Full Text of HB1960 102nd General Assembly
HB1960eng 102ND GENERAL ASSEMBLY |
| | HB1960 Engrossed | | LRB102 14855 RJF 20208 b |
|
| 1 | | AN ACT concerning State government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 1. Short title. This Act may be cited as the Black | 5 | | Wall Street Program Act. | 6 | | Section 5. Definitions. As used in this Act:
| 7 | | "Black Wall Street Business District" means a designated | 8 | | area of economic and business growth created by an eligible | 9 | | municipality participating in the Program created under this | 10 | | Act for which Program loan funds are utilized.
| 11 | | "Department" means the Department of Commerce and Economic | 12 | | Opportunity.
| 13 | | "Program" means the Black Wall Street Program created | 14 | | under this Act.
| 15 | | Section 10. Black Wall Street Program.
| 16 | | (a) The Department of Commerce and Economic Opportunity | 17 | | shall create and administer the Black Wall Street Program to | 18 | | provide loans and financial assistance to designated | 19 | | communities for the creation of Black Wall Street Business | 20 | | Districts as provided under this Act.
| 21 | | (b) Any municipality containing a population made up of at | 22 | | least 70% of African American citizens may apply, on an annual |
| | | HB1960 Engrossed | - 2 - | LRB102 14855 RJF 20208 b |
|
| 1 | | basis, to the Department for a loan under the Program. To be | 2 | | eligible for the loan, an applicant municipality must pass an | 3 | | ordinance declaring its intent to create a Black Wall Street | 4 | | Business District in the municipality, and provide proof of | 5 | | such intent upon applying for the loan. No more than 10 | 6 | | eligible municipalities may be chosen by the Department to | 7 | | receive a loan under the Program per year.
| 8 | | (c) Any eligible municipality chosen by the Department | 9 | | under subsection (b) shall, subject to appropriation, receive | 10 | | a $5,000,000 loan for the purpose of establishing a Black Wall | 11 | | Street Business District. Notwithstanding the requirements of | 12 | | subsection (b), for the first year of the Program, the | 13 | | following municipalities shall receive the loan amount | 14 | | specified 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 | 17 | | Chicago to be used for the creation of a Black Wall Street | 18 | | Business District on the Westside of Chicago.
| 19 | | (d) Each municipality chosen by the Department to receive | 20 | | a loan under this Section shall, as prerequisite to reception | 21 | | of the loan, establish a Black Wall Street Investment Board. | 22 | | The Investment Board shall have the responsibility of | 23 | | administering the use of funds received by the municipality | 24 | | under this Section.
| 25 | | Section 15. Municipal investment programs.
|
| | | HB1960 Engrossed | - 3 - | LRB102 14855 RJF 20208 b |
|
| 1 | | (a) Each municipality receiving a loan under the Program | 2 | | shall establish a municipal investment program by which loan | 3 | | funds are dispersed to qualified African American business | 4 | | entities and persons for the purpose of establishing Black | 5 | | Wall Street Business Districts.
| 6 | | (b) Those business entities and persons receiving loan | 7 | | funds under this Section may use such funds to invest in, | 8 | | issue, or sell bonds for the purpose of the construction of | 9 | | Black Wall Street Business Districts and all related matters.
| 10 | | (c) Business entities and persons seeking funds for the | 11 | | purposes of this Section shall apply to the Black Wall Street | 12 | | Investment Board of the municipality and be selected based | 13 | | upon 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 | 16 | | public on the Internet website of the Department a database of | 17 | | qualified African American contractors and engineers from | 18 | | which both public and private entities may seek services for | 19 | | their contractor and engineering needs.
| 20 | | (b) The employment of contractors and engineers listed on | 21 | | the database created under his Section shall conform to all | 22 | | applicable requirements of the Illinois Procurement Code, the | 23 | | Business Enterprise for Minorities, Women, and Persons with | 24 | | Disabilities Act, and any other State or federal law.
|
| | | HB1960 Engrossed | - 4 - | LRB102 14855 RJF 20208 b |
|
| 1 | | Section 25. Black Wall Street Investment Hub.
| 2 | | (a) The Department shall create and administer a Black | 3 | | Wall Street Investment Hub for the purposes of providing | 4 | | assistance to African American business entities and persons | 5 | | in establishing the Black Wall Street business district and | 6 | | related matters.
| 7 | | (b) The services provided by the Investment Hub shall be | 8 | | in addition to those provided under the Program, and shall | 9 | | include, 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 |
| | | HB1960 Engrossed | - 5 - | LRB102 14855 RJF 20208 b |
|
| 1 | | adopt all rules necessary to the administration of the Program | 2 | | and the implementation of the requirements of this Act. | 3 | | Section 35. Black Wall Street Fund. The Black Wall Street | 4 | | Fund is created as a special fund in the State treasury. All | 5 | | moneys in the Fund shall be used, subject to appropriation, by | 6 | | the Department for the purposes of administering the Program | 7 | | and the Black Wall Street Investment Hub established under | 8 | | this Act.
| 9 | | Section 100. The State Finance Act is amended by adding | 10 | | Section 5.935 as follows: | 11 | | (30 ILCS 105/5.935 new) | 12 | | Sec. 5.935. The Black Wall Street Fund.
|
|