HB 1295 — IL URBAN DEVELOPMENT AUTHORITY

HB1295 EngrossedEnrolled LRB098 07448 OMW 37516 b AN ACT concerning local government.

(2) the State has a responsibility to help create a favorable climate for new and improved job opportunities for all of its citizens, especially in areas with high economic distress, by encouraging the development of HB1295 EngrossedEnrolled - 2 - LRB098 07448 OMW 37516 b commercial and service businesses and industrial and manufacturing plants and creating job opportunities;

It is hereby declared to be the policy of the State of Illinois, in the interest of promoting industrial, commercial, residential, jobs, service, transportation, and facilities, thereby reducing the evils attendant upon unemployment, crime, HB1295 EngrossedEnrolled - 3 - LRB098 07448 OMW 37516 b and recidivism and enhancing the public health, safety, morals, happiness, and general welfare of this State specifically by making available through the Illinois Urban Development Authority, funds for industrial projects, commercial projects, transportation projects, and housing projects to a municipality with a municipal poverty rate greater than 3% in excess of the statewide average.

"Commercial project" means any project, including but not limited to one or more buildings and other structures, improvements, machinery, and equipment whether or not on the same site or sites now existing or hereafter acquired, suitable for use by any retail or wholesale concern, distributorship, or agency, any cultural facilities of a for-profit or HB1295 EngrossedEnrolled - 4 - LRB098 07448 OMW 37516 b not-for-profit type including but not limited to educational, theatrical, recreational and entertainment, sports facilities, racetracks, stadiums, convention centers, exhibition halls, arenas, opera houses and theaters, waterfront improvements, swimming pools, boat storage, moorage, docking facilities, restaurants, coliseums, sports training facilities, parking facilities, terminals, hotels and motels, gymnasiums, medical facilities, and port facilities.

plan, design, develop, lease, acquire, install, HB1295 EngrossedEnrolled - 5 - LRB098 07448 OMW 37516 b construct, reconstruct, rehabilitate, extend, or expand.

"Industrial project" means (1) a capital project, including one or more buildings and other structures, improvements, machinery, and equipment whether or not on the same site or sites now existing or hereafter acquired, suitable for use by any manufacturing, industrial, research, transportation, or commercial enterprise including but not limited to use as a factory, mill, processing plant, assembly plant, packaging plant, fabricating plant, office building, industrial distribution center, warehouse, repair, overhaul or HB1295 EngrossedEnrolled - 6 - LRB098 07448 OMW 37516 b service facility, freight terminal, research facility, test facility, railroad facility, solid waste and wastewater treatment and disposal sites and other pollution control facilities, resource or waste reduction, recovery, treatment and disposal facilities, and including also the sites thereof and other rights in land therefor whether improved or unimproved, site preparation and landscaping and all appurtenances and facilities incidental thereto such as utilities, access roads, railroad sidings, truck docking and similar facilities, parking facilities, dockage, wharfage, railroad roadbed, track, trestle, depot, terminal, switching, and signaling equipment or related equipment and other improvements necessary or convenient thereto;

"Lease agreement" means an agreement whereby a project acquired by the Authority by purchase, gift, or lease is leased to any person or corporation that will use or cause the project to be used as a project as defined in this Act upon terms providing for lease rental payments at least sufficient to pay when due all principal of and interest and premium, if any, on any bonds, notes or other evidences of indebtedness of the Authority issued with respect to such project, providing for the maintenance, insurance, and operation of the project on terms satisfactory to the Authority, and providing for HB1295 EngrossedEnrolled - 7 - LRB098 07448 OMW 37516 b disposition of the project upon termination of the lease term, including purchase options or abandonment of the premises, with such other terms as may be deemed desirable by the Authority.

"Municipal poverty rate" is the percentage of total population of the municipality having income levels below the HB1295 EngrossedEnrolled - 8 - LRB098 07448 OMW 37516 b poverty level as determined by the Authority based upon the most recent data released by the United States Census Bureau before the beginning of such calendar year.

"Revenue bond" means any bond issued by the Authority under HB1295 EngrossedEnrolled - 9 - LRB098 07448 OMW 37516 b the supervision of the Illinois Finance Authority, the principal and interest of which are payable solely from revenues or income derived from any project or activity of the Authority.