Section 523.70  Agreements with Applicants

The Department shall enter into an agreement with an eligible developer who is entitled to grants under the Act. The agreement must include all of the following:

a)         A detailed description of the project that is the subject of the agreement, including the location of the project, the number of jobs created by the project, and project costs.

b)         A requirement that the eligible developer shall maintain operations at the project location for 10 years from the start date of the agreement.

c)         A specific method for determining the number of new employees attributable to the project.

d)         A requirement that the eligible developer shall report on a quarter annual basis to the Department and the Department of Revenue the number of new employees and the incremental income tax withheld in connection with the new employees.

e)         A provision authorizing the Department to verify with the Department of Revenue the amounts reported under subsection (d).

f)          A provision authorizing the Department of Revenue to audit the information reported under subsection (d). [30 ILCS 743/30]

g)         A provision that the Department shall provide reimbursement by means of one or more grants that shall be issued each State fiscal year, subject to sufficient appropriation by the General Assembly and sufficient funds in the Intermodal Facilities Promotion Fund, by the Department through State fiscal year 2016, or until the eligible developer's eligible project costs are reimbursed, whichever occurs first.