reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart A - ADMINISTRATIVE REQUIREMENTS › Section 580.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
It is the intent of the General Assembly that
				  Illinois should lead the nation in the production of electric vehicles
and other products essential to the growth of the renewable energy
				  sector
. The General Assembly finds that, through investments in
				  electric vehicle
and clean energy
manufacturing, Illinois will
				  be on the forefront of emerging technologies that are currently
				  transforming
those industries
.
[20 ILCS 686/5
				  ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart B - TAX CREDITS › Section 580.30 - Eligibility Determination

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any
taxpayer that (i) operates a business in Illinois or is planning to
				locate a business within the State of Illinois and (ii) is engaged in
				interstate or intrastate commerce for the purpose of manufacturing electric
				vehicles, electric vehicle component parts,
battery recycling and
				reuse manufacturers or battery raw materials service providers,
electric vehicle power supply equipment, or renewable energy
				manufacturers
is an eligible business. [20 ILCS
				686/10 ]
b)
In order to qualify for credits
				under the REV Illinois Program, an Applicant must:
1)
for an electric vehicle
				manufacturer:
A)
make an
				investment of at least $1,500,000,000 in capital improvements at the project
				site;
B)
to be
				placed in service within the State within a 60-month period after approval of
				the application; and
C)
create at least 500 new full-time employee jobs; or
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart B - TAX CREDITS › Section 580.50 - Application Review

Current through Register Vol. 48, No. 28, July 12, 2024
a) Prior to
				substantive evaluation of an application, the Department shall screen all
				applications to determine that all requirements of the application package, as
				described in Section 580.40, have been addressed.
				Applicants will be notified of deficiencies in applications and given an
				opportunity to correct those deficiencies through submission of additional
				documentation.
b) In evaluating
				applications, the Department shall evaluate and confirm if all of the criteria
				in subsections (b)(1) through (4) are met. If the applicant demonstrates that
				all criteria are met, the Department will notify the applicant by electronic
				mail that the application was accepted. If the applicant cannot demonstrate
				that all four conditions exist, the application should be denied and
				notification to the applicant provided in accordance with Section
				580.60.
1)
the applicant intends to make the
				required investment in the State and intends to hire the required number of
				full-time employees;
2)
the applicant's project is economically sound and will benefit the
				people of the State by increasing opportunities for employment and strengthen
				the economy of the State;
3)
awarding the credit will result in
				an overall positive fiscal impact to the State, as certified by the Department
				using the best available data; and
4)
the credit is not prohibited under
				this Act.
[20 ILCS 686/25 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart B - TAX CREDITS › Section 580.60 - Application Denial/Approval

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Applicants shall be notified in writing as to the Department's evaluation of
				all completed applications. If the Department denies an application for the
				Credit, it will specify the reasons for the denial in writing and allow the
				applicant 30 days to amend and resubmit its application for evaluation. If the
				applicant disagrees with the Department's decision it may seek relief through
				the process afforded in the Department's Administrative Hearing Rules set forth
				at 56 Ill. Adm. Code 2605.
b) For
				applications accepted by the Department, the Department will send a
				notification by e-mail to the applicant. The Department will proceed to
				negotiate a formal agreement with the applicants determined to be eligible for
				award of a credit.
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart B - TAX CREDITS › Section 580.70 - Tax Credit Award

Current through Register Vol. 48, No. 28, July 12, 2024
For tax years beginning on or after January 1, 2025,
				  a taxpayer who has entered an agreement under the Reimagining Energy and
				  Vehicles in Illinois Act is entitled to a credit against the taxes imposed
				  under subsections (a) and (b) of Section 201 of the Illinois Income Tax Act in
				  an amount to be determined in the agreement.
[35 ILCS
				  5/236 ]
a)
				REV Illinois Credit
1)
A taxpayer may
				receive a tax credit against the tax imposed under subsections (a) and (b) of
				Section 201 of the Illinois Income Tax Act, not to exceed the sum of:
A)
75% of the incremental income tax
				attributable to new
or retained
employees at the applicant's
				project; and
B)
10% of training costs of the new employees.
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart B - TAX CREDITS › Section 580.80 - Determination of Amount and Term of the Credit

Current through Register Vol. 48, No. 28, July 12, 2024
a)
The Department shall determine the
				amount and duration of the REV Illinois credit awarded under the
				Act.
b)
The credit
				may be stated as a percentage of the incremental income tax and training costs
				attributable to the applicant's project and may include a fixed dollar
				limitation.
c)
For
				the credit term, a project that qualified under paragraph (1), (2), or (4) of
				subsection (c) of Section 20 of the Act, the duration of the credit may not
				exceed 15 taxable years
, unless the agreement is
				renewed
.
d)
For project that qualified under paragraph (3) of subsection (c) of
				Section 20
of the Act,
the duration of the credit may not
				exceed 10 taxable year
s, unless the agreement is renewed. (Section 40
				of the Act)
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart B - TAX CREDITS › Section 580.90 - Tax Credit Agreement

Current through Register Vol. 48, No. 28, July 12, 2024
The Department and each taxpayer whom the Department
				  determines qualifies for a credit under the Act shall enter into an Agreement
				  that specifies terms and conditions regarding the provision of the credit and
				  defines the rights and responsibilities of the taxpayer and the Department.
				  Provisions that the taxpayer will be contractually bound to comply with
				  include, but are not limited to, the following:
a)
A detailed description of the
				project that is the subject of the agreement, including the location and amount
				of the investment and jobs created or retained.
b)
The duration of the credit, the
				first taxable year for which the credit may be awarded, and the first taxable
				year in which the credit may be used by the taxpayer.
c)
The credit amount that will be
				allowed for each taxable year.
d)
For a project qualified under
				paragraphs (1), (2), or (4) of subsection (c) of Section 20
of the
				Act
, a requirement that the taxpayer shall maintain operations at the
				project location a minimum number of years not to exceed 15. For project
				qualified under paragraph (3) of subsection (c) of Section 20
of the
				Act
, a requirement that the taxpayer shall maintain operations at the
				project location a minimum number of years not to exceed 10.
e)
A specific method for determining
				the number of new employees and if applicable, retained employees, employed
				during a taxable year.
The agreement will specify that an employee of
				the taxpayer who was previously employed in Illinois by the taxpayer and whose
				employment was shifted to the project after the taxpayer entered into the tax
				credit agreement are not considered new employees.
1) An employee may be considered a new
				employee under the agreement if the employee performs a job that was previously
				performed by an employee who was:
A) treated
				under the agreement as a new employee; and
B) promoted by the taxpayer to another
				job.
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart B - TAX CREDITS › Section 580.100 - Certification of Verification

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				taxpayer shall notify the Department on forms provided by the Department when
				the minimum eligible capital improvement investments have been placed in
				service and the minimum new full-time employee jobs have been created and that
				retained employees remain employed by the taxpayer.
b) The taxpayer shall provide, for land
				and/or building acquisition, a copy of the purchase agreement; for building
				construction or renovation, a contractor's or architect's cost certification;
				for space rental, a rental/lease agreement.
c)
For a taxpayer to be eligible for
				a certificate of verification, the taxpayer shall provide proof as required by
				the Department prior to the end of each calendar year, including, but not
				limited to, attestation by that
project:
1)
has achieved the level of new
				employee jobs specified in the agreement;
2)
has achieved the level of annual
				payroll in Illinois specified in the agreement;
3)
has achieved the level of capital
				investment in Illinois specified in the agreement;
4)
has achieved and maintained carbon
				neutrality or one of the certifications specified in the
				Act;
5) has maintained the
				statewide baseline employment specified in the agreement; and
6) the taxpayer has materially complied with
				the terms of the agreement and is not otherwise in violation of any provision
				of the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart B - TAX CREDITS › Section 580.110 - Noncompliance with the Agreement

Current through Register Vol. 48, No. 28, July 12, 2024
a)
If the Director determines that a Taxpayer who has received a credit
				under this Act is not complying with the requirements of the agreement or all
				of the provisions of the Act, the Director shall provide notice to the taxpayer
				of the alleged noncompliance and allow the taxpayer a hearing under the
				provisions of the Illinois Administrative Procedure Act. If, after notice and
				any hearing, the Director determines that a noncompliance exists, the Director
				shall issue to the Department of Revenue notice to that effect, stating the
				Noncompliance Date.
(Section 70 of the Act) Alleged noncompliance
				shall include:
1) a demonstration that the
				taxpayer failed materially to comply with the terms and conditions of the
				agreement;
2) a determination upon
				investigation that the taxpayer or any of its agents or representative provided
				false or misleading information to the Department; or
3) a failure to submit the annual report
				required by Section 30(f) of the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart B - TAX CREDITS › Section 580.120 - Recapture and Reallocation of Recaptured Amounts

Current through Register Vol. 48, No. 28, July 12, 2024
a)
If, during the term of an
				agreement, the taxpayer ceases principal operations at a project location that
				is the subject of that agreement with the intent to terminate operations in the
				State, the Department and the Department of Revenue shall recapture from the
				taxpayer the entire credit amount awarded under the agreement prior to the date
				the taxpayer ceases operations.
[20 ILCS
				686/70 ]
1) If the
				Department determines that a
taxpayer ceases
principal
operations at a project location that is the subject of that agreement
				with the intent to terminate operations in the State,
the Director
				shall provide notice to the taxpayer of that determination and allow the
				taxpayer a hearing under the Illinois Administrative Procedure Act
				[5 ILCS
				100 ]. Example of activities that evidence a cessation
				of operation at a project location with an intent to terminate operations in
				the State include, but are not limited to, WARN (Worker Adjustment and
				Retraining Notification) notices reflecting layoffs in excess of 65% of the
				full-time employees located at the project site, and public announcements or
				other media reflecting an intent to relocate operations outside the
				State.
2) The Department shall
				notify a taxpayer in writing that the REV construction jobs credit and/or the
				REV credit is subject to recapture. The notice shall include the reason for
				revocation of the certification of verification and the date and location of a
				hearing to be held pursuant to 56 Ill. Adm. Code 2605 (Administrative Hearing
				Rules).
3) Following a
				determination that credits received pursuant to an agreement are subject to
				recapture, the Department will contact the Director of the Illinois Department
				of Revenue requesting proceedings begin to determine the amounts to be
				reallocated by the Department pursuant to Section 70 of the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart C - UTILITY TAX EXEMPTION › Section 580.130 - Eligibility

Current through Register Vol. 48, No. 28, July 12, 2024
a)
A
				taxpayer with a REV Illinois credit for a project that meets the qualifications
				under paragraphs (1), (2), and (4) of subsection (c) of Section 20 of the Act,
				may receive an exemption from:
1)
the tax imposed at the project site by Section 2-4 of the Electricity
				Excise Tax Law,
and/or
2)
any additional charges added to the taxpayer's utility bills at the
				project site as a pass-on of State utility taxes under Section 9-222 of the
				Public Utilities Act,
and/or
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart C - UTILITY TAX EXEMPTION › Section 580.140 - Form of Application

Current through Register Vol. 48, No. 28, July 12, 2024
An application for the Utilities Tax Exemption shall be
				  submitted on the standard application form provided by the Department. An
				  application shall include:
a)
				Taxpayer's fully executed REV Illinois credit agreement with the
				Department;
b) Name, address, and
				Federal Employer Identification Number of the taxpayer.
c) The applicant will attest that it is
registered to self-assess the utility tax.
(Section 95 of the
				Act)
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart C - UTILITY TAX EXEMPTION › Section 580.150 - Application Approval Process

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Application Approval Requirements. Applications shall be submitted to the
				Department and approved or denied in writing within 90 days after receipt. The
				Department will issue a certification of exemption to the Illinois Department
				of Revenue for approved applicants, with a copy to the approved applicant. The
				application shall be approved if it meets the following requirements:
1) The applicant has an executed REV Illinois
				agreement; and
2) The applicant
				eligibility criteria outlined in Section
				580.130 are met.
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart D - BUILDING MATERIALS TAX EXEMPTION › Section 580.160 - Eligibility

Current through Register Vol. 48, No. 28, July 12, 2024
A taxpayer with a REV Illinois credit for a project
				  that meets the qualifications under Section paragraphs (1), (2), and (4) of
				  subsection (c) of Section 20
of the Act, may receive an
exemption from any State or local use tax or retailers' occupation tax
				  on building materials for the construction of its project facilities
and incorporated into the real estate in the approved REV Illinois project
				  site. [20
				  ILCS 686/110 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart D - BUILDING MATERIALS TAX EXEMPTION › Section 580.170 - Form of Application

Current through Register Vol. 48, No. 28, July 12, 2024
Application for the building materials exemption shall be
				  submitted on the standard application form provided by the Department. An
				  application shall include:
a)
				Taxpayer's fully executed REV Illinois credit agreement with the
				Department;
b) Name, address, and
				Federal Employer Identification Number of the construction contractor or other
				entity;
c) The estimated amount of
				the exemption for each construction contractor or other entity for which a
				request for a REV Illinois building materials exemption Certificate is made,
				based on a stated estimated average tax rate and the percentage of the contract
				that consists of materials; and
d)
				The period of time over which supplies for project are expected to be
				purchased.
Illinois Administrative Code › Title 14 - COMMERCE › Part 580 - REIMAGINING ENERGY AND VEHICLES IN ILLINOIS PROGRAM › Subpart D - BUILDING MATERIALS TAX EXEMPTION › Section 580.180 - Application Approval Process

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Application Approval Requirements. Applications shall be submitted to the
				Department and approved or denied in writing within 90 days after receipt. The
				Department will issue a certification of exemption to the Illinois Department
				of Revenue for approved applicants, with a copy to the approved applicant. The
				application shall be approved if it meets the following requirements:
1) The applicant has an executed REV Illinois
				agreement; and
2) The application
				information outlined in Section
				580.160 is complete.
Illinois Administrative Code › Title 14 - COMMERCE › Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM › Subpart A - LOANS FOR LARGE BUSINESS DEVELOPMENT › Section 590.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) Through the
				Illinois Large Business Development Program (Program), the Department of
				Commerce and Community Affairs (Department) will provide long term fixed-rate,
				low-interest loans (i.e., more than three years at below the prime rate then
				current in the major money centers) to large businesses in Illinois in
				cooperation with private sector lenders. The ultimate purpose of this program
				is to provide employment opportunities for Illinois citizens either through job
				creation or retention.
b) To be
				eligible to participate in the Program, a company must be mature and stable,
				have a well-defined market, and employ over 500 persons. A large business
				includes any for-profit business organized as a sole proprietorship,
				partnership, corporation, joint venture, association, or cooperative. Companies
				targeted for assistance include established industrial and service firms with a
				proven record of earnings which sell their products or services to regions
				beyond Illinois and which have proven multi-state location options.
c) The business project must be an out of
				state firm locating in Illinois or an expansion or retention of an existing
				firm - not an area relocation of an existing Illinois business. A business
				retention project should allow a company to maintain its output, share of the
				market, and existing jobs. New ventures will be considered only if the entity
				is protected with adequate security with regard to its financing and
				operation.
Illinois Administrative Code › Title 14 - COMMERCE › Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM › Subpart A - LOANS FOR LARGE BUSINESS DEVELOPMENT › Section 590.20 - Application Cycle

Current through Register Vol. 48, No. 28, July 12, 2024
Applications under this Program will be accepted throughout
				  the year. The Department will supply interested businesses with an application
				  package upon request. The Department will also solicit businesses to apply for
				  the Program. The Large Business Development Program will be used as a part of a
				  comprehensive package of incentives for attracting large business investments
				  in Illinois. The Department will assist (i.e., provide technical assistance)
				  companies to initiate applications so that funds may be committed immediately
				  as opportunities arise.
Illinois Administrative Code › Title 14 - COMMERCE › Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM › Subpart A - LOANS FOR LARGE BUSINESS DEVELOPMENT › Section 590.25 - Application Documentation

Current through Register Vol. 48, No. 28, July 12, 2024
The application must include documentation of the
				  following:
a) History of the Company -
				a brief history of the business and past employment growth.
b) Market Information - information on the
				company's products or services and identification of existing and potential
				major customers and competitors.
c)
				Historic Financial Statements - historic financial statements for the past
				three years and interim statements dated no more than ninety days prior to
				application including:
1) Profit and Loss
				Statements;
2) Balance
				Sheets;
3) Cash Flow Statements;
				and
4) Disclosure of Contingent
				Liabilities.
Illinois Administrative Code › Title 14 - COMMERCE › Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM › Subpart A - LOANS FOR LARGE BUSINESS DEVELOPMENT › Section 590.30 - Evaluation Process

Current through Register Vol. 48, No. 28, July 12, 2024
The Department shall screen all applications to determine
				  that all requirements of the application package have been addressed. Complete
				  applications will be reviewed and evaluated by Department staff. Applicants
				  will be notified of deficiencies in applications and given an opportunity to
				  correct such deficiencies through submission of additional documentation (see
				  Section
				  590.25
				  ). This review and evaluation process will be completed within 45 days of the
				  Department's receipt of a complete application. Department staff will conduct
				  an evaluation of each application to assure compliance with the requirements
				  specified in the Large Business Development Act (Ill. Rev. Stat. 1989, ch. 127,
				  par. 2710-1 et seq.) (Act). The evaluation will address the following technical
				  criteria:
a) Evidence of Need for
				Program Funds
1) It should be demonstrated,
				for example, that the firm has multi-state location options and that additional
				funds will be leveraged - to cover up to 75 percent of total project
				costs.
2) The business project must
				create or retain at least 300 full-time equivalent jobs over a 24 month period.
				The Director may waive the requirement for 300 jobs to be created/retained for
				a large company meeting all other program criteria, as specified in the Act and
				this Part, but due to extenuating circumstances, cannot create 300 jobs (e.g.,
				distressed community with an unemployment rate which is considerably higher
				than the state's average; area with limited economic development prospects as
				evidenced by prior and current development activities; funding would support
				business with potential to generate additional growth in area and creation of
				jobs as a result of spinoff businesses; funding needed to avert loss of the
				area's major source of employment, etc.).
Illinois Administrative Code › Title 14 - COMMERCE › Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM › Subpart A - LOANS FOR LARGE BUSINESS DEVELOPMENT › Section 590.40 - Selection for Funding

Current through Register Vol. 48, No. 28, July 12, 2024
For any application which meets the criteria of Section
				  590.30,
				  Department staff will then conduct a field visit evaluation to verify the
				  information in the application, leading to the final funding decision.
				  Applications that best meet the program objectives and demonstrate the greatest
				  potential for job creation will receive funding support, until all available
				  funds are expended. The field visits will analyze application characteristics,
				  which include:
a) an assessment of the
				project in terms of job creation/retention, in relation to the value of the
				funds requested;
b) a verification
				of submitted application information; and
c) past performance of the applicant under
				previous Departmental programs, if applicable (e.g., success in previous
				projects and the level of compliance with previous grant agreements).
Illinois Administrative Code › Title 14 - COMMERCE › Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM › Subpart A - LOANS FOR LARGE BUSINESS DEVELOPMENT › Section 590.50 - Funding Limitations

Current through Register Vol. 48, No. 28, July 12, 2024
In accordance with Section 10-4(b) of the Act, the Director
				  will waive the funding limitations governing the amount of the loan and
				  percentage of leverage when it is determined that these funding limitations
				  would prohibit an otherwise approved project, in accordance with Sections
				  590.30 and
				  590.40, and
				  subsequent job creation/retention, from occurring.
Illinois Administrative Code › Title 14 - COMMERCE › Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM › Subpart A - LOANS FOR LARGE BUSINESS DEVELOPMENT › Section 590.60 - Allowable Leverage

Current through Register Vol. 48, No. 28, July 12, 2024
In addition to the forms of allowable leverage defined in
				  Section 10-4(a) of the Act, allowable leverage will include:
a) under-utilized land and/or buildings which
				are a part of the project;
b)
				machinery and equipment brought into the state from another state;
				and
c) use of retained earnings,
				proceeds of a public offering or other cash equity.
d) Funds expended by the business prior to
				the date of a loan or grant award; existing in-state equipment, land,
				buildings, furnishings, inventory (already owned and being utilized); lines of
				credit; post-project costs, (such as operational expenses); and debt
				refinancing will not be considered as leverage.
Illinois Administrative Code › Title 14 - COMMERCE › Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM › Subpart B - GRANTS FOR DEMOLITION OF ABANDONED BUILDINGS › Section 590.80 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
Grants are available to assist municipalities and counties to
				  fund the demolition of abandoned buildings for the purpose of making unimproved
				  land available for purchase by businesses for economic
				  development.
Illinois Administrative Code › Title 14 - COMMERCE › Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM › Subpart B - GRANTS FOR DEMOLITION OF ABANDONED BUILDINGS › Section 590.81 - Application Evaluation

Current through Register Vol. 48, No. 28, July 12, 2024
The Department shall screen applications to determine that
				  all application requirements specified in this Part have been met. The
				  evaluation will address the following technical criteria:
a) Application Documentation
1) The applicant municipality or county must
				provide an executed contract for sale between the owner of the property on
				which the abandoned building is located and the business.
2) The applicant municipality or county must
				provide a copy of a court order to demolish the identified abandoned
				building.
3) The application shall
				contain documentation to support the amount of funds requested. This shall
				consist of copies of three separate bids for the demolition. The amount of
				funds requested shall represent the lowest of the three bids.
4) The business which has entered into the
				contract to purchase the property must be an eligible large business as defined
				in Section
				590.10 of this Part and
				provide a written certification that pursuant to Section 10-3(i) of the Act, it
				will use the property for a project which is a new plant start-up or expansion
				or a new venture opportunity and is not an area relocation within the state. In
				addition, the business must provide the appropriate documentation that a
				project will be undertaken, resulting in job creation. The documentation
				requirements are outlined in Section
				590.25
				of this Part.
Illinois Administrative Code › Title 14 - COMMERCE › Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM › Subpart C - GRANTS FOR INTEREST WRITE-DOWN › Section 590.90 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The Department shall provide grants to or for the direct
				  benefit of a business for the sole purpose of reducing the cost of financing a
				  project. Funds shall be used to achieve an optimum effective interest rate for
				  the total project, in cooperation with other funding sources.
Illinois Administrative Code › Title 14 - COMMERCE › Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM › Subpart C - GRANTS FOR INTEREST WRITE-DOWN › Section 590.91 - Application Cycle

Current through Register Vol. 48, No. 28, July 12, 2024
Applications under this Program will be accepted throughout
				  the year. The Department will supply interested applicants with an application
				  package upon request. The award of grants for interest write-downs is subject
				  to the availability of funds in any given fiscal year.
Illinois Administrative Code › Title 14 - COMMERCE › Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM › Subpart C - GRANTS FOR INTEREST WRITE-DOWN › Section 590.92 - Evaluation Process

Current through Register Vol. 48, No. 28, July 12, 2024
The Department shall screen all applications to determine
				  that all application documentation has been submitted in accordance with
				  Section
				  590.25.
				  Complete applications will be reviewed and evaluated by Department staff.
				  Applicants will be notified of deficiencies in applications and given an
				  opportunity to correct such deficiencies through submission of additional
				  documentation (see Sections
				  590.25
				  and
				  590.30 ). This
				  review and evaluation process will be completed within 45 days of the
				  Department's receipt of a complete application. Department staff will conduct
				  an evaluation of each application to assure compliance with the requirements
				  specified in the Act. The evaluation will address the following technical
				  criteria:
a) Evidence of Need for
				Program Funds.
1) It should be demonstrated,
				for example, that the firm has multi-state location options and that additional
				funds will be leveraged - to cover up to 75 percent of total project costs.
				Types of allowable leverage financing are provided in Section
				590.60 of this
				Part.
2) The business project must
				create or retain at least 300 full-time equivalent jobs over a 24 month period.
				The Director may waive the requirement for 300 jobs to be created for a large
				company meeting all other program criteria, as specified in the Act and this
				Part, but due to extenuating circumstances, cannot create 300 jobs (e.g.,
				distressed community with unemployment rate which is considerably higher than
				state's average; area with limited economic development prospects as evidenced
				by prior and current development activities; funding would support business
				with potential to generate additional growth in area and creation of jobs as a
				result of spinoff businesses; funding needed to avert loss of the area's major
				source of employment, etc.).
Illinois Administrative Code › Title 14 - COMMERCE › Part 590 - ILLINOIS LARGE BUSINESS DEVELOPMENT PROGRAM › Subpart C - GRANTS FOR INTEREST WRITE-DOWN › Section 590.93 - Funding Limitations

Current through Register Vol. 48, No. 28, July 12, 2024
In accordance with Section 10-4 of the Act, the Director will
				  waive the funding limitations governing the amount of the grant and percentage
				  of leverage when it is determined that these funding limitations would prohibit
				  an otherwise approved project, in accordance with Sections
				  590.30 and
				  590.40 of
				  Subpart A, and subsequent job creation/retention from occurring. This
				  determination will be based on such factors as: distressed community with an
				  unemployment rate which is higher than the State's average; area with limited
				  economic development projects; funding would support business with potential to
				  generate additional growth in the area and creation of jobs as a result of
				  spinoff businesses; funding is needed to avert loss of the area's major source
				  of employment, etc.
Illinois Administrative Code › Title 14 - COMMERCE › Part 600 - ILLINOIS EQUITY INVESTMENT FUND › Section 600.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) Through the
			 Illinois Equity Investment Fund (Program), the Department of Commerce and
			 Community Affairs (Department) will provide equity investments to small
			 businesses in Illinois in cooperation with private sector lenders or other
			 investors. Projects supported with Program funds will be with industries in new
			 advanced technology sectors which hold promise for job creation in Illinois and
			 start-up and early stage businesses that demonstrate entrepreneurial talent.
			 The Department will accept applications from companies in a number of advanced
			 technology fields. Although no one technical area has been specified, the
			 following areas have been shown to be growth industries for Illinois:
			 construction machinery; composite materials; drugs and medical products;
			 electronic computing devices; electronic components; food and forestry
			 products; printing/publishing; plastics; research labs; repair services;
			 software; telecommunications equipment; transportation equipment; and wholesale
			 trade. Program funds may be used for such costs as the purchase of real estate
			 and machinery and equipment, working capital, research and development costs,
			 and organizational fees. The ultimate purpose of the Program is to provide
			 employment opportunities for Illinois citizens, through job creation.
b) Any small business operating in Illinois
			 may make an application for financial assistance under this program. A small
			 business includes any for-profit business in Illinois organized as a sole
			 proprietorship, partnership, corporation, joint venture, association, or
			 cooperative. For the purposes of this program, a small business is one which
			 has, including its affiliates, less than 500 full-time employees, or is
			 determined by the Department not to be dominant in its field.
Illinois Administrative Code › Title 14 - COMMERCE › Part 600 - ILLINOIS EQUITY INVESTMENT FUND › Section 600.20 - Application Cycle

Current through Register Vol. 48, No. 28, July 12, 2024
Applications under this Program will be accepted throughout the
				year. The Department will supply interested businesses with an application
				package upon request. Applications submitted by the
				25th of each month will be reviewed. Submissions
				after the 25th will be held for consideration during
				the next monthly review cycle until equity funds are
				exhausted.
Illinois Administrative Code › Title 14 - COMMERCE › Part 600 - ILLINOIS EQUITY INVESTMENT FUND › Section 600.25 - Application Documentation

Current through Register Vol. 48, No. 28, July 12, 2024
The application must include documentation of the
				following:
a) History of the Company -
			 a brief history of the business and past employment growth.
b) Market Information - information on the
			 company's products or services and identification of existing and potential
			 major customers and competitors.
c)
			 Corporate Financial Statements - historical corporate financial statements for
			 the past three years and interim statements dated no more than ninety days
			 prior to application including:
1) Profit and
			 Loss Statements;
2) Balance
			 Sheets;
3) Cash Flow Statements;
			 and
4) Disclosure of Contingent
			 Liabilities.
Illinois Administrative Code › Title 14 - COMMERCE › Part 600 - ILLINOIS EQUITY INVESTMENT FUND › Section 600.40 - Selection for Funding

Current through Register Vol. 48, No. 28, July 12, 2024
For any application which meets the criteria of Section
				600.30,
				Department staff will then conduct a field visit to verify information in the
				application which will lead to the final funding decision. Top ranking
				applications will receive equity funds until all available funds are expended.
				The field visits will analyze application characteristics, which
				include:
a) a comparative assessment
			 of projects in terms of job creation, in relation to the funds
			 requested;
b) a verification of
			 submitted application information; and
c) past performance of the applicant under
			 previous departmental programs, if applicable (e.g., success in previous
			 projects and level of compliance with previous grant agreements).
Illinois Administrative Code › Title 14 - COMMERCE › Part 600 - ILLINOIS EQUITY INVESTMENT FUND › Section 600.50 - Funding Limitations

Current through Register Vol. 48, No. 28, July 12, 2024
In accordance with Section 9-5(b) of the Act, the Director will
				waive the funding limitation governing the amount of the equity and percentage
				of leverage when it is determined that these funding limitations would prohibit
				an otherwise approved project, in accordance with Sections
				600.30 and
				600.40, and
				subsequent job creation from occurring.
Illinois Administrative Code › Title 14 - COMMERCE › Part 600 - ILLINOIS EQUITY INVESTMENT FUND › Section 600.60 - Allowable Leverage

Current through Register Vol. 48, No. 28, July 12, 2024
In addition to the forms of leverage defined in Section 9-5(a)
				of the Act, allowable leverage will include:
a) Under-utilized land and/or buildings which
			 are a part of the project when the appraised value qualifies them as
			 under-utilized.
b) A cash outlay by
			 the principals resulting in them becoming stockholders.
c) Funds expended by the business prior to
			 the date of a loan or grant award; existing in-state equipment, land,
			 buildings, furnishings, inventory (already owned and being utilized); lines of
			 credit; post-project costs (such as operational expenses); and debt refinancing
			 will not be considered as leverage.
Illinois Administrative Code › Title 14 - COMMERCE › Part 610 - PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAMS › Subpart A - BUSINESS DEVELOPMENT PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAM › Section 610.10 - Program Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Business Development Public Infrastructure Loan and Grant Program (Program) of
				the Department of Commerce and Community Affairs (Department) provides
				financing assistance directly to local governments to develop public
				infrastructure needed to support economic development and the creation or
				retention of private sector job. Funding is targeted toward communities which
				demonstrate that funding assistance is essential to initiate opportunities for
				attracting new commercial or industrial ventures or to support the expansion or
				retention of an existing company.
b) The Department will finance approved
				infrastructure projects through grants or loans. Grants will be authorized in
				those circumstances where it can be demonstrated that the locality's financial
				capacity will not generate the necessary revenues to pay the debt service on
				the cost of the public improvement. Grants will also be authorized in those
				circumstances where the proposed infrastructure project is necessary to
				encourage large out of state firms to locate in Illinois or to encourage
				existing large companies to undertake substantial job expansion or retention
				projects.
Illinois Administrative Code › Title 14 - COMMERCE › Part 610 - PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAMS › Subpart A - BUSINESS DEVELOPMENT PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAM › Section 610.20 - Application Cycle

Current through Register Vol. 48, No. 28, July 12, 2024
The Department will supply interested local governments with
				  an application package upon request. Applications under this Program will be
				  accepted on an ongoing basis.
Illinois Administrative Code › Title 14 - COMMERCE › Part 610 - PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAMS › Subpart A - BUSINESS DEVELOPMENT PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAM › Section 610.25 - Application Documentation

Current through Register Vol. 48, No. 28, July 12, 2024
The application must include documentation for the business
				  associated with the proposed project as follows:
a) History of the Company - a brief history
				of the business and past employment.
b) Market Information - information on the
				company's products or services and identification of existing and potential
				major customers and competitors.
c)
				Projected Employment Information - the total number of jobs to be created or
				retained, including type of jobs, wages, and hiring schedule for job
				creation/retention.
d) Historic
				Financial Statement - historic financial statements for the past three years
				and interim statements dated no more than ninety days prior to application
				including:
1) Profit and Loss
				Statements;
2) Balance
				Sheets;
3) Cash Flow Statements;
				and
4) Disclosure of Contingent
				Liabilities.
Illinois Administrative Code › Title 14 - COMMERCE › Part 610 - PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAMS › Subpart A - BUSINESS DEVELOPMENT PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAM › Section 610.30 - Evaluation Process

Current through Register Vol. 48, No. 28, July 12, 2024
The Department shall screen all applications to determine
				  that all requirements of the application package have been addressed. Complete
				  applications will be reviewed and evaluated by Department staff. Applicants
				  will be notified of deficiencies in applications and given an opportunity to
				  correct such deficiencies through submission of additional documentation. This
				  review and evaluation process will be completed within 45 days of the
				  Department's receipt of a complete application. Department staff will conduct a
				  technical and financial evaluation of each application.
a) Technical Evaluation Component - Each
				application will be reviewed to assure compliance with technical program
				requirements as specified in the Public Infrastructure Loan and Grant Program
				Act (Ill. Rev. Stat. 1991, ch. 127, par. 2708-1 et seq.) [30 ILCS 750 /Art. 8]
				(Act). The technical evaluation will address the following criteria:
1) Evidence of Need for Public Participation
				- The application must demonstrate the need for public funds in the manner set
				forth in Section 8-5 of the Act, including identification of the essential need
				for public infrastructure in order to secure the private sector development,
				expansion, or retention; evidence that the project cannot be financed solely
				from local revenue sources or cannot be financed at an interest rate and term
				which makes the project viable; and an indication of the relationship of the
				proposed public infrastructure improvement to a local capital improvements plan
				(if applicable) or a documented need for the improvement.
2) Project Implementation Readiness - The
				application must show that the Infrastructure Program is ready for
				implementation by providing a time schedule for the immediate project
				initiation; detailed engineering reports and cost estimates which demonstrate
				cost feasibility of the project; and a signed resolution of support from the
				local government.
3) Project Impact
				- The application must clearly demonstrate a positive project impact consisting
				of an increase in employment or the retention of jobs and evidence that jobs
				created/retained will generate additional wealth for the community (e.g., final
				goods or services produced are sold in markets outside Illinois or final goods
				or services produced and sold locally substitute for those imported from
				outside the State) - some preference will be given to these types of
				jobs.
Illinois Administrative Code › Title 14 - COMMERCE › Part 610 - PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAMS › Subpart A - BUSINESS DEVELOPMENT PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAM › Section 610.40 - Selection for Funding

Current through Register Vol. 48, No. 28, July 12, 2024
a) For any
				application which meets criteria of Section
				610.30,
				Department staff will then conduct a field visit evaluation to verify
				information in the application, leading to the final funding decision. The
				field visits will analyze application characteristics, which include:
1) an assessment of the projects in terms of
				job creation, in relation to the value of the loan/grant and types of jobs
				preferred as described in Section
				610.30(a)(3);
2) a verification of submitted application
				information; and
3) past
				performance of the applicant under previous Departmental programs, if
				applicable (e.g., success in previous projects and the level of compliance with
				previous grant agreements).
Illinois Administrative Code › Title 14 - COMMERCE › Part 610 - PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAMS › Subpart A - BUSINESS DEVELOPMENT PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAM › Section 610.50 - Funding Limitations

Current through Register Vol. 48, No. 28, July 12, 2024
The Business Development Public Infrastructure Loan and Grant
				  Program helps to fund public infrastructure projects. There is no maximum
				  amount of Department funds which may be invested in any one project. However,
				  loan and grant amounts will be commensurate with the number of jobs created or
				  retained.
Illinois Administrative Code › Title 14 - COMMERCE › Part 610 - PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAMS › Subpart B - AFFORDABLE FINANCING OF PUBLIC INFRASTRUCTURE LOAN AND GRANT PROGRAM › Section 610.100 - Program Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Affordable Financing of Public Infrastructure Loan and Grant Program provides
				affordable financing of public infrastructure in the form of loans and grants
				to, or on behalf of, local governments, local public entities, medical
				facilities, and public health clinics from appropriations from the Public
				Infrastructure Construction Revolving Loan Fund for the purpose of assisting
				with the financing, or application and access to financing, of a community's
				public infrastructure necessary to health, safety, and economic development.
				Funds are available either directly from DCCA enumerated in Section
				610.400
				or through the designated intermediaries enumerated in Section
				610.300(b).
b) The Department may provide credit
				enhancement loans and grants to State public infrastructure financing
				intermediaries on behalf of local governments, local public entities, local
				medical facilities, and local public health clinics. The funds may be used for
				the purpose of leveraging access to other sources of financing available from
				the intermediary. Grants may be used to establish loss reserve funds or
				purchase letters of credit and other forms of credit enhancement to facilitate
				financing of public infrastructure projects. Loss reserves shall be established
				in conformance with 30 ILCS 8/10(f).