93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4626

 

Introduced 02/04/04, by Wyvetter H. Younge

 

SYNOPSIS AS INTRODUCED:
 
New Act
30 ILCS 105/5.625 new

    Creates the Community Investment Corporation Development Act. Creates the Community Investment Corporation Development Commission within the Department of Commerce and Economic Opportunity. Sets forth procedures for appointments to the Commission and sets forth procedures for its operation. Requires the Commission to make annual reports to the Governor and the General Assembly concerning the establishment and operation of community investment corporations. Requires the Department of Commerce and Economic Opportunity to develop and maintain a program to make grants to communities seeking to establish community investment corporations. Requires the Commission to seek out funding sources to enhance the development of community investment corporations. Amends the State Finance Act to create the Community Investment Corporation Fund.


LRB093 18507 BDD 44224 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4626 LRB093 18507 BDD 44224 b

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 1. Short title. This Act may be cited as the
5 Community Investment Corporation Development Act.
 
6     Section 5. Definitions. As used in this Act:
7     "Community investment corporation" means a for-profit,
8 citizen-owned, professionally managed real estate planning and
9 development corporation that may (i) receive title to land,
10 natural resources, or physical infrastructure donated by a
11 not-for-profit organization or government entity, (ii) borrow
12 money on behalf of its shareholders, who are the registered
13 voters in a local or regional area, to purchase land, plan its
14 use, and develop the land for productive purposes, and (iii)
15 enable the citizen-shareholders to gain a definable ownership
16 interest in local real estate, share in appreciated land values
17 and profits from the lease and sale of real estate, and have a
18 voice in the governance of future land development.
19     "Commission" means the Community Investment Corporation
20 Development Commission established in Section 10.
21     "Department" means the Department of Commerce and Economic
22 Opportunity.
 
23     Section 10. Community Investment Corporation Development
24 Commission.
25     (a) The Community Investment Corporation Development
26 Commission is created within the Department.
27     (b) The Commission shall consist of 11 members appointed by
28 the Governor, with the advice and consent of the Senate, one of
29 whom shall be designated as chair of the Commission at the time
30 of appointment.
31     (c) Of the members initially appointed, 3 members shall

 

 

HB4626 - 2 - LRB093 18507 BDD 44224 b

1 serve a term of one year, 3 members shall serve a term of 2
2 years, 3 members shall serve a term of 3 years, and 2 members,
3 one of whom must be the chair, shall serve a term of 4 years.
4 Thereafter, all terms shall be for 4 years.
 
5     Section 15. Operation of Commission.
6     (a) The Commission may begin to conduct business upon the
7 appointment of a majority of the voting members, including the
8 chair.
9     (b) The Commission may adopt bylaws, and it may establish
10 committees and officers as it deems necessary.
11     (c) For purposes of Commission meetings, a quorum is 6
12 members. Meetings of the Commission are subject to the Open
13 Meetings Act. The Commission must afford an opportunity for
14 public comment at each meeting.
15     (d) Commission members shall serve without compensation,
16 but may be reimbursed for their reasonable travel expenses from
17 funds available for that purpose. The Department shall provide
18 staff and administrative support services to the Commission.
 
19     Section 20. Recommendations concerning community
20 investment corporations. The Commission shall gather
21 information and make annual reports of recommendations to the
22 Governor and to the General Assembly regarding the
23 establishment and operation of community investment
24 corporations. The reports must include recommendations
25 concerning, without limitation:
26         (1) establishing policies regarding community
27     investment corporations;
28         (2) approving community investment corporations in the
29     State or regionally;
30         (3) establishing guidelines for local referenda to
31     determine the participation plan for allocation,
32     shareholder governance rights, and repurchase of shares of
33     community investment corporations; and
34         (4) establishing tax incentives for community

 

 

HB4626 - 3 - LRB093 18507 BDD 44224 b

1     investment corporations in order to encourage their use and
2     effectiveness.
 
3     Section 25. Funding sources.
4     (a) Subject to appropriation, the Department shall develop
5 and maintain a program to make grants to communities seeking to
6 establish community development corporations. The procedures
7 for grant application shall be established by the Department by
8 rule.
9     (b) The Commission, as a vital part of its function, shall
10 seek funding sources to make grants and otherwise enhance the
11 development of community investment corporations. The Board
12 shall seek local, State, and federal funding as well as private
13 funding, whether in the form of grants, loans, or otherwise.
14 The Department shall advise the Commission of all available
15 sources of funding for economic development that it is aware of
16 and shall assist the Commission in securing this funding.
17     (c) Funds received under this Section shall be deposited
18 into the Community Investment Corporation Fund, a special fund
19 in the State treasury. Subject to appropriation, moneys in the
20 Fund shall be expended for the purposes of this Act.
 
21     Section 30. Rules. The Commission and the Department may
22 adopt rules necessary to implement and administer this Act.
 
23     Section 90. The State Finance Act is amended by adding
24 Section 5.625 as follows:
 
25     (30 ILCS 105/5.625 new)
26     Sec. 5.625. The Community Investment Corporation Fund.