Illinois General Assembly - Full Text of SB0773
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Full Text of SB0773  99th General Assembly

SB0773 99TH GENERAL ASSEMBLY

  
  

 


 
99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB0773

 

Introduced 2/4/2015, by Sen. Michael Connelly

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Illinois Economic Development Corporation Act. Creates the Illinois Economic Development Corporation. Creates the board of directors of the Corporation and sets forth the membership of the board. Provides that the board shall develop and implement economic programs to provide business support and expertise and financial assistance to companies that are investing and creating jobs in Illinois and to support new business start-ups and business expansion and growth in Illinois. Sets forth the powers of the board. Creates the Illinois Small Business Development Center within the corporation to provide business counseling and educational programs developed at the local, regional, and State level to support Illinois small business creation and growth. Provides that the Center shall provide assistance, in the form of training, counseling, and information resources, to startup businesses and job-creator firms regarding the startup process. Provides that the board shall submit annual reports to the members of the General Assembly. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning State 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
5Illinois Economic Development Corporation Act.
 
6    Section 5. Definitions. As used in this Act, except as
7otherwise provided:
8    "Board" means the board of directors of the corporation.
9    "Center" means the Illinois Small Business Development
10Center.
11    "Corporation" means the Illinois Economic Development
12Corporation.
13    "Economic development program" means a program or activity
14having the primary purpose of encouraging the establishment and
15growth of business in this State, including the creation and
16retention of jobs.
 
17    Section 10. Illinois Economic Corporation; creation.
18    (a) The Illinois Economic Development Corporation is
19created. The board of directors of the corporation is created
20and shall consist of the Governor, who shall serve as
21chairperson of the board, and 8 members, at least 2 of whom are
22employed in the private sector. The members of the board shall

 

 

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1be appointed by the Governor, with the advice and consent of
2the Senate, and shall serve at the pleasure of the Governor.
3The Director of Central Management Services and the Director of
4Revenue shall also serve as nonvoting members of the board.
5    (b) A majority of the voting members of the board
6constitutes a quorum for the purpose of conducting its business
7and exercising its powers and for all other purposes,
8notwithstanding the existence of vacancies. Action may be taken
9by the board upon a vote of a majority of the voting members
10present.
11    (c) An executive director shall be appointed by the
12Governor, with the advice and consent of the Senate, and shall
13serve at the pleasure of the Governor. The board may delegate
14to the executive director any powers and duties the board
15considers proper. The executive director shall receive
16compensation as determined by the board.
 
17    Section 15. Duties of the board.
18    (a) The board shall develop and implement economic programs
19to provide business support and expertise and financial
20assistance to companies that are investing and creating jobs in
21Illinois and to support new business start-ups and business
22expansion and growth in Illinois. The board may also develop
23and implement any other programs related to economic
24development in Illinois.
25    (b) For each program developed and implemented by the

 

 

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1board, the board shall do all of the following:
2        (1) establish clear and measurable goals for the
3    program that are tied to statutory or programmatic policy
4    objectives;
5        (2) establish at least one quantifiable benchmark for
6    each program goal described in paragraph (1);
7        (3) require that each recipient of a grant or loan
8    under the program submit a report to the corporation; each
9    contract with a recipient of a grant or loan under the
10    program must specify the frequency and format of the report
11    to be submitted to the corporation and the performance
12    measures to be included in the report;
13        (4) establish a method for evaluating the projected
14    results of the program with actual outcomes as determined
15    by evaluating the information described in paragraphs (1)
16    and (2); and
17        (5) annually and independently verify, from a sample of
18    grants and loans, the accuracy of the information required
19    to be reported under paragraph (3).
20    (c) The board shall require for each program developed and
21implemented by the board all of the following:
22        (1) that each recipient of a grant or loan under the
23    program of at least $100,000 submit to the corporation a
24    verified statement describing the recipient's expenditure
25    of the grant or loan funds, signed by both an independent
26    certified public accountant and the director or principal

 

 

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1    officer of the recipient to attest to the accuracy of the
2    verified statement; the board shall also require the
3    recipient of such a grant or loan to make available for
4    inspection the documents supporting the verified
5    statement; the board must include the requirement in the
6    contract with grant or loan recipients; and
7        (2) that the board, if a recipient of a grant or loan
8    under the program submits false or misleading information
9    to the corporation or fails to comply with the terms of a
10    contract entered into with the corporation, without
11    providing satisfactory explanation for the noncompliance,
12    do all of the following:
13            (A) recoup payments made to the recipient;
14            (B) withhold future payments to be made to the
15        recipient; and
16            (C) impose a financial penalty on the recipient.
 
17    Section 20. Powers of the board. The board shall have all
18the powers necessary or convenient to carry out the purposes
19and provisions of this Act. In addition to all other powers
20granted the board under this Act, the board may specifically:
21        (1) adopt, amend, and repeal any bylaws, policies, and
22    procedures for the regulation of its affairs and the
23    conduct of its business;
24        (2) have a seal and alter the seal at pleasure;
25        (3) maintain an office;

 

 

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1        (4) sue and be sued;
2        (5) accept gifts, grants, loans, or other
3    contributions from private or public sources;
4        (6) establish the corporation's annual budget and
5    monitor the fiscal management of the corporation;
6        (7) execute contracts and other instruments required
7    for the operation of the corporation;
8        (8) employ any officers, agents, and employees that it
9    may require and determine their qualifications, duties,
10    and compensation;
11        (9) issue notes, bonds, and any other obligations;
12        (10) make loans and provide grants;
13        (11) incur debt; and
14        (12) procure liability insurance.
 
15    Section 25. Illinois Small Business Development Center.
16    (a) The Illinois Small Business Development Center is
17created within the corporation to provide business counseling
18and educational programs developed at the local, regional, and
19State level to support Illinois small business creation and
20growth. The Center shall be administered by an advisory
21council.
22    (b) The advisory council is created and shall consist of 7
23members appointed by the board. The members shall be persons of
24recognized expertise and ability in the field of small business
25creation and growth. A majority of the members of the advisory

 

 

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1council constitutes a quorum for the purpose of conducting its
2business and exercising its powers and for all other purposes,
3notwithstanding the existence of vacancies. Action may be taken
4by the advisory council upon a vote of a majority of the
5members present.
6    (c) The Center shall provide assistance, in the form of
7training, counseling, and information resources, to startup
8businesses and job-creator firms regarding the following
9separate steps in the startup process:
10        (1) executing and filing articles of incorporation,
11    articles of organization, or any other papers required to
12    form a business;
13        (2) building management skills; and
14        (3) developing a market analysis.
 
15    Section 30. Administrative support.
16    (a) If requested by the board, the Department of Commerce
17and Economic Opportunity shall provide staff or other resources
18to assist the board in carrying out the purposes and provisions
19of this Act.
20    (b) To the extent practical, the Department of Commerce and
21Economic Opportunity and the board shall seek to coordinate
22their economic development programs.
 
23    Section 35. Liability limited. Neither the State nor any
24political subdivision of the State, nor any officer, employee,

 

 

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1or agent of the State or a political subdivision of the State
2who is acting within the scope of employment or agency, is
3liable for any debt, obligation, act, or omission of the
4corporation.
 
5    Section 40. Annual reports.
6    (a) Annually, by January 1, the board shall submit to the
7members of the General Assembly a report identifying the
8economic development projects that the board intends to develop
9and implement during the current calendar year.
10    (b) Annually, no later than October l, the board shall
11submit to the members of the General Assembly a report for the
12previous fiscal year on each of the economic development
13programs of the corporation that contains all of the following:
14        (1) a description of each program;
15        (2) a comparison of expected and actual program
16    outcomes;
17        (3) the number of grants made under the program;
18        (4) the number of loans made under the program;
19        (5) the amount of each grant and loan made under the
20    program;
21        (6) the recipient of each grant or loan made under the
22    program;
23        (7) the sum total of all grants and loans awarded to
24    and received by each recipient under the program; and
25        (8) any recommended changes to the program.

 

 

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1    (c) The board shall make readily accessible to the public
2on its official Internet website the information required under
3subsection (b).
 
4    Section 99. Effective date. This Act takes effect upon
5becoming law.