(30 ILCS 750/8-5)
(from Ch. 127, par. 2708-5)
Application Procedures for Business Development Public
Infrastructure Loans and Grants. Application for funds shall be made in the
form and manner as the Department shall prescribe. Each application shall
address, at a minimum, the following criteria:
(a) The essential need, which must be clearly documented, for the public
infrastructure financing in order to secure a business development, retention
or expansion project within the community.
(b) The applicant's financing capability and its ability to pay for, or
secure the payment of, part or all of the proposed public infrastructure
improvements, and the local government's tax effort, as shown by local tax
rates relative to other local governments of the same type in the State.
(c) Local financing mechanisms available to help
pay for the costs of the public infrastructure project,
including, but not limited to, local revenue bonds, special
service area tax proceeds, local user charges, or applicable
federal loans or grants.
(d) Clear documentation that there will be a significant increase in
employment or a significant number of jobs retained as a result of the business
development, retention or expansion project, including assurances from the firm
undertaking the project relating to the number and type of jobs to be created
(e) The proposed public infrastructure improvements,
which shall be described in detail and which shall
include a showing of their relationship to existing public
property and capital improvement plans, as well as the
pending business development or expansion project.
(f) Documentation that the public infrastructure financing will provide a
reasonable return, either through repayment of funds loaned through the program
or new or retained personnel or business income.
(g) Details regarding the firm undertaking the
business development, retention or expansion project, including the
company's history, future market prospects, actual and pro
forma income statements, employment projections, and related
details. Documentary materials or data regarding the firm or
its commercial or financial information shall be deemed confidential
and shall not be deemed public records; provided,
however, that information pertaining to the ownership of the
firm shall not be exempt under this Section from public
(h) Certification that the project is a business
development, retention or expansion project as defined herein.
(i) Certification that the community has a multi-year capital
improvement program, updated annually, which includes listings of specific
capital projects and specifies all sources of funds for each project, and
which is based on economic analysis of the costs and benefits of each
project and an analysis of the implications of each project for operating,
maintenance and repair costs, and shows each year what past projects have
been completed, which are pending, and which have been dropped from the capital
(Source: P.A. 88-453.)