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| [ House Amendment 003 ] |
91_HB3610ham001
LRB9112590MWmbam01
1 AMENDMENT TO HOUSE BILL 3610
2 AMENDMENT NO. . Amend House Bill 3610 by replacing
3 everything after the enacting clause with the following:
4 "Section 5. The Build Illinois Act is amended by
5 changing Section 10-3 as follows:
6 (30 ILCS 750/10-3) (from Ch. 127, par. 2710-3)
7 Sec. 10-3. Powers and Duties. The Department has the
8 power to:
9 (a) Provide loans from the Build Illinois Bond Fund, the
10 Build Illinois Purposes Fund, the Fund for Illinois' Future,
11 or the Large Business Attraction Fund to a business
12 undertaking a project and accept mortgages or other evidences
13 of indebtedness or security of such business.
14 (b) Provide grants from the Build Illinois Bond Fund,
15 the Build Illinois Purposes Fund, the Fund for Illinois'
16 Future, or the Large Business Attraction Fund to or for the
17 direct benefit of a business undertaking a project. Any such
18 grant shall (i) be made and used only for the purpose of
19 assisting the financing of the business for the project in
20 order to reduce the cost of financing to the business, (ii)
21 be made only if a participating lender, or other funding
22 source including the applicant, also provides a portion of
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1 the financing with respect to the project, and only if the
2 Department determines, on the basis of all the information
3 available to it, that the project would not be undertaken in
4 Illinois unless the grant is provided, (iii) provide no more
5 than 25% of the total dollar amount of any single project
6 cost and be approved for amounts from the Fund not to exceed
7 $500,000 for any single project, unless waived by the
8 Director upon a finding that such waiver is appropriate to
9 accomplish the purpose of this Article, (iv) be made only
10 after the Department has determined that the grant will cause
11 a project to be undertaken which has the potential to create
12 substantial employment in relation to the amount of the
13 grant, and (v) be made with a business that has certified the
14 project is a new plant start-up or expansion and is not a
15 relocation of an existing business from another site in
16 Illinois unless that relocation results in substantial
17 employment growth.
18 (c) Enter into agreements, accept funds or grants and
19 cooperate with agencies of the federal government, local
20 units of government and local regional economic development
21 corporations or organizations for the purposes of carrying
22 out this Article.
23 (d) Enter into contracts, letters of credit or any other
24 agreements or contracts with financial institutions necessary
25 or desirable to carry out the purposes of this Article. Any
26 such agreement or contract may include, without limitation,
27 terms and provisions relating to a specific project such as
28 loan documentation, review and approval procedures,
29 organization and servicing rights, default conditions and
30 other program aspects.
31 (e) Fix, determine, charge and collect any premiums,
32 fees, charges, costs and expenses, including application
33 fees, commitment fees, program fees, financing charges or
34 publication fees in connection with its activities under this
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1 Article.
2 (f) Establish application, notification, contract and
3 other procedures, rules or regulations deemed necessary and
4 appropriate.
5 (g) Subject to the provisions of any contract with
6 another person and consent to the modification or
7 restructuring of any loan agreement to which the Department
8 is a party.
9 (h) Take any actions which are necessary or appropriate
10 to protect the State's interest in the event of bankruptcy,
11 default, foreclosure or noncompliance with the terms and
12 conditions of financial assistance or participation provided
13 under this Article, including the power to sell, dispose,
14 lease or rent, upon terms and conditions determined by the
15 Director to be appropriate, real or personal property which
16 the Department may receive as a result thereof.
17 (i) Acquire and accept by gift, grant, purchase or
18 otherwise, but not by condemnation, fee simple title, or such
19 lesser interest as may be desired, in land, and to improve or
20 arrange for the improvement of such land for institutional,
21 mixed use, industrial, or commercial site development
22 purposes, and to lease or convey such land, or interest in
23 land, so acquired and so improved, including sale and
24 conveyance subject to a mortgage, for such price, upon such
25 terms and at such time as the Department may determine,
26 provided that prior to exercising its authority under this
27 subsection, (i) the Director shall find that other means of
28 financing and developing any such project are not reasonably
29 available and that such action is consistent with the
30 purposes and policies of this Article and (ii) in the case of
31 a conveyance for institutional purposes, the conveyance shall
32 be to an entity that provides services to persons who are
33 mentally challenged, physically challenged, or both.
34 (j) Provide grants from the Build Illinois Bond Fund or
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1 Build Illinois Purposes Fund to municipalities and counties
2 to demolish abandoned buildings pursuant to Section 11-31-1
3 of the Illinois Municipal Code or Section 5-1080 of the
4 Counties Code, for the purpose of making unimproved land
5 available for purchase by businesses for economic
6 development. Such grants shall be provided only when: (1) the
7 owner of property on which the abandoned building is situated
8 has entered into a contract to sell such property; (2) the
9 Department has determined that the grant will be used to
10 cause a project to be undertaken which will result in the
11 creation of employment; (3) the business which has entered
12 into a contract to purchase the property has certified that
13 it will use the property for a project which is a new plant
14 start-up or expansion or a new venture opportunity and is not
15 a relocation of an existing business from another site within
16 the State unless that relocation results in substantial
17 employment growth. If a municipality or county receives
18 grants under this paragraph, it shall file a notice of lien
19 against the owner or owners of such demolished buildings to
20 recover the costs and expenses incurred in the demolition of
21 such buildings pursuant to Section 11-31-1 of the Illinois
22 Municipal Code or Section 5-1080 of the Counties Code. All
23 such costs and expenses recovered by the county or
24 municipality shall be paid to the Department for deposit in
25 the Build Illinois Purposes Account. Priority shall be given
26 to enterprise zones or those areas with high unemployment
27 whose tax base is adversely impacted by the closing of
28 existing factories.
29 (k) Exercise such other powers as are necessary or
30 incidental to the foregoing.
31 (Source: P.A. 91-34, eff. 7-1-99.)
32 Section 99. Effective date. This Act takes effect upon
33 becoming law.".