Bill Text: IL SB0773 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Creates the Illinois Economic Development Corporation Act. Creates the Illinois Economic Development Corporation. Creates the board of directors of the Corporation and sets forth the membership of the board. Provides that the board shall develop and implement economic programs to provide business support and expertise and financial assistance to companies that are investing and creating jobs in Illinois and to support new business start-ups and business expansion and growth in Illinois. Sets forth the powers of the board. Creates the Illinois Small Business Development Center within the corporation to provide business counseling and educational programs developed at the local, regional, and State level to support Illinois small business creation and growth. Provides that the Center shall provide assistance, in the form of training, counseling, and information resources, to startup businesses and job-creator firms regarding the startup process. Provides that the board shall submit annual reports to the members of the General Assembly. Effective immediately.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2015-10-10 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB0773 Detail]

Download: Illinois-2015-SB0773-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 SB0773 Introduced 2/4/2015, by Sen. Michael Connelly SYNOPSIS AS INTRODUCED:
New Act
Creates the Illinois Economic Development Corporation Act. Creates the Illinois Economic Development Corporation. Creates the board of directors of the Corporation and sets forth the membership of the board. Provides that the board shall develop and implement economic programs to provide business support and expertise and financial assistance to companies that are investing and creating jobs in Illinois and to support new business start-ups and business expansion and growth in Illinois. Sets forth the powers of the board. Creates the Illinois Small Business Development Center within the corporation to provide business counseling and educational programs developed at the local, regional, and State level to support Illinois small business creation and growth. Provides that the Center shall provide assistance, in the form of training, counseling, and information resources, to startup businesses and job-creator firms regarding the startup process. Provides that the board shall submit annual reports to the members of the General Assembly. Effective immediately.
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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
Illinois Economic Development Corporation Act.
Section 5. Definitions. As used in this Act, except as
otherwise provided:
"Board" means the board of directors of the corporation.
"Center" means the Illinois Small Business Development
Center.
"Corporation" means the Illinois Economic Development
Corporation.
"Economic development program" means a program or activity
having the primary purpose of encouraging the establishment and
growth of business in this State, including the creation and
retention of jobs.
Section 10. Illinois Economic Corporation; creation.
(a) The Illinois Economic Development Corporation is
created. The board of directors of the corporation is created
and shall consist of the Governor, who shall serve as
chairperson of the board, and 8 members, at least 2 of whom are
employed in the private sector. The members of the board shall

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be appointed by the Governor, with the advice and consent of
the Senate, and shall serve at the pleasure of the Governor.
The Director of Central Management Services and the Director of
Revenue shall also serve as nonvoting members of the board.
(b) A majority of the voting members of the board
constitutes a quorum for the purpose of conducting its business
and exercising its powers and for all other purposes,
notwithstanding the existence of vacancies. Action may be taken
by the board upon a vote of a majority of the voting members
present.
(c) An executive director shall be appointed by the
Governor, with the advice and consent of the Senate, and shall
serve at the pleasure of the Governor. The board may delegate
to the executive director any powers and duties the board
considers proper. The executive director shall receive
compensation as determined by the board.
Section 15. Duties of the board.
(a) The board shall develop and implement economic programs
to provide business support and expertise and financial
assistance to companies that are investing and creating jobs in
Illinois and to support new business start-ups and business
expansion and growth in Illinois. The board may also develop
and implement any other programs related to economic
development in Illinois.
(b) For each program developed and implemented by the

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board, the board shall do all of the following:
(1) establish clear and measurable goals for the
program that are tied to statutory or programmatic policy
objectives;
(2) establish at least one quantifiable benchmark for
each program goal described in paragraph (1);
(3) require that each recipient of a grant or loan
under the program submit a report to the corporation; each
contract with a recipient of a grant or loan under the
program must specify the frequency and format of the report
to be submitted to the corporation and the performance
measures to be included in the report;
(4) establish a method for evaluating the projected
results of the program with actual outcomes as determined
by evaluating the information described in paragraphs (1)
and (2); and
(5) annually and independently verify, from a sample of
grants and loans, the accuracy of the information required
to be reported under paragraph (3).
(c) The board shall require for each program developed and
implemented by the board all of the following:
(1) that each recipient of a grant or loan under the
program of at least $100,000 submit to the corporation a
verified statement describing the recipient's expenditure
of the grant or loan funds, signed by both an independent
certified public accountant and the director or principal

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officer of the recipient to attest to the accuracy of the
verified statement; the board shall also require the
recipient of such a grant or loan to make available for
inspection the documents supporting the verified
statement; the board must include the requirement in the
contract with grant or loan recipients; and
(2) that the board, if a recipient of a grant or loan
under the program submits false or misleading information
to the corporation or fails to comply with the terms of a
contract entered into with the corporation, without
providing satisfactory explanation for the noncompliance,
do all of the following:
(A) recoup payments made to the recipient;
(B) withhold future payments to be made to the
recipient; and
(C) impose a financial penalty on the recipient.
Section 20. Powers of the board. The board shall have all
the powers necessary or convenient to carry out the purposes
and provisions of this Act. In addition to all other powers
granted the board under this Act, the board may specifically:
(1) adopt, amend, and repeal any bylaws, policies, and
procedures for the regulation of its affairs and the
conduct of its business;
(2) have a seal and alter the seal at pleasure;
(3) maintain an office;

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(4) sue and be sued;
(5) accept gifts, grants, loans, or other
contributions from private or public sources;
(6) establish the corporation's annual budget and
monitor the fiscal management of the corporation;
(7) execute contracts and other instruments required
for the operation of the corporation;
(8) employ any officers, agents, and employees that it
may require and determine their qualifications, duties,
and compensation;
(9) issue notes, bonds, and any other obligations;
(10) make loans and provide grants;
(11) incur debt; and
(12) procure liability insurance.
Section 25. Illinois Small Business Development Center.
(a) The Illinois Small Business Development Center is
created within the corporation to provide business counseling
and educational programs developed at the local, regional, and
State level to support Illinois small business creation and
growth. The Center shall be administered by an advisory
council.
(b) The advisory council is created and shall consist of 7
members appointed by the board. The members shall be persons of
recognized expertise and ability in the field of small business
creation and growth. A majority of the members of the advisory

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council constitutes a quorum for the purpose of conducting its
business and exercising its powers and for all other purposes,
notwithstanding the existence of vacancies. Action may be taken
by the advisory council upon a vote of a majority of the
members present.
(c) The Center shall provide assistance, in the form of
training, counseling, and information resources, to startup
businesses and job-creator firms regarding the following
separate steps in the startup process:
(1) executing and filing articles of incorporation,
articles of organization, or any other papers required to
form a business;
(2) building management skills; and
(3) developing a market analysis.
Section 30. Administrative support.
(a) If requested by the board, the Department of Commerce
and Economic Opportunity shall provide staff or other resources
to assist the board in carrying out the purposes and provisions
of this Act.
(b) To the extent practical, the Department of Commerce and
Economic Opportunity and the board shall seek to coordinate
their economic development programs.
Section 35. Liability limited. Neither the State nor any
political subdivision of the State, nor any officer, employee,

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or agent of the State or a political subdivision of the State
who is acting within the scope of employment or agency, is
liable for any debt, obligation, act, or omission of the
corporation.
Section 40. Annual reports.
(a) Annually, by January 1, the board shall submit to the
members of the General Assembly a report identifying the
economic development projects that the board intends to develop
and implement during the current calendar year.
(b) Annually, no later than October l, the board shall
submit to the members of the General Assembly a report for the
previous fiscal year on each of the economic development
programs of the corporation that contains all of the following:
(1) a description of each program;
(2) a comparison of expected and actual program
outcomes;
(3) the number of grants made under the program;
(4) the number of loans made under the program;
(5) the amount of each grant and loan made under the
program;
(6) the recipient of each grant or loan made under the
program;
(7) the sum total of all grants and loans awarded to
and received by each recipient under the program; and
(8) any recommended changes to the program.

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(c) The board shall make readily accessible to the public
on its official Internet website the information required under
subsection (b).
Section 99. Effective date. This Act takes effect upon
becoming law.