Illinois General Assembly - Full Text of HB3706
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Full Text of HB3706  103rd General Assembly




HB3706 EngrossedLRB103 30038 AWJ 56459 b

1    AN ACT concerning local government.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 1. Short title. This Act may be cited as the
5University Park Development Authority Act.
6    Section 5. Purpose. The purpose of this Act is to
7facilitate and promote the redevelopment of vacant and
8underutilized commercial, industrial and residential real
9property located throughout the Village of University Park,
10and to enhance the economic benefits generated by the former
11uses of the property with development that will attract new
12residences, senior, student housing and commercial and
13industrial businesses, as well as to create new opportunities
14for economic development, sustainable initiatives and
15affordable housing and employment for residents in the
17    Section 10. Definitions. As used in this Act:
18    "Authority" means the University Park Development
19Authority created by this Act.
20    "Board" means the Board of Directors of the Authority.
21    "Costs incurred in connection with the development,
22construction, acquisition, redevelopment, or improvement of a



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1project" means: the cost of purchase and construction of all
2lands and related improvements, together with the equipment
3and other property, rights, easements, and franchises acquired
4that are deemed necessary for the construction; the costs of
5environmental and other property and project related suits,
6studies, and analyses and subsequent clean-up activities
7necessary to qualify the area as needing no further
8remediation or pipe replacement or new installation; financing
9and title insurance and deed recording charges, delinquent
10property taxes; trust and or interest costs with respect to
11revenue bonds, notes, and other evidences of indebtedness of
12the Authority prior to and during construction and for a
13period of 60 months after construction; engineering and legal
14expenses; the costs of plans, tax deed acquisition, land bank
15creation and acquisition, or deacquisition or disposition of
16all real estate placed therein, credit enhancement vehicles,
17easements, specifications, surveys, and estimates of costs and
18other expenses necessary or incident to determining the
19feasibility or practicability of any project, together with
20such other expenses as may be reasonable or necessary or
21incident to the financing, insuring, acquisition, disposition,
22redevelopment, and construction of a specific project and the
23placing of the project in operation.
24    "Financial aid" means the expenditure of Authority funds
25or funds provided by the Authority through the issuance of its
26revenue bonds, notes, or other evidence of indebtedness, or



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1grants from private or public entities for the development,
2construction, acquisition, or improvement of a project.
3    "Governmental agency" means any federal, State, county, or
4local governmental body, and any agency or instrumentality
5thereof, corporate or otherwise.
6    "Lease agreement" means an agreement under which a project
7acquired by the Authority by purchase, gift, or lease, or
8other valuable consideration is leased to any person or
9governmental agency that will use or cause the project to be
10used as a project upon terms providing for lease rental
11payments at least sufficient to pay when due the lessee's pro
12rata share of all principal and interest and premium, if any,
13on any revenue bonds, notes, or other evidences of
14indebtedness of the Authority issued with respect to the
15project, providing for the maintenance, insurance, and
16operation of the project on terms satisfactory to the
17Authority, and providing for disposition of the project upon
18termination of the lease term, including purchase options or
19abandonment of the premises, with such other terms as may be
20deemed desirable by the Authority.
21    "Loan agreement" means any agreement by which the
22Authority agrees to loan the proceeds of its revenue bonds,
23notes, or other evidences of indebtedness issued with respect
24to a project to any person or governmental agency that will use
25or cause the project to be used as a project upon terms
26providing for loan repayment installments at least sufficient



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1to pay when due the borrower's pro rata share of all principal
2of and interest and premium, if any, on any revenue bonds,
3notes, or other evidences of indebtedness of the Authority
4issued with respect to the project, providing for maintenance,
5insurance, and operation of the project on terms satisfactory
6to the Authority, and providing for other matters as may be
7deemed advisable by the Authority.
8    "Person" includes, without limitation, an individual,
9corporation, partnership, unincorporated association, and any
10other legal entity, including a trustee, receiver, assignee,
11or personal representative of the entity.
12    "Project" means an industrial, commercial, commercial
13mixed use, environmental justice, land conservancy,
14residential, industrial, or freight-oriented project or any
15combination thereof provided that all uses shall fall within
16one of those categories, including, but not limited to, one or
17more buildings and other structures, improvements, machinery,
18and equipment whether on the same site or adjacent to any land
19or lakes, buildings, machinery, or equipment comprising an
20addition to or renovation, rehabilitation, or improvement of
21any existing capital project. Any project shall automatically
22include all site improvements, signage, access roads,
23lighting, curb cuts, and new construction involving
24infrastructure including, but not limited to, roads, traffic
25management lights and directional signage, sidewalks, sewers,
26landscaping and all appurtenances and facilities incidental



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1thereto such as utilities, access roads, railroad sidings,
2truck docking, and similar facilities, parking facilities, or
3related equipment and other improvements necessary or
4convenient thereto, solid waste and wastewater treatment and
5disposal sites and other pollution control facilities,
6resource or waste reduction, recovery, treatment, and disposal
7facilities, open spaces, conservancies, preserves, streets,
9    "Revenue bond" or "bond" means any bond issued by the
10Authority under the supervision of the Illinois Finance
11Authority, the principal and interest of which are payable
12solely from revenues or income derived from any project or
13activity of the Authority.
14    "Terminal" means a public place, station, or depot for
15receiving and delivering passengers, baggage, mail, freight,
16or express matter, and any combination thereof, in connection
17with the transportation of persons and property on land.
18    "Terminal facilities" means all land, buildings,
19structures, improvements, equipment, and appliances useful in
20the operation of public warehouse, storage, and transportation
21facilities and industrial, manufacturing, or commercial
22activities for the accommodation of or in connection with
23commerce by land.
24    Section 15. Creation of Authority; Board members;



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1    (a) The University Park Development Authority is created
2as a political subdivision, body politic, and municipal
4    (b) The jurisdiction of the Authority extends over the
5Village of University Park and any and all property that the
6Village may annex during the course of the existence of the
8    (c) The governing and administrative powers of the
9Authority shall be vested in its Board of Directors consisting
10of 5 members, 3 of whom shall be appointed by the Mayor of the
11Village of University Park and 2 of whom shall be appointed by
12the Governor. All persons appointed as members of the Board
13shall have recognized ability and experience in one or more of
14the following areas: economic development, finance, banking,
15industrial development, business management, real estate,
16community development, organized labor, or civic, community,
17or neighborhood organization.
18    (d) The terms of the 5 initial appointees to the Authority
19shall commence 15 days after the effective date of this Act or
20as soon as they are appointed. Of the 5 appointees initially
21appointed (i) one of the Mayor's appointees and one of the
22Governor's appointees shall be appointed to serve terms
23expiring on the third Monday in January 2027; (ii) one of the
24Mayor's appointees shall be appointed to serve a term expiring
25on the third Monday in January 2028; and (iii) one of the
26Mayor's appointees and one of the Governor's appointees shall



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1be appointed to serve terms expiring on the third Monday in
2January 2029. All successors shall be appointed by the
3original appointing authority and hold office for a term of 6
4years commencing the third Monday in January of the year in
5which their term commences, except in case of an appointment
6to fill a vacancy. Vacancies shall be filled for the remainder
7of the term by the Mayor or Governor depending upon which
8person was the individual to make the appointment of the party
9that left the vacancy. Each member appointed to the Board
10shall serve until his or her successor is appointed and
11accepted by majority vote of the members left after the
12vacancy occurs or the term expires and shall meet the
13requirements of professional backgrounds as required under
14subsection (c).
15    (e) The Chairperson of the Board shall be elected by the
16Board annually from among its members.
17    (f) The appointing authority may remove any member of the
18Board in case of incompetency, neglect of duty, or malfeasance
19in office.
20    (g) Members of the Board shall serve without compensation
21for their services as members, but the Board may vote to
22compensate its members, and they also may be reimbursed for
23all necessary expenses incurred in connection with the
24performance of their duties as members.
25    (h) The Board may appoint an Executive Director, Associate
26Executive Director, General Counsel, Finance Director, and



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1Chief Engineer who shall have a background and, when
2necessary, licensed credentials or certifications and or
3academic degrees in administration, planning, real estate,
4economic development, finance, or law. The Executive Director
5shall hold office at the discretion of the Board, but a
6contract may be executed for a period of time of service as
7negotiated. The Executive Director shall be the chief
8administrative and operational officer of the Authority, shall
9direct and supervise its administrative affairs and general
10management, shall perform such other duties as may be
11prescribed from time to time by the Board, and shall receive
12compensation fixed by the Board. The Executive Director shall
13attend all meetings of the Board; however, no action of the
14Board or the Authority shall be invalid on account of the
15absence of the Executive Director from a meeting. The Board
16may engage the services of such other agents and employees,
17including planners, attorneys, appraisers, engineers,
18accountants, credit analysts, and other consultants, and may
19prescribe their duties and fix their compensation.
20    (i) The Board shall meet on the call of its Chairperson or
21upon written, telephonic, or email notice of 3 members of the
23    (j) All official acts of the Authority shall require a
24quorum of 3 members and an affirmative vote of at least 3 of
25the members of the Board present and voting at a meeting of the



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1    Section 20. Responsibilities of the Authority.
2    (a) It is the duty of the Authority to promote development
3within its territorial jurisdiction. The Authority shall use
4the powers conferred on it by this Act to assist in the
5planning, development, acquisition, construction, and
6marketing of residential, industrial, commercial, or
7freight-oriented projects within its territorial jurisdiction.
8    (b) The Authority shall have the power to undertake joint
9planning for property within its territorial jurisdiction that
10identifies and addresses its development, transportation,
11transit, zoning, workforce, and environmental priorities and
13    (c) The Authority shall have the power to assemble and
14prepare parcels for development.
15    (d) The Authority shall have the power to oversee
16environmental studies and remediation necessary to identify
17and remove any hazards or toxins that impede development.
18    (e) The Authority shall have the power to develop,
19construct, and improve, either under its own direction or
20through collaboration with any approved applicant, or to
21acquire through purchase or otherwise any project, using for
22that purpose the proceeds derived from its sale of revenue
23bonds, notes, or other evidence of indebtedness or
24governmental loans or grants, and to hold title in the name of
25the Authority to those projects.



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1    (f) The Authority shall have the power to market the
2University Park development to prospective developers and
4    (g) The Authority shall make its best effort to annex
5parcels of unincorporated property that are subject to the
6jurisdiction of the Authority contiguous to the Village of
7University Park.
8    (h) The Authority shall maintain relations with local
9residents, industries, businesses, nonprofit organizations,
10elected and appointed officials, and other government and
11private entities as well as any other interested parties in
12the course of achieving its objectives and exercising its
14    Section 25. Powers. The Authority possesses all powers of
15a body corporate necessary and convenient to accomplish the
16purpose of this Act, including without limitation the
18        (1) to enter into loans, contracts, agreements, and
19    mortgages in any matter connected with any of its
20    corporate purposes and to invest its funds;
21        (2) to sue and be sued;
22        (3) to employ agents and employees necessary to carry
23    out its purposes;
24        (4) to have, use, and alter a common seal;
25        (5) to adopt all needful ordinances, resolutions,



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1    bylaws, rules, and regulations for the conduct of its
2    business and affairs and for the management and use of the
3    projects developed, constructed, acquired, and improved in
4    furtherance of its purposes;
5        (6) to designate the fiscal year for the Authority;
6        (7) to accept and expend appropriations;
7        (8) to have and exercise all powers and be subject to
8    all duties usually incident to boards of directors of
9    corporations;
10        (9) to acquire, own, lease, sell, or otherwise dispose
11    of interests in and to real property and improvements
12    situated thereon and in personal property from any person,
13    the State of Illinois, any municipal corporation, any unit
14    of local government, the government of the United States,
15    any agency or instrumentality of the United States, any
16    body politic, or any county, whether the property is
17    improved for the purposes of any prospective project or
18    unimproved, useful, and necessary to fulfill the purposes
19    of the Authority;
20        (10) to acquire title to any project with respect to
21    which it exercises its authority;
22        (11) to engage in any activity or operation, including
23    brownfield remediation, which is incidental to and in
24    furtherance of efficient operation to accomplish the
25    Authority's primary purpose and be reasonable and
26    necessary for the efficient function of the authority;



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1        (12) to acquire, own, construct, lease, operate, and
2    maintain, within its corporate limits, terminals and
3    terminal facilities and to fix and collect just,
4    reasonable, and nondiscriminatory charges for the use of
5    those facilities;
6        (13) to collect fees and charges in connection with
7    its loans, commitments, and services;
8        (14) to use the charges and fees collected as
9    authorized under paragraphs (12) and (13) to defray the
10    reasonable expenses of the Authority and to pay the
11    principal and interest of any revenue bonds issued by the
12    Authority;
13        (15) to borrow money and issue revenue bonds, notes,
14    or other evidences of indebtedness under the supervision
15    of the Illinois Finance Authority, as set forth under
16    Section 825-13.1 of the Illinois Finance Authority Act;
17        (16) to apply for and accept grants, loans or
18    appropriations from the federal government; the State of
19    Illinois, including the Illinois Environmental Protection
20    Agency; and the Village of University Park;
21        (17) to accept donations, contributions, capital
22    grants or gifts from individuals, associations and private
23    corporations in aid of any purposes of this Act and to
24    enter into agreements in connection therewith;
25        (18) to enter into intergovernmental agreements with
26    the State of Illinois, the County of Cook, the Illinois



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1    Finance Authority, the United States government, any
2    agency or instrumentality of the United States, any unit
3    of local government located within the territory of the
4    Authority, or any other unit of government to the extent
5    allowed by Section 10 of Article VII of the Illinois
6    Constitution and the Intergovernmental Cooperation Act;
7        (19) to petition any federal, State, municipal, or
8    local authority, and any unit of local government having
9    jurisdiction in the premises for the adoption and
10    execution of any physical improvement, change in method or
11    system of handling freight, warehousing, docking,
12    lightering, and transfer of freight which, in the opinion
13    of the Authority, is designed to improve the handling of
14    commerce in and through its territorial jurisdiction or
15    improve terminal or transportation facilities therein;
16        (20) to enter into agreements with businesses, form
17    public-private partnership entities and appropriate funds
18    to such entities as needed to achieve the purpose of this
19    Act; and
20        (21) to share employees with other units of
21    government, including agencies of the United States,
22    agencies of the State of Illinois, and agencies or
23    personnel of any unit of local government.
24    Section 30. Limitations. If any of the Authority's powers
25are exercised within the jurisdiction limits of any



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1municipality, then all of the ordinances of that municipality
2remain in full force and effect and are controlling.
3    The Authority shall not issue any revenue bonds relating
4to the financing of a project located within the planning and
5subdivision control jurisdiction of any municipality or county
6unless: (1) notice, including a description of the proposed
7project and the financing therefor, is submitted to the
8corporate authorities of the municipality or, in the case of a
9proposed project in an unincorporated area, to the county
10board; and (2) the corporate authorities do not or, in the case
11of an unincorporated area, the county board does not, adopt a
12resolution disapproving the project within 45 days after
13receipt of the notice.
14    Section 35. Revenue Bonds.
15    (a) The Authority shall have the continuing power to issue
16revenue bonds, notes, or other evidences of indebtedness in an
17aggregate amount not to exceed $200,000,000 for the purpose of
18developing, constructing, acquiring, or improving projects,
19including those established by business entities locating or
20expanding property within the territorial jurisdiction of the
21Authority, for entering into venture capital agreements with
22businesses locating or expanding within the territorial
23jurisdiction of the Authority, for acquiring and improving any
24property necessary and useful in connection therewith, and for
25the purposes of the Employee Ownership Assistance Act. The



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1bonds must be issued under the supervision of the Illinois
2Finance Authority, as set forth under Section 825-13.1 of the
3Illinois Finance Authority Act. For the purpose of evidencing
4the obligations of the Authority to repay any money borrowed,
5the Authority may, pursuant to resolution, from time to time
6issue and dispose of its interest bearing revenue bonds,
7notes, or other evidences of indebtedness and may also from
8time to time issue and dispose of such bonds, notes, or other
9evidences of indebtedness to refund, at maturity, at a
10redemption date or in advance of either, any revenue bonds,
11notes, or other evidences of indebtedness pursuant to
12redemption provisions or at any time before maturity. All such
13revenue bonds, notes, or other evidence of indebtedness shall
14be payable solely from the revenues or income to be derived
15from loans made with respect to projects, from the leasing or
16sale of the projects, or from any other funds available to the
17Authority for such purposes, including, when provided by
18ordinance of the Authority, authorizing the issuance of
19revenue bonds or notes. The revenue bonds, notes, or other
20evidences of indebtedness may bear such date or dates, may
21mature at such time or times not exceeding 40 years from their
22respective dates, may bear interest at such rate or rates not
23exceeding the maximum rate permitted by the Bond Authorization
24Act, may be in such form, may carry such registration
25privileges, may be executed in such manner, may be payable at
26such place or places, may be made subject to redemption in such



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1manner and upon such terms, with or without premium as is
2stated on the face thereof, may be authenticated in such
3manner, and may contain such terms and covenants as may be
4provided by an applicable resolution.
5    (b) The holder or holders of any revenue bonds, notes, or
6other evidences of indebtedness issued by the Authority may
7bring suits at law or proceedings in equity to compel the
8performance and observance by any corporation or person or by
9the Authority or any of its agents or employees of any contract
10or covenant made with the holders of such revenue bonds,
11notes, or other evidences of indebtedness, to compel such
12corporation, person, the Authority, and any of its agents or
13employees to perform any duties required to be performed for
14the benefit of the holders of any such revenue bonds, notes, or
15other evidences of indebtedness by the provision of the
16resolution authorizing their issuance and to enjoin such
17corporation, person, the Authority, and any of its agents or
18employees from taking any action in conflict with any such
19contract or covenant.
20    (c) If the Authority fails to pay the principal of or
21interest on any of the revenue bonds or premium, if any, as the
22same become due, a civil action to compel payment may be
23instituted in the appropriate circuit court by the holder or
24holders of the revenue bonds on which such default of payment
25exists or by an indenture trustee acting on behalf of such
26holders. Delivery of a summons and a copy of the complaint to



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1the Chairperson of the Board shall constitute sufficient
2service to give the circuit court jurisdiction of the subject
3matter of such a suit and jurisdiction over the Authority and
4its officers named as defendants for the purpose of compelling
5such payment. Any case, controversy, or cause of action
6concerning the validity of this Act relates to the revenue of
7the State of Illinois.
8    (d) Notwithstanding the form and tenor of any such revenue
9bonds, notes, or other evidences of indebtedness and in the
10absence of any express recital on the face of any such revenue
11bond, note, or other evidence of indebtedness that it is
12nonnegotiable, all such revenue bonds, notes, and other
13evidences of indebtedness shall be negotiable instruments.
14Pending the preparation and execution of any such revenue
15bonds, notes, or other evidences of indebtedness, temporary
16revenue bonds, notes, or evidences of indebtedness may be
17issued as provided by ordinance.
18    (e) To secure the payment of any or all of such revenue
19bonds, notes, or other evidences of indebtedness, the revenues
20to be received by the Authority from a lease agreement or loan
21agreement shall be pledged, and, for the purpose of setting
22forth the covenants and undertakings of the Authority in
23connection with the issuance thereof and the issuance of any
24additional revenue bonds, notes, or other evidences of
25indebtedness payable from such revenues, income, or other
26funds to be derived from projects, the Authority may execute



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1and deliver a mortgage or trust agreement. A remedy for any
2breach or default of the terms of any such mortgage or trust
3agreement by the Authority may be by mandamus proceedings in
4the appropriate circuit court to compel the performance and
5compliance therewith, but the trust agreement may prescribe by
6whom or on whose behalf the action may be instituted.
7    (f) The revenue bonds or notes shall be secured as
8provided in the authorizing ordinance which may,
9notwithstanding any other provision of this Act, include in
10addition to any other security a specific pledge or assignment
11of and lien on or security interest in any or all revenues or
12money of the Authority from whatever source which may by law be
13used for debt service purposes and a specific pledge or
14assignment of and lien on or security interest in any funds or
15accounts established or provided for by ordinance of the
16Authority authorizing the issuance of such revenue bonds or
18    (g) The State of Illinois pledges to and agrees with the
19holders of the revenue bonds and notes of the Authority issued
20pursuant to this Section that the State will not limit or alter
21the rights and powers vested in the Authority by this Act so as
22to impair the terms of any contract made by the Authority with
23such holders or in any way impair the rights and remedies of
24such holders until such revenue bonds and notes, together with
25interest thereon, with interest on any unpaid installments of
26interest, and all costs and expenses in connection with any



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1action or proceedings by or on behalf of such holders, are
2fully met and discharged. The Authority is authorized to
3include these pledges and agreements of the State in any
4contract with the holders of revenue bonds or notes issued
5pursuant to this Section.
6    (h) Under no circumstances shall any bonds issued by the
7Authority or any other obligation of the Authority be or
8become an indebtedness or obligation of the State of Illinois
9or of any other political subdivision of or municipality
10within the State, nor shall any such bond or obligation be or
11become an indebtedness of the Authority within the purview of
12any constitutional limitation or provision, and it shall be
13plainly stated on the face of each bond that it does not
14constitute such an indebtedness or obligation but is payable
15solely from the revenues or income as aforesaid.
16    (i) For the purpose of financing a project pursuant to
17this Act, the Authority shall be authorized to apply for an
18allocation of tax-exempt bond financing authorization provided
19by Section 11143 of the Safe, Accountable, Flexible, Efficient
20Transportation Equity Act: A Legacy for Users (SAFETEA-LU),
21Public Law 109-59, as well as financing available under any
22other federal law or program.
23    Section 40. Designation of depository. The Authority shall
24biennially designate a national or State bank or banks as
25depositories of its money. Those depositories shall be



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1designated only within the State and upon condition that bonds
2approved as to form and surety by the Authority and at least
3equal in amount to the maximum sum expected to be on deposit at
4any one time shall be first given by the depositories to the
5Authority, those bonds to be conditioned for the safekeeping
6and prompt repayment of the deposits. When any of the funds of
7the Authority shall be deposited by the treasurer in any such
8depository, the treasurer and the sureties on his official
9bond shall, to that extent, be exempt from liability for the
10loss of any of the deposited funds by reason of the failure,
11bankruptcy, or any other act or default of the depository.
12However, the Authority may accept assignments of collateral by
13any depository of its funds to secure the deposits to the same
14extent and conditioned in the same manner as assignments of
15collateral are permitted by law to secure deposits of the
16funds of any city.
17    Section 45. Reports; Inspector General. The Authority
18shall, annually, submit a report of its finances to the
19Auditor General. The Authority shall, annually, submit a
20report of its activities to the Governor and to the General
21Assembly. The Authority may also create an office of the
22Inspector General to provide oversight and compliance with any
23of its regulatory policies.
24    Section 50. Dissolution of the Authority. The Authority is



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1dissolved upon the last to occur of the following: (1) the
2expiration of the 15-year period that begins on the effective
3date of this Act; or (2) one year after the date that all
4revenue bonds, notes, and other evidence of indebtedness of
5the Authority have been fully paid and discharged or otherwise
6provided for. Upon the abolition of the Authority, all of its
7rights and property shall pass to and be vested in the State of
9    Section 900. The Illinois Finance Authority Act is amended
10by adding Section 825-13.1 as follows
11    (20 ILCS 3501/825-13.1 new)
12    Sec. 825-13.1. Supervision of the University Park
13Development Authority bond issuances.
14    (a) All bond issuances of the University Park Development
15Authority are subject to supervision, management, control, and
16approval of the Illinois Finance Authority.
17    (b) All bonds issued by the University Park Development
18Authority under the supervision of the Illinois Finance
19Authority are subject to the terms and conditions that are set
20forth in the University Park Development Authority Act.
21    (c) The bonds issued by the University Park Development
22Authority under the supervision of the Illinois Finance
23Authority are not debts of the Illinois Finance Authority or
24of the State.



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1    Section 999. Effective date. This Act takes effect upon
2becoming law.