The O’Fallon City Council’s June 24 meeting documents state that electronic parts supplier MEMC has requested that the city issue its industrial development revenue bonds to fund the construction of, and machinery/e equipment for, a new silicon wafer manufacturing facility at 501 Pearl Drive.
Payments, revenues and receipts from leasing the new facility to MEMC and its O’Fallon based operations would be used to pay off the bonds.
This project has been under review by city staff and will be presented to the Planning & Zoning Commission (P&Z) in the near future. The total cost will not be known until the P&Z and other design processes are completed.
Meanwhile, city staff recommended approval of a resolution (06-24-2021E) to affirm the city’s commitment to issue the bonds. The recommendation is because of the resulting public benefit that the project will promote, including more jobs, economic well-being and industrial development of the city and the taxing districts encompassing the area of the project.
On June 24, the resolution was approved by a vote of 10-0, declaring the intent of the city to issue the bonds to provide funds to finance the costs of the project, subject to conditions set forth in the resolution; and authorizing other related actions.
MEMC in O’Fallon is one of seven silicon wafer manufacturing facilities owned by parent company GlobalWafers Singapore Pte. Ltd. The other locations include Cheonan, S. Korea; Hsinchu, Taiwan; Kuala Lumpur, Malaysia; Merano, Italy; Novara, Italy; and Utsunomiya, Japan.