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basis, to the Department for a loan under the Program. To be
eligible for the loan, an applicant municipality must pass an
ordinance declaring its intent to create a Black Wall Street
Business District in the municipality, and provide proof of
such intent upon applying for the loan. No more than 10
eligible municipalities may be chosen by the Department to
receive a loan under the Program per year.
(c) Any eligible municipality chosen by the Department
under subsection (b) shall, subject to appropriation, receive
a $5,000,000 loan for the purpose of establishing a Black Wall
Street Business District. Notwithstanding the requirements of
subsection (b), for the first year of the Program, the
following municipalities shall receive the loan amount
specified under this subsection (c): (i) Harvey; (ii) Dolton;
(iii) Calumet City; (iv) Ford Heights; (v) Chicago Heights;
(vi) Peoria; (vii) East St Louis; and (viii) the City of
Chicago to be used for the creation of a Black Wall Street
Business District on the Westside of Chicago.
(d) Each municipality chosen by the Department to receive
a loan under this Section shall, as prerequisite to reception
of the loan, establish a Black Wall Street Investment Board.
The Investment Board shall have the responsibility of
administering the use of funds received by the municipality
under this Section.
Municipal investment programs.
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(a) Each municipality receiving a loan under the Program
shall establish a municipal investment program by which loan
funds are dispersed to qualified African American business
entities and persons for the purpose of establishing Black
Wall Street Business Districts.
(b) Those business entities and persons receiving loan
funds under this Section may use such funds to invest in,
issue, or sell bonds for the purpose of the construction of
Black Wall Street Business Districts and all related matters.
(c) Business entities and persons seeking funds for the
purposes of this Section shall apply to the Black Wall Street
Investment Board of the municipality and be selected based
upon terms and qualifications as set by the Investment Board.
Contractor and Engineer Database.
(a) The Department shall compile and make available to the
public on the Internet website of the Department a database of
qualified African American contractors and engineers from
which both public and private entities may seek services for
their contractor and engineering needs.
(b) The employment of contractors and engineers listed on
the database created under his Section shall conform to all
applicable requirements of the Illinois Procurement Code, the
Business Enterprise for Minorities, Women, and Persons with
Disabilities Act, and any other State or federal law.
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Black Wall Street Investment Hub.
(a) The Department shall create and administer a Black
Wall Street Investment Hub for the purposes of providing
assistance to African American business entities and persons
in establishing the Black Wall Street business district and
(b) The services provided by the Investment Hub shall be
in addition to those provided under the Program, and shall
include, but not be limited to, the following:
(1) providing microloans, subject to appropriation, to
African American business entities and persons for the
purpose of establishing businesses in Black Wall Street
Business Districts, including for construction costs and
(2) support in establishing business plans,
development plans, and construction plans for businesses
in Black Wall Street Business Districts;
(3) providing business-related training, including,
but not limited to, training on business development,
customer service, marketing, customer loyalty, and
(4) any other service that the Department may deem
relevant to the establishment of a business for the
purposes of this Act.
The Department shall
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adopt all rules necessary to the administration of the Program
and the implementation of the requirements of this Act.
Black Wall Street Fund.
The Black Wall Street
Fund is created as a special fund in the State treasury. All
moneys in the Fund shall be used, subject to appropriation, by
the Department for the purposes of administering the Program
and the Black Wall Street Investment Hub established under
The State Finance Act is amended by adding
Section 5.935 as follows:
(30 ILCS 105/5.935 new)
The Black Wall Street Fund.