Illinois Administrative Code › Title 86 - REVENUE › Part 4000 - STAR BONDS › Subpart C - STAR BOND PROJECT › Section 4000.310 - Application for Approval of STAR Bond Project

Current through Register Vol. 48, No. 28, July 12, 2024
Before a political subdivision may hold a public hearing to
				  consider a STAR bond project plan, the political subdivision must apply to the
				  Department for approval of the STAR bond project plan. The Director shall
				  either approve or deny the STAR bond project plan based on the criteria in this
				  Section. [50 ILCS
				  470/20(d) ]
a) An application for approval of a STAR bond
				project plan must not be approved unless all of the components of the
				feasibility study set forth in Section
				4000.301(a)
				have been completed and submitted to the Department for review. [50 ILCS
				470/20(d) ]
b) The Director must review all of the
				elements of the STAR bond project plan required under Section
				4000.305,
				which must be included in the application (the plan must include a letter or
				letters of intent as required by Section
				4000.305(e)
				in order to receive Director approval). [50 ILCS
				470/20(d) ]
c) The Director must review the feasibility
				study and consider all of the components of the feasibility study set forth in
				Section
				4000.301(a),
				including without limitation the economic impact study and the financial
				benefit of the proposed STAR bond project to the local, regional and State
				economies, the proposed adverse impacts on similar businesses and projects as
				well as municipalities within the market area, and the net effect of the
				proposed STAR bond project on the local, regional and State economies.
				[50 ILCS
				470/20(d) ]
d) In addition to the economic impact study,
				the political subdivision must also submit to the Department, as part of its
				application, the financial and other information that substantiates the basis
				for the conclusion of the economic impact study, in the form and manner
				required by the Department, so that the Department can verify the results of
				the study. [50 ILCS
				470/20(d) ] All documentation
				submitted as part of or in support of the application must be submitted in
				electronic format, if applicable.
e) In addition to any other criteria in this
				Section, to approve the STAR bond project plan, the Director must be satisfied
				that the proposed destination user is in fact a true destination user.
				[50 ILCS
				470/20(d) ]
f) The Director must also find that the STAR
				bond project plan is in accordance with the purpose of the Act and the public
				interest. [50 ILCS
				470/20(d) ] In the interest of full
				disclosure and to ensure protection of the public interest, the applicant must
				also submit the following as part of the application:
1) The corporate name and address of each
				destination user, destination hotel and entertainment user;
2) The owners of each destination user,
				destination hotel and entertainment user that hold at least a 5% ownership
				interest, and the name and address of the officers of each destination user,
				destination hotel and entertainment user;
3) The corporate name and address of any
				other proposed tenant in the STAR bond project;
4) Disclosure of any interest held by the
				master developer or any co-developer or subdeveloper or an affiliate of the
				master developer or any co-developer or subdeveloper that may create a conflict
				of interest with respect to contracting for the development; and
5) Explanation of the procedures the
				applicant has in place to help prevent development costs from exceeding cost
				estimates, as well as the procedures in place to address any cost overruns that
				might occur.