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91_SB0834enr SB834 Enrolled LRB9106023MWpk 1 AN ACT concerning research parks. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Research Park Authority Act is 5 amended by changing Sections 1-5, 1-10, 1-20, 1-45, and 1-70 6 as follows: 7 (20 ILCS 3850/1-5) 8 Sec. 1-5. Legislative findings; declaration of purpose. 9 (a) The General Assembly determines and declares that: 10 (i) the State is in need of substantial economic 11 development; 12 (ii) the availability of suitable facilities, 13 technological resources, and the superior research 14 capacity of the institutions of higher education and 15 research parks adjacent to a federal laboratory or one or 16 more federal research agencies located in the State are 17 important inducements to private and governmental 18 enterprises to locate and remain within the State; 19 (iii) a significant function of government is to 20 increase opportunities for gainful employment, to assist 21 in promoting a productive economy, to encourage the flow 22 of private capital for investment in productive 23 enterprises, and to otherwise improve the prosperity, 24 health, and general welfare of the inhabitants of the 25 State; 26 (iv) support for university-affiliated research 27 parks and research parks adjacent to a federal laboratory 28 or one or more federal research agencies in the State 29 will help promote technological and economic development 30 in the State through the location of high technology, 31 research, development, scientific, and related and SB834 Enrolled -2- LRB9106023MWpk 1 ancillary or support businesses in the State; and 2 (v) private industry,andresearch universities, 3 and research parks adjacent to a federal laboratory or 4 one or more federal research agencies in the State should 5 be encouraged and supported in their efforts to 6 facilitate economic development within the State. 7 (b) The purposes of the Authority established by this 8 Act are: 9 (i) to advance the general welfare of the people of 10 the State; 11 (ii) to increase the opportunities for employment 12 of citizens of Illinois; 13 (iii) to develop the human, economic, and 14 productive resources of Illinois; 15 (iv) to promote and encourage expansion of the 16 research and development sector, with emphasis on capital 17 formation and investments in research and development 18 within Illinois; 19 (v) to promote cooperative research efforts between 20 the private sector and Illinois research universities and 21 research parks adjacent to a federal laboratory or one or 22 more research agencies, and to strengthen the partnership 23 among State government, higher education, and business 24 and industry; 25 (vi) to maximize the research capabilities of the 26 universities in Illinois; and 27 (vii) to enhance Illinois as a leader in the 28 research, development, testing and implementation of new 29 advances in science and technology and in the transfer of 30 new scientific and technological discoveries and advances 31 from the research and prototype stage to useful 32 industrial and commercial applications. 33 (Source: P.A. 88-669, eff. 11-29-94.) SB834 Enrolled -3- LRB9106023MWpk 1 (20 ILCS 3850/1-10) 2 Sec. 1-10. Definitions. As used in this Act: 3 "Authority" means the Illinois Research Park Authority 4 created by this Act. 5 "Bond resolution" means the resolution or resolutions and 6 the trust agreement or indenture, if any, authorizing or 7 providing for the terms and conditions applicable to bonds 8 issued under this Act. 9 "Bonds" means bonds, notes or other evidences of 10 indebtedness of the Authority issued under this Act, 11 including refunding bonds. 12 "Federal research agency" means any federal department or 13 agency that sponsors research and development activities, 14 including but not limited to, the National Aeronautics and 15 Space Administration and the Department of Energy. 16 "Federal laboratory" means any laboratory owned by the 17 federal government and operated by the federal government or 18 a contractor for the purposes of conducting research and 19 development or any associated activity. 20 "Person" means an individual, corporation, unit of 21 government, business trust, estate, trust, partnership or 22 association, 2 or more persons having a joint or common 23 interest, limited liability company, or any other legal 24 entity. 25 "Project" means the acquisition, construction, creation, 26 installation, development, redevelopment, improvement, 27 refurbishment, or rehabilitation of any property that 28 comprises a part of, or is or will be located, constructed, 29 or installed in or upon, or is related to the development, 30 use, or operation of a university-related research park or a 31 research park adjacent to a federal laboratory or one or more 32 federal research agencies, for use by any person, whether 33 public or private, for-profit or not-for-profit; the 34 financing or refinancing of any of the foregoing, including, SB834 Enrolled -4- LRB9106023MWpk 1 without limitation, the refunding or refinancing of 2 outstanding indebtedness previously incurred for the 3 financing of any "project", whether or not the indebtedness 4 was issued by the Authority; and all costs and expenses that 5 may be necessary or related to the foregoing, including, 6 without limitation, architectural, design, engineering, 7 construction, legal, financing, consulting, surveying, title 8 insurance and accounting activities, services, costs, and 9 expenses, together with interest on bonds issued to finance 10 any "project" to a date twelve months subsequent to the 11 estimated date of completion. 12 "Property" means real, personal, or mixed property of any 13 and every kind, or any interest or estate therein, including, 14 without limitation: land, other real property of any kind, 15 appurtenances, buildings, structures, improvements, rights of 16 way, easements, equipment, furnishings, furniture, machinery, 17 utilities, traffic control equipment, railroad sidings, 18 track, railroad roadbed, trestle, depot, terminal switching 19 and signaling or related equipment, docking and similar 20 facilities, parking facilities, dockage, wharfage, and 21 personal property of any and every kind. 22 "Research park" means a center of research and 23 development activity located in the State that: 24 (1) includes among its objectives or activities the 25 encouragement of the formation and growth of 26 knowledge-based industries and organizations on site, 27 (2) has a management function that is actively 28 engaged in encouraging or facilitating the transfer of 29 technology and business skills to tenants or other users 30 of the research park, and 31 (3) includes land and infrastructure and also one 32 or more of the following (whether sponsored by one or 33 more universities or any other person or persons): 34 research or development institutes, laboratories, SB834 Enrolled -5- LRB9106023MWpk 1 offices, businesses, or facilities; scientific or 2 technical testing, production or assembly facilities; 3 prototype scientific, engineering, technical, testing, 4 information, computer, or computer software institutes, 5 businesses, laboratories, offices, or facilities; related 6 business, university, or government installations; and 7 supporting services, including without limitation 8 conference centers, hotels, retail facilities, 9 restaurants, and transportation facilities. 10 "Research university" means (i) a public or private 11 university located in the State that in the preceding 12 calendar year was both among the 100 universities located in 13 the United States that received the largest amount of 14 financial support from the United States government or (ii) 15 any public university located in the State that is one of the 16 sponsors of a research park established prior to January 1, 17 1989. 18 "Revenues" means, with respect to any project, the rents, 19 fees, charges, and other income or profit derived from the 20 project or other moneys made available. 21 "State" means the State of Illinois. 22 "Unit of government" means the federal government, the 23 State, a unit of local government, a school district, or any 24 agency or instrumentality, office, officer, department, 25 division, bureau, commission, college, or university thereof. 26 "University-related research park" means a research park 27 (i) that is directly or indirectly sponsored by, and has a 28 direct or indirect formal relationship with, either a 29 research university or a research university and the 30 municipality in which the research park or the research 31 university is located, and (ii) in which at least 45% of the 32 underlying land is legally or beneficially owned, directly or 33 indirectly, either jointly or severally, by any one or more 34 of the research universities that sponsor the research park, SB834 Enrolled -6- LRB9106023MWpk 1 the municipality in which the research park or the research 2 university is located, or a corporation or other person 3 directly or indirectly owned or controlled by one or both of 4 the research universities and the municipality. For purposes 5 of the preceding sentence, any land of which the fee simple 6 ownership or remainder estate is owned directly or indirectly 7 by a university, a municipality, or another person shall be 8 deemed to be legally and beneficially owned by the 9 university, municipality, or other person, notwithstanding 10 that all or any part of the land may have been leased, under 11 long-term or short-term leases, or may be subject to purchase 12 rights or options, to or in favor of one or more persons 13 other than the university, municipality, or other person. 14 (Source: P.A. 88-669, eff. 11-29-94.) 15 (20 ILCS 3850/1-20) 16 Sec. 1-20. Members of Authority; terms; vacancies. 17 (a) The governing and administrative powers of the 18 Authority shall be vested in a body consisting of 9719 members, to be appointed by the Governor, with the advice and 20 consent of the Senate. All of the members shall be residents 21 of the State. All of the members shall have recognized 22 ability and experience in one or more of the following areas: 23 higher education, research and development, science and 24 technology, economic development, finance, banking, 25 industrial development, business administration or 26 management, real estate development, community development, 27 venture finance, organized labor, or civic, community, or 28 neighborhood organization. A Chairman and Vice Chairman of 29 the Board shall be elected by the Board annually from among 30 its members. 31 (b) The terms of all members of the Board shall begin 30 32 days after the effective date of this Act. Of the members 33 initially appointed by the Governor, 3 shall serve until the SB834 Enrolled -7- LRB9106023MWpk 1 third Monday in January, 1996, 2 shall serve until the third 2 Monday in January, 1997, and 2 shall serve until the third 3 Monday in January, 1998. Each successor shall hold office of 4 a term of 4 years commencing the third Monday in January of 5 the year in which his or her term commences, except in case 6 of an appointment to fill a vacancy. In case of vacancy when 7 the Senate is not in session, the Governor may make a 8 temporary appointment until the next meeting of the Senate 9 when a person shall be nominated to fill the office, and any 10 person so nominated who is confirmed by the Senate shall hold 11 office during the remainder of the term and until a successor 12 is appointed and qualified. 13 (Source: P.A. 88-669, eff. 11-29-94.) 14 (20 ILCS 3850/1-45) 15 Sec. 1-45. General powers. The Authority possesses all 16 the powers of a body corporate necessary and convenient to 17 accomplish the purposes of this Act, including, without any 18 intended limitation upon the general powers hereby conferred, 19 all of the following: 20 (a) To enter into loans, contracts, mortgages, or other 21 agreements in furtherance of any project approved by the 22 Authority or otherwise in any matter connected with any of 23 its corporate purposes. 24 (b) To invest the funds of the Authority. 25 (c) To sue and be sued. 26 (d) To employ agents, employees, and independent 27 contractors necessary to carry out its corporate purposes and 28 to fix their compensation, benefits, and terms and conditions 29 of their employment. 30 (e) To have and use a common seal and to alter the seal 31 at its discretion. 32 (f) To adopt all necessary ordinances, resolutions, 33 by-laws, and rules for the conduct of its business and SB834 Enrolled -8- LRB9106023MWpk 1 affairs and for the management and use of the projects 2 developed, constructed, acquired, and improved in furtherance 3 of its corporate purposes. 4 (g) To designate and change the fiscal year for the 5 Authority. 6 (h) To accept and expend appropriations for any purpose 7 of the Authority. 8 (i) To receive and accept from any public or private 9 source loans, contributions, donations, or grants for or in 10 aid of any project or any portion of a project or any 11 university-related research park or a research park adjacent 12 to a federal laboratory or one or more federal research 13 agencies in either money, property, labor, or other things of 14 value and, when required, to use the funds, property, or 15 labor only for the purposes for which it was loaned, 16 contributed, or granted. 17 (j) To make loans to refund outstanding obligations or 18 advances issued, made, or given for the cost of a project. 19 (k) To fix, determine, charge, and collect premiums, 20 fees, charges, costs, and expenses, including, without 21 limitation, application fees, commitment fees, program fees, 22 financing charges, and publication fees from any person in 23 connection with its activities under this Act. 24 (l) To create and establish reserve funds and accounts 25 that may be necessary or desirable to accomplish its purposes 26 under this Act and to deposit its available monies into the 27 funds and accounts. 28 (m) To charge to and apportion among projects the 29 administrative costs and expenses of the Authority incurred 30 in the exercise of the powers and duties conferred by this 31 Act. 32 (n) To acquire, construct, maintain, manage, repair, 33 operate, or provide financing for or financial or credit 34 support or assistance to, any project or any SB834 Enrolled -9- LRB9106023MWpk 1 university-related research park or research park adjacent to 2 a federal laboratory or one or more federal research agencies 3 , and to enter into contracts to provide for any or all of 4 these activities. 5 (o) To acquire from any person by purchase, lease, gift, 6 or otherwise any property or rights in property useful for 7 its purposes, whether improved for the purposes of any 8 prospective project, or unimproved; provided, that the 9 Authority has no independent power of condemnation but may 10 acquire any property or rights in property obtained upon 11 condemnation by any other authority, governmental entity, or 12 unit of local government with such power. 13 (p) To develop, construct, and improve, either under its 14 own direction or through collaboration with any approved 15 applicant, or to acquire through purchase or otherwise, any 16 project, using for this purpose the proceeds derived from the 17 sale of its bonds, from governmental loans or grants, or from 18 any other legally authorized and available source, and to 19 hold title in the name of the Authority to these projects. 20 (q) To lease, under one or more lease agreements, all or 21 parts of a project so developed and constructed or acquired 22 to the approved lessee or lessees on such terms and 23 conditions as may be appropriate to further the purposes of 24 this Act and to maintain the credit of the Authority. 25 (r) To sell or lease, upon the termination of any 26 leasehold period of any project, for a further term or terms 27 the project on the terms and conditions that the Authority 28 deems reasonable and consistent with the purposes of this 29 Act, with the net proceeds from all sales and the revenues or 30 income from the leases to be used to satisfy any bonds or 31 other indebtedness of the Authority with respect to the 32 project and any balance used to pay any expenses of the 33 Authority or be used for the further development, 34 construction, acquisition, or improvement of projects. SB834 Enrolled -10- LRB9106023MWpk 1 (s) To have and exercise all powers and be subject to 2 all duties usually incident to boards of directors of 3 corporations. 4 (Source: P.A. 88-669, eff. 11-29-94.) 5 (20 ILCS 3850/1-70) 6 Sec. 1-70. Combining projects for financing purposes. 7 The Authority may issue a single bond issue under this Act 8 for one or more projects, one or more university-related 9 research parks, one or more research parks adjacent to a 10 federal laboratory or one or more federal research agencies, 11 or any combination thereof. A bond issue for multiple 12 projects as provided in this Section shall be subject to all 13 requirements for bond issues as established by this Act. 14 (Source: P.A. 88-669, eff. 11-29-94.)