with both of these benefits. The assistance of the State of Illinois, the City of Rockford, and the Rockford Area Council of 100 has been instrumental in making this project a reality."
"The relocation of CAMCO will mean a tremendous number of new, high-wage jobs for the City of Rockford," said Bob Levin, Executive Director of the Council of 100. "CAMCO is a strong company and will be a great anchor for downtown Rockford."
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