[ Back ] [ Bottom ]
92_HB1630eng
HB1630 Engrossed LRB9203437TApc
1 AN ACT concerning economic development.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Development Finance Authority
5 Act is amended by changing Section 5 as follows:
6 (20 ILCS 3505/5) (from Ch. 48, par. 850.05)
7 Sec. 5. All official acts of the Authority shall require
8 the approval of at least 9 8 members. It shall be the duty of
9 the Authority to promote employment within those areas of the
10 State duly certified from time to time by the Department of
11 Commerce and Community Affairs as areas of critical labor
12 surplus. To this end the Authority shall utilize the powers
13 herein conferred upon it to assist in the development and
14 construction or acquisition of industrial projects within
15 such areas of the State.
16 The Authority is hereby authorized to utilize its powers
17 with respect to prospective industrial projects to be located
18 at any given time within any general areas then currently
19 certified by the Department of Commerce and Community Affairs
20 as areas of critical labor surplus. In addition, upon being
21 requested to utilize its powers with respect to a prospective
22 industrial project to be located outside of any areas then
23 currently certified as areas of critical labor surplus, the
24 Authority may refer such request to the Department of
25 Commerce and Community Affairs for its determination as to
26 whether the proposed location is within any specific area of
27 critical labor surplus not hitherto generally certified. If
28 the proposed location is certified by the Department as being
29 within an area of critical labor surplus, the Authority may
30 similarly utilize its powers with respect to such prospective
31 industrial project.
HB1630 Engrossed -2- LRB9203437TApc
1 In evaluating the eligibility of any prospective
2 industrial project to be located within any area of critical
3 labor surplus, the Authority shall consider, (1) the
4 financial responsibility of the prospective applicant and
5 user, and (2) the relationship between the amount of funds to
6 be provided by exercise of powers of the Authority and the
7 degree to which the project (A) will contribute to creation
8 or retention of employment, including employment in the
9 construction industry, (B) will contribute to the economic
10 development of the area in which the industrial project is
11 located and (C) will produce goods or services for which
12 there is a need or demand.
13 (Source: P.A. 84-1023.)
14 Section 99. Effective date. This Act take effect upon
15 becoming law.
[ Top ]