Public Act 093-0790
 
HB5023 Enrolled LRB093 16668 MKM 42319 b

    AN ACT concerning economic development.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    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:
        (1) For grants or loans for facade improvement
    projects, 20 years.
        (2) For grants or loans for leasehold improvement
    projects, 5 years.
    (g) The Department may adopt any rules necessary to
implement and operate this program.
 
    Section 10. The State Finance Act is amended by adding
Section 5.625 as follows:
 
    (30 ILCS 105/5.625 new)
    Sec. 5.625. The Downtown Development and Improvement Fund.
 
    Section 99. Effective date. This Act takes effect January
1, 2005.

Effective Date: 1/1/2005