Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart A - ADMINISTRATIVE REQUIREMENTS › Section 545.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
a) Definitions in
				the Act: The following words and phrases, for the purpose of this Part, have
				the same meaning respectively ascribed to them in Section 1003 of the Act
				[20 ILCS 700/1003 ].
"Advanced technology project" means any area of basic or
				  applied research or development which is designed to foster greater knowledge
				  or understanding, or which is designed for the purposes of improving,
				  designing, developing, prototyping, producing or commercializing new products,
				  techniques, processes or technical devices in present or emerging fields of
				  health care and biomedical research, information and communication systems,
				  computing and computer services, electronics, manufacturing, robotics and
				  materials research, transportation and aerospace, agriculture and
				  biotechnology, and finance and services.
"Business expense" includes working capital financing, the
				  purchase or lease of machinery and equipment, or the lease or purchase of real
				  property, including construction, renovation, or leasehold improvements, but
				  does not include refinancing current debt.
"Business project" means any specific economic development
				  activity of a commercial, industrial, manufacturing, agricultural, scientific,
				  financial, service or other not-for-profit nature, which is expected to yield
				  an increase in jobs or to result in the retention of jobs or an improvement in
				  production efficiency.
"Department" means the Illinois Department of Commerce and
				  Economic Opportunity.
"Director" means the Director of the Illinois Department of
				  Commerce and Economic Opportunity.
"Financial assistance" means a loan, investment, grant or the
				  purchase of qualified securities or other means whereby financial aid is made
				  available to or on behalf of a business project or advanced technology
				  project.
"Intermediary organization" means any participating
				  organization including not-for-profit entities, for-profit entities, State
				  development authorities, institutions of higher education, other public or
				  private corporations, which may include the Illinois Terrorism Task Force, or
				  other governmental or private entities necessary or desirable to further the
				  purpose of this Act engaged by the Department through any contract, agreement,
				  memoranda of understanding, or other cooperative arrangement to deliver
				  programs authorized under the Act.
"Investment loan" means any loan structured so that the
				  applicant repays the principal and interest and provides a qualified security
				  investment to serve both as additional loan security and as an additional
				  source of repayment.
"Loan" means acceptance of any note, bond, debenture, or
				  evidence of indebtedness, whether unsecured or secured by a mortgage, pledge,
				  deed of trust, or other lien on any property, or any certificate of, receipt
				  for, participation in, or an option to any of the foregoing. A loan shall bear
				  such interest rate, with such terms of repayment, secured by such collateral,
				  with other terms and conditions, as the Department shall deem necessary or
				  appropriate.
"Participating lender or investor" means any trust company,
				  bank, savings bank, credit union, merchant bank, investment bank, broker,
				  investment trust, pension fund, building and loan association, savings and loan
				  association, insurance company, venture capital company or other institution,
				  community or State development corporation, development authority authorized to
				  do business by an Act of this State, or other public or private financing
				  intermediary approved by the Department whose purposes include financing,
				  promoting, or encouraging economic development financing.
"Qualified security investments" means any stock, convertible
				  security, treasury stock, limited partnership interest, certificate of interest
				  or participation in any profit sharing agreement, preorganization certificate
				  or subscription, transferable share, investment contract, certificate of
				  interest or participation in a patent or application or, in general, any
				  interest or instrument commonly known as a "security" or any certificate for,
				  receipt for, guarantee of, or option, warrant or right to subscribe to or
				  purchase any of the foregoing, but not including any instrument which contains
				  voting rights or which can be converted to contain voting rights in the
				  possession of the Department.
b) Other Definitions:
"Act" means the Technology Advancement and Development Act
				  [20 ILCS 700 ].
"Leveraged dollar award" means grant funds awarded to the
				  grant applicant intended to be used as leverage to secure additional funding
				  from other public or philanthropic sources.
"Partnership" or "joint venture" means any organization,
				  formed either through contract or mutual agreement, where two or more persons
				  agree to do business together.
"Product" means a commodity or service with commercial value
				  that is either further developed or brought to market through use of grant
				  funds.
"Recipient" means any entity receiving financial assistance
				  under the Act.
"Service" means any service that would advance the
				  commercialization of a technology with applicability to the homeland security
				  industry. This would include, but is not limited to, the protection of
				  intellectual property rights, business continuity and recovery, research and
				  development, and technology integration.
"Small and medium size business" means any for-profit
				  business with 1,000 or fewer employees assigned to work locations within the
				  State of Illinois.