Full Text of HB5023 93rd General Assembly
HB5023enr 93RD GENERAL ASSEMBLY
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| AN ACT concerning economic development.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Department of Commerce and Economic | 5 |
| Opportunity Law of the
Civil Administrative Code of Illinois is | 6 |
| amended by adding Section 605-523 as follows: | 7 |
| (20 ILCS 605/605-523 new) | 8 |
| Sec. 605-523. Downtown development and improvement | 9 |
| revolving loan and grant program. As used in this Section, | 10 |
| "downtown" means the traditional center business district of a | 11 |
| municipality that (i) has served as the center for | 12 |
| socio-economic interaction in the municipality, (ii) is | 13 |
| characterized by a cohesive core of commercial and mixed use | 14 |
| buildings that may be interspersed with civic, religious, and | 15 |
| residential buildings and public spaces, and (iii) is typically | 16 |
| arranged along a main street and intersecting side streets and | 17 |
| served by public infrastructure. | 18 |
| (a) The Department may administer the Downtown Development | 19 |
| and Improvement Fund, a special fund in the State treasury, to | 20 |
| make revolving loans and grants, subject to appropriation, to | 21 |
| municipalities seeking financial assistance with the | 22 |
| development and improvement of commercial or residential | 23 |
| property in the downtown area of a municipality. | 24 |
| (b) The Department shall grant or loan the funds only for | 25 |
| projects that are part of a downtown revitalization plan | 26 |
| approved by the corporate authorities of the municipality and | 27 |
| that meet guidelines established by the Department by rule. In | 28 |
| establishing those guidelines, the Department shall consult | 29 |
| recognized standards and guidelines for the development of | 30 |
| downtown areas, including standards and guidelines for the | 31 |
| development of historically significant buildings and | 32 |
| property. |
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| (c) The funds shall be used for the following purposes: | 2 |
| (1) facade improvements; | 3 |
| (2) leasehold improvements, including: (i) interior | 4 |
| demolition; (ii) stripping and paint removal; (iii) waste | 5 |
| removal; (iv) cleaning; (v) window repair; (vi) building | 6 |
| and security improvements; and (vii) any other | 7 |
| improvements required by the Department by rule; and | 8 |
| (3) upper floor improvement for commercial or | 9 |
| residential occupancy. | 10 |
| (d) Recipients may not use loan or grant funds for | 11 |
| reimbursements for work they have completed themselves. | 12 |
| (e) Grants or loans made under this Section must not exceed | 13 |
| the following amounts: | 14 |
| (1) For grants or loans for facade improvement | 15 |
| projects, $20,000 per project, or 40% of the project cost. | 16 |
| (2) For grants or loans for leasehold improvement | 17 |
| projects, $10,000 per project. | 18 |
| (3) For grants or loans for upper floor improvement | 19 |
| projects for residential use, $5,000 for a one-bedroom | 20 |
| residential unit, $7,500 for a two-bedroom residential | 21 |
| unit, or 60% of the proposed residential unit cost. | 22 |
| (4) For grants or loans for upper floor improvement | 23 |
| projects for commercial use, the lesser of $2 per square | 24 |
| foot of leasable office space, or 60% of the project cost. | 25 |
| At no time shall the amount of a grant or loan exceed | 26 |
| $50,000 per project. | 27 |
| (f) The term of a grant or loan made under this Section may | 28 |
| not exceed:
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| (1) For grants or loans for facade improvement | 30 |
| projects, 20 years. | 31 |
| (2) For grants or loans for leasehold improvement | 32 |
| projects, 5 years.
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| (g) The Department may adopt any rules necessary to | 34 |
| implement and operate this program.
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| Section 10. The State Finance Act is amended by adding |
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| Section
5.625 as follows:
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| (30 ILCS 105/5.625 new)
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| Sec. 5.625. The Downtown Development and Improvement Fund.
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| Section 99. Effective date. This Act takes effect January | 5 |
| 1, 2005.
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