Illinois General Assembly - Full Text of HB2352
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Full Text of HB2352  95th General Assembly



HB2352 Engrossed LRB095 00996 RCE 20998 b

1     AN ACT concerning State government.
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 or land cooperative that is located in
10 St. Clair County and that may:
11         (i) receive title to land, natural resources, physical
12     infrastructure or facility donated by a not-for-profit
13     organization or government entity;
14         (ii) borrow money on behalf of its shareholders to
15     purchase land, plan its use, and develop the land and
16     natural resources for productive and ecologically suitable
17     purposes; and
18         (iii) enable each citizen whose principal residence is
19     situated in a local or regional area in which its future
20     development will be controlled by a community investment
21     corporation to acquire free as a right of citizenship an
22     equal, lifetime, non-transferable, private property
23     ownership stake in local land use and infrastructural



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1     development, share profits from land rentals, natural
2     resource use or extraction revenues, and infrastructure
3     user fees, and have a voice as an owner in the governance
4     of future land development in the community.
5     "Commission" means the Community Investment Corporation
6 Development Commission established in Section 10.
7     "Department" means the Department of Commerce and Economic
8 Opportunity.
9     Section 10. Community Investment Corporation Development
10 Commission.
11     (a) The Community Investment Corporation Development
12 Commission is created within the Department.
13     (b) The Commission shall consist of 11 members appointed by
14 the Governor, with the advice and consent of the Senate, one of
15 whom shall be designated as chair of the Commission at the time
16 of appointment.
17     (c) Of the members initially appointed, 3 members shall
18 serve a term of one year, 3 members shall serve a term of 2
19 years, 3 members shall serve a term of 3 years, and 2 members,
20 one of whom must be the chair, shall serve a term of 4 years.
21 Thereafter, all terms shall be for 4 years.
22     Section 15. Operation of Commission.
23     (a) The Commission may begin to conduct business upon the
24 appointment of a majority of the voting members, including the



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1 chair.
2     (b) The Commission may adopt bylaws, and it may establish
3 committees and officers as it deems necessary.
4     (c) For purposes of Commission meetings, a quorum is 6
5 members. Meetings of the Commission are subject to the Open
6 Meetings Act. The Commission must afford an opportunity for
7 public comment at each meeting.
8     (d) Commission members shall serve without compensation,
9 but may be reimbursed for their reasonable travel expenses from
10 funds available for that purpose. The Department shall provide
11 staff and administrative support services to the Commission.
12     Section 20. Recommendations concerning community
13 investment corporations. The Commission shall gather
14 information and make annual reports of recommendations to the
15 Governor and to the General Assembly regarding the
16 establishment and operation of community investment
17 corporations. The reports must include recommendations
18 concerning, without limitation:
19         (1) establishing policies regarding community
20     investment corporations;
21         (2) approving community investment corporations in the
22     State or regionally;
23         (3) establishing guidelines for citizens of localities
24     to petition for local referenda to create community
25     investment corporations and to determine the participation



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1     plan for allocation, shareholder governance and ownership
2     rights, the issuance and cancellation of shares of
3     community investment corporations, and the disposition of
4     assets in the event of their dissolution;
5         (4) establishing tax reforms that encourage the use and
6     effectiveness of community investment corporations through
7     their exemption from all State and local taxes on their
8     holdings of land, natural resources, improvements, other
9     tangible and intangible assets, undistributed capital
10     gains and undistributed profits, provided that at least 90
11     percent of their annual profits are distributed as taxable
12     dividends, other forms of taxable distributions to its
13     shareholders and workers, and debt service payments on its
14     loans;
15         (5) encouraging local or regional pilot projects
16     involving the delegation of eminent domain powers over
17     land, natural resources, and infrastructural and other
18     improvements in the community to the citizens residing in
19     pilot project areas through community investment
20     corporations;
21         (6) rendering assistance to localities on problems,
22     concerns, and issues related to the development of
23     community investment corporations;
24         (7) undertaking studies and gathering information and
25     data to accomplish its purposes as set forth in this
26     Section and to formulate and present its recommendations to



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1     the Governor and the General Assembly;
2         (8) applying for, accepting, and expending gifts,
3     grants, loans, or donations from public, quasi-public, or
4     private sources, including any matching funds as may be
5     designated in an appropriation to the Department, to enable
6     the Commission to carry out its purpose; and
7         (9) accounting annually on its fiscal activities,
8     including any matching funds received or expended by the
9     Commission.
10     Section 25. Funding sources.
11     (a) Subject to appropriation, the Department shall develop
12 and maintain a program to make grants to communities seeking to
13 establish community investment corporations and encourage them
14 to become self-sustaining from land rentals and other fees
15 within the first five years of their formation. The procedures
16 for grant application shall be established by the Department by
17 rule.
18     (b) The Commission, as a vital part of its function, shall
19 seek funding from local, State, federal and private sources to
20 make grants and loans and otherwise enhance the development of
21 community investment corporations. The Department shall advise
22 the Commission of all available sources of funding for economic
23 development that it is aware of and shall assist the Commission
24 and community investment corporations in securing such
25 funding.



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1     (c) Funds received under this Section shall be deposited
2 into the Community Investment Corporation Fund, a special fund
3 in the State treasury. Subject to appropriation, moneys in the
4 Fund shall be expended for the purposes of this Act.
5     Section 30. Rules. The Commission and the Department may
6 adopt rules necessary to implement and administer this Act.
7     Section 90. The State Finance Act is amended by adding
8 Section 5.675 as follows:
9     (30 ILCS 105/5.675 new)
10     Sec. 5.675. The Community Investment Corporation Fund.