Deletes everything after the enacting clause. Creates the Community Investment Corporation Development Act. Creates the Community Investment Corporation Development Commission within the Department of Commerce and Economic Opportunity. Sets forth procedures for appointments to the Commission and sets forth procedures for its operation. Requires the Commission to make annual reports to the Governor and the General Assembly concerning the establishment and operation of community investment corporations, including a community referenda option. Requires the Department of Commerce and Economic Opportunity to develop and maintain a program to make grants to communities seeking to establish community investment corporations. Requires the Commission to seek out funding sources to enhance the development of community investment corporations. Permits pilot projects that delegate eminent domain powers to citizens. Amends the State Finance Act to create the Community Investment Corporation Fund.
House Floor Amendment No. 2 In the definition of "community investment corporation", provides that the corporation must be located in St. Clair County.