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Public Act 096-0296
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| HB3637 Enrolled |
LRB096 09547 RCE 19707 b |
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AN ACT concerning State government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Department of Commerce and Economic |
Opportunity Law of the
Civil Administrative Code of Illinois is |
amended by adding Section 605-337 as follows:
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(20 ILCS 605/605-337 new) |
Sec. 605-337. Restored vacant buildings; loan program. The |
Department may implement and administer a pilot program during |
fiscal years 2010 and 2011 to encourage businesses to restore, |
refurbish, and retrofit existing buildings that have been |
vacant for at least 90 continuous days so that a business is |
able to occupy the building as a retail, professional, |
corporate, manufacturing, assembly, or distribution business. |
Subject to appropriation, the Department may make interest free |
loans for this purpose, but loans may not be made for any |
building that would be used for residential purposes. Loans |
shall be for a term of 10 years, and the borrower must repay at |
least 5% of the original principal amount of the loan each year |
and the balance at the end of the term. On or before April 1, |
2011, the Department shall report to the General Assembly on |
the effectiveness of the pilot program and recommend whether it |
should be extended.
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