|Public Act 096-0296
||LRB096 09547 RCE 19707 b
AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Department of Commerce and Economic
Opportunity Law of the
Civil Administrative Code of Illinois is
amended by adding Section 605-337 as follows:
(20 ILCS 605/605-337 new)
Restored vacant buildings; loan program.
Department may implement and administer a pilot program during
fiscal years 2010 and 2011 to encourage businesses to restore,
refurbish, and retrofit existing buildings that have been
vacant for at least 90 continuous days so that a business is
able to occupy the building as a retail, professional,
corporate, manufacturing, assembly, or distribution business.
Subject to appropriation, the Department may make interest free
loans for this purpose, but loans may not be made for any
building that would be used for residential purposes. Loans
shall be for a term of 10 years, and the borrower must repay at
least 5% of the original principal amount of the loan each year
and the balance at the end of the term. On or before April 1,
2011, the Department shall report to the General Assembly on
the effectiveness of the pilot program and recommend whether it
should be extended.