Illinois Statutes Chapter 20. Executive Branch § 607/3-50. Agreements with Eligible Developers and Affected Municipalities
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§ 3-50. Agreements with Eligible Developers and Affected Municipalities. Prior to the expenditure of any amounts from the Fund (except for administration costs of the Managing Partner which may be requested periodically), the Department and the Affected Municipality shall enter into an agreement which has been recommended by the Managing Partner with an Eligible Developer or Eligible Employer who is seeking reimbursement under this Act. The agreement must contain all of the following:
(1) A detailed description of the project that is the subject of the agreement, including the location of the project, the expected number of jobs to be created by the project, and a list of the costs incurred or to be incurred by the eligible developer or employer for eligible activities, excluding any amounts that are to be funded through other public sources.
(2) A requirement that the eligible developer or eligible employer maintain operations at the project location, stated as a minimum number of years not to exceed 10 years.
(3) A specific method for determining the number of new employees attributable to the project.
(4) A requirement that the eligible developer or eligible employer report on a quarterly basis to the Managing Partner, the Department, and the Department of Revenue the number of new employees and the incremental income tax withheld in connection with the new employees.
(5) A provision authorizing the Department to verify with the Department of Revenue the amounts reported under paragraph (4) and to report this information to the Managing Partner.
(6) A provision authorizing the Department of Revenue to audit the information reported under paragraph (4).
(7) A plan for how the eligible developer or eligible employer will encourage local low and moderate income and minority hiring and minority contracting, including specific employment and contracting goals; plans for recruiting, training, and retaining local minority employees; plans for identifying and soliciting bids from local minority-owned firms for contracted or subcontracted services; a list of two or more community organizations that it plans to work with to achieve those goals and plans; and a specific method for determining and reporting on the fulfillment of local minority and low and moderate income hiring and minority contracting goals.
(8) A commitment from the eligible developer or eligible employer to work with the City-County Office of Workforce Employment and to consider referrals of trained workers from such Office on a timely and non- discriminatory basis.
(9) Documentation that any road improvements that are part of the agreement are consistent with the current regional Transportation Improvement Plan (TIP) and the State Transportation Improvement Plan (STIP).
(10) Evidence of approval of the Eligible Project by the Affected Municipality or Municipalities following such public hearings and public notice as may be required by Illinois law in regard to such Eligible Projects.
Cite this article: FindLaw.com - Illinois Statutes Chapter 20. Executive Branch § 607/3-50. Agreements with Eligible Developers and Affected Municipalities - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-20-executive-branch/il-st-sect-20-607-3-50.html
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