RLC makes financial move on RLC MarketPlace in Mt. Vernon

MOUNT VERNON — The state of Illinois’ continuing budget issues has prompted the Rend Lake College administration to look at ways to generate additional revenue. To that end, the Rend Lake College Board of Trustees recently approved the sale and immediate repurchase of the RLC MarketPlace in Mt. Vernon.

The facility was sold for $5 million and repurchased by the college via an installment purchase agreement. This will be funded by the issuance of $5 million in taxable debt certificates.

RLC President Terry Wilkerson said this move was necessitated by the uncertainty of the state’s budget situation. The action gives the college $5 million in available cash reserves.

The MarketPlace will remain owned and operated by Rend Lake College, and operations at the facility will not be affected.