Synopsis As Introduced Creates the Central Illinois Economic Development Authority Act. Creates the Central Illinois Economic Development Authority in Macon, Sangamon, Menard, Logan, Christian, Bond, DeWitt, and Montgomery Counties in order to promote economic development within those counties. Contains provisions concerning the powers and duties of the Authority. Allows the Authority to acquire, own, sell, lease, or otherwise dispose of interests in real property and to issue bonds, notes, or other evidences of indebtedness for certain purposes in an aggregate amount not to exceed $250,000,000. Provides that the Authority shall be governed by an 11-member board. Contains other provisions. Effective immediately.
House Committee Amendment No. 1 Provides that notes and bonds issued by the Central Illinois Economic Development Authority and the income from those notes and bonds may be subject to estate, transfer, and inheritance taxes.
Senate Committee Amendment No. 1 Deletes everything after the enacting clause. Reinserts the provisions of the engrossed bill that creates the Central Illinois Economic Development Authority Act with changes. In the findings, the lack of affordable housing also leads to the disconnection of younger generations from their elderly relations. With respect to the territorial jurisdiction, deletes Bond County and adds Macoupin, Calhoun, Greene, and Jersey Counties. Makes corresponding changes. Updates references. Effective immediately.