Illinois General Assembly - Full Text of HB1960
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Full Text of HB1960  102nd General Assembly

HB1960 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1960

 

Introduced 2/17/2021, by Rep. Thaddeus Jones

 

SYNOPSIS AS INTRODUCED:
 
New Act
30 ILCS 105/5.935 new

    Creates the Black Wall Street Program Act. Requires the Department of Commerce and Economic Opportunity to create and administer the Black Wall Street Program to provide loans and financial assistance to designated communities for the creation of Black Wall Street Business Districts. Specifies further requirements concerning Program eligibility and the disbursement of loan funds under the Program. Requires each municipality receiving a loan under the Program to 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. Allows for the use of loan funds to invest in, issue, or sell bonds for the purpose of the construction of Black Wall Street Business Districts and all related matters. Requires the Department to compile and make available to the public a database of qualified African American contractors and engineers. Requires the Department to create and administer a Black Wall Street Investment Hub for the purposes of providing specified assistance to African American business entities and persons in establishing Black Wall Street businesses. Provides for the adoption of administrative rules. Creates the Black Wall Street Fund as a special fund in the State treasury for specified purposes. Defines terms. Makes conforming changes.


LRB102 14855 RJF 20208 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB1960LRB102 14855 RJF 20208 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the Black
5Wall Street Program Act.
 
6    Section 5. Definitions. As used in this Act:
7    "Black Wall Street Business District" means a designated
8area of economic and business growth created by an eligible
9municipality participating in the Program created under this
10Act for which Program loan funds are utilized.
11    "Department" means the Department of Commerce and Economic
12Opportunity.
13    "Program" means the Black Wall Street Program created
14under this Act.
 
15    Section 10. Black Wall Street Program.
16    (a) The Department of Commerce and Economic Opportunity
17shall create and administer the Black Wall Street Program to
18provide loans and financial assistance to designated
19communities for the creation of Black Wall Street Business
20Districts as provided under this Act.
21    (b) Any municipality containing a population made up of at
22least 70% of African American citizens may apply, on an annual

 

 

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1basis, to the Department for a loan under the Program. To be
2eligible for the loan, an applicant municipality must pass an
3ordinance declaring its intent to create a Black Wall Street
4Business District in the municipality, and provide proof of
5such intent upon applying for the loan. No more than 10
6eligible municipalities may be chosen by the Department to
7receive a loan under the Program per year.
8    (c) Any eligible municipality chosen by the Department
9under subsection (b) shall, subject to appropriation, receive
10a $5,000,000 loan for the purpose of establishing a Black Wall
11Street Business District. Notwithstanding the requirements of
12subsection (b), for the first year of the Program, the
13following municipalities shall receive the loan amount
14specified under this subsection (c): (i) Harvey; (ii) Dolton;
15(iii) Calumet City; (iv) Ford Heights; (v) Chicago Heights;
16(vi) Peoria; (vii) East St Louis; and (viii) the City of
17Chicago to be used for the creation of a Black Wall Street
18Business District on the Westside of Chicago.
19    (d) Each municipality chosen by the Department to receive
20a loan under this Section shall, as prerequisite to reception
21of the loan, establish a Black Wall Street Investment Board.
22The Investment Board shall have the responsibility of
23administering the use of funds received by the municipality
24under this Section.
 
25    Section 15. Municipal investment programs.

 

 

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1    (a) Each municipality receiving a loan under the Program
2shall establish a municipal investment program by which loan
3funds are dispersed to qualified African American business
4entities and persons for the purpose of establishing Black
5Wall Street Business Districts.
6    (b) Those business entities and persons receiving loan
7funds under this Section may use such funds to invest in,
8issue, or sell bonds for the purpose of the construction of
9Black Wall Street Business Districts and all related matters.
10    (c) Business entities and persons seeking funds for the
11purposes of this Section shall apply to the Black Wall Street
12Investment Board of the municipality and be selected based
13upon terms and qualifications as set by the Investment Board.
 
14    Section 20. Contractor and Engineer Database.
15    (a) The Department shall compile and make available to the
16public on the Internet website of the Department a database of
17qualified African American contractors and engineers from
18which both public and private entities may seek services for
19their contractor and engineering needs.
20    (b) The employment of contractors and engineers listed on
21the database created under his Section shall conform to all
22applicable requirements of the Illinois Procurement Code, the
23Business Enterprise for Minorities, Women, and Persons with
24Disabilities Act, and any other State or federal law.
 

 

 

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1    Section 25. Black Wall Street Investment Hub.
2    (a) The Department shall create and administer a Black
3Wall Street Investment Hub for the purposes of providing
4assistance to African American business entities and persons
5in establishing the Black Wall Street business district and
6related matters.
7    (b) The services provided by the Investment Hub shall be
8in addition to those provided under the Program, and shall
9include, but not be limited to, the following:
10        (1) providing microloans, subject to appropriation, to
11    African American business entities and persons for the
12    purpose of establishing businesses in Black Wall Street
13    Business Districts, including for construction costs and
14    business development;
15        (2) support in establishing business plans,
16    development plans, and construction plans for businesses
17    in Black Wall Street Business Districts;
18        (3) providing business-related training, including,
19    but not limited to, training on business development,
20    customer service, marketing, customer loyalty, and
21    advertising; and
22        (4) any other service that the Department may deem
23    relevant to the establishment of a business for the
24    purposes of this Act.
 
25    Section 30. Administrative rules. The Department shall

 

 

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1adopt all rules necessary to the administration of the Program
2and the implementation of the requirements of this Act.
 
3    Section 35. Black Wall Street Fund. The Black Wall Street
4Fund is created as a special fund in the State treasury. All
5moneys in the Fund shall be used, subject to appropriation, by
6the Department for the purposes of administering the Program
7and the Black Wall Street Investment Hub established under
8this Act.
 
9    Section 100. The State Finance Act is amended by adding
10Section 5.935 as follows:
 
11    (30 ILCS 105/5.935 new)
12    Sec. 5.935. The Black Wall Street Fund.