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Public Act 91-0626
SB834 Enrolled LRB9106023MWpk
AN ACT concerning research parks.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Research Park Authority Act is
amended by changing Sections 1-5, 1-10, 1-20, 1-45, and 1-70
as follows:
(20 ILCS 3850/1-5)
Sec. 1-5. Legislative findings; declaration of purpose.
(a) The General Assembly determines and declares that:
(i) the State is in need of substantial economic
development;
(ii) the availability of suitable facilities,
technological resources, and the superior research
capacity of the institutions of higher education and
research parks adjacent to a federal laboratory or one or
more federal research agencies located in the State are
important inducements to private and governmental
enterprises to locate and remain within the State;
(iii) a significant function of government is to
increase opportunities for gainful employment, to assist
in promoting a productive economy, to encourage the flow
of private capital for investment in productive
enterprises, and to otherwise improve the prosperity,
health, and general welfare of the inhabitants of the
State;
(iv) support for university-affiliated research
parks and research parks adjacent to a federal laboratory
or one or more federal research agencies in the State
will help promote technological and economic development
in the State through the location of high technology,
research, development, scientific, and related and
ancillary or support businesses in the State; and
(v) private industry, and research universities,
and research parks adjacent to a federal laboratory or
one or more federal research agencies in the State should
be encouraged and supported in their efforts to
facilitate economic development within the State.
(b) The purposes of the Authority established by this
Act are:
(i) to advance the general welfare of the people of
the State;
(ii) to increase the opportunities for employment
of citizens of Illinois;
(iii) to develop the human, economic, and
productive resources of Illinois;
(iv) to promote and encourage expansion of the
research and development sector, with emphasis on capital
formation and investments in research and development
within Illinois;
(v) to promote cooperative research efforts between
the private sector and Illinois research universities and
research parks adjacent to a federal laboratory or one or
more research agencies, and to strengthen the partnership
among State government, higher education, and business
and industry;
(vi) to maximize the research capabilities of the
universities in Illinois; and
(vii) to enhance Illinois as a leader in the
research, development, testing and implementation of new
advances in science and technology and in the transfer of
new scientific and technological discoveries and advances
from the research and prototype stage to useful
industrial and commercial applications.
(Source: P.A. 88-669, eff. 11-29-94.)
(20 ILCS 3850/1-10)
Sec. 1-10. Definitions. As used in this Act:
"Authority" means the Illinois Research Park Authority
created by this Act.
"Bond resolution" means the resolution or resolutions and
the trust agreement or indenture, if any, authorizing or
providing for the terms and conditions applicable to bonds
issued under this Act.
"Bonds" means bonds, notes or other evidences of
indebtedness of the Authority issued under this Act,
including refunding bonds.
"Federal research agency" means any federal department or
agency that sponsors research and development activities,
including but not limited to, the National Aeronautics and
Space Administration and the Department of Energy.
"Federal laboratory" means any laboratory owned by the
federal government and operated by the federal government or
a contractor for the purposes of conducting research and
development or any associated activity.
"Person" means an individual, corporation, unit of
government, business trust, estate, trust, partnership or
association, 2 or more persons having a joint or common
interest, limited liability company, or any other legal
entity.
"Project" means the acquisition, construction, creation,
installation, development, redevelopment, improvement,
refurbishment, or rehabilitation of any property that
comprises a part of, or is or will be located, constructed,
or installed in or upon, or is related to the development,
use, or operation of a university-related research park or a
research park adjacent to a federal laboratory or one or more
federal research agencies, for use by any person, whether
public or private, for-profit or not-for-profit; the
financing or refinancing of any of the foregoing, including,
without limitation, the refunding or refinancing of
outstanding indebtedness previously incurred for the
financing of any "project", whether or not the indebtedness
was issued by the Authority; and all costs and expenses that
may be necessary or related to the foregoing, including,
without limitation, architectural, design, engineering,
construction, legal, financing, consulting, surveying, title
insurance and accounting activities, services, costs, and
expenses, together with interest on bonds issued to finance
any "project" to a date twelve months subsequent to the
estimated date of completion.
"Property" means real, personal, or mixed property of any
and every kind, or any interest or estate therein, including,
without limitation: land, other real property of any kind,
appurtenances, buildings, structures, improvements, rights of
way, easements, equipment, furnishings, furniture, machinery,
utilities, traffic control equipment, railroad sidings,
track, railroad roadbed, trestle, depot, terminal switching
and signaling or related equipment, docking and similar
facilities, parking facilities, dockage, wharfage, and
personal property of any and every kind.
"Research park" means a center of research and
development activity located in the State that:
(1) includes among its objectives or activities the
encouragement of the formation and growth of
knowledge-based industries and organizations on site,
(2) has a management function that is actively
engaged in encouraging or facilitating the transfer of
technology and business skills to tenants or other users
of the research park, and
(3) includes land and infrastructure and also one
or more of the following (whether sponsored by one or
more universities or any other person or persons):
research or development institutes, laboratories,
offices, businesses, or facilities; scientific or
technical testing, production or assembly facilities;
prototype scientific, engineering, technical, testing,
information, computer, or computer software institutes,
businesses, laboratories, offices, or facilities; related
business, university, or government installations; and
supporting services, including without limitation
conference centers, hotels, retail facilities,
restaurants, and transportation facilities.
"Research university" means (i) a public or private
university located in the State that in the preceding
calendar year was both among the 100 universities located in
the United States that received the largest amount of
financial support from the United States government or (ii)
any public university located in the State that is one of the
sponsors of a research park established prior to January 1,
1989.
"Revenues" means, with respect to any project, the rents,
fees, charges, and other income or profit derived from the
project or other moneys made available.
"State" means the State of Illinois.
"Unit of government" means the federal government, the
State, a unit of local government, a school district, or any
agency or instrumentality, office, officer, department,
division, bureau, commission, college, or university thereof.
"University-related research park" means a research park
(i) that is directly or indirectly sponsored by, and has a
direct or indirect formal relationship with, either a
research university or a research university and the
municipality in which the research park or the research
university is located, and (ii) in which at least 45% of the
underlying land is legally or beneficially owned, directly or
indirectly, either jointly or severally, by any one or more
of the research universities that sponsor the research park,
the municipality in which the research park or the research
university is located, or a corporation or other person
directly or indirectly owned or controlled by one or both of
the research universities and the municipality. For purposes
of the preceding sentence, any land of which the fee simple
ownership or remainder estate is owned directly or indirectly
by a university, a municipality, or another person shall be
deemed to be legally and beneficially owned by the
university, municipality, or other person, notwithstanding
that all or any part of the land may have been leased, under
long-term or short-term leases, or may be subject to purchase
rights or options, to or in favor of one or more persons
other than the university, municipality, or other person.
(Source: P.A. 88-669, eff. 11-29-94.)
(20 ILCS 3850/1-20)
Sec. 1-20. Members of Authority; terms; vacancies.
(a) The governing and administrative powers of the
Authority shall be vested in a body consisting of 9 7
members, to be appointed by the Governor, with the advice and
consent of the Senate. All of the members shall be residents
of the State. All of the members shall have recognized
ability and experience in one or more of the following areas:
higher education, research and development, science and
technology, economic development, finance, banking,
industrial development, business administration or
management, real estate development, community development,
venture finance, organized labor, or civic, community, or
neighborhood organization. A Chairman and Vice Chairman of
the Board shall be elected by the Board annually from among
its members.
(b) The terms of all members of the Board shall begin 30
days after the effective date of this Act. Of the members
initially appointed by the Governor, 3 shall serve until the
third Monday in January, 1996, 2 shall serve until the third
Monday in January, 1997, and 2 shall serve until the third
Monday in January, 1998. Each successor shall hold office of
a term of 4 years commencing the third Monday in January of
the year in which his or her term commences, except in case
of an appointment to fill a vacancy. In case of vacancy when
the Senate is not in session, the Governor may make a
temporary appointment until the next meeting of the Senate
when a person shall be nominated to fill the office, and any
person so nominated who is confirmed by the Senate shall hold
office during the remainder of the term and until a successor
is appointed and qualified.
(Source: P.A. 88-669, eff. 11-29-94.)
(20 ILCS 3850/1-45)
Sec. 1-45. General powers. The Authority possesses all
the powers of a body corporate necessary and convenient to
accomplish the purposes of this Act, including, without any
intended limitation upon the general powers hereby conferred,
all of the following:
(a) To enter into loans, contracts, mortgages, or other
agreements in furtherance of any project approved by the
Authority or otherwise in any matter connected with any of
its corporate purposes.
(b) To invest the funds of the Authority.
(c) To sue and be sued.
(d) To employ agents, employees, and independent
contractors necessary to carry out its corporate purposes and
to fix their compensation, benefits, and terms and conditions
of their employment.
(e) To have and use a common seal and to alter the seal
at its discretion.
(f) To adopt all necessary ordinances, resolutions,
by-laws, and rules for the conduct of its business and
affairs and for the management and use of the projects
developed, constructed, acquired, and improved in furtherance
of its corporate purposes.
(g) To designate and change the fiscal year for the
Authority.
(h) To accept and expend appropriations for any purpose
of the Authority.
(i) To receive and accept from any public or private
source loans, contributions, donations, or grants for or in
aid of any project or any portion of a project or any
university-related research park or a research park adjacent
to a federal laboratory or one or more federal research
agencies in either money, property, labor, or other things of
value and, when required, to use the funds, property, or
labor only for the purposes for which it was loaned,
contributed, or granted.
(j) To make loans to refund outstanding obligations or
advances issued, made, or given for the cost of a project.
(k) To fix, determine, charge, and collect premiums,
fees, charges, costs, and expenses, including, without
limitation, application fees, commitment fees, program fees,
financing charges, and publication fees from any person in
connection with its activities under this Act.
(l) To create and establish reserve funds and accounts
that may be necessary or desirable to accomplish its purposes
under this Act and to deposit its available monies into the
funds and accounts.
(m) To charge to and apportion among projects the
administrative costs and expenses of the Authority incurred
in the exercise of the powers and duties conferred by this
Act.
(n) To acquire, construct, maintain, manage, repair,
operate, or provide financing for or financial or credit
support or assistance to, any project or any
university-related research park or research park adjacent to
a federal laboratory or one or more federal research
agencies, and to enter into contracts to provide for any or
all of these activities.
(o) To acquire from any person by purchase, lease, gift,
or otherwise any property or rights in property useful for
its purposes, whether improved for the purposes of any
prospective project, or unimproved; provided, that the
Authority has no independent power of condemnation but may
acquire any property or rights in property obtained upon
condemnation by any other authority, governmental entity, or
unit of local government with such power.
(p) To develop, construct, and improve, either under its
own direction or through collaboration with any approved
applicant, or to acquire through purchase or otherwise, any
project, using for this purpose the proceeds derived from the
sale of its bonds, from governmental loans or grants, or from
any other legally authorized and available source, and to
hold title in the name of the Authority to these projects.
(q) To lease, under one or more lease agreements, all or
parts of a project so developed and constructed or acquired
to the approved lessee or lessees on such terms and
conditions as may be appropriate to further the purposes of
this Act and to maintain the credit of the Authority.
(r) To sell or lease, upon the termination of any
leasehold period of any project, for a further term or terms
the project on the terms and conditions that the Authority
deems reasonable and consistent with the purposes of this
Act, with the net proceeds from all sales and the revenues or
income from the leases to be used to satisfy any bonds or
other indebtedness of the Authority with respect to the
project and any balance used to pay any expenses of the
Authority or be used for the further development,
construction, acquisition, or improvement of projects.
(s) To have and exercise all powers and be subject to
all duties usually incident to boards of directors of
corporations.
(Source: P.A. 88-669, eff. 11-29-94.)
(20 ILCS 3850/1-70)
Sec. 1-70. Combining projects for financing purposes.
The Authority may issue a single bond issue under this Act
for one or more projects, one or more university-related
research parks, one or more research parks adjacent to a
federal laboratory or one or more federal research agencies,
or any combination thereof. A bond issue for multiple
projects as provided in this Section shall be subject to all
requirements for bond issues as established by this Act.
(Source: P.A. 88-669, eff. 11-29-94.)
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