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Public Act 093-0790 |
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AN ACT concerning economic development.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Department of Commerce and Economic | ||||
Opportunity Law of the
Civil Administrative Code of Illinois is | ||||
amended by adding Section 605-523 as follows: | ||||
(20 ILCS 605/605-523 new) | ||||
Sec. 605-523. Downtown development and improvement | ||||
revolving loan and grant program. As used in this Section, | ||||
"downtown" means the traditional center business district of a | ||||
municipality that (i) has served as the center for | ||||
socio-economic interaction in the municipality, (ii) is | ||||
characterized by a cohesive core of commercial and mixed use | ||||
buildings that may be interspersed with civic, religious, and | ||||
residential buildings and public spaces, and (iii) is typically | ||||
arranged along a main street and intersecting side streets and | ||||
served by public infrastructure. | ||||
(a) The Department may administer the Downtown Development | ||||
and Improvement Fund, a special fund in the State treasury, to | ||||
make revolving loans and grants, subject to appropriation, to | ||||
municipalities seeking financial assistance with the | ||||
development and improvement of commercial or residential | ||||
property in the downtown area of a municipality. | ||||
(b) The Department shall grant or loan the funds only for | ||||
projects that are part of a downtown revitalization plan | ||||
approved by the corporate authorities of the municipality and | ||||
that meet guidelines established by the Department by rule. In | ||||
establishing those guidelines, the Department shall consult | ||||
recognized standards and guidelines for the development of | ||||
downtown areas, including standards and guidelines for the | ||||
development of historically significant buildings and | ||||
property. |
(c) The funds shall be used for the following purposes: | ||
(1) facade improvements; | ||
(2) leasehold improvements, including: (i) interior | ||
demolition; (ii) stripping and paint removal; (iii) waste | ||
removal; (iv) cleaning; (v) window repair; (vi) building | ||
and security improvements; and (vii) any other | ||
improvements required by the Department by rule; and | ||
(3) upper floor improvement for commercial or | ||
residential occupancy. | ||
(d) Recipients may not use loan or grant funds for | ||
reimbursements for work they have completed themselves. | ||
(e) Grants or loans made under this Section must not exceed | ||
the following amounts: | ||
(1) For grants or loans for facade improvement | ||
projects, $20,000 per project, or 40% of the project cost. | ||
(2) For grants or loans for leasehold improvement | ||
projects, $10,000 per project. | ||
(3) For grants or loans for upper floor improvement | ||
projects for residential use, $5,000 for a one-bedroom | ||
residential unit, $7,500 for a two-bedroom residential | ||
unit, or 60% of the proposed residential unit cost. | ||
(4) For grants or loans for upper floor improvement | ||
projects for commercial use, the lesser of $2 per square | ||
foot of leasable office space, or 60% of the project cost. | ||
At no time shall the amount of a grant or loan exceed | ||
$50,000 per project. | ||
(f) The term of a grant or loan made under this Section may | ||
not exceed:
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(1) For grants or loans for facade improvement | ||
projects, 20 years. | ||
(2) For grants or loans for leasehold improvement | ||
projects, 5 years.
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(g) The Department may adopt any rules necessary to | ||
implement and operate this program.
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Section 10. The State Finance Act is amended by adding |
Section
5.625 as follows:
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(30 ILCS 105/5.625 new)
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Sec. 5.625. The Downtown Development and Improvement Fund.
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Section 99. Effective date. This Act takes effect January | ||
1, 2005.
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