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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB3637
Introduced 2/24/2009, by Rep. Keith Farnham SYNOPSIS AS INTRODUCED:
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Amends the Department of Commerce and Economic Opportunity Law of the
Civil Administrative Code of Illinois. Allows the Department to 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, allows 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. Provides that 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, requires the Department to report to the General Assembly on the effectiveness of the pilot program and recommend whether it should be extended. Effective July 1, 2009.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB3637 |
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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 |
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| Opportunity Law of the
Civil Administrative Code of Illinois is |
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| amended by adding Section 605-337 as follows:
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| (20 ILCS 605/605-337 new) |
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| Sec. 605-337. Restored vacant buildings; loan program. The |
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| Department may implement and administer a pilot program during |
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| fiscal years 2010 and 2011 to encourage businesses to restore, |
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| refurbish, and retrofit existing buildings that have been |
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| vacant for at least 90 continuous days so that a business is |
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| able to occupy the building as a retail, professional, |
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| corporate, manufacturing, assembly, or distribution business. |
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| Subject to appropriation, the Department may make interest free |
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| loans for this purpose, but loans may not be made for any |
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| building that would be used for residential purposes. Loans |
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| shall be for a term of 10 years, and the borrower must repay at |
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| least 5% of the original principal amount of the loan each year |
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| and the balance at the end of the term. On or before April 1, |
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| 2011, the Department shall report to the General Assembly on |
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| the effectiveness of the pilot program and recommend whether it |
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| should be extended.
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