Section 524.320  Business Cessation Notification

a)         Notification of Business Cessation. Section 10-9 of the Act requires a business located within a River Edge Redevelopment Zone that has received tax credits or exemptions, regulatory relief, or any other benefits under the Act to notify the Department and the officials of the county and municipality in which the business is located within 60 days after cessation of business operations. For purposes of this Section, business cessation shall mean the business has:

1)         closed and is not conducting business in any capacity within the boundaries of the River Edge Redevelopment Zone;

2)         relocated its operations in whole to another area outside the boundaries of the River Edge Redevelopment Zone; or

3)         been acquired or assumed (existing business or assets) by another entity.

b)         Notice for Closed or Relocated Businesses. In the case of business cessation under the categories specified under subsections (a)(1) and (a)(2), notification shall consist of a letter from the person in charge of the affected facility identifying the date of business cessation and the number of employees at the time of business cessation.

c)         Notice for Acquired Businesses.  In the case of a business cessation under the category specified in subsection (a)(3), notification shall consist of a letter from the person in charge of the affected facility identifying the date of purchase and name of the new business.

d)         Notification of the business cessation shall be submitted to:

1)         DCEO. Office Chief, Office of Economic Development Programs, Department of Commerce and Economic Opportunity, 620 East Adams Street, Springfield, Illinois 62701.

2)         Local Government. The chief elected official of the designating unit of government of the River Edge Redevelopment Zone.