70 ILCS 531/4

(70 ILCS 531/4)

Sec. 4. Illinois Urban Development Authority.

There is  hereby  created  a  political  subdivision,  body politic  and  corporate  by  the  name of Illinois Urban Development Authority. The exercise by the Authority of the powers conferred by law shall be an essential public function.  The governing powers of the Authority shall be vested in a body consisting of 11 members appointed as follows: one  member appointed by the Mayor of the City of Chicago that has expertise, skill, and experience in economic development; one member appointed by the President of the Cook County Board that has expertise, skill, and experience in economic development; 4 members appointed by the Governor who are residents of a municipality, other than a municipality with a population greater than 1,000,000, whose municipal poverty rate is greater than 3% in excess of the statewide average; 2 members appointed by the Governor that have an expertise,  skill, and experience in labor relations; and 3 members appointed by the Governor that have an expertise, skill, and experience operating a business that is certified by the State of Illinois as a Disadvantaged Business Enterprise, Minority Business Enterprise, or Women Business Enterprise.

Six members shall constitute a quorum.  However, when  a  quorum  of  members  of  the  Authority  is physically  present  at  the  meeting  site, other Authority members may participate in and act at any meeting through the use  of  a  conference telephone  or  other  communications  equipment  by  means  of which all persons participating in the meeting can hear each other.   Participation in such meeting shall constitute attendance and presence in  person at the meeting of the person or persons so participating.  The Chairman  of  the Authority shall be elected by the Authority.  All board members shall be persons of  recognized  ability and  experience  in  one  or  more  of  the  following  areas:  economic development,  finance,  banking,  industrial development, small business management, real  estate  development,  community  development,  venture finance,  construction, and labor relations. The Board may not meet or take any action unless the quorum of 6 members are physically present, are present by phone, or are otherwise present as required by this paragraph.

The terms of all members of the Authority shall begin 30 days after the effective date of  this  Act. Of the 11 members first appointed pursuant to this Act, 4 shall serve until the third Monday in January 2011, 4 shall serve until the third Monday in January 2012, and 3 shall serve until the third Monday in January 2013.  All  board members shall  hold office for a term of 4 years commencing the third Monday in January of the year in which their  term  commences, except  in  case of an appointment to fill a vacancy. In case of vacancy in the office when the Senate is not in session, the Governor may make a temporary appointment until the next meeting of the Senate when he shall nominate such person to fill such office, and any  person  so  nominated who  is  confirmed  by  the  Senate,  shall  hold  his office during the remainder of the term and until his successor  shall  be  appointed  and qualified.  If  the  Senate is not in session,  the Governor may make temporary appointments in the case of vacancies.

Members of the Authority shall not be entitled to compensation for their
services
as members but shall be entitled to reimbursement for all necessary expenses
incurred in
connection with the performance of their duties as members. The Governor may
remove
any member of the Authority in case of incompetency, neglect of duty, or
malfeasance in office, after service on the member of a copy of the written
charges
against the member and an opportunity to be publicly heard in person or by
counsel in
the his or her defense upon not less than 10 days' notice.

The members of the Authority shall appoint an Executive Director, who must be
a
person knowledgeable in the areas of financial markets and instruments and the
financing
of business enterprises, to hold office at the pleasure of the members. The
Executive
Director shall be the chief administrative and operational officer of the
Authority and
shall direct and supervise its administrative affairs and general management
and perform
such other duties as may be prescribed from time to time by the members and
shall
receive compensation fixed by the Authority. The Executive Director or any
committee of the members may carry out any responsibilities of the members as
the
members by resolution may delegate. The Executive Director shall attend all
meetings of the Authority; however, no action of the Authority shall be invalid on
account of the absence of the Executive Director from a meeting. The Authority may
engage the services of such other agents and employees, including attorneys, appraisers,
engineers, accountants, credit analysts, and other consultants, as it may deem
advisable
and may prescribe their duties and fix their compensation.

The Authority shall determine the municipal poverty rate and the statewide
average municipal poverty rate annually by using the most recent data released
by the
United States Census Bureau before the beginning of each calendar year. The
Authority
shall have the sole and exclusive authority to determine the municipal poverty
rate and
the statewide average municipal poverty rate and to determine whether a
municipality's
poverty rate is greater than 3% in excess of the statewide average so long as
the
determination is based on the most recent data released by the United States
Census
Bureau.

(Source: P.A. 103-517, eff. 8-11-23.)