Synopsis As Introduced Creates the Community Self-Revitalization Act. Provides that a municipality, county, or any combination of municipalities and counties that are certified as an economically distressed community or communities by the Department of Commerce and Economic Opportunity, in order to receive the assistance as provided under this Act, may appoint a Board of Economic Advisors. Provides that the Board shall consist of 13 members of the community, appointed by the corporate authorities of the community, representing the perspective of 13 sectors vital to community redevelopment, including families, businesses, and government. Provides that the Board shall create a 3-year to 5-year revitalization plan for the community containing distinct, measurable objectives for revitalization. Provides that the Department of Commerce and Economic Opportunity may, subject to appropriation, make grants to communities to create a Board of Economic Advisors under the Act for the operational expenses of the Board. Provides that the Department of Commerce and Economic Opportunity shall advise Boards of available funding and assist Boards in securing this funding. Effective immediately.
House Floor Amendment No. 3 Amends the Community Self-Revitalization Act. Provides that the Board of Economic Advisors has 18 (now, 13) members including representatives from the retail, service, manufacturing, technology services, and advertising sectors. Members of the Board serve without compensation (now, without compensation but allows for reimbursement of board members' reasonable and necessary expenses).