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HB3637 Enrolled |
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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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