Section 365.460  Limitation on Design Cost

Allowable costs for design of the loan project will be limited to the actual cost incurred for design up to a maximum percentage of the allowable as bid construction cost.

a)         For allowable as bid construction costs of $500,000 or less, the design will be funded up to 15%;

b)         For allowable as bid construction costs of $500,001 to $2,000,000, the design will be funded up to 12%;

c)         For allowable as bid construction costs of $2,000,001 to $5,000,000, the design will be funded up to 10%;

d)         For allowable as bid construction costs of $5,000,001 to $10,000,000, the design will be funded up to 8%; and

e)         For allowable as bid construction costs of more than $10,000,000, the design will be funded up to 7%.

(Source:  Amended at 30 Ill. Reg. 15590, effective September 18, 2006)