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HB5023 Engrossed |
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LRB093 16668 MKM 42319 b |
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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 |
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| Opportunity Law of the
Civil Administrative Code of Illinois is |
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| amended by adding Section 605-523 as follows: |
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| (20 ILCS 605/605-523 new) |
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| Sec. 605-523. Downtown development and improvement |
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| revolving loan and grant program. As used in this Section, |
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| "downtown" means an area of a municipality that is now or was |
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| once a central business district of the municipality. |
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| (a) The Department may administer the Downtown Development |
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| and Improvement Fund, a special fund in the State treasury, to |
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| make revolving loans and grants, subject to appropriation, to |
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| municipalities seeking financial assistance with the |
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| development and improvement of commercial or residential |
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| property in the downtown area of a municipality. |
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| (b) The Department shall grant or loan the funds only for |
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| projects that are part of a downtown revitalization plan |
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| approved by the corporate authorities of the municipality and |
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| that meet guidelines established by the Department by rule. In |
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| establishing those guidelines, the Department shall consult |
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| recognized standards and guidelines for the development of |
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| downtown areas, including standards and guidelines for the |
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| development of historically significant buildings and |
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| property. |
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| (c) The funds shall be used for the following purposes: |
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| (1) facade improvements; |
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| (2) leasehold improvements, including: (i) interior |
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| demolition; (ii) stripping and paint removal; (iii) waste |
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| removal; (iv) cleaning; (v) window repair; (vi) building |
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| and security improvements; and (vii) any other |