Section 590.93  Funding Limitations

In accordance with Section 10-4 of the Act, the Director will waive the funding limitations governing the amount of the grant and percentage of leverage when it is determined that these funding limitations would prohibit an otherwise approved project, in accordance with Sections 590.30 and 590.40 of Subpart A, and subsequent job creation/retention from occurring.  This determination will be based on such factors as:  distressed community with an unemployment rate which is higher than the State's average; area with limited economic development projects; funding would support business with potential to generate additional growth in the area and creation of jobs as a result of spinoff businesses; funding is needed to avert loss of the area's major source of employment, etc.

(Source:  Added at 13 Ill. Reg. 2028, effective February 6, 1989)