Bill Text: IL HB5857 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Creates the Black Wall Street Program Act. Requires the Department of Commerce and Economic Opportunity to create and administer the Black Wall Street Program to provide loans and financial assistance to designated communities for the creation of Black Wall Street Business Districts. Specifies further requirements concerning Program eligibility and the disbursement of loan funds under the Program. Requires each municipality receiving a loan under the Program to establish a municipal investment program by which loan funds are dispersed to qualified African American business entities and persons for the purpose of establishing Black Wall Street Business Districts. Allows for the use of loan funds to invest in, issue, or sell bonds for the purpose of the construction of Black Wall Street Business Districts and all related matters. Requires the Department to compile and make available to the public a database of qualified African American contractors and engineers. Requires the Department to create and administer a Black Wall Street Investment Hub for the purposes of providing specified assistance to African American business entities and persons in establishing Black Wall Street businesses. Provides for the adoption of administrative rules. Creates the Black Wall Street Fund as a special fund in the State treasury for specified purposes. Defines terms. Makes conforming changes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-11-10 - Referred to Rules Committee [HB5857 Detail]

Download: Illinois-2019-HB5857-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB5857 Introduced , by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED:
New Act
30 ILCS 105/5.935 new
Creates the Black Wall Street Program Act. Requires the Department of Commerce and Economic Opportunity to create and administer the Black Wall Street Program to provide loans and financial assistance to designated communities for the creation of Black Wall Street Business Districts. Specifies further requirements concerning Program eligibility and the disbursement of loan funds under the Program. Requires each municipality receiving a loan under the Program to establish a municipal investment program by which loan funds are dispersed to qualified African American business entities and persons for the purpose of establishing Black Wall Street Business Districts. Allows for the use of loan funds to invest in, issue, or sell bonds for the purpose of the construction of Black Wall Street Business Districts and all related matters. Requires the Department to compile and make available to the public a database of qualified African American contractors and engineers. Requires the Department to create and administer a Black Wall Street Investment Hub for the purposes of providing specified assistance to African American business entities and persons in establishing Black Wall Street businesses. Provides for the adoption of administrative rules. Creates the Black Wall Street Fund as a special fund in the State treasury for specified purposes. Defines terms. Makes conforming changes.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the Black
Wall Street Program Act.
Section 5. Definitions. As used in this Act:
"Black Wall Street Business District" means a designated
area of economic and business growth created by an eligible
municipality participating in the Program created under this
Act for which Program loan funds are utilized.
"Department" means the Department of Commerce and Economic
Opportunity.
"Program" means the Black Wall Street Program created under
this Act.
Section 10. Black Wall Street Program.
(a) The Department of Commerce and Economic Opportunity
shall create and administer the Black Wall Street Program to
provide loans and financial assistance to designated
communities for the creation of Black Wall Street Business
Districts as provided under this Act.
(b) Any municipality containing a population made up of at
least 70% of African American citizens may apply, on an annual

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basis, to the Department for a loan under the Program. To be
eligible for the loan, an applicant municipality must pass an
ordinance declaring its intent to create a Black Wall Street
Business District in the municipality, and provide proof of
such intent upon applying for the loan. No more than 10
eligible municipalities may be chosen by the Department to
receive a loan under the Program per year.
(c) Any eligible municipality chosen by the Department
under subsection (b) shall, subject to appropriation, receive a
$5,000,000 loan for the purpose of establishing a Black Wall
Street Business District. Notwithstanding the requirements of
subsection (b), for the first year of the Program, the
following municipalities shall receive the loan amount
specified under this subsection (c): (i) Harvey; (ii) Dolton;
(iii) Calumet City; (iv) Ford Heights; (v) Chicago Heights;
(vi) Peoria; (vii) East St Louis; and (viii) the City of
Chicago to be used for the creation of a Black Wall Street
Business District on the Westside of Chicago.
(d) Each municipality chosen by the Department to receive a
loan under this Section shall, as prerequisite to reception of
the loan, establish a Black Wall Street Investment Board. The
Investment Board shall have the responsibility of
administering the use of funds received by the municipality
under this Section.
Section 15. Municipal investment programs.

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(a) Each municipality receiving a loan under the Program
shall establish a municipal investment program by which loan
funds are dispersed to qualified African American business
entities and persons for the purpose of establishing Black Wall
Street Business Districts.
(b) Those business entities and persons receiving loan
funds under this Section may use such funds to invest in,
issue, or sell bonds for the purpose of the construction of
Black Wall Street Business Districts and all related matters.
(c) Business entities and persons seeking funds for the
purposes of this Section shall apply to the Black Wall Street
Investment Board of the municipality and be selected based upon
terms and qualifications as set by the Investment Board.
Section 20. Contractor and Engineer Database.
(a) The Department shall compile and make available to the
public on the Internet website of the Department a database of
qualified African American contractors and engineers from
which both public and private entities may seek services for
their contractor and engineering needs.
(b) The employment of contractors and engineers listed on
the database created under his Section shall conform to all
applicable requirements of the Illinois Procurement Code, the
Business Enterprise for Minorities, Women, and Persons with
Disabilities Act, and any other State or federal law.

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Section 25. Black Wall Street Investment Hub.
(a) The Department shall create and administer a Black Wall
Street Investment Hub for the purposes of providing assistance
to African American business entities and persons in
establishing the Black Wall Street business district and
related matters.
(b) The services provided by the Investment Hub shall be in
addition to those provided under the Program, and shall
include, but not be limited to, the following:
(1) providing microloans, subject to appropriation, to
African American business entities and persons for the
purpose of establishing businesses in Black Wall Street
Business Districts, including for construction costs and
business development;
(2) support in establishing business plans,
development plans, and construction plans for businesses
in Black Wall Street Business Districts;
(3) providing business-related training, including,
but not limited to, training on business development,
customer service, marketing, customer loyalty, and
advertising; and
(4) any other service that the Department may deem
relevant to the establishment of a business for the
purposes of this Act.
Section 30. Administrative rules. The Department shall

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adopt all rules necessary to the administration of the Program
and the implementation of the requirements of this Act.
Section 35. Black Wall Street Fund. The Black Wall Street
Fund is created as a special fund in the State treasury. All
moneys in the Fund shall be used, subject to appropriation, by
the Department for the purposes of administering the Program
and the Black Wall Street Investment Hub established under this
Act.
Section 100. The State Finance Act is amended by adding
Section 5.935 as follows:
(30 ILCS 105/5.935 new)
Sec. 5.935. The Black Wall Street Fund.