Full Text of HB2352 95th General Assembly
HB2352ham001 95TH GENERAL ASSEMBLY
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Rep. Wyvetter H. Younge
Filed: 4/18/2007
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| AMENDMENT TO HOUSE BILL 2352
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| AMENDMENT NO. ______. Amend House Bill 2352 by replacing | 3 |
| everything after the enacting clause with the following:
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| "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 may: | 10 |
| (i) receive title to land, natural resources, physical | 11 |
| infrastructure or facility donated by a not-for-profit | 12 |
| organization or government entity; | 13 |
| (ii) borrow money on behalf of its shareholders to | 14 |
| purchase land, plan its use, and develop the land and | 15 |
| natural resources for productive and ecologically suitable | 16 |
| purposes; and |
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| (iii) enable each citizen whose principal residence is | 2 |
| situated in a local or regional area in which its future | 3 |
| development will be controlled by a community investment | 4 |
| corporation to acquire free as a right of citizenship an | 5 |
| equal, lifetime, non-transferable, private property | 6 |
| ownership stake in local land use and infrastructural | 7 |
| development, share profits from land rentals, natural | 8 |
| resource use or extraction revenues, and infrastructure | 9 |
| user fees, and have a voice as an owner in the governance | 10 |
| of future land development in the community. | 11 |
| "Commission" means the Community Investment Corporation | 12 |
| Development Commission established in Section 10. | 13 |
| "Department" means the Department of Commerce and Economic | 14 |
| Opportunity.
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| Section 10. Community Investment Corporation Development | 16 |
| Commission. | 17 |
| (a) The Community Investment Corporation Development | 18 |
| Commission is created within the Department. | 19 |
| (b) The Commission shall consist of 11 members appointed by | 20 |
| the Governor, with the advice and consent of the Senate, one of | 21 |
| whom shall be designated as chair of the Commission at the time | 22 |
| of appointment. | 23 |
| (c) Of the members initially appointed, 3 members shall | 24 |
| serve a term of one year, 3 members shall serve a term of 2 | 25 |
| years, 3 members shall serve a term of 3 years, and 2 members, |
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| one of whom must be the chair, shall serve a term of 4 years. | 2 |
| Thereafter, all terms shall be for 4 years.
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| Section 15. Operation of Commission.
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| (a) The Commission may begin to conduct business upon the | 5 |
| appointment of a majority of the voting members, including the | 6 |
| chair. | 7 |
| (b) The Commission may adopt bylaws, and it may establish | 8 |
| committees and officers as it deems necessary. | 9 |
| (c) For purposes of Commission meetings, a quorum is 6 | 10 |
| members. Meetings of the Commission are subject to the Open | 11 |
| Meetings Act. The Commission must afford an opportunity for | 12 |
| public comment at each meeting. | 13 |
| (d) Commission members shall serve without compensation, | 14 |
| but may be reimbursed for their reasonable travel expenses from | 15 |
| funds available for that purpose. The Department shall provide | 16 |
| staff and administrative support services to the Commission.
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| Section 20. Recommendations concerning community | 18 |
| investment corporations.
The Commission shall gather | 19 |
| information and make annual reports of recommendations to the | 20 |
| Governor and to the General Assembly regarding the | 21 |
| establishment and operation of community investment | 22 |
| corporations. The reports must include recommendations | 23 |
| concerning, without limitation: | 24 |
| (1) establishing policies regarding community |
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| investment corporations; | 2 |
| (2) approving community investment corporations in the | 3 |
| State or regionally; | 4 |
| (3) establishing guidelines for citizens of localities | 5 |
| to petition for local referenda to create community | 6 |
| investment corporations and to determine the participation | 7 |
| plan for allocation, shareholder governance and ownership | 8 |
| rights, the issuance and cancellation of shares of | 9 |
| community investment corporations, and the disposition of | 10 |
| assets in the event of their dissolution; | 11 |
| (4) establishing tax reforms that encourage the use and | 12 |
| effectiveness of community investment corporations through | 13 |
| their exemption from all State and local taxes on their | 14 |
| holdings of land, natural resources, improvements, other | 15 |
| tangible and intangible assets, undistributed capital | 16 |
| gains and undistributed profits, provided that at least 90 | 17 |
| percent of their annual profits are distributed as taxable | 18 |
| dividends, other forms of taxable distributions to its | 19 |
| shareholders and workers, and debt service payments on its | 20 |
| loans; | 21 |
| (5) encouraging local or regional pilot projects | 22 |
| involving the delegation of eminent domain powers over | 23 |
| land, natural resources, and infrastructural and other | 24 |
| improvements in the community to the citizens residing in | 25 |
| pilot project areas through community investment | 26 |
| corporations; |
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| (6) rendering assistance to localities on problems, | 2 |
| concerns, and issues related to the development of | 3 |
| community investment corporations; | 4 |
| (7) undertaking studies and gathering information and | 5 |
| data to accomplish its purposes as set forth in this | 6 |
| Section and to formulate and present its recommendations to | 7 |
| the Governor and the General Assembly; | 8 |
| (8) applying for, accepting, and expending gifts, | 9 |
| grants, loans, or donations from public, quasi-public, or | 10 |
| private sources, including any matching funds as may be | 11 |
| designated in an appropriation to the Department, to enable | 12 |
| the Commission to carry out its purpose; and | 13 |
| (9) accounting annually on its fiscal activities, | 14 |
| including any matching funds received or expended by the | 15 |
| Commission. | 16 |
| Section 25. Funding sources.
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| (a) Subject to appropriation, the Department shall develop | 18 |
| and maintain a program to make grants to communities seeking to | 19 |
| establish community investment corporations and encourage them | 20 |
| to become self-sustaining from land rentals and other fees | 21 |
| within the first five years of their formation. The procedures | 22 |
| for grant application shall be established by the Department by | 23 |
| rule.
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| (b) The Commission, as a vital part of its function, shall | 25 |
| seek funding from local, State, federal and private sources to |
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| make grants and loans and otherwise enhance the development of | 2 |
| community investment corporations. The Department shall advise | 3 |
| the Commission of all available sources of funding for economic | 4 |
| development that it is aware of and shall assist the Commission | 5 |
| and community investment corporations in securing such | 6 |
| funding. | 7 |
| (c) Funds received under this Section shall be deposited | 8 |
| into the Community Investment Corporation Fund, a special fund | 9 |
| in the State treasury. Subject to appropriation, moneys in the | 10 |
| Fund shall be expended for the purposes of this Act.
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| Section 30. Rules. The Commission and the Department may | 12 |
| adopt rules necessary to implement and administer this Act.
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| Section 90. The State Finance Act is amended by adding | 14 |
| Section 5.675 as follows: | 15 |
| (30 ILCS 105/5.675 new) | 16 |
| Sec. 5.675. The Community Investment Corporation Fund. ".
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